The Biden administration has refused to explain who is paying for this massive student loans bailout but I think we all know that the plan is to transfer that debt back to taxpayers. A top economist, Steve Moore, slammed Biden’s already failing bailout and explained that it’s already ‘blowing up in his face.
The White House billed the handout as “forgiveness,” but economists like Moore have pointed out that mathematically the debt cannot simply disappear.
“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, that’s 400 comma 000 comma 000 comma 000,” he said.
“This amount of debt, I think, and the spending, I think, is the biggest weight on the economy. And it’s the thing that makes me most nervous about what we’re doing to the future of our country and the ability to create a prosperous society.”
Moore added that Biden did not receive the great political benefit he expected after writing-off part of the debts of mostly white-collar college students, while ignoring blue-collar tradesmen and students, and those workers in the economy who did not attend postsecondary educational institutions altogether.
He cited a report from a University of Chicago economist, who tallied the collective financial value of all federal government handouts, from free health care to food stamps to subsidized housing and education, telling Fox News the total exceeded the average salary for a U.S. citizen.
“[With] all of these things you can make $80-, $90,000 a year and not work a single hour,” he said, adding it is a big warning sign that not only was Biden’s latest handout unwise, but that American society must return to its prior iteration as one that encouraged work and rewarded those who contribute to the economy.
When asked point blank by a Fox News staffer who exactly was going to pay for this bail out, vice president Kamala Harris offered this mind-numbing word salad:
“Well, let’s start with this. First of all, a lot of the same people who are criticizing what we rightly did in following through on a commitment that we made to forgive student loan debt are the same people who voted for a tax cut for the richest Americans,” Harris said.
“So, when we look at who is benefiting from this, 90% of the people who are going to benefit from student loan forgiveness make under $75,000 a year,” the vice president continued. “And that debt has been the reason that they’re unable to start a family, buy a home and pursue their piece of the American dream.”
Yup… That was it…
She then scurried away back into the darkness to do whatever the hell she actually does at the White House.