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Extending Student Debt Moratorium

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Biden does need to go farther on forgiving student debt, but this is at least a good short-term step:

President Biden, under fire for rapid inflation and looking for ways to help cushion rising costs for households, extended a moratorium on student debt payments through August. While politically popular with Mr. Biden’s party, the move drew criticism for adding a small measure of oomph to the very inflation the government is trying to tame.America’s robust economic recovery from the deepest pandemic-era lockdowns has left consumers with the power to spend and has fueled fast price increases. Those rising costs are making voters unhappy, jeopardizing Democrats’ chances of retaining control of Congress come November.

The moratorium extension stood out as an example of a more general problem confronting the administration: Policies that help households stretch their budgets could soothe voters, but they could also add a little bit of fuel to the inflationary fire at an inopportune moment. And perhaps more critically, analysts said, they risk sending a signal that the administration is not focused on tackling price increases despite the president’s pledge to help bring costs down.

Meh; this kind of thing is only unpopular with Beltway conventional wisdom-mongers. I don’t have illusions that any presidential action is going to have widespread positive impact on what happens in November, but forgiving more student debt is unquestionably the right thing to do.

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