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president donald trump. good morning. welcome to morning joe. it is thursday, august 25th. i m willie geist. with us, msnbc contributor mike barnicle. former aide to the george w. bush white house and state departments, elise jordan. the president of the national action network and host of politics nation, reverend al sharpton. and white house editor for politico, sam stein. let s dive into the story that has everybody talking right now. 43 million people in line to have at least a chunk of their student loan debt erased. as many as 20 million people could clear all of their student debt. those are the figures from the white house following an executive action yesterday by president biden. the president pushed back at criticism that debt cancellation will make inflation worse. by resuming student loan payments at the same time as we provide targeted relief, we re taking an economically responsible course. as a consequence, about $50 billion a year will start c ....
Debt cancellation not particularly popular. 46% of registered voters say they re more likely to vote for a candidate who supports cancelling student debt. 33% said it is less likely. let s bring into the conversation columnist of the washington post, megan mccartt l, and former treasury official and morning joe economic analyst, steve rattner. good morning to you both. steve, let me begin with you on the pure economics of this. what do you think this does knot economy? what do you think it does to inflation? first of all, willie, it d be difficult to overstate the vastness of this program. this is a huge, huge amount of money that is going to change hands and basically be in one fell swoop of the president s pen. there aren t good estimates what the cost will be, but let s call it something in the $500 billion range. that is pure increase in the deficit and cost of the federal government, and that s roughly twice the size of the amount of deficit reduction that was in ....
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