Canceling Student Loans For Americans Will Hurt The Economy According To Frederick Financial Expert

Chris Murray

Chris Murray said debt cannot be canceled.

Frederick, Md. (NS) – On Wednesday, President Joe Biden announced plans to cancel some student loan debt, and that would hurt the economy. That’s according to Chris Murray, President of Murray Financial Group in Frederick, who said the cost would be in the billions.

“(President Biden) is going to basically eliminate $300 billion worth of student loans. So, it’s a one-time forgiveness of $10,000 per borrower, that’s where you get the $300 billion, if the policy is actually implemented,” said Murray.

He said this won’t help the economy which has been hurting during the COVID-19 pandemic.

“This is not going to be good for the economy because it’s just additional spending and that’s what got us into this place we’re in now with almost 40-year high inflation,” Murray added.

He said the debt can’t simply be canceled.

“When you forgive debt, that’s just a phrase. Debt can’t be forgiven. Either the tax payer is going to have to pay for that debt, or the administration is going to have to sell more debt, often to foreign countries like China,” explained Murray.

He described the plans as reckless spending that will hurt the economy.