Ben Ritz, Director of the Center for Funding America’s Future project at the Progressive Policy Institute (PPI), released the following statement regarding President Biden’s executive order to cancel up to $20,000 of student debt for most borrowers:
“We are disappointed that the Biden administration has caved in to left-wing demands to pursue mass debt cancellation through executive action. This decision will cost taxpayers much more money than the Inflation Reduction Act will save for the foreseeable future and undermine the administration’s claim that it is doing everything it can to bring rising prices under control.
“Whether it’s through inflation today, or higher taxes and spending cuts tomorrow, workers who don’t reap the benefits of a college education will bear the costs of canceling debt for those who do. Policymakers should instead be focusing on finding ways to control the underlying problem of skyrocketing tuition and provide stronger post-secondary pathways to good jobs that are more affordable and flexible than a traditional four-year degree.
“Attempting to grant mass debt cancellation by executive order also risks setting a dangerous precedent that would allow future presidents to unilaterally spend over a trillion dollars of taxpayers’ money without explicit approval from their representatives in the House and Senate. Congress and the courts must set clear guardrails to prevent future presidents from abusing their discretion and usurping the power of the purse.”
Read More on student debt cancellation from PPI:
Six Reasons Biden Should Not Cancel Student Debt
Broad Student Debt Cancellation Would Backfire
The Right Way To Do Student Debt Relief
Listen to Ben’s recent TV and radio interviews on student debt cancellation.
The Progressive Policy Institute (PPI) is a catalyst for policy innovation and political reform based in Washington, D.C. Its mission is to create radically pragmatic ideas for moving America beyond ideological and partisan deadlock. Learn more about PPI by visiting progressivepolicy.org
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Media Contact: Aaron White; awhite@ppionline.org
