Thursday on CNN’s “New Day,” Sen. Elizabeth Warren (D-MA) responded to the argument that canceling student loan debt would only drive up inflation, which is already at a record-high in the United States.
Warren argued that there was “just no evidence that canceling student loan debt contributes to inflation.” She added the cancellation of student debt “would be a huge relief for tens of millions of working people.”
“[K]eep in mind that even conservative economists say, no, maybe, maybe it could be about two-tenths of 1% effect on inflation,” Warren outlined. “There is just no evidence that canceling student loan debt contributes to inflation. But here’s what it does — it relieves the burden of payment for a lot of working families. Keep in mind that only 58% of the people who have student loan debt actually have a college diploma. That remaining 42% tried, and God bless them, but pregnancy, they were trying to work three jobs and couldn’t hold it altogether; they now earn like a high school graduate earns, but they are trying to manage student loan debt, and it is crushing them.”
“Canceling $50,000 of student loan debt would be a huge relief for tens of millions of working people. And ultimately, I think we need to do more to make this economy work for working people,” she concluded.
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