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Aug. 25, 2022 - The Ben Shapiro Show
45:01
Biden’s Cynical, Dangerous Student Loan Bailout | Ep. 1561
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Joe Biden announces a student loan bailout of up to $20,000 and does so by violating the Constitution, economic sense, and basic principles of decency.
I'm Ben Shapiro.
This is The Ben Shapiro Show.
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We have a lot of news coming up just for you, including the fact that Joe Biden is now going to spend hundreds of billions of dollars we don't have in the middle of an inflationary cycle in order to pay off all of his buddies who went to college and got their degree in theater arts.
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Well, he finally did it.
Sure, he didn't have the authority to do it.
Sure, the President of the United States does not have the capacity to simply cancel things like student debt.
And sure, when you cancel student debt, somebody still has to pay for the student debt.
But Joe Biden announced, because he has to get his college base out to vote in 2022, that he's just going to be giving them money.
He's going to be giving them your money.
Particularly if you paid your debt.
If you're a person who actually paid for your college education.
If you're like me.
Where all of your college debt was paid off, and I paid for my law school debt, and I paid for my wife's college debt, and I paid for my wife's medical school debt.
You've paid hundreds of thousands of dollars into the system.
You are a sucker.
It is just that simple.
And you're even more of a sucker if you never went to college in the first place, because now you get to subsidize all of the people who probably have a higher income trajectory than you, but who did go to college.
If you are a plumber who decided after high school to simply not go to college because, hell, you could start your own business and make some money, make a life for yourself.
Now you get to subsidize that schmuck down the street who decided to major in lesbian dance theory at Wellesley.
Isn't that just wonderful?
Joe Biden is celebratory about it.
He's excited about it.
So what exactly did Joe Biden announce yesterday?
Well, he announced that he was going to cancel up to $10,000 in student loans, according to the Washington Post.
He said it would cancel up to 10 grand in federal student loan debt for borrowers who earn less than $125,000 per year or under $250,000 for married couples who file jointly.
Now you may think to yourself, wait, isn't that a lot of money?
Like isn't a couple that makes $250,000 a year doing fairly well?
Yes, the answer is that is a couple that is doing fairly well and a couple that is making quarter million dollars a year.
These are not poor people.
These are not people who require that debt to be paid off.
Those are people who are doing pretty well.
And by the way, the entire educational system right now is being propped up as a giant scam by federal government grants, federal government loans.
We'll get to that in a second.
Because what this really does is it doubles down on a crap higher education scam system that is generating massive credentialing problems, that is inflating people out of jobs through credentialing situations, forcing people to go to college for no reason other than to drive up their debt, and then paying colleges and universities and JUCOs in order to do this.
It's a really corrupt system.
It's an elitist corrupt system built by people who are in the elite class.
Who believe that their track to success is the only track to success that matters and you should subsidize that track to success.
Even if that just means getting a Bachelor of Arts in theater.
Those who receive Pell grants, federal aid for lower-income students, could see up to $20,000 in forgiveness.
So, in other words, the more aid you've already received, the more aid you should receive in the future.
According to the Washington Post, the announcement was the culmination of years of activism that pushed what was once a fringe idea into the mainstream, onto political agendas, and now into actual policy.
Because, as always, every idea on the left that starts off as fringe ends up as mainstream inside of 10 years.
Every single idea.
So just remember, when somebody says on the left, no, no, no, we would never do Y. All we want is X. We would never do Y. Understand they're lying.
Ten years from now, Y will be the mainstream Democrat Party position implemented from the White House via an illegal executive order, which is what this is.
So Joe Biden came out yesterday and he said, you know, we have to we have to help.
There's an entire generation that's been saddled with unsustainable debt.
Well, I mean, first, in order to understand this, you have to understand why they've been saddled with unsustainable debt.
Namely, the cost of college education has gone like this.
It's gone right through the roof.
Want to know one of the reasons why?
Because the amount of federal subsidy for federal education has gone like this.
It's also been going through the roof.
It turns out when you subsidize things, they become wildly more expensive because people then raise the prices on you.
I know it's a shock.
Here is Joe Biden.
An entire generation is now saddled with unsustainable debt in exchange for an attempt at least at a college degree.
The burden is so heavy that even if you graduate, you may not have access to the middle class life that the college degree once provided.
Many people can't qualify for a mortgage to buy a home because of the debt they continue to carry.
It's too high and they can't come up with a down payment anyway.
A lot of folks are even putting off starting families because of the cost.
And the dream of starting your own business is just way off in the distance with a debt that someone you're saddled with.
Man, there are no connections between those neurons anymore.
Those things have frayed to the point of complete absence at this point.
Wow.
Wow.
I mean, he cannot get through a full sentence without bumbling and stumbling.
But put that aside, the policy itself is just garbage.
Joe Biden says that the plan, of course, is fair and responsible.
By fair, he means that if you didn't get a college degree, you're subsidizing people who went to college, and that if you paid off your college loans, you're subsidizing people who didn't.
That's what he means by fair.
And by responsible, he means no one is going to pay for it, and it's going to cost hundreds of billions of dollars.
Because in Democrat speak, I guess that's what fair and responsible means, according to the president.
I believe my plan is responsible and fair.
It focuses the benefit on middle class and working families.
It helps both current and future borrowers and will fix a badly broken system.
These actions build on my administration's effort to make college more affordable in the first place.
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Okay, Joe Biden also suggests, of course, that this is going to help tens of millions of people.
43 million people are apparently going to benefit from this plan.
Well, I mean, there are 330 million people in the country who are going to be subsidizing that and future generations who are going to be subsidizing this.
Plus, it's not going to bring down the cost of college education.
Plus, it's going to inflate the credentialing problem that is forcing people to spend money on college degrees they don't need.
But, but sure.
But sure.
I mean, again, Joe Biden is participating in the very obvious political scam of concentrated benefits, diffuse costs.
And this is very often what happens in politics.
You find a program that has concentrated benefits for a specific few and very diffuse costs, right?
If you all pay one cent, well, Bob over here, he gets a million dollars.
So Bob's real happy.
And it all cost, was this one cent?
There's only one problem.
The diffuse costs that he is attempting to Leverage on to the American public are not small.
They're not one cent.
And not only that, the people who are receiving that benefit are very often people who took out loans on the predicate they were going to repay those loans and then are not going to repay those loans now.
I know this has become a controversial statement, but here is the basis of a solid fiscal society.
When you take a debt, you pay off your debt.
I know this is totally crazy.
I know this notion and when you take out a loan, you should have the idea that it's your job to pay the loan.
And when you take out a loan, you really should think about the prospects for paying off the loan that you shouldn't think that magically it's just going to go away the loan.
But that actually is how you form a responsible fiscal society.
In fact, the entire modern economy is predicated on the idea.
Of debit and credit and that when you actually take out credit that you are going to then, you know, pay it off and that no one else is going to pay that off for you.
I know there are a bunch of people on the left who are screaming now about things like bailouts.
You're right.
Bailouts are bad.
That's a right wing position.
Government bailouts of business are not a good thing.
Also, it is worthwhile noting here that PPP, the Paycheck Protection Program, which was designed by the federal government in the middle of COVID to reimburse a bunch of businesses that were going to go under because the government was forcing them not to go into business.
I know there are a bunch of people on the left who are comparing this.
This is not the same thing.
When the government tells you you literally cannot go to work, You are banned from opening your place of business.
All your employees are going to go unemployed.
So we are going to have to compensate you in some way.
That is a Fifth Amendment taking.
The government has told you, you cannot go to work.
So they're going to have to compensate you.
Justly compensate you.
That is not the same thing as you took out a loan through your own volition in order to go major in something that was never going to earn you a living.
And now you're sad because you have to pay off that loan or because your job prospects didn't work out.
Not the same thing at all.
Okay, so try to distinguish between these things because they actually matter.
But Joe Biden is not distinguishing between any of these things.
Instead, he's just saying, look how many people benefit.
They all happen to be people who are in his political camp.
As Nate Silver has pointed out, what this really is about for Joe Biden is making sure that the Democratic coalition is taken care of.
Because as you approach an election, what you really want to do is just bribe people who are in your camp.
This is Nate Silver, right?
Not me.
Nate Silver, who's a fairly left-wing commentator at FiveThirtyEight.
He says, youngish, middle-class-ish college grad school attendees are a very Democratic group.
The thing about student loan relief is that while other policies would be more economically progressive, this fairly efficiently redistributes well-being toward people in the Democratic coalition.
It is a transactional piece of public policy, directly serving the interests of the people who elected you.
That is what Joe Biden is doing here.
This is a cynical play, and everybody knows it's a cynical play who's been watching for more than one second.
Here's Joe Biden trying to claim that it's going to benefit everybody.
If you make under $125,000, you get $10,000 knocked off your student debt.
If you make under $125,000 a year and you received a Pell Grant, you'll get an additional $10,000 knocked off that total for a total of $20,000 relief.
Ninety-five percent of the borrowers can benefit from these actions.
That's 43 million people.
Of the 43 million, over 60 percent are Pell Grant recipients.
That's 27 million people who will get $20,000 in debt relief.
Nearly 45% can have their student debt fully cancelled.
That's 20 million people who can start getting on with their lives.
By the way, the only student debts that are getting cancelled here are publicly held student debts.
So if you got your loan through a private lender, that is ineligible for cancellation.
And one reason this makes a very large scale difference is because the loans that are most likely to actually be well predicated are private loans.
Why?
Because if you're a bank, are you going to give a loan to a person who's going to Harvard Law School or are you going to give a loan to a person who instead is going to a local junior college to major in finger painting?
The answer is, if you want your money back, you're going to give the money to the Harvard Law graduate.
So private loans generally are more, they are better calibrated toward earning back than public loans.
So basically we are now subsidizing loans that are the least likely to be paid back because they shouldn't have been paid in the first place.
Again, I'm going to get to the scam that is our college system in just a second because that's what underlies all of this.
Joe Biden is upholding that scam.
Joe Biden says that he's going to hold colleges accountable.
How is he holding colleges accountable?
By giving them money?
He's not clawing back tuition from these colleges.
He's not going to these scam little universities that exist in low-income communities, prying money out of gullible people in order to give them a crap degree in hairdressing.
He's not going and prying that money back from those people.
He's not doing that.
He's not sticking his DOJ.
On these organizations, he's not doing any of that sort of stuff.
He is paying them.
You understand that when he helicopters cash to relieve loans, what he's doing is driving up the price.
He's driving up demand.
He's driving up their profit margin.
That is what Joe Biden's doing.
He's paying off these places.
Here's Joe Biden.
We're holding colleges accountable for jacking up costs without delivering value to students.
We've all heard of those schools luring students with a promise of big paychecks when they graduate.
Only to watch these students be ripped off and left with mountains of debt.
And my predecessor has looked the other way, for some reason, a good reason, to do anything about this fraud.
My administration is taking it on.
For example, last week the Department of Education fired a college accreditor that allowed colleges like ITT and Corinthian to defraud borrowers.
And combined with our emergency actions, the Public Service Forgiveness Program and other acts we've taken, We've been able to cancel more than $32 billion in student debt for 1.6 billion bars, including those defrauded by these bad acting schools.
Joe Biden's saying that he's holding colleges accountable.
Yes, I don't believe him.
He is not holding colleges accountable.
In fact, he is subsidizing them with a massive boondoggle program.
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Text Ben to 87222 right now to get started. Okay what he is doing is actually driving up again he is driving up the profitability of these organizations.
He can sporadically claim that he's going after ITT Tech, or he can sporadically claim that he's going after this local hairdressing university.
But on a broad national level, when you subsidize people to go to these places, what you are doing is making them more profitable.
And then, of course, Joe Biden says, we're not done.
We need even more free college.
12 years of free education in the United States isn't enough.
We need 16 years of free education.
Now, here's the thing.
There are many places all over the world that actually do subsidize college.
But one of the things they do in order to subsidize college is they start tracking you in junior high.
In high school, they start moving you into a field of study that is likely to lead to a job.
They are not interested on the government level in subsidizing your aspirations and dreams to be the next Andy Warhol or the next J-Lo.
That is not in their mode of interest.
Instead, what they are attempting to do is prepare you for the workforce.
But that is not what Joe Biden is talking about.
When he says everybody should have a college degree, what he means is you should be able to study anything you want.
And then no matter what you study, you should be able to earn $200,000 a year.
And then if that doesn't work out for you, we're going to relieve your debt.
Why does he say this?
Because his entire Democratic coalition is low-income people and college-educated white ladies.
That is his entire Democratic coalition.
And who do you think he's attempting to appeal to here?
That is the whole predicate for this policy.
Here is Joe Biden, again, subsidizing the biggest scam in American education.
When America made 12 years of public education universal in the last century, We became, not figuratively, literally, the best-educated public in the world and better prepared than any other nation.
And I would argue that it's one of the reasons why we were so successful and have been so successful.
But as you've all observed, other nations have caught up.
In the 21st century, in my view, I think the vast majority of Americans, 12 years of universal education is not enough.
And that we're going to be out-competed by the rest of the world if we don't take action.
We're going to be out-competed unless we start relieving student loan debt for people who, what, didn't finish college?
Or didn't get a degree that was capable of earning them out on their loans?
That's what's going to do it?
Because here's the thing, America has a bifurcated higher education system.
When it comes to STEM, we are really, really good.
People from all over the world are still coming to top American colleges and universities in order to learn.
And then there's the rest of the university system, which is, I keep saying scam because it really is.
What you have to understand about the way that colleges work in the United States is we have been, since 1950, in the process of basically saying to most Americans that the baseline degree in order to hold a job is a college degree.
And that is a massive mistake.
All that you have done is taken a bunch of jobs that don't require a college degree and now force people to take out hundreds of thousands of dollars in loans and debt in order to get a job that does not require them to go to four-year university.
In 1950, 7.3% of American men and 5.2% of American women went to college.
In 1980, that number was 21% of men and 13% of women, a nearly threefold increase.
As of 2019, 35.4% of men had gone to college, so had 36.6% of women.
In 1980, that number was 21% of men and 13% of women, a nearly threefold increase.
As of 2019, 35.4% of men had gone to college, so 36.6% of women.
So why exactly is that necessary?
Is that because everything went into the service industry, or is it because if you try to get a secretarial job now that would not have required a college degree in, say, 1960, you now have to have a four-year bachelor's.
you Everything requires a college degree now.
Here at my company, by the way, we don't do this, right?
If you can show work experience, very often we'd rather have the work experience than the college degree.
I went to UCLA and Harvard Law School.
Both of my business partners never graduated from college.
One never even went.
Because the reality is that success in American life should not be reliant on receiving a credential from a top university where basically you learn to speak woke, where you learn how to put pronouns in your Twitter bio.
But that's the entire goal here.
This credentialism has largely come at the expense of blue-collar people, many entrepreneurial people who would have been better off just getting an apprenticeship in a particular business.
Because here's the reality, and every employer knows this.
When you get a kid straight out of college, You get two things.
One, you know their IQ because you know where they went to college, right?
That's all college is.
It's a giant organizational feeding system.
I would be better off, in many cases, just looking at the SAT score of people coming out of high school than I would them coming out of college.
I know if they come out of college, two things, where they went to college, which means their IQ, and two, that they have no idea how to do the job I'm about to put in front of them.
Because no one in human history has been qualified to do a job coming out of college before doing the job.
The way that you learn to do a job in the United States is by actually doing the job.
All we have done is delay, for most people coming out of college, the actual business of getting on with their life by four years while they party and drink.
That's true for everyone in the liberal arts, okay?
I'm a liberal arts guy.
I went to poli-sci major at UCLA, and let me just tell you, it was a completely useless degree.
It was useful only in getting me to law school.
And when it came to Harvard Law School, I can tell you that year one was useful, year two was less useful, and year three was a complete waste of time designed to drive up debt, so I had to work at a major law firm and pay it off.
Okay, that's what it was.
And everybody knows the scam.
Everybody inside the system knows the scam.
There's a study from Harvard Business School professors Joseph Fuller and Manny R. Raymond in 2017 finding that degree inflation is undermining U.S.
competitiveness and hurting America's middle class.
Degree inflation, the notion that you must have a degree to get X job when you really didn't need the degree for X job.
Fuller and Raymond explained postings for many jobs traditionally viewed as middle skills jobs, those that require employees with more than a high school diploma but less than a college degree, in the United States now stipulate a college degree as a minimum education requirement.
Our analysis indicates that more than 6 million jobs are currently at risk of degree inflation.
That was in 2017.
It's gotten much worse.
And the people it's predominantly hurting are blue collar people.
Minority people, people who may not have gotten a great high school education.
Those are the people who are getting absolutely slammed.
The demand for college graduates is leading to a massive increase in the number of Americans pursuing postgraduate degrees, right?
Because if you go to college and college is the new high school, this means the postgrad is the new college.
If you want to work as a teacher, you now need a master's in ed.
So the credentialing and the inflation of the credentialing is now continuing across time, delaying people getting into the workforce, forcing them to earn more and more degrees.
The number of Americans over 25 with a master's degree doubled between 2000 and 2018.
13.1% of people have a postgraduate degree as of 2018.
And again, this doesn't mean that they are better qualified than if they had skipped college in the first place.
Because the reality is that only by working a job do you actually get good at the job.
So they keep telling you that if you get a four-year bachelor's degree in nonsense, that this qualifies you for a job.
That is not what qualifies you for a job.
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This doesn't mean that nobody should go to college.
If you're majoring in STEM, if you're majoring in medicine, if you're majoring in math, you should go to college.
If you're preparing for a law degree and you need the pre-law in order to get the law degree, in a better system, you just go directly into law when you're 18 years old.
But if you're not going to do that, then perhaps you have to get the degree.
But the notion that everyone has to go to college is a complete, ridiculous, nonsense principle.
It's stupid, and it's bad, and it's bad for America.
And what this means is that we now have a completely bifurcated economy, right?
Your ticket to admission to the economy is now an inflated college degree, driven by a left-wing institutional bias in favor of people who go to these colleges.
And so if you want to get a job, you have to go to these colleges.
Between December 2007 and December 2009, Which was the Great Recession.
College graduates actually increased their employment by 187,000 jobs.
Everyone else lost jobs during that period.
So what do you think people are going to do?
You've created an entire incentive structure for people to go to college.
So people go, and they take out debt.
And then many of them shouldn't be in college in the first place.
Many of them drop out.
And then many of them don't earn the sort of income they thought they were going to earn.
And then Joe Biden, generous Joe, Santa Claus Joe and the Democratic Party, they step in and they say, unconstitutionally, we are now going to pay off that debt, which of course exacerbates the system and makes it worse.
It continues to drive up the price.
It continues to drive the credentialing craze.
It continues to drive middle class people out of this market.
It's insane.
Okay, now let's get to the constitutionality of this thing, because the constitutionality of this thing is completely specious.
There is no basis upon which Joe Biden has the power to do this.
None.
I know we left the Constitution behind a long time ago in this country.
I know that we now think that the President basically has the power to declare anything.
And during COVID, it got even worse.
During COVID, it was like, hey, some old people are going to die of a disease.
This means you don't have to pay your rent.
You're a 20-year-old who's working a gaming job.
You don't have to pay your rent anymore for like two years because the CDC says so.
I understand that we all went nuts in 2020, 2021.
But even Nancy Pelosi last year was saying Joe Biden did not have the singular power to cancel student debt.
This is last year.
Shades of Barack Obama saying that he didn't have the power to simply declare that illegal immigrants would never be deported.
And then he just did it.
Anytime, just as Democrats frequently say, this crazy left-wing radical fringe idea will never become mainstream.
And then 10 years later, they're doing it.
Whenever Democrats say we don't have the power to do X, within about 18 months, they will be doing it.
So here's Nancy Pelosi one year ago declaring Joe Biden did not have the power to simply cancel student debt.
People think that the president of the United States has the power for debt forgiveness.
He does not.
He can postpone.
He can delay.
But he does not have that power.
That has to be an act of Congress.
Not everybody realizes that.
But the president can only postpone, delay, but not forgive.
Okay, but Joe Biden just did that, right?
He said he's going to forget.
So what is the legal basis for this?
This is totally crazy.
And I think Joe Biden knows this is crazy.
And so it leads me to believe that as a legal strategy, what Joe Biden is doing here is he's campaigning against the Supreme Court, because my guess is that this is going to be appealed by somebody.
They have to find somebody with standing.
It's hard to find somebody with standing in this particular case because you have to show that you were damaged and you as a general taxpayer can't show standing.
But assuming that there is some sort of lawsuit, say by Congress, saying that Joe Biden exceeded his powers here, And it goes to the Supreme Court.
This is probably not going to fall under the political question doctrine.
Probably this is going to fall under the delegated powers, right?
Whether Joe Biden actually has the inherent powers to do this.
And if it gets struck down by the Supreme Court, then Joe Biden will then campaign against the Supreme Court.
I did my best, guys.
I tried to relieve the student, Laminu, and the Supreme Count, but she said that I wasn't a match about.
That may be what he's doing here, legally speaking.
That is the only way that I can explain how he purports to do this.
According to the Office of Legal Counsel Opinion, explaining how Joe Biden is doing this.
What gives Joe Biden the power to simply say that you, a person who took out a student loan, now no longer have to pay that student loan?
What gives him the power to do that?
Get ready for this.
It is the HEROES Act of 2003.
Now you're thinking to yourself, what the?
What is the HEROES Act of 2003?
I don't even remember that.
That's 20 years ago, man.
What are we talking about here?
Well, the HEROES Act of 2003, which was passed in the aftermath of 9-11, right?
What was that designed to do?
It was designed to allow the Secretary of Education to waive or modify loans because of a national emergency.
Like, say, for example, there was a massive terror attack in the United States, a nuclear attack in the United States.
Do you still have to pay off your loan this week?
The idea was the Secretary of Education could cancel loans if they had to.
Joe Biden is now declaring that because of COVID, he can just cancel the student loans.
According to the Office of Legal Counsel, quote, we conclude the act grants that authority.
The plaintext of the HEROES Act authorizes the Secretary to waive or modify any statutory or regulatory provision applicable to the Federal Student Loan Program.
An authority that encompasses provisions applicable to the repayment of the principal balances of loans, provided certain conditions are met.
We conclude that targeting relief toward those individuals who suffered financial hardship because of COVID-19 and who otherwise satisfied the requirements of the Act accords with the Act's requirement that the waiver or modification be necessary to ensure that student loan recipients affected by a national emergency are not placed in a worse financial position with respect to their loans as a result.
Are you kidding me?
We have an unemployment rate in this country of less than 4%.
College grads have the lowest unemployment rate of any educational subsection of the American population.
And your declaration is that they have a national emergency based on COVID to relieve their student loans?
That is the case that you are making legally speaking?
That is obviously specious.
It is obviously stupid.
And everyone obviously knows that.
But Joe Biden's gonna do it anyway, because again, it doesn't matter how you do it, gang.
It just matters that you do it.
It's all about the power.
This is why when you hear Democrats talking about how they're defenders of democracy, explain.
Seriously, explain.
Explain how it's democracy to have a regulatory authority under the President of the United States simply unilaterally declare that he can relieve debt.
And by relieving debt, by the way, it doesn't mean debt disappears.
It means you pay it.
I pay it.
My kids pay it.
That's what it means.
Because the fiscal cost on this thing is extraordinary.
Hey, I want to get to the fiscal cost, but I'm trying to break this down into a variety of issues here.
The constitutionality, it does not exist.
What it does for the college system, it subsidizes a crap scam system that is predicated on preying particularly on people in poor areas who are getting degrees from institutions and universities that do not benefit them.
And then you get to the question.
Let's get to the fairness question here, because Democrats keep saying that it's there.
So this is an amazing thing.
Joe Biden was asked yesterday, how is it fair for people who never went to college to subsidize those who did?
How is it fair for people who paid off their student debt to subsidize people who did not pay off their student debt?
How is that fair?
I mean, by the way, you could ask this question about people who don't pay off their credit card debt.
If Joe Biden really wanted to relieve everybody's pressure these days, why doesn't he just cancel all credit card debt?
After all, we have trillions of dollars in outstanding credit card debt in the United States.
Why not just do that?
After all, money magically grows on trees.
And as we know, the fairest thing is for you to take out irresponsible debt and then for your neighbor to pay it.
The fairest thing is for predatory lenders to prey on people to go to the local hairdressing salon for a quote unquote university course.
And then for you to bail them out, that's the fairest thing, probably.
Here's Joe Biden trying to answer why any of this is fair when it obviously is not.
Mr. President, is this unfair to people who paid their student loans or chose not to take out loans?
Is it fair to people who, in fact, do not own multi-billion dollar businesses if she wants these guys to give them all a tax break?
Is that fair?
Is it fair that some ostriches can't fly?
Is that fair?
Is it fair that iguanas freeze and fall out of the trees in wintertime in Florida?
Is that fair?
What's fair, man?
What's fair?
He's asked a very specific question.
Why is it fair for people who paid off their loans to now pay everybody else's loans?
And his answer is multi-billion dollar businesses or some such nonsense.
The hell does that have to do with the price of tea in China?
What are you even talking about, dude?
It's just nonsensical gobbledygook from a person whose face hole doesn't work right.
It's unreal.
And by the way, it's going to cost you so much.
I mean, we are talking hundreds of billions of dollars.
This is the largest single spending initiative by a president unilaterally ever.
Ever.
There has never been an executive action this costly in the history of the United States, which Joe Biden is doing right now.
Understand the magnitude of this.
You're talking about hundreds of billions of dollars poured in on the basis of Joe Biden's perception of fairness.
This is the kind of garbage that you get from Bernie Sanders, right?
You got to love the non sequiturs.
And no matter what the question is, Bernie says, is it really fair that there are some rich people in this country?
Is that a fair thing?
What the?
What?
You're paying the rich people.
That's what this program does.
It gives money to people who have a combined couple income of 250 grand.
Are those the poorest among us?
So Bernie Sanders tweeted out the average amount of debt forgiveness to businesses receiving PPP loans is $95,700.
If we could afford to cancel hundreds of billions in PPP loans to business owners in their time of need, please do not tell me we can't afford to cancel all student debt for 45 billion Americans.
So, um, a couple of points here.
One, PPP was designed to preserve the employment of people who were not allowed to go to work.
That's what it was.
Second, it was massively inflationary and it lasted way too long.
Third, there's an enormous amount of scams inside PPP.
Enormous amount of monies that went to people who shouldn't have gotten them.
This, by the way, is the typical left-wing line.
So they tried to use this on me, believe it or not, on Twitter yesterday.
It was unbelievable.
So yesterday on Twitter, suddenly I realized I'm trending because of all of this.
And I'm like, wait, what?
Why am I?
Why?
I don't understand.
I was barely online yesterday.
I was actually on a plane.
So what exactly is, what's going on?
Well, it turns out that some idiot schmucks on the left decided that they were going to look up whether I personally had taken PPP loans.
And then they tweeted out a screenshot of a person named Ben Shapiro in Los Angeles who had taken $21,000 in PPP loans.
Okay, this then appeared in truthorfiction.com, which is a Snopes-like fact-checking website, and the Indy 100, which is the UK independent, And up rocks entire articles about how he's a hypocrite for opposing the relieving of student loan debt because I had taken PPP money.
One.
No, I didn't.
You lying sacks of bleep.
I never did.
And you morons in the media.
I mean, this is repeated all over.
All the blue checks are tweeting this, like hundreds of thousands of retweets from various sources.
The screenshot itself, if expanded to the right, demonstrated that the person who actually took those loans was in the business of real estate agenting.
Which, as you may have noticed, I'm not a real estate agent.
So, it was just a lie.
It didn't matter.
It'd run around the world.
It was too late.
It was printed in truth or fiction, and I had not denied.
Daily Wire, by the way, also has never taken PPP loans.
Second of all, when Bernie Sanders says that PPP is the same as you taking out a loan to go major in modern art at the local JuCo, that is not the same thing by any stretch of the imagination.
But it's typical Bernie Sanders.
So Bernie Sanders tweets that, and then he tweets a little bit more.
And so Bernie Sanders' second tweet here, He reads, If SoFi, a student loan refinancing company, could give its CEO a 92% raise last year, paying him a grand total of $103 million in compensation, and spend $625 million to put its name on the LA Rams football stadium, do you know what President Biden can do?
Cancel all student debt.
Um...
What?
So, number one, I noticed that you bailing out the loans helps companies like SoFi.
So there's that.
Second, if a private company can do X, the government can do Y, is not an argument.
That is a complete non sequitur.
If Jeff Bezos can buy himself a private jet, Joe Biden can ride the nuclear weapon to Mars.
Like, what?
What are you talking about?
What are you even?
We have a bunch of geriatric doddards running the country who can't even string together basic AB logic.
It's insane.
This guy is an ideological leader of the Democratic Party.
It's crazy.
If your local business is able to charge you slightly more for a gallon of milk thanks to inflation, why cannot Joe Biden simply relieve all credit card debt and fart rainbows?
Clearly he has the constitutional right.
If you at your local gas station are able to charge $5 for a gallon of gas, well then Joe Biden can mandate that everyone simply use horse manure to power their cars forever, obviously.
The fact that it's considered an intelligent human being on the left demonstrates how unintelligent our political discourse is because this is basic, basic stupid nonsense.
It's nonsense.
You know, every time I do a Bernie Sanders impersonation, I'm reminded just how old he is.
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All right.
Meanwhile, here at the daily wire, we are doing everything that we can to loosen the left grip on, you know, every major institutions.
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We're making documentaries like what is a woman that are exposing radical gender ideology.
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We even sued the government over unconstitutional mandates.
It's a lot of work.
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One, stop shaving with your woke razor.
And two, it's time to start shaving.
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So, obviously, the Democratic Party is in a celebratory mood about all of this.
And they're in a celebratory mood because it doesn't matter the fairness, right?
The fairness aspect of this is all just a lie.
What they really mean is big government is going to pay for everything for you.
That's utopia.
And they're doing this under the guise of fairness because the fairest world is the one where nobody actually has to work and you don't have what Nancy Pelosi called job lock and you don't actually have to worry about your future or any of that sort of stuff.
That is the fairest thing.
But it's not really about fairness.
I mean, and they know it's not about fairness.
For example, Miguel Cardona, right, the Secretary of Education, he was asked, so, you know, if you paid off your debts, are you just a sucker?
And he's pretty much like, yeah, you are.
To those who are saying it's not fair, look, the aim of this is really to address the effects of the pandemic.
It's my responsibility to make sure that people are not coming out of the pandemic worse off than they were at the beginning.
But to the fairness question, the people that are sitting at home, having just paid off their student loans or having paid them off years ago, What's in it for them?
Right.
Well, look, when we address some of the issues that could lead to default payments or default borrowers in the future, that affects everyone.
We should be proud that we're able to help Americans that need help right now, just like we help businesses, small businesses during the pandemic.
You know, it's about making sure we're taking care of Americans and investing in our economy and in our people.
But just the final one on this, the people that already paid their student loans, they don't get anything out of this deal.
Right.
Right, right.
They don't.
That's right.
You're a sucker.
You're a sucker.
In the United States, it is better to be the person who's reliant on the government because at least you're not a sucker.
Again, I love this.
We have to help the people who've been really damaged by COVID.
Oh, you mean the people in white-collar jobs who are college graduates who don't work with their hands and who are able to go to work the entire pandemic?
The unemployment rate among recent college graduates in the United States is currently about 4%.
Four.
But it's about helping them.
That's really what this is about.
They know it's not about fairness.
They know it's unfair.
They know it's stupid.
Karine Jean-Pierre has no response because, of course, Karine Jean-Pierre is a horrible press secretary.
And Jen Psaki, at least, was good at the job.
Karine Jean-Pierre is just garbage at this job.
She's horrible at it.
So she was asked, so who's going to pay for this?
And she's like, well, I mean, God, maybe?
Who is paying for this?
What we are saying is that the work that this administration has done, the work that the Democrats in Congress has done, is actually there.
And you see that the $1.7 trillion deficit deduction that you see is going to benefit us in being able to do something for the middle class.
To do something for the middle class.
This is about doing something for people who make less than $125,000.
$1.7 trillion.
That's what we've been able to do.
But when you forgive debt, you're not just disappearing debt.
So who is paying for this?
And then I'll give you the second part.
We lifted the pause, right?
We're going to lift the pause at the end of this year, which is going to matter, right?
Which is going to offset a lot of what we're doing as well.
Good effing Lord, my goodness, my goodness.
I mean, there's no, you know, the deficit reduction.
I just gobbled up nonsense mashed potatoes spilling out of her mouth.
It's just amazing, amazing stuff.
But don't don't worry, guys.
Don't worry about fairness.
Now, Elizabeth Warren, at least, was clear about this.
Elizabeth Warren, who's a great beneficiary of the inflationary higher education craze, considering she used to get paid $400,000 a year as a professor at Harvard Law School when I was there.
And now she's more than happy to have people continue to subsidize that.
Here's Elizabeth Warren, yesterday, saying, it's a day of joy, it's a day of fun, it's a celebration for everyone with a four-year college degree who's earning $125,000 a year.
What is your reaction to this plan for $10,000?
My reaction is that this is a great day.
Today is the day the president's going to announce that about 20 million Americans will never have to make another student loan payment.
And another 23 million Americans Will I keep fighting for more?
on their student loans.
Man, she hasn't been this happy since they published her powwow chow recipe 30 years ago in the Native American cookbook.
I mean, it's really exciting stuff for Elizabeth Warren.
By the way, she says she wants more of this, more student loan cancellation. Why the hell not?
Make everything free.
It's not like we're in the middle of an inflationary cycle or something.
Will I keep fighting for more?
Of course I will.
But look at what's happened.
It is truly transformative.
We're going to see $20,000 of debt relief for over half of all of the borrowers.
And those are disproportionately African-Americans, disproportionately veterans, disproportionately parents, and disproportionately first-generation students.
They are perpetuating the system.
That's what this is about.
It's payoffs and perpetuating the system.
That's all this is.
And of course, Elizabeth Warren knows this isn't fair.
Last year, she was asked, a couple years ago, she was asked, you know, you want to relieve all student loan debt.
So if you paid your debt, you're basically screwed, right?
And Elizabeth Warren's like, well, yeah, I mean, of course.
I just want to ask one question.
My daughter's getting out of school.
I saved all my money.
She doesn't have any school money.
Am I going to get my money back?
So you're going to pay for people who didn't save any money, and those of us who did the right thing get screwed?
Of course we did.
My buddy had fun, bought a car, went on vacations.
I saved my money.
He made more than I did.
But I worked a double shift, worked extra.
My daughter's work seat is 10.
So you're laughing.
Yeah, that's exactly what you're doing.
We did the right thing and we get screwed.
I appreciate that.
And of course, that guy happens to be exactly correct and Elizabeth Warren has no answer on all of that.
Alrighty guys, the rest of the show is coming now.
You don't want to miss it because we're going to be getting into the equity of all this Democrats keep talking about.
It's going to help African American borrowers and Hispanic borrowers.
It's all equitable.
The people it helps are white middle class and upper class people who are perpetuating a system that helps them.
Democratic voting base.
That's what this is about.
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