Maya MacGuineas: Biden’s Student Loan Plan Will Come at a Steep Cost for the Economy

Maya MacGuineas is president of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt. She recently wrote an opinion piece for Barrons, an excerpt of which is below.

Barely a week after the White House celebrated the most significant deficit reduction in over a decade, President Biden more than wiped out the savings by unilaterally announcing sweeping student loan cancellation and related reforms. Amid 40-year-high inflation and despite the administration constantly touting its “fiscal responsibility,” these changes will recklessly add to the debt and make the Federal Reserve’s job in fighting inflation even harder, which will amplify our risk of entering a recession.

Read the entire piece here. 

Published works by members or staff of the Committee for a Responsible Federal Budget do not necessarily reflect the views of all members or staff of the Committee.