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Father, we ask that You protect our nation from inflation and bring about a reformation in our economic thinking, Lord. Give our leaders conviction and wisdom, Lord.

Even an Obama economist is criticizing this plan, which is definitely not a good sign. We must pray for our economy and taxpaying Americans.

From Daily Caller. Former Obama administration economist Jason Furman took to Twitter Wednesday afternoon to criticize President Joe Biden’s plan for student loan forgiveness.

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The White House released an announcement Wednesday declaring that individual borrowers who earned less than $125,000 per year (or $250,000 for married couples) could expect $20,000 dollars of debt relief if they were Pell Grant recipients, or $10,000 if they were not. Furman, former Chairman of the Council of Economic Advisers under President Obama, argued in a Twitter thread that the policy would lead to a small increase in inflation, but also criticized the plan for encouraging further increases in the cost of education, further borrowing and for future students to expect debt forgiveness….

Furman went on to argue that the estimated impact of cancelling about $20,000 in student loans per student would increase inflation by 0.2% to 0.3%, nearly doubling an estimate he made Tuesday evening on Twitter, which in turn cited an estimate by the Committee For A Responsible Federal Budget (CFRB) based on a $10,000 debt cancellation. Furman argued that his initial estimate and that of the CFRB needed to be increased to reflect the new expected amount of loan forgiveness.

The CFRB predicted that $10,000 of forgiveness would cost roughly $230 billion, consuming an overwhelming majority of the estimated $275 billion in deficit reduction from the first 10 years of the Inflation Reduction Act.

Furman stressed that while he characterized the impact the policy would have on inflation as a “small” increase, that the cost would have to be passed on to taxpayers either through “higher taxes or lower spending….”

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(Excerpt from Daily Caller. Photo Credit: Getty Images)

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Gary Anderson
August 26, 2022

God is a merciful and loving God. He has given this administration an opportunity to repent and make amends for the destruction ,they are responsible for. As the Church, we are praying that the leaders in our government repent and do what is right.

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Darlene Estlow
August 26, 2022

Father, as we watch these awful decisions coming from the White House, we ask that you would halt them. I pray that this decision would be halted because of its unconstitutionality and the affect on inflation. I pray you would help people who have school debt. May they look to you rather than the government.

12
Patti Hardy
August 26, 2022

It’s asinine as usual for this current federal government who seems to have so much innate distain for America that it is purposely taking her down from the top.

6
Wilda moody
August 26, 2022

It is ridiculous. Get him out of office. He is ruining the country.

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