Jonathan Bydlak, policy director for governance at the libertarian R Street Institute, said Wednesday the White House’s argument stretches the truth.

“Pausing student loans for as long as we have, even when, you know, the U.S. economy has bounced back post the pandemic, has been an inflationary … influence,” Bydlak said. “Even if what the White House is saying is true — and I think that’s a bit of a stretch — it’s still correct to say that this measure is holding in place … an existing upward pressure on prices.”

“This is still the highest inflation level in 40 years,” he added. “This policy is them basically saying, in so many words, ‘We don’t really care that much about out-of-control prices.'”

Bydlak also said that despite White House framing of the student loan forgiveness as something to help the underprivileged, the policy will disproportionately help more fortunate Americans, while increasing inflation for those less well off.

“They’re kind of being socked twice,” he said.