Dem Rep. Bowman: Corporations Price Gouge When We Inject Money into the Economy, Like Student Debt Cancellation Would

On Friday’s broadcast of MSNBC’s “Jose Diaz-Balart Reports,” Rep. Jamaal Bowman (D-NY) urged the cancellation of student loan debt because doing so would inject more capital into the economy, but cautioned that “we need to make sure we hold corporations accountable for price gouging because what we’ve seen here is when money is injected into the economy, corporations take advantage and price gouge.”

Bowman stated that student loan relief will allow people “to hopefully go forward and take out mortgage loans and car loans and reinvest back in the economy. That’s the other thing, if we cancel student debt outright, or a large chunk of it, people will then feel more confident in starting families or investing in the market or starting their own businesses and would really inject capital into the economy, which is what we need now at this time. On the other end, we need to make sure we hold corporations accountable for price gouging because what we’ve seen here is when money is injected into the economy, corporations take advantage and price gouge. And that is something we still have to deal with, and we have a bill, the Emergency Price Stabilization Act, to deal with that particular issue.”

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