Biden student loan forgiveness impacts millions, raises inflation questions

President Joe Biden said on Wednesday the U.S. government will forgive $10,000 in student loans for many debt-saddled college graduates, a move that could boost support for his fellow Democrats in the November congressional elections but also may fuel inflation.

Canceling the debt will free up hundreds of billions of dollars for new consumer spending that could be aimed at homebuying, according to economists who said this would add a new wrinkle to the country's inflation fight.

"Earning a college degree or certificate should give every person in America a leg up in securing a bright future. But for too many people,