Democrat claims Biden's student loan handout will have 'small or even negligible' impact on inflation
Rep. John Garamendi, D-Calif., defends Biden’s student loan handout and points to the Inflation Reduction Act as methods of making education more ‘modern,’ denying expert analysis that both will drastically increase inflation.
Rep. John Garamendi, D-Calif., celebrated President Biden's student loan handout which will add at least $300 billion to the national deficit. On "America Reports" Wednesday, Rep. Garamendi rejected experts' fears that this will worsen inflation and instead stated that the economic impact will be "small or even negligible."
REP JOHN GARAMENDI: I'm saying that this benefit will be spread out over future years, and therefore the impact on inflation is likely to be small or even negligible. But what it does do for those people that are not going on to college, they ought to take a look at the Inflation Reduction Act, as well as the infrastructure bills which have been passed, which have very significant increases and opportunities for education, for job training, for apprenticeship programs. Those opportunities are there in that legislation. And yes, that is federal money. That is taxpayer money that will be spent directly on people that need those educational opportunities. And do not forget about the American Rescue Plan that pumped literally billions of dollars into the education system so that that education system could become modern dealing with the reality of Zoom and internet.
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