Democrat praises Biden’s student loan, says impact on inflation will be ‘small’, ‘negligible’

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Rep. John Garamendi, D-California, celebrated President Biden’s student loan, which will add at least $300 billion to the national deficit. Writing in “America Reports” on Wednesday, Rep. Garamendi dismissed expert fears that it would worsen inflation and instead said the economic impact would be “small to negligible.”

BIDEN ANNOUNCES STUDENT LOAN DOCUMENT AS NATIONAL DEBT SOARS

REPRESENTATIVE JOHN GARAMENDI: I say that this benefit will be spread over the years to come, and therefore the impact on inflation is likely to be low or even negligible. But what it does for people who don’t go to college, they should take a look at the Inflation Reduction Act, as well as the infrastructure bills that have been adopted, which have very significant increases and opportunities for education, for vocational training, for apprenticeship programs. Those possibilities are there in this act. And yes, it’s federal money. It is taxpayers’ money that will be spent directly on the people who need these educational opportunities. And don’t forget the US bailout that pumped literally billions of dollars into the education system so that this educational system can become modern in the face of the reality of Zoom and the Internet.

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