Biden's Student Loan Forgiveness: Will It Cause Inflation?
August 29, 2022
22
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1:35Now PlayingBiden's Student Loan Forgiveness: Will It Cause Inflation?
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as posted by the channelAre millennials to blame for inflation? Check out the video to learn more.
Welcome back to Bold TV with David Grasso. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
President Biden is canceling $10,000 in student loan payments for those earning less than $125,000 per year.
Loan payments will be halted until the end of 2022. However, this will be the final time.
But how does any of this relate to inflation?
So far, we believe that inflation is caused by stimulus checks, supply chain concerns, profit-seeking firms, and the boomers who control them.
But there's a plot twist now. Millennials and our stalled student debt may be contributing to the problem.
There were requests before student loan forgiveness for the government to eliminate 1.6 trillion dollars in student debt.
The majority of college graduates have spent their whole adult life making payments with high-interest rates and no end in sight.
Student loan forgiveness would allow many millennials and Gen Zers to put their money to better use, similar to how millennials began buying homes when the government temporarily suspended student loans during the epidemic.
However, erasing all student debt would require the government to produce a lot more money to cover the loan, and all of the extra money available to young people would be reinvested back into the economy.
How would this affect inflation? Because there would be more money in circulation, the dollars in our pockets would be less valuable.
In 2021, the average student graduated with about $30,000 in debt in addition to their college diploma.
So, while not the entire sum, this is a big portion of it.
Of course, many millennials are sick of paying off our mortgages, focusing on our careers, and experiencing a global financial crisis every other decade.
And there has to be a way to accomplish this without bringing everyone else down with it.
What do you think of the Biden Administration’s recent move? Let us know in the comments below.
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