(FOX BUSINESS) – The inflation crisis in the U.S. will only worsen if President Biden cancels large swaths of student debt, experts warn. Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB), warned that student "debt cancellation may be an extremely appealing political talking point, but it is not good policy."
"It is costly, inflationary, poorly targeted, and fails to address the root problems in our higher education financing system," MacGuineas said in a statement Thursday. "Full debt cancellation would be a massive hand-out to rich doctors and lawyers, would worsen our inflation crisis, and would cost almost as much as the entire 2017 tax cuts."
"Even partial debt cancellation would be costly, regressive, and inflationary," she continued. "Forgiving $10,000 per person of debt would cost as much as universal pre-K or a full extension of the expanded ACA subsidies."
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