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The Indicator from Planet Money

Economists take on student loan forgiveness

The Indicator from Planet Money

NPR

Business

4.79.2K Ratings

🗓️ 30 August 2022

⏱️ 9 minutes

🧾️ Download transcript

Summary

Biden is canceling student loans for millions of Americans. Love it or hate it, one thing is for sure – many economists from the left and the right think that this plan is a not-so-good idea...

Transcript

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0:00.0

NPR.

0:12.5

This is the Indicated From Planet Money.

0:14.0

I'm Paddy Hirsch.

0:15.0

And I'm Daryl Mwoods.

0:16.6

The Biden Administration plan to cancel billions of dollars of student debt is controversial.

0:22.0

A lot of people love it, particularly on the progressive wing of the Democratic Party.

0:26.2

They say it will reduce inequality and it will take a huge amount of pressure off

0:30.2

this well-off credit.

0:32.0

Minifum disproportionately people of color.

0:34.3

Of course, a lot of other people hate it.

0:36.3

It's America, of course.

0:37.3

50.50.

0:38.3

You can actually count pretty much the entire Republican Party and everyone who votes

0:41.4

for them on this side and judging by the comments section of the New York Times and the Washington

0:45.3

Post.

0:46.3

A lot of people who claim to have voted Democratic in the past, but are not disgusted by

0:50.6

what they see as a wasteful hand out.

0:52.7

These people make the point that they had to work their tails off to pay off their student

0:57.2

loans.

0:58.2

Why should these borrowers get a bailout?

1:00.7

What's more, they say that this debt forgiveness plan will be paid by taxpayers, many of whom

1:05.2

didn't go to college themselves.

...

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