MSNBC political analyst Elise Jordan questioned the timing and motivations behind the Biden administration’s student loan debt forgiveness plan on Thursday.

Jordan joined a chorus of critics who have jabbed President Biden over his debt cancellation announcement during her Thursday appearance on “Morning Joe.” She argued the plan did nothing to address the underlying issues in what she described as an “obscene” collegiate education system.

“I am concerned about it adding to inflation,” Jordan said. “I don’t really understand the timing, necessarily, because even politically, what’s the bump? What’s the point in doing this right now at this specific point?”

“I guess what I find annoying about it is that it doesn’t address the higher education cartel,” Jordan added. “And it basically is infusing money into a higher education system that is basically just corrupt at this point. You look at how much tuition has just skyrocketed over the last 20, 30 years.”

Mediaite earlier reported on Jordan’s remarks.

The Biden White House has billed its plan to forgive up to $20,000 in outstanding loan debt for eligible individuals as a measure of much-needed relief for those still recovering from the impact of the COVID-19 pandemic. The administration also extended the moratorium on debt payments through the end of December.

Elise Jordan
Elise Jordan ripped the “absurd” cost of college tuition.

Jordan, a former aide in George W. Bush’s administration, pointed out that the surging cost of a college education was not addressed in Biden’s initiative.  

“My college tuition is three times today what it was 20 years ago. That’s just absurd,” Jordan added.

President Biden faced pressure from progressives to cancel debt.
Getty Images for We, The 45 Mill

Biden’s plan drew sharp criticism from GOP lawmakers who alleged Biden’s debt relief was an opportunistic ploy to secure favor with voters ahead of the 2022 midterm elections. Some progressives also ripped the initiative, claiming it does not go far enough to alleviate financial obstacles for indebted individuals.

Some experts say that the debt relief measures, as currently constructed, could actually result in higher tuition costs in the future.

An analysis by the nonpartisan Committee for a Responsible Federal Budget determined the student loan debt relief plan could cost taxpayers up to $600 billion over time.

President Biden
Biden’s plan forgives up to $20,000 in debt for individuals.
Bloomberg via Getty Images

“It would do nothing to actually make education more affordable, and if anything, this policy will drive up tuition costs while raising prices on a variety of other goods and services for ordinary Americans,” said CRFP President Maya MacGuineas.

Meanwhile, former Obama administration economist Jason Furman earlier warned that Biden’s move was equivalent of pouring “gasoline on the inflationary fire” for the US economy.


Source link

About Author

Tyler Cowan