President Joe Biden has been trying to convince voters he is a deficit cutter and not a big spender before November's midterm elections.
But although Biden's hyped student loan debt forgiveness announcement this week has energized Democrats, it has also rankled Republicans, independents, and budget experts as Federal Reserve Chairman Jerome Powell warns the public to expect "some pain" as the central bank attempts to tame inflation.
"I don't know what value it has other than, as I said, they can check the box that they released this report," he told the Washington Examiner."For those of us who follow these things, it's not helpful but maybe for the PR purposes out there having another opportunity to say the deficit's coming down. I just don't know how they get away with that today when they turn around and potentially add back another $300 billion.
More broadly, Cato Institute's tax policy studies director, Chris Edwards, dismissed Biden's deficit messaging as"idiotic" and"bulls***," agreeing with Hoagland that this summer's legislative flurry will exacerbate it in the coming years. "It's completely wrong for the executive branch to take such a big spending action without the legislature being involved," the Downsizing Government editor continued on student debt."This is going to put $300 billion on the federal government's tab that young people are going to have to pay back in the future in the form of higher taxes."
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