Top economist Steve Moore spoke with Charles Payne on Fox News on Monday to talk about the political fallout surrounding the latest $500 billion program, Biden’s so-called ‘student loan forgiveness’.
“It’s almost comical that the Biden administration is talking about how they’re reducing the deficit and debt, when, in fact, since Joe Biden came into office, if you add up all of those spending bills… and then if they would put $500 billion more on that per student relief you’re talking about… over $4 trillion of spending,” said the co-founder of the Club for Growth.
The charter of the federal government, as envisioned by its founders, could never have been shown to include the granting of student loans. But it especially couldn’t be argued that the purpose of government includes the transfer of debt from one group to another.
The revered economist put it this way: “One of the things that disturbs me most about how we’re spending all this money is it’s not going for national security… it’s not even going for infrastructure… What it’s really going for is income transfer programs – let’s put it very simply – from people who are working to people who are not working.”
The reality of the program is quite different from the way it was sold. It was sold as a means to help needy people, but it has proven to be a boondoggle for future millionaires, mostly white-collar college students. It does nothing for blue-collar tradesmen and other workers who didn’t go to college.
“Why are we relieving student loan debt payments of people making six figures?” He added, “Many of the people who are going to get student loan relief have master’s degrees, they’re making six figures, and they’ve just decided, hey, I’m not gonna pay my loan. That strikes people as fundamentally unfair, especially people who may not have gone to college.”
Moore cited a report from a Chicago economist to conclude that the collective amount of current government handouts reaches between $80- or $90,000 a year per individual, which exceeds the annual salary for a US citizen. It is counterproductive, he argued, if we strive for a society that encourages work and rewards those who contribute to the American economy.
Payne recalled President Herbert Hoover’s promise of a “chicken in every pot” and suggested that this scheme is way beyond that, in terms of “buying votes.”
Moore responded in a way that suggests Biden is not receiving the intended political benefit, saying that the “whole policy is really cockeyed, and that’s why I think it’s actually blown up in Biden’s face politically because people just don’t see the rationale behind it.”
Senator Ted Cruz (R-TX) is a particularly outspoken critic of Biden’s project. He hopes to mount an effort to block the program, which he says will “force blue-collar workers and American families across the country to pay off the cost of a Washington bureaucrat’s college degree—it’s morally bankrupt.”
The way the program has been portrayed as ‘forgiveness’ irks people, too.
Under Biden alone, the Left has tried to redefine woman, fetus, domestic terrorist, insurrection, voter suppression, illegal alien, anti-police, and now recession. What a strategy! When you lose an argument, just change the DICTIONARY!
— Glenn Beck (@glennbeck) July 27, 2022
Having re-defined a lot of words in recent times – woman, recession, insurrection, terrorist – Biden and his team of hopelessly postmodern handlers have redefined another one. ‘Forgiveness’ is an important word with tremendous implications in a civilized society. But it does not mean the canceling of debt. Even more specifically, it does not mean the reassignment of debt to others who did not incur the debt.
Call it what it is: budget-busting, debt-inducing, inflation-worsening pandering.
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