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Biden’s Student Loan Relief Will Lead to Severe Tax Hikes, More Inflation, Economists Say

Biden’s Student Loan Relief Will Lead to Severe Tax Hikes, More Inflation, Economists Say
President Joe Biden announces student loan relief with Education Secretary Miguel Cardona (R) in the Roosevelt Room of the White House in Washington on Aug. 24, 2022. Olivier Douliery/AFP via Getty Images
Michael Washburn
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News Analysis

President Joe Biden’s ambitious plan to eliminate $10,000 of federal student debt, and $20,000 for those borrowers who received federal Pell Grants, will worsen America’s roughly $30 trillion in national debt while giving the incumbent party a justification to raise taxes steeply in the near future, economists who study the issue have told The Epoch Times.

Michael Washburn
Michael Washburn
Reporter
Michael Washburn is a New York-based reporter who covers U.S. and China-related topics for The Epoch Times. He has a background in legal and financial journalism, and also writes about arts and culture. Additionally, he is the host of the weekly podcast Reading the Globe. His books include “The Uprooted and Other Stories,” “When We're Grownups,” and “Stranger, Stranger.”
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