As the Biden Administration nears a decision to have blue-collar taxpayers bail out people earning six figures with multiple degrees, at least 59 percent of Americans worry the plan will worsen inflation, according to a new CNBC poll.

Americans are already struggling under record-high inflation, yet the Biden Administration could announce mass loan forgiveness this week, further worsening rising prices.

READ: If You Didn’t Like Working to Pay Off Your Student Loan, Wait Until You’re Forced to Pay Off Someone Else’s

KEY TAKEAWAYS:

Biden’s mass student loan giveaway will worsen inflation:

• Forgiving $10,000 of student loan debt per person does nothing to bring down inflation, and will only exacerbate the rising cost of higher education rather than address it. 
• Student loan debt forgiveness will create the expectation of future debt forgiveness and will incentivize students to borrow more not less. 
• Former Obama-Biden top economic adviser Larry Summers even issued a warning, saying, “I hope the administration does not contribute to inflation macro-economically by offering unreasonably generous student loan relief or micro-economically by encouraging college tuition increases…“Every dollar spent on student loan relief is a dollar that could have gone to support those who don’t get the opportunity to go to college.” 
• The Administration’s student loan bailout will incentivize colleges and universities to raise prices, which exacerbates the problem of rising higher education costs. 

Pursuing mass student loan forgiveness ignores the very problems most Americans are facing:

• Workers and families are getting crushed by Biden-Flation – an average family is spending $6,000 more this year to pay for exactly what they bought the past year. 
• Even former Obama-Biden economic advisor Jason Furman has been critical, saying: “Student loan relief is not free. It would be paid for. Part of it would be paid for by the 87 percent of Americans who do not benefit but lose out from inflation. Part of it would be paid for by future spending cuts & tax increases—with uncertainty about who will bear those costs.” 

Student loan forgiveness is a giveaway to highly educated college grads:

• Rather than prioritizing inflation raging for Americans and Main Street businesses, President Biden’s student loan giveaway puts the economy on the back burner once again. 
• The plan overlooks Americans hurt most by Biden-Flation. Rising prices hit the poor and middle class and working women the hardest.