Jason Furman on Debt Forgiveness: At This Point in Our Economy We Don’t Need $500 Billion in Deficit Spending

QUICK Welcome back everybody ░░░░░░░░ economic advisor to President ░░░░░░░░ Jason Furman criticizing President ░░░░░░░░ s student loan debt ░░░░░░░░ in a lengthy tweet ░░░░░░░░ week Furman said Pouring ░░░░░░░░ half a trillion dollars ░░░░░░░░ gasoline on the inflationary ░░░░░░░░ that s already burning ░░░░░░░░ reckless Doing it while ░░░░░░░░ well beyond one campaign ░░░░░░░░ 10 000 of student ░░░░░░░░ relief and breaking another ░░░░░░░░ proposals paid for is ░░░░░░░░ worse Jason Furman joins ░░░░░░░░ this morning he s ░░░░░░░░ professor at the Harvard ░░░░░░░░ School of Government Also ░░░░░░░░ us of course our ░░░░░░░░ Steve Liesman And Jason ░░░░░░░░ was following you on ░░░░░░░░ like I always do ░░░░░░░░ this and that was ░░░░░░░░ the first point in ░░░░░░░░ long list of complaints ░░░░░░░░ kind of laid out ░░░░░░░░ this And I know ░░░░░░░░ you were in favor ░░░░░░░░ kind of excited about ░░░░░░░░ idea and the prospect ░░░░░░░░ this What went wrong ░░░░░░░░ happened FURMAN Oh no ░░░░░░░░ ve been critical of ░░░░░░░░ debt loan relief for ░░░░░░░░ last two years but ░░░░░░░░ plan came in frankly ░░░░░░░░ worse than I expected ░░░░░░░░ was supposed to be ░░░░░░░░ 250 billion I thought ░░░░░░░░ was a bad idea ░░░░░░░░ expressed that Instead it ░░░░░░░░ probably about 500 billion ░░░░░░░░ this point in our ░░░░░░░░ we really don t ░░░░░░░░ to be adding 500 ░░░░░░░░ of deficit spending for ░░░░░░░░ purpose that frankly includes ░░░░░░░░ law students and business ░░░░░░░░ graduates getting tens of ░░░░░░░░ of dollars QUICK Yeah ░░░░░░░░ think that s part ░░░░░░░░ the kind of big ░░░░░░░░ that s out there ░░░░░░░░ this who s getting ░░░░░░░░ money how does it ░░░░░░░░ down Brian Sullivan earlier ░░░░░░░░ morning was breaking down ░░░░░░░░ of the pieces and ░░░░░░░░ think to a large ░░░░░░░░ there will be millions ░░░░░░░░ millions of people where ░░░░░░░░ wipes out all of ░░░░░░░░ debt entirely There is ░░░░░░░░ very small portion of ░░░░░░░░ maybe 7 of people ░░░░░░░░ have loans at all ░░░░░░░░ debt loans at all ░░░░░░░░ have more than 100 ░░░░░░░░ and that s really ░░░░░░░░ skews the numbers here ░░░░░░░░ Yeah look the income ░░░░░░░░ here is 250 000 ░░░░░░░░ a married couple If ░░░░░░░░ re 25 years old ░░░░░░░░ re married already you ░░░░░░░░ making less than 250 ░░░░░░░░ you re probably making ░░░░░░░░ money that you can ░░░░░░░░ off your student loans ░░░░░░░░ be clear our college ░░░░░░░░ system is broken it ░░░░░░░░ a lot of problems ░░░░░░░░ doing this type of ░░░░░░░░ is just a way ░░░░░░░░ encouraging more reliance on ░░░░░░░░ in the future increasing ░░░░░░░░ likelihood that we end ░░░░░░░░ back in further problems.”