NPR’s Hirsch: Economists ‘Are in Almost Universal Harmony’ That Biden Debt Cancellation Plan ‘Is a Bad Idea’

On Monday’s edition of NPR’s “The Indicator from Planet Money,” co-host Paddy Hirsch said economists, including members of both Republican and Democratic administrations “are in almost universal harmony on the Biden student loan forgiveness plan. They think that it is a bad idea.”

After recapping the political debate about the loan plan, Hirsch said, “A lot of disagreement there. But there is one sector of the populace where there is very little disagreement on this issue, regardless of political inclination: Economists. Academic economists at think tanks, and universities, members of previous administrations — both Democratic and Republican — are in almost universal harmony on the Biden student loan forgiveness plan. They think that it is a bad idea.”

Later, fellow co-host Darian Woods said, “There are some economists who support the plan and some who say it’s better than nothing. But economists generally do not like student loan debt relief unless it is highly targeted to benefit the people who really need it.”

Hirsch responded, “Yeah, in fact, a survey done back in 2020 by the University of Chicago Booth School found nearly three-quarters of economists weren’t big fans of the idea of wholesale forgiveness of student debt. The rest said they were uncertain about it.”

Follow Ian Hanchett on Twitter @IanHanchett