Biden's plan to forgive student debt bound to backfire


Jay Weber Show transcript 4-28-22 6:10am

We have talked about the terrible problem that President Biden and the democrats have with young voters-which was not something that these party leaders were anticipating when joe Biden took office, and they took control of congress last January-

Trust me-none of them thought that they would be seeing so much erosion in virtually all their most important demographics just fifteen months later-

 but they certainly never thought they’d be seeing large chunks of younger voters-between 18 and 30- abandoning them. Especially young voters of color.

And this is what has President Biden telling lawmakers that he is seriously considering an executive order that will magically ‘forgive’ a massive amount of student loan debt.

This is one-way Biden’s team and Dem strategists think they can win back-or hold- a bunch of younger minority voters...

But even this is bound to backfire. 

And it is for reasons that we will get into here- 

Not the least of which is- most of that student loan debt is held by white students from upper middle class and rich families-

Virtually none of it is held by younger voters of color. And so, the move itself is another ‘gift to the rich’, even if AOC and squats with unions are dumb enough to be running around insisting on this debt cancellation: it might be a popular talking point with young, well-off socialist lefties like AOC and Ilhan Omar...but it’s just another gift to the upper classes that they hate.

Then there’s the question of whether it is even-legal-for a president to simply wave his hand and insist that the debts of one group of people need to be paid back by the taxpayers...

And that leads to the third, and biggest reason that this could backfire: these student loans just don’t ‘evaporate’. Someone needs to pay them back-and yet again- it would be the democrats putting the rest of us, as taxpayers, on the hook for paying back those loans.

I’ve spoken about this idea of Biden’s ‘magical eraser’ for student loans and how I believe it is going to be another issue that ignites- infuriates- and motivates- a certain group of voters off the sidelines-

And that group of people would be a bunch of average, working class Janes and Joes who probably aren’t overly political...but who either never went to college.... or put themselves thru colleges....and now, damn it, aren’t about to pay for the student loans of generations of more privileged kids!

I think this is another move that-if Biden makes it-backfires in a big way. Conservative and ‘good government’ groups will file immediate lawsuits challenging the illegality and unconstitutionality of it- and it will be just the latest issue that -genuinely infuriates- a large army of voters.

It will be the latest outrageous move of a president and a party who seem to hate this country and its people.

When Biden’s white house extended the moratorium on restarting student loan payments a week or two ago-

And did so, even though we are now ‘post covid’, I predicted that he was going to find some time in august or September-right before the early voting started-to announce a massive debt-forgiveness order to excite, pay off, and pander to younger voters...

And now we get rumblings of it from a group of lawmakers who were meeting with Biden behind closed doors...and pressed him on the issue.

Even if Biden doesn’t agree to fully cancel all student loan debt-which some of his insane leftists want him to do-

Even if he only forgives ‘ten-thousand in debt per student’- that is hundreds of billions of dollars that we taxpayers are suddenly and immediately on the hook for.

And if he goes higher-as AOC and squats want him to do-

If Biden says that the first 50-thousand dollars in student loan debt of every student is suddenly forgiven-

Well-that’ll be another trillion-dollar hit-or more- to taxpayers!

Where in the heck do these democrats think we keep getting all this money!

Between the Trump and Biden administrations-we’ve spent 5 or 6 trillion dollars on covid.Then Biden and the dems wanted to spend another 6 trillion on Bernie’s socialist spending bill.

They wanted to saddle us with that debt. Thank God it didn’t happen-

But the congress-did-saddle us with nearly two trillion dollars more in infrastructure spending.

And so now we are up to at least 8-trillion dollars in additional spending and debt that the American people are being asked to absorb-just over the last three years or so.

And darn-it.... every time Joe Biden opens his mouth these days, he’s spending hundreds of billions of dollars more on other things- 

How much has he already promised the Ukrainians in aide and weaponry?

Every week-he’s sending them another 700 or 800-million dollars, it seems. Just tossing taxpayer money around like they are pick and save coupons.

Now-in a cynical and desperate attempt to buy votes- he and the dems are going to use another trillion?

This is insane, people.

Even most democrats know it’s insane, but their line of thinking is this: Biden has so angered and f-ed up America over the last fifteen months that the dems literally have nothing more to lose if they do this insane thing...and pander for younger voters.

Honest to God. I read this line of logic in several news stories about this yesterday. DC strategists, when asked about whether it could backfire on dems in fall, are taking the position that: how much more do the dems possibly have to lose. Most voters are already furious at them.

A red tsunami is expected in fall. And so, if we do this and it backfires, who cares?

What have we lost?

The answer to that is-you’ve lost a trillion dollars in taxpayer money-and –

And- you have set a terrible...terrrribbbllle...new precedent for future administrations!!!

Folks, this is the purest attempt at political bribery that we have seen in quite some time. It is Biden and the dems-literally- telling young voters, we will have taxpayers erase your debts if you vote for us.

That is-insane. It is a terrible new precedent to set.

You know it’s a bad idea-because it is the brainchild of morons like AOC and marc Pocan....in the ‘progressive’ wing of their party.

There’s nothing progressive about this. It’s blatant bribery and socialism.

And since they know there is no way that it can win support in congress- these dems have been pushing Biden to engage in what-has to be-an illegal executive order...to do it, anyway.

I cannot imagine that the Biden admin wins lawsuits in court, and a new precedent is set that says the president, alone, can forgive unlimited amounts of debt on his or her privileged political groups...

But Biden’s going to try it. And it’s bound to backfire.

Jay Weber Show transcript 4-28-22 8:10am

I talked earlier about President Biden telling lawmakers that he is seriously considering an executive order that will magically ‘forgive’ a massive amount of student loan debt....to lure back young voters in fall.

It is insane.

It is the purest attempt at political bribery that we have seen in quite some time, as Biden and the dems-literally- tell young voters, we will have taxpayers pay your debts if you vote for us.

That is an instant-terrible- terrible new precedent to set...and Joe Biden knows it, which is why he has rejected this idea several times in the past...

But his handlers and Dem strategists have now convinced him that they -literally-have nothing to lose- if they do this.

The line of logic from Dem strategists is-

Honest to God- the American people already hate us. We can’t possibly lose more seats in fall than we stand to know and so, if we do this and it backfires, who cares?

What have we lost?

And I answered that by saying: you’ve lost a trillion dollars in taxpayer money-and –

You have set a monstrous new precedent for future administrations!!!

But as for the notion that ‘this can’t possibly harm us more, given how hated we already are’...

That is also wrong.

I believe this is an issue that ‘plows new ground’ for a whole new profile of American voter: a lot of the working class voters who aren’t terribly political...and don’t really follow along closely...because they are just getting up every day, getting the kids fed, and going off to their jobs...

Making them pay for the college educations of other people-when they either did not, or could not, afford college when they were young?  That’s infuriating.

As senator Tom Cotton put it: why would a trucker who didn’t go to college have to pay off a lawyer’s student loan debt? 

If Biden makes a move like this- everyone in America is going to be asking themselves that question. And most will be angry as hornets-as they talk about it at the bar, or around the dinner table.

I worked to put myself thru college. Got no financial help from my parents. Worked two and sometimes three jobs-while on campus-going to school...and came out with less than 11-hundred dollars in debt...on a credit card.  That’s it.

And on top of ‘paying my own way’....it was a valuable ‘character building’ experience. And millions of us in America did the same thing. Had my same experience. And would agree that this, too, has value as a ‘character builder’ and a life lesson for our young people: work and pay your own way- and/or- pay your debts.

If you want to borrow for college, then darn it, you signed a legal document saying you’d pay it back. Pay it back.

There are-numerous reasons-that this is a stunningly stupid idea, on the part of Biden and the democrats.

The biggest of which is-  these student loans just don’t ‘evaporate’. Someone needs to pay them back- and yet again- it would be the democrats putting the rest of us, as taxpayers, on the hook for paying probably a trillion dollars in other people’s debt.

The move-destroys- a social contract that goes back hundreds, if not thousands of years.

It isn’t lower- and middle-class students and families who hold most of the student loan debts. It is the upper-middle class, and rich kids.

Honestly.

I’ve got the stats right here.

The vast majority of that student loan debt is held by white students from upper middle class and rich families- but AOC and squats and these democrats think it’s the poor kids of color.

It’s not.

Virtually none of this student debt is held by younger voters of color. And so, the move itself is another ‘gift to the rich’.

These are stats from a study done by the federal reserve bank of New York

Only about one-in-five Americans who hold student loan debt are living in a low-income area. Nearly four of five are middle or upper class.

So-why can’t they pay off their own debts?

And the last stat: even if the debt forgiveness is limited to just ten-thousand dollars per borrower- folks-  a full two-thirds of this debt forgiveness goes to whites who are middle class or above. Only one third would go toward minority borrowers.

So-this isn’t a matter of erasing student loan debt for the people on the lowest rungs. The biggest un-earned ‘wins’ go to people who don’t need the government gift.

They can pay back their loans like the rest of us did or make the hard choice to go to a ‘lesser’ school, or no school at all, like the rest of us in past generations did. They’ll get no sympathy from the rest of us- nor should they.

And truth be told-this could never pass thru congress, as it would need to be legal, given that even most democrats know it’s insane.

But the Biden team’s line of thinking is this: Biden and the dems have so angered and harmed the American people over the last fifteen months that the dems literally have nothing more to lose if they anger the rest of us by pandering for younger voters.

But the irony here is-even that’s wrong. Because the polls prove that the Dem’s biggest problem is with young-minority- voters. And they aren’t the ones with the student loan debt. They’d be the ones being taxed along with the rest of us to pay back some rich kid’s ‘Princeton adventure’...

Biden’s ‘big move’ to impress young people here- would also backfire with most young people. Young minorities-by and large-don’t have student debt, and young independents and republicans are willing to pay their own debts, and don’t support the policy.

So, who is joe Biden impressing here? A small sliver of white, urban elites who are already going to vote democrat-if they vote at all in fall.

This move by Biden puts a trillion dollars of new debts onto the American taxpayers- and doesn’t even accomplish what the dems think it can: it -will not- magically revive their fortunes with young voters.

Most of them don’t have student loan debt- and so they are far more concerned about the skyrocketing inflation, tax prices, and cost of living that these dillweed’s in the Dem party have thrust upon them-

That! Is what’s going to motivate most young voters in fall: how do we end this Biden era nightmare we are all living thru?  

Bring back that bleep-hole trump. I’ll block him off twitter and turn the volume down when he comes on tv...but....my god...get us back to the Trump prosperity we got a taste of.

photo credit: Getty Images


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