Source: United States Senator Kevin Cramer (R-ND)
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BISMARCK – U.S. Senator Kevin Cramer (R-ND), member of the Senate Budget Committee, joined Fox Business’ Mornings with Maria to discuss Democrats’ fiscally irresponsible Inflation Enhancement Act and student loan debt forgiveness. Excerpts and full video are below.
On the Inflation Enhancement Act
“You get away with [the misleading name] because you have a complicit media willing to help you with your marketing and your branding. That’s exactly what happened. Even now the mainstream media still refers to it as the ‘Inflation Reduction Act.’ I always called it the ‘Inflation Enhancement Act.’ There’s nothing about the economic formula that backs this bill up [to] reduce inflation. [It] very well could increase inflation. [The Biden Administration] just gets by with it because the media allows it.”
On Biden’s Plans to Cancel Student Loan Debt
“The loan forgiveness suggestion would create so many perverse incentives starting with—to Larry Summers’ point—the increasing of tuition costs. This is what an oversupply of money in a low-demand market creates. It creates inflation. If you gave every kid in America $1,000 to go toward their next semester of college, the price of college goes up $1,000. What they ought to do if they want to spend $10,000 per person on forgiving student loans, they ought to buy several thousand copies of Dick Armey’s memoir or pay for a supply-side economics course and the whole country would be much better off than simply flooding this economy with more money and then creating these perverse incentives. If you look at the statistics of freshmen who don’t finish college but take out student debt in order to experiment with college. If you start forgiving that first $10,000 for people, [it] just enhances these reckless decisions. We ought to have people making more thoughtful decisions and applying good economic principles as well as their personal circumstances.”
On the 2022 Midterm Elections
“There are the big issues of the day. Republicans certainly as a brand and as a party are in better shape in terms of the people’s confidence. Senate races in particular tend to be one candidate at a time. They are not necessarily in a vacuum, but they are less subject to national waves. Maria, I believe there will be a wave. I believe that wave will usher in a major majority in the House and I believe it’s going to carry our Senate races as well. As we get past Labor Day—when people really focus on these things—if the economy is not better, if inflation is not better—and I don’t see how it can be much better—I just don’t see that this is going to be a good year for Democrats.”