‘Raises Demand And Increases Inflation’: Obama’s Top Economist Shreds Biden Plan For Student Loan Cancellation

Former Treasury Secretary and National Economic Council director Lawrence Summers warned on Monday that a plan from President Joe Biden to cancel thousands of dollars in student loans per borrower could worsen runaway college tuition costs. White House officials are leaning toward a student debt cancellation of $10,000 for each borrower earning under $125,000, according to a report from CNN. The decision looms as the White House also deliberates whether to extend the present moratorium on federal student loan payments, which is currently slated to expire