Former Treasury Secretary Larry Summers urged President Biden to let a student loan payment pause expire at the end of the month, warning that extending it could worsen inflation.
Barron’s markets editor Ben Levisohn, Barron’s reporter Carleton English and Barron’s associate editor Jack Hough discuss recent market trends, inflation and the IRS beefing up its auditing on"Barron’s Roundtable."
Summers said that spending on student loan debt relief raises demand and increases inflation — in part by causing universities to increase tuition — and suggested that Biden should instead focus on directing resources to support "those who don't get the opportunity to go to college." But the moratorium is officially slated to end on Aug. 31, meaning millions of borrowers will need to start making payments on their loans. With just over two weeks until payments resume, Biden has not signaled whether he plans to delay the payment freeze any further.
President Joe Biden speaks about the economy at Max S. Hayes High School in Cleveland, Ohio, on July 6, 2022.
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