Biden's Student Loan 'Forgiveness' Program Is Redistributionist

Automatic TRANSCRIPT

Joe Biden seems very pleased with himself. Normally he's pleased with himself when he's lining his own pockets, but in this case he's, he seems very pleased with himself because he's announced a college loan forgiveness program. And of course, there's something inherently disgusting about the oldest because you have a guy who's like, I am forgiving student debt. I mean, Debbie shaking her head here. During from the balcony, talking about pandering. But the first thing I find repulsive is these politicians act like they're doing it. They're not doing it. When they quote, there's no such thing really as forgiving on canceling debt. What this really means is I'm going to transfer the obligation to someone else. So this guy's not going to pay. I'm going to make some other guy pay. It's really a matter of moving money from one guy's pocket to another and using your political authority to do that. And generally, when you do it, you want the beneficiary to be grateful to you. Because you're the one who facilitated the transaction and you don't want the guy who's paying the bill to notice. You want to make it sound like it's free or canceling that. And of course, media reports make it sound like, wow, this is unbelievable, generosity from Biden. This is an expensive program, $300 billion. And essentially, if you get pell grants, you're going to get $20,000 of debt forgiveness. And for everybody else, $10,000 as long as the family income is under a $125,000 a year. And the other thing that Biden did is he extended the student loan repayment pause. So supposedly because of COVID, there was a pause. You don't have to pay right now. There's a kind of a deferred payment scheme. And Biden goes with us one final deferment through the basically to the end of this year. December 31st, 2022.

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