Biden's student loan relief won't fuel inflation, Wall Street says
CBSN
Although President Biden's student loan relief program has plenty of upsides for borrowers, critics are raising concerns the landmark initiative could hurt the economy by fanning the hottest U.S. inflation in 40 years.
Wall Street's message to Main Street: Don't worry, because the impact of the student-debt relief program on inflation will be small, and perhaps not even measurable.
Their forecasts come as some critics are sounding the alarm about the program's impact on prices, which have surged in the past year amid strong consumer demand and supply-chain bottlenecks. In their view, wiping out billions in debt for the nation's more than 40 million student-loan borrowers will fuel consumer spending, making it more difficult to bring inflation to heel.
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