Yesterday, Governor Michelle Lujan Grisham came out in support of Joe Biden’s reckless, student loan bailout scheme. In New Mexico, only 28% of citizens hold a bachelor’s degree or higher, meaning this extreme step by President Biden will result in 72% of New Mexicans in the working class getting stuck with the bill.
Two notable economists, both of whom worked for the Obama Administration, have raised red flags over the irresponsible, massive bailout on student debt.
Jason Furman, former Chairman of President Obama’s Council of Economic Advisors described in a twitter thread that Biden’s student loan bailout scheme was akin to:
“Pouring roughly half a trillion dollars of gasoline on the inflationary fire that is already burning” (Continue reading here).
Another former Clinton and Obama economic adviser, Lawrence Summers, also raised concerns in his own thread about the plan stating:
“I hope the (Biden) Administration does not contribute to inflation macro economically by offering unreasonably generous student loan relief, or micro economically by encouraging college tuition increases,” he continued: “Student loan debt relief is spending that raises demand and increases inflation. (Continue reading here).”
The National Taxpayers Union Foundation also found that “Based on projections from the Penn Wharton Budget Model for the total cost of such cancellation, we estimate President Biden’s plan would cost the average taxpayer over $2,000. (Read more here)”
Latest estimates conclude that on average, the inflationary environment has already led to New Mexican families paying $8,000 more per year. With the added effect of this disastrous plan, working class families will be stuck with an even larger bill, with some of these families already struggling to make it to the end of the month.
Mark Ronchetti had this to say about Lujan Grisham’s support of the irresponsible bailout plan:
“This Governor would rather expand government and achieve her progressive goals instead of helping out working families who are struggling. The elites in Washington and Santa Fe do not care about everyday citizens in New Mexico. When I’m governor, I will stand up for the people of New Mexico and fight for your economic success.”
Original source can be found here.
