Biden’s Student Debt Cancellation Would Increase Inflation

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Biden’s reported plan to cancel thousands of dollars in student loans would worsen inflation according to an analysis from the University of Pennsylvania’s Wharton School.  White House officials are considering the cancellation of $10,000 of student debt per borrower earning under $125,000, according to a report from CNN.  Nixing $10,000 of student loans per borrower would cost $298 billion in 2022 and a total of $329 billion by 2031 if the policy is renewed each year, according to the nonpartisan Wharton analysis.