, Columnist
Biden Has Lost the Plot on Student Debt Relief
Loan forgiveness made sense four years ago, but economic conditions have changed — and other aspects of the administration’s higher education policy deserve more attention.
Does he really want to be doing this right now?
Photographer: Daniel Steinle/Bloomberg
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As he announced his latest round of student loan forgiveness last week — the previous one was just last month — President Joe Biden was greeted with an unpleasant reminder of why his policy is not only ill-considered but also ill-timed.
Specifically, the Bureau of Labor Statistics reported last week that consumer prices rose 3.8% from a year earlier. Inflation’s stubborn refusal to fall to 2% makes it unlikely that the Federal Reserve will cut interest rates aggressively this year.