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Companies raise prices when we pump money into the economy, like canceling student debt would


On Friday’s show of MSNBC’s “Jose Diaz-Balart Reports,” Rep. Jamaal Bowman (D-NY) urged student loan debt forgiveness because it would inject more capital into the economy, but warned that “we need to make sure we hold companies accountable for price gouging, because what we’ve seen here is that when money is pumped into the economy, companies take advantage and increase price.

Bowman said the student loan relief will allow people to “hopefully go ahead and take out mortgages and car loans and reinvest in the economy. That’s the other thing, if we write off student debt altogether, or a lot of it, then people will feel more confident to start a family or invest in the market or start their own business and would inject really capital in the economy, which is what we need right now. On the other hand, we have to make sure that we hold companies accountable for price gouging, because what we’ve seen here is that when money is pumped into the economy, companies take advantage and practice abusive prices. And that’s something that we still need to address, and we have a bill, the emergency price stabilization act, to address that particular issue.

Follow Ian Hanchett on Twitter @IanHanchett



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