Aug242022

Episode 590 – Don’t Blame Me, I Voted for the Other Guy

King Biden continues to pour gasoline on an already over-heated economy as he continues to spend money. But, this time, he doesn’t look like he’s getting a lot of support from his base.

Let’s talk about it.

 

They Just Can’t Help Themselves

This administration is going to have only four years to push through their crap. That’s because they are going to get their asses wiped out in 2022 and 2024. We might not see another Democrat President until 2036. Sound familiar? That’s what happened after Jimmy Carter was President and, until now, he was the worst President in history.

According to Fox News:

President Joe Biden is today expected to announce a student loan handout plan that would essentially use taxpayer money to pay off up to $10,000 of student debt per borrower making under $125,000 per year.

That means Americans may be footing a nearly $300 billion bill if Biden goes through with the reported plan — plus extends a repayment pause to next year.

The nation’s federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.

This is such a cynical ploy. This is a campaign stunt for the 2022. This is for his base and to make upper middle class people (especially white people, according to the NAACP).

The article continues:

Many hardworking, play-by-the-rules Americans have diligently paid off their student loans as a matter of personal responsibility. They believe in taking care of their obligations; for them, it was and is the right thing to do.

“In general, I am skeptical of what the government does,” Bruce Paulson of North Carolina told Fox News Digital this week, “and I would be highly skeptical of the government forgiving all or part of a student loan.” 

This is absolutely true. I have a degree. I paid it off. My daughters have degrees and they are paying off their loans. My eldest has already paid her loans off. What about them? What about me? Do we get our $10,000 (it is ours, after all, we pay taxes). Elizabeth Warren answered that question a couple of years ago.

There are so many things wrong with this:

  • Most student debt is from students going for graduate degrees. These people should have a high earning potential. This is a problem solved for the upper class.
  • This does not deal with the problems with colleges charging high tuition for worthless degrees. That should be investigated because it is a root cause to the whole problem.
  • This will cause inflation:
    • Colleges are going to raise their tuitions by $10,000.
    • We’ve already seen this the EVs. Ford and GM  raised the prices of their EVs by the same amount as the government subsidies.

Like I said before, this is a cynical ploy by Joe Biden to buy votes. But it is very possible that it is going to backfire in a really bad way for Democrats.

  • This is early enough that we could see inflation spiral out of control before the elections.
  • Combine this with the Inflation Reduction Act, which they are now calling a climate bill, we could be looking at the start of hyper inflation.
  • The Leftist base is already showing signs that they are not happy about it. They want all debt paid. This will seem as a Band-Aid to the problem.
  • Most people do not support this, especially those that worked hard to pay tuition.
  • This is not going to help minorities. It helps upper middle class white people. Even the NAACP says that.
  • But, worse, this is really bad for society:
    • It means that a contract between parties doesn’t mean crap.
    • What about my car loan? What about my home loan? Why not pay that off.
    •  This teaches future generations that one’s word doesn’t mean anything. The government will take care of it.
    • It also makes this generation and future generations become way too dependent on the government.

We’ll have to hear how this is going to be paid off. I’m wondering how he could do this without Congressional approval. It seems that King Biden can’t just spend $300 billion. I know there are slush funds out there (one from the Inflation Reduction Act).

https://www.foxnews.com/lifestyle/americans-bidens-student-loan-handout-plan-suspicious
https://nypost.com/2022/08/24/biden-set-to-announce-student-loan-forgiveness-for-millions/