On Wednesday's broadcast of CNBC's "Squawk Box," Professor of the Practice of Economic Policy at Harvard University and the Harvard Kennedy School Jason Furman, who served as Chairman of the Council of Economic Advisers under President Barack Obama and on the Council of Economic Advisers and the National Economic Council under President Bill Clinton stated that President Joe Biden's student loan plan will put "upward pressure on interest rates, upward pressure on inflation," and upward pressure on mortgage rates and that the goal of the plan is to increase consumption, which will result in those things happening.