WTH is Going On with Biden’s Student Loan Forgiveness? Michael Strain Explains the Moral, Legal and Economic Policy Fiasco
What the Hell Is Going On
AEI Podcasts
4.4 • 633 Ratings
🗓️ 7 September 2022
⏱️ 52 minutes
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Summary
We return from our hiatus to discuss Biden’s trillion-dollar student loan forgiveness plan. Even for those with little background in economics, this is clearly a case of the inverse Robin Hood: a regressive act that takes from the poor and gives to the much less poor. Not to mention, the plan is an assault on the Congressional power of the purse, and legally murky with the justification of the post-9/11 Heroes Act. And let us not forget that this act paradoxically comes on the heels of Biden’s Inflation Reduction Act, though it is an incredibly costly plan that will only exacerbate current inflation levels.
As the Democratic Party consolidates its role as the party of college-educated coastal elites, AEI’s Michael Strain joins us to unpack the student loan handout. Strain is the Director of Economic Studies at the American Enterprise Institute.
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Transcript
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| 0:00.0 | This podcast is brought to you by the American Enterprise Institute. |
| 0:03.0 | If you like what you hear, please subscribe, rate, review, and share. Thanks for listening. Here's our show. What the hell's going on? What the hell is going on? What the hell is going on? I don't know what the hell he's talking about. You don't have to know what the hell is on it. What hell's the matter with these guys? We don't know what's going on. What hell's going on? |
| 0:01.1 | Who in God's name knows what |
| 0:22.4 | it's all about. Hi, I'm Daniel Pledka. And I'm Markiesin. Welcome to our podcast. What the hell is going on? The return from hiatus. |
| 0:45.6 | And you said it right. I spent August learning how to say hiatus. Even the slow lenders figured out eventually. That's good. |
| 0:52.3 | Thank you so much, Mark. Thank you. And we're back. |
| 0:55.2 | We are back. So that's what the hell is going on. We are back from a hiatus. It is September. |
| 1:00.3 | And things are worse than they were. But we went on hiatus in so many ways. So what we're talking about today is this Biden student loan fiasco. |
| 1:10.6 | And the word fiasco is almost |
| 1:13.4 | overused when it comes to the Biden administration. And yet not. It is an absolute fiasco. |
| 1:20.1 | I mean, he is, as Jason Furman, Obama Economic Advisor said, he's pouring half a trillion dollars |
| 1:25.9 | of gasoline on the inflationary fire that's |
| 1:27.9 | already burning, which he called reckless. I mean, inflation is the number one issue on Americans' |
| 1:32.9 | minds. It's inflation is a regressive tax. It hits the poor and the working class the worst. And |
| 1:39.2 | he is fueling inflation on the poor and the working class, people who are choosing between gas and food |
| 1:45.3 | every week because the costs are so high, by giving massive $10,000, $20,000 checks to people, |
| 1:54.3 | households making up to $250,000 a year, people who have graduate school loans, law school, business school, medical school. |
| 2:04.0 | It's literally a reverse Robin Hood plan. |
| 2:06.3 | It's taking from the poor and giving to the rich. |
| 2:08.6 | It's gross. |
| 2:09.5 | I'm sorry. |
| 2:10.4 | That's a good word. |
... |
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