The Ben Shapiro Show - Biden’s Cynical, Dangerous Student Loan Bailout | Ep. 1561

00:00:00.000 Joe Biden announces a student loan bailout of up to $20,000 and does so by violating the Constitution, economic sense, and basic principles of decency.

00:00:09.000 I'm Ben Shapiro.

00:00:09.000 This is The Ben Shapiro Show.

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00:00:24.000 We have a lot of news coming up just for you, including the fact that Joe Biden is now going to spend hundreds of billions of dollars we don't have in the middle of an inflationary cycle in order to pay off all of his buddies who went to college and got their degree in theater arts.

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00:01:37.000 Well, he finally did it.

00:01:39.000 Sure, he didn't have the authority to do it.

00:01:41.000 Sure, the President of the United States does not have the capacity to simply cancel things like student debt.

00:01:45.000 And sure, when you cancel student debt, somebody still has to pay for the student debt.

00:01:49.000 But Joe Biden announced, because he has to get his college base out to vote in 2022, that he's just going to be giving them money.

00:01:55.000 He's going to be giving them your money.

00:01:57.000 Particularly if you paid your debt.

00:01:59.000 If you're a person who actually paid for your college education.

00:02:02.000 If you're like me.

00:02:03.000 Where all of your college debt was paid off, and I paid for my law school debt, and I paid for my wife's college debt, and I paid for my wife's medical school debt.

00:02:09.000 You've paid hundreds of thousands of dollars into the system. 1.00

00:02:12.000 You are a sucker. 1.00

00:02:12.000 It is just that simple. 1.00

00:02:14.000 And you're even more of a sucker if you never went to college in the first place, because now you get to subsidize all of the people who probably have a higher income trajectory than you, but who did go to college. 0.96

00:02:23.000 If you are a plumber who decided after high school to simply not go to college because, hell, you could start your own business and make some money, make a life for yourself. 0.99

00:02:31.000 Now you get to subsidize that schmuck down the street who decided to major in lesbian dance theory at Wellesley. 1.00

00:02:36.000 Isn't that just wonderful? 0.99

00:02:38.000 Joe Biden is celebratory about it.

00:02:39.000 He's excited about it.

00:02:40.000 So what exactly did Joe Biden announce yesterday?

00:02:43.000 Well, he announced that he was going to cancel up to $10,000 in student loans, according to the Washington Post.

00:02:49.000 He said it would cancel up to 10 grand in federal student loan debt for borrowers who earn less than $125,000 per year or under $250,000 for married couples who file jointly.

00:02:58.000 Now you may think to yourself, wait, isn't that a lot of money?

00:03:01.000 Like isn't a couple that makes $250,000 a year doing fairly well?

00:03:04.000 Yes, the answer is that is a couple that is doing fairly well and a couple that is making quarter million dollars a year.

00:03:09.000 These are not poor people.

00:03:10.000 These are not people who require that debt to be paid off.

00:03:13.000 Those are people who are doing pretty well.

00:03:16.000 And by the way, the entire educational system right now is being propped up as a giant scam by federal government grants, federal government loans.

00:03:25.000 We'll get to that in a second.

00:03:26.000 Because what this really does is it doubles down on a crap higher education scam system that is generating massive credentialing problems, that is inflating people out of jobs through credentialing situations, forcing people to go to college for no reason other than to drive up their debt, and then paying colleges and universities and JUCOs in order to do this. 0.95

00:03:46.000 It's a really corrupt system. 0.95

00:03:47.000 It's an elitist corrupt system built by people who are in the elite class.

00:03:52.000 Who believe that their track to success is the only track to success that matters and you should subsidize that track to success.

00:03:58.000 Even if that just means getting a Bachelor of Arts in theater.

00:04:03.000 Those who receive Pell grants, federal aid for lower-income students, could see up to $20,000 in forgiveness.

00:04:07.000 So, in other words, the more aid you've already received, the more aid you should receive in the future.

00:04:11.000 According to the Washington Post, the announcement was the culmination of years of activism that pushed what was once a fringe idea into the mainstream, onto political agendas, and now into actual policy.

00:04:18.000 Because, as always, every idea on the left that starts off as fringe ends up as mainstream inside of 10 years.

00:04:24.000 Every single idea.

00:04:25.000 So just remember, when somebody says on the left, no, no, no, we would never do Y. All we want is X. We would never do Y. Understand they're lying.

00:04:33.000 Ten years from now, Y will be the mainstream Democrat Party position implemented from the White House via an illegal executive order, which is what this is. 0.74

00:04:42.000 So Joe Biden came out yesterday and he said, you know, we have to we have to help.

00:04:46.000 There's an entire generation that's been saddled with unsustainable debt.

00:04:50.000 Well, I mean, first, in order to understand this, you have to understand why they've been saddled with unsustainable debt.

00:04:55.000 Namely, the cost of college education has gone like this.

00:04:58.000 It's gone right through the roof.

00:04:59.000 Want to know one of the reasons why?

00:05:01.000 Because the amount of federal subsidy for federal education has gone like this.

00:05:04.000 It's also been going through the roof.

00:05:06.000 It turns out when you subsidize things, they become wildly more expensive because people then raise the prices on you.

00:05:12.000 I know it's a shock.

00:05:13.000 Here is Joe Biden.

00:05:14.000 An entire generation is now saddled with unsustainable debt in exchange for an attempt at least at a college degree.

00:05:23.000 The burden is so heavy that even if you graduate, you may not have access to the middle class life that the college degree once provided.

00:05:31.000 Many people can't qualify for a mortgage to buy a home because of the debt they continue to carry.

00:05:36.000 It's too high and they can't come up with a down payment anyway.

00:05:43.000 A lot of folks are even putting off starting families because of the cost.

00:05:48.000 And the dream of starting your own business is just way off in the distance with a debt that someone you're saddled with.

00:05:57.000 Man, there are no connections between those neurons anymore.

00:06:00.000 Those things have frayed to the point of complete absence at this point.

00:06:03.000 Wow.

00:06:04.000 I mean, he cannot get through a full sentence without bumbling and stumbling.

00:06:04.000 Wow.

00:06:08.000 But put that aside, the policy itself is just garbage. 0.98

00:06:11.000 Joe Biden says that the plan, of course, is fair and responsible. 0.94

00:06:13.000 By fair, he means that if you didn't get a college degree, you're subsidizing people who went to college, and that if you paid off your college loans, you're subsidizing people who didn't.

00:06:20.000 That's what he means by fair.

00:06:22.000 And by responsible, he means no one is going to pay for it, and it's going to cost hundreds of billions of dollars.

00:06:27.000 Because in Democrat speak, I guess that's what fair and responsible means, according to the president.

00:06:32.000 I believe my plan is responsible and fair.

00:06:35.000 It focuses the benefit on middle class and working families.

00:06:40.000 It helps both current and future borrowers and will fix a badly broken system.

00:06:46.000 These actions build on my administration's effort to make college more affordable in the first place.

00:06:53.000 Well, Joe Biden's plan is not fair and it is not responsible, but let me give you an indicator of something you can do that is both fair, responsible, and it's also awesome.

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00:07:27.000 Okay, Joe Biden also suggests, of course, that this is going to help tens of millions of people.

00:07:32.000 43 million people are apparently going to benefit from this plan.

00:07:36.000 Well, I mean, there are 330 million people in the country who are going to be subsidizing that and future generations who are going to be subsidizing this.

00:07:42.000 Plus, it's not going to bring down the cost of college education.

00:07:45.000 Plus, it's going to inflate the credentialing problem that is forcing people to spend money on college degrees they don't need.

00:07:50.000 But, but sure.

00:07:51.000 But sure.

00:07:52.000 I mean, again, Joe Biden is participating in the very obvious political scam of concentrated benefits, diffuse costs.

00:07:59.000 And this is very often what happens in politics.

00:08:01.000 You find a program that has concentrated benefits for a specific few and very diffuse costs, right?

00:08:05.000 If you all pay one cent, well, Bob over here, he gets a million dollars.

00:08:09.000 So Bob's real happy.

00:08:10.000 And it all cost, was this one cent?

00:08:12.000 There's only one problem.

00:08:13.000 The diffuse costs that he is attempting to Leverage on to the American public are not small.

00:08:17.000 They're not one cent.

00:08:19.000 And not only that, the people who are receiving that benefit are very often people who took out loans on the predicate they were going to repay those loans and then are not going to repay those loans now.

00:08:29.000 I know this has become a controversial statement, but here is the basis of a solid fiscal society.

00:08:35.000 When you take a debt, you pay off your debt.

00:08:36.000 I know this is totally crazy.

00:08:38.000 I know this notion and when you take out a loan, you should have the idea that it's your job to pay the loan.

00:08:44.000 And when you take out a loan, you really should think about the prospects for paying off the loan that you shouldn't think that magically it's just going to go away the loan.

00:08:51.000 But that actually is how you form a responsible fiscal society.

00:08:55.000 In fact, the entire modern economy is predicated on the idea.

00:08:59.000 Of debit and credit and that when you actually take out credit that you are going to then, you know, pay it off and that no one else is going to pay that off for you.

00:09:06.000 I know there are a bunch of people on the left who are screaming now about things like bailouts.

00:09:10.000 Bailouts are bad.

00:09:10.000 You're right.

00:09:12.000 That's a right wing position.

00:09:13.000 Government bailouts of business are not a good thing.

00:09:16.000 Also, it is worthwhile noting here that PPP, the Paycheck Protection Program, which was designed by the federal government in the middle of COVID to reimburse a bunch of businesses that were going to go under because the government was forcing them not to go into business.

00:09:28.000 I know there are a bunch of people on the left who are comparing this.

00:09:30.000 This is not the same thing.

00:09:32.000 When the government tells you you literally cannot go to work, You are banned from opening your place of business.

00:09:38.000 All your employees are going to go unemployed.

00:09:39.000 So we are going to have to compensate you in some way.

00:09:42.000 That is a Fifth Amendment taking.

00:09:43.000 The government has told you, you cannot go to work.

00:09:45.000 So they're going to have to compensate you.

00:09:47.000 Justly compensate you.

00:09:48.000 That is not the same thing as you took out a loan through your own volition in order to go major in something that was never going to earn you a living.

00:09:56.000 And now you're sad because you have to pay off that loan or because your job prospects didn't work out.

00:10:01.000 Not the same thing at all.

00:10:04.000 Okay, so try to distinguish between these things because they actually matter.

00:10:08.000 But Joe Biden is not distinguishing between any of these things.

00:10:11.000 Instead, he's just saying, look how many people benefit.

00:10:13.000 They all happen to be people who are in his political camp.

00:10:15.000 As Nate Silver has pointed out, what this really is about for Joe Biden is making sure that the Democratic coalition is taken care of.

00:10:22.000 Because as you approach an election, what you really want to do is just bribe people who are in your camp.

00:10:26.000 This is Nate Silver, right?

00:10:27.000 Not me.

00:10:28.000 Nate Silver, who's a fairly left-wing commentator at FiveThirtyEight.

00:10:31.000 He says, youngish, middle-class-ish college grad school attendees are a very Democratic group.

00:10:36.000 The thing about student loan relief is that while other policies would be more economically progressive, this fairly efficiently redistributes well-being toward people in the Democratic coalition.

00:10:44.000 It is a transactional piece of public policy, directly serving the interests of the people who elected you.

00:10:49.000 That is what Joe Biden is doing here.

00:10:50.000 This is a cynical play, and everybody knows it's a cynical play who's been watching for more than one second.

00:10:55.000 Here's Joe Biden trying to claim that it's going to benefit everybody.

00:10:57.000 If you make under $125,000, you get $10,000 knocked off your student debt.

00:11:05.000 If you make under $125,000 a year and you received a Pell Grant, you'll get an additional $10,000 knocked off that total for a total of $20,000 relief.

00:11:17.000 Ninety-five percent of the borrowers can benefit from these actions.

00:11:21.000 That's 43 million people.

00:11:25.000 Of the 43 million, over 60 percent are Pell Grant recipients.

00:11:30.000 That's 27 million people who will get $20,000 in debt relief.

00:11:34.000 Nearly 45% can have their student debt fully cancelled.

00:11:40.000 That's 20 million people who can start getting on with their lives.

00:11:46.000 By the way, the only student debts that are getting cancelled here are publicly held student debts.

00:11:49.000 So if you got your loan through a private lender, that is ineligible for cancellation.

00:11:54.000 And one reason this makes a very large scale difference is because the loans that are most likely to actually be well predicated are private loans.

00:12:01.000 Because if you're a bank, are you going to give a loan to a person who's going to Harvard Law School or are you going to give a loan to a person who instead is going to a local junior college to major in finger painting?

00:12:01.000 Why?

00:12:11.000 The answer is, if you want your money back, you're going to give the money to the Harvard Law graduate.

00:12:14.000 So private loans generally are more, they are better calibrated toward earning back than public loans.

00:12:20.000 So basically we are now subsidizing loans that are the least likely to be paid back because they shouldn't have been paid in the first place.

00:12:28.000 Again, I'm going to get to the scam that is our college system in just a second because that's what underlies all of this.

00:12:33.000 Joe Biden is upholding that scam.

00:12:35.000 Joe Biden says that he's going to hold colleges accountable.

00:12:37.000 How is he holding colleges accountable?

00:12:39.000 By giving them money?

00:12:40.000 He's not clawing back tuition from these colleges. 0.95

00:12:43.000 He's not going to these scam little universities that exist in low-income communities, prying money out of gullible people in order to give them a crap degree in hairdressing. 0.54

00:12:54.000 He's not going and prying that money back from those people. 0.74

00:12:57.000 He's not doing that.

00:12:58.000 He's not sticking his DOJ.

00:13:00.000 On these organizations, he's not doing any of that sort of stuff.

00:13:03.000 He is paying them.

00:13:05.000 You understand that when he helicopters cash to relieve loans, what he's doing is driving up the price.

00:13:09.000 He's driving up demand.

00:13:11.000 He's driving up their profit margin.

00:13:13.000 That is what Joe Biden's doing.

00:13:14.000 He's paying off these places.

00:13:15.000 Here's Joe Biden.

00:13:17.000 We're holding colleges accountable for jacking up costs without delivering value to students.

00:13:23.000 We've all heard of those schools luring students with a promise of big paychecks when they graduate.

00:13:28.000 Only to watch these students be ripped off and left with mountains of debt.

00:13:32.000 And my predecessor has looked the other way, for some reason, a good reason, to do anything about this fraud.

00:13:39.000 My administration is taking it on.

00:13:40.000 For example, last week the Department of Education fired a college accreditor that allowed colleges like ITT and Corinthian to defraud borrowers.

00:13:52.000 And combined with our emergency actions, the Public Service Forgiveness Program and other acts we've taken, We've been able to cancel more than $32 billion in student debt for 1.6 billion bars, including those defrauded by these bad acting schools.

00:14:08.000 Joe Biden's saying that he's holding colleges accountable.

00:14:10.000 Yes, I don't believe him.

00:14:12.000 He is not holding colleges accountable.

00:14:13.000 In fact, he is subsidizing them with a massive boondoggle program.

00:14:18.000 But speaking of dishonesty, there are a lot of people out there who will tell you that if you are a person who believes in the Second Amendment and you rightly use your gun in self-defense, you don't have anything to worry about.

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00:14:38.000 If you want to fully protect yourself and your loved ones, you have to be prepared for the mental, physical, and legal ramifications of self-defense, which is why I'm a card-carrying member of the Concealed Carry Association.

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00:15:17.000 chance to win a thousand bucks to put to our firearm to protect your family today.

00:15:21.000 Text Ben to 87222 right now to get started. Okay what he is doing is actually driving up again he is driving up the profitability of these organizations.

00:15:31.000 He can sporadically claim that he's going after ITT Tech, or he can sporadically claim that he's going after this local hairdressing university.

00:15:37.000 But on a broad national level, when you subsidize people to go to these places, what you are doing is making them more profitable.

00:15:45.000 And then, of course, Joe Biden says, we're not done.

00:15:46.000 We need even more free college.

00:15:48.000 12 years of free education in the United States isn't enough.

00:15:50.000 We need 16 years of free education.

00:15:52.000 Now, here's the thing.

00:15:53.000 There are many places all over the world that actually do subsidize college.

00:15:56.000 But one of the things they do in order to subsidize college is they start tracking you in junior high.

00:16:03.000 In high school, they start moving you into a field of study that is likely to lead to a job.

00:16:08.000 They are not interested on the government level in subsidizing your aspirations and dreams to be the next Andy Warhol or the next J-Lo.

00:16:15.000 That is not in their mode of interest.

00:16:18.000 Instead, what they are attempting to do is prepare you for the workforce.

00:16:21.000 But that is not what Joe Biden is talking about.

00:16:23.000 When he says everybody should have a college degree, what he means is you should be able to study anything you want.

00:16:27.000 And then no matter what you study, you should be able to earn $200,000 a year.

00:16:30.000 And then if that doesn't work out for you, we're going to relieve your debt.

00:16:33.000 Why does he say this?

00:16:34.000 Because his entire Democratic coalition is low-income people and college-educated white ladies. 1.00

00:16:39.000 That is his entire Democratic coalition.

00:16:42.000 And who do you think he's attempting to appeal to here?

00:16:44.000 That is the whole predicate for this policy.

00:16:46.000 Here is Joe Biden, again, subsidizing the biggest scam in American education.

00:16:52.000 When America made 12 years of public education universal in the last century, We became, not figuratively, literally, the best-educated public in the world and better prepared than any other nation.

00:17:07.000 And I would argue that it's one of the reasons why we were so successful and have been so successful.

00:17:14.000 But as you've all observed, other nations have caught up.

00:17:17.000 In the 21st century, in my view, I think the vast majority of Americans, 12 years of universal education is not enough.

00:17:27.000 And that we're going to be out-competed by the rest of the world if we don't take action.

00:17:32.000 We're going to be out-competed unless we start relieving student loan debt for people who, what, didn't finish college?

00:17:38.000 Or didn't get a degree that was capable of earning them out on their loans?

00:17:42.000 That's what's going to do it?

00:17:43.000 Because here's the thing, America has a bifurcated higher education system.

00:17:46.000 When it comes to STEM, we are really, really good.

00:17:48.000 People from all over the world are still coming to top American colleges and universities in order to learn.

00:17:54.000 And then there's the rest of the university system, which is, I keep saying scam because it really is.

00:17:59.000 What you have to understand about the way that colleges work in the United States is we have been, since 1950, in the process of basically saying to most Americans that the baseline degree in order to hold a job is a college degree.

00:18:09.000 And that is a massive mistake.

00:18:11.000 All that you have done is taken a bunch of jobs that don't require a college degree and now force people to take out hundreds of thousands of dollars in loans and debt in order to get a job that does not require them to go to four-year university.

00:18:22.000 In 1950, 7.3% of American men and 5.2% of American women went to college.

00:18:24.000 In 1980, that number was 21% of men and 13% of women, a nearly threefold increase.

00:18:27.000 As of 2019, 35.4% of men had gone to college, so had 36.6% of women.

00:18:28.000 In 1980, that number was 21% of men and 13% of women, a nearly threefold increase.

00:18:33.000 As of 2019, 35.4% of men had gone to college, so 36.6% of women.

00:18:39.000 So why exactly is that necessary?

00:18:42.000 Is that because everything went into the service industry, or is it because if you try to get a secretarial job now that would not have required a college degree in, say, 1960, you now have to have a four-year bachelor's.

00:18:53.000 you Everything requires a college degree now.

00:18:57.000 Here at my company, by the way, we don't do this, right?

00:18:59.000 If you can show work experience, very often we'd rather have the work experience than the college degree.

00:19:04.000 I went to UCLA and Harvard Law School.

00:19:06.000 Both of my business partners never graduated from college.

00:19:08.000 One never even went.

00:19:10.000 Because the reality is that success in American life should not be reliant on receiving a credential from a top university where basically you learn to speak woke, where you learn how to put pronouns in your Twitter bio.

00:19:20.000 But that's the entire goal here.

00:19:21.000 This credentialism has largely come at the expense of blue-collar people, many entrepreneurial people who would have been better off just getting an apprenticeship in a particular business.

00:19:31.000 Because here's the reality, and every employer knows this.

00:19:33.000 When you get a kid straight out of college, You get two things.

00:19:37.000 One, you know their IQ because you know where they went to college, right?

00:19:39.000 That's all college is.

00:19:40.000 It's a giant organizational feeding system.

00:19:43.000 I would be better off, in many cases, just looking at the SAT score of people coming out of high school than I would them coming out of college.

00:19:50.000 I know if they come out of college, two things, where they went to college, which means their IQ, and two, that they have no idea how to do the job I'm about to put in front of them.

00:19:56.000 Because no one in human history has been qualified to do a job coming out of college before doing the job.

00:20:01.000 The way that you learn to do a job in the United States is by actually doing the job.

00:20:04.000 All we have done is delay, for most people coming out of college, the actual business of getting on with their life by four years while they party and drink.

00:20:12.000 That's true for everyone in the liberal arts, okay?

00:20:13.000 I'm a liberal arts guy.

00:20:14.000 I went to poli-sci major at UCLA, and let me just tell you, it was a completely useless degree.

00:20:20.000 It was useful only in getting me to law school.

00:20:21.000 And when it came to Harvard Law School, I can tell you that year one was useful, year two was less useful, and year three was a complete waste of time designed to drive up debt, so I had to work at a major law firm and pay it off.

00:20:30.000 Okay, that's what it was.

00:20:31.000 And everybody knows the scam.

00:20:33.000 Everybody inside the system knows the scam.

00:20:36.000 There's a study from Harvard Business School professors Joseph Fuller and Manny R. Raymond in 2017 finding that degree inflation is undermining U.S.

00:20:43.000 competitiveness and hurting America's middle class.

00:20:46.000 Degree inflation, the notion that you must have a degree to get X job when you really didn't need the degree for X job.

00:20:52.000 Fuller and Raymond explained postings for many jobs traditionally viewed as middle skills jobs, those that require employees with more than a high school diploma but less than a college degree, in the United States now stipulate a college degree as a minimum education requirement.

00:21:03.000 Our analysis indicates that more than 6 million jobs are currently at risk of degree inflation.

00:21:08.000 That was in 2017.

00:21:09.000 It's gotten much worse.

00:21:10.000 And the people it's predominantly hurting are blue collar people.

00:21:13.000 Minority people, people who may not have gotten a great high school education. 0.98

00:21:17.000 Those are the people who are getting absolutely slammed.

00:21:20.000 The demand for college graduates is leading to a massive increase in the number of Americans pursuing postgraduate degrees, right?

00:21:25.000 Because if you go to college and college is the new high school, this means the postgrad is the new college.

00:21:30.000 If you want to work as a teacher, you now need a master's in ed.

00:21:32.000 So the credentialing and the inflation of the credentialing is now continuing across time, delaying people getting into the workforce, forcing them to earn more and more degrees.

00:21:41.000 The number of Americans over 25 with a master's degree doubled between 2000 and 2018.

00:21:45.000 13.1% of people have a postgraduate degree as of 2018.

00:21:51.000 And again, this doesn't mean that they are better qualified than if they had skipped college in the first place.

00:21:57.000 Because the reality is that only by working a job do you actually get good at the job.

00:22:02.000 So they keep telling you that if you get a four-year bachelor's degree in nonsense, that this qualifies you for a job.

00:22:07.000 That is not what qualifies you for a job.

00:22:08.000 You know what actually qualifies you for a job?

00:22:10.000 The real world.

00:22:11.000 And you know what else qualifies you to actually be in the real world?

00:22:14.000 Knowing how to invest.

00:22:16.000 And that means diversification.

00:22:17.000 It also means, you know, maybe taking a little money and trying it on some things, seeing if it works or not.

00:22:22.000 One of the things that I've been trying money on is crypto.

00:22:25.000 So I'm a big fan of crypto because I think long term the fact is you can't trust the decrepit old politicians like Joe Biden with the currency.

00:22:30.000 And so that means I've taken some of my money.

00:22:32.000 I have it in Bitcoin.

00:22:33.000 I have some of my money in Ethereum.

00:22:34.000 I always think that that's a good idea, right?

00:22:36.000 I'm diversified all over the place and crypto is one great way to diversify.

00:22:40.000 With Alto Crypto IRA, you can avoid or defer the taxes when trading crypto like Bitcoin.

00:22:44.000 Alto offers alternative investment opportunities like private companies, crypto funds, real estate, venture capital, and more.

00:22:49.000 Alto Crypto IRA, in particular, is a great way to start investing and trading in crypto with a tax-advantaged retirement account.

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00:23:27.000 Start investing in cryptocurrency today.

00:23:29.000 Go to altoira.com slash ben.

00:23:32.000 This doesn't mean that nobody should go to college.

00:23:34.000 If you're majoring in STEM, if you're majoring in medicine, if you're majoring in math, you should go to college.

00:23:39.000 If you're preparing for a law degree and you need the pre-law in order to get the law degree, in a better system, you just go directly into law when you're 18 years old.

00:23:45.000 But if you're not going to do that, then perhaps you have to get the degree. 0.82

00:23:51.000 But the notion that everyone has to go to college is a complete, ridiculous, nonsense principle. 1.00

00:23:57.000 It's stupid, and it's bad, and it's bad for America. 1.00

00:24:01.000 And what this means is that we now have a completely bifurcated economy, right? 1.00

00:24:04.000 Your ticket to admission to the economy is now an inflated college degree, driven by a left-wing institutional bias in favor of people who go to these colleges.

00:24:14.000 And so if you want to get a job, you have to go to these colleges.

00:24:18.000 Between December 2007 and December 2009, Which was the Great Recession.

00:24:22.000 College graduates actually increased their employment by 187,000 jobs.

00:24:26.000 Everyone else lost jobs during that period.

00:24:30.000 So what do you think people are going to do?

00:24:31.000 You've created an entire incentive structure for people to go to college.

00:24:34.000 So people go, and they take out debt.

00:24:36.000 And then many of them shouldn't be in college in the first place.

00:24:38.000 Many of them drop out.

00:24:40.000 And then many of them don't earn the sort of income they thought they were going to earn.

00:24:43.000 And then Joe Biden, generous Joe, Santa Claus Joe and the Democratic Party, they step in and they say, unconstitutionally, we are now going to pay off that debt, which of course exacerbates the system and makes it worse.

00:24:56.000 It continues to drive up the price.

00:24:58.000 It continues to drive the credentialing craze.

00:25:00.000 It continues to drive middle class people out of this market.

00:25:04.000 It's insane.

00:25:06.000 Okay, now let's get to the constitutionality of this thing, because the constitutionality of this thing is completely specious.

00:25:11.000 There is no basis upon which Joe Biden has the power to do this.

00:25:14.000 None.

00:25:15.000 I know we left the Constitution behind a long time ago in this country.

00:25:17.000 I know that we now think that the President basically has the power to declare anything.

00:25:20.000 And during COVID, it got even worse.

00:25:21.000 During COVID, it was like, hey, some old people are going to die of a disease.

00:25:25.000 This means you don't have to pay your rent.

00:25:26.000 You're a 20-year-old who's working a gaming job.

00:25:29.000 You don't have to pay your rent anymore for like two years because the CDC says so.

00:25:32.000 I understand that we all went nuts in 2020, 2021.

00:25:37.000 But even Nancy Pelosi last year was saying Joe Biden did not have the singular power to cancel student debt.

00:25:42.000 This is last year.

00:25:44.000 Shades of Barack Obama saying that he didn't have the power to simply declare that illegal immigrants would never be deported.

00:25:49.000 And then he just did it.

00:25:51.000 Anytime, just as Democrats frequently say, this crazy left-wing radical fringe idea will never become mainstream.

00:25:56.000 And then 10 years later, they're doing it.

00:25:58.000 Whenever Democrats say we don't have the power to do X, within about 18 months, they will be doing it.

00:26:03.000 So here's Nancy Pelosi one year ago declaring Joe Biden did not have the power to simply cancel student debt.

00:26:09.000 People think that the president of the United States has the power for debt forgiveness.

00:26:15.000 He does not.

00:26:16.000 He can postpone.

00:26:18.000 He can delay.

00:26:20.000 But he does not have that power.

00:26:21.000 That has to be an act of Congress.

00:26:25.000 Not everybody realizes that.

00:26:27.000 But the president can only postpone, delay, but not forgive.

00:26:33.000 Okay, but Joe Biden just did that, right?

00:26:35.000 He said he's going to forget.

00:26:36.000 So what is the legal basis for this?

00:26:37.000 This is totally crazy.

00:26:39.000 And I think Joe Biden knows this is crazy.

00:26:41.000 And so it leads me to believe that as a legal strategy, what Joe Biden is doing here is he's campaigning against the Supreme Court, because my guess is that this is going to be appealed by somebody.

00:26:49.000 They have to find somebody with standing.

00:26:51.000 It's hard to find somebody with standing in this particular case because you have to show that you were damaged and you as a general taxpayer can't show standing.

00:26:57.000 But assuming that there is some sort of lawsuit, say by Congress, saying that Joe Biden exceeded his powers here, And it goes to the Supreme Court.

00:27:05.000 This is probably not going to fall under the political question doctrine.

00:27:08.000 Probably this is going to fall under the delegated powers, right?

00:27:10.000 Whether Joe Biden actually has the inherent powers to do this.

00:27:13.000 And if it gets struck down by the Supreme Court, then Joe Biden will then campaign against the Supreme Court.

00:27:17.000 I did my best, guys.

00:27:19.000 I tried to relieve the student, Laminu, and the Supreme Count, but she said that I wasn't a match about.

00:27:26.000 That may be what he's doing here, legally speaking.

00:27:30.000 That is the only way that I can explain how he purports to do this.

00:27:33.000 According to the Office of Legal Counsel Opinion, explaining how Joe Biden is doing this.

00:27:38.000 What gives Joe Biden the power to simply say that you, a person who took out a student loan, now no longer have to pay that student loan?

00:27:44.000 What gives him the power to do that?

00:27:45.000 Get ready for this.

00:27:46.000 It is the HEROES Act of 2003.

00:27:48.000 Now you're thinking to yourself, what the?

00:27:51.000 What is the HEROES Act of 2003?

00:27:52.000 I don't even remember that.

00:27:54.000 That's 20 years ago, man.

00:27:56.000 What are we talking about here?

00:27:57.000 Well, the HEROES Act of 2003, which was passed in the aftermath of 9-11, right?

00:28:02.000 What was that designed to do?

00:28:04.000 It was designed to allow the Secretary of Education to waive or modify loans because of a national emergency.

00:28:10.000 Like, say, for example, there was a massive terror attack in the United States, a nuclear attack in the United States.

00:28:15.000 Do you still have to pay off your loan this week?

00:28:17.000 The idea was the Secretary of Education could cancel loans if they had to.

00:28:22.000 Joe Biden is now declaring that because of COVID, he can just cancel the student loans.

00:28:27.000 According to the Office of Legal Counsel, quote, we conclude the act grants that authority.

00:28:32.000 The plaintext of the HEROES Act authorizes the Secretary to waive or modify any statutory or regulatory provision applicable to the Federal Student Loan Program.

00:28:39.000 An authority that encompasses provisions applicable to the repayment of the principal balances of loans, provided certain conditions are met.

00:28:45.000 We conclude that targeting relief toward those individuals who suffered financial hardship because of COVID-19 and who otherwise satisfied the requirements of the Act accords with the Act's requirement that the waiver or modification be necessary to ensure that student loan recipients affected by a national emergency are not placed in a worse financial position with respect to their loans as a result.

00:29:03.000 Are you kidding me?

00:29:04.000 We have an unemployment rate in this country of less than 4%.

00:29:06.000 College grads have the lowest unemployment rate of any educational subsection of the American population.

00:29:13.000 And your declaration is that they have a national emergency based on COVID to relieve their student loans?

00:29:18.000 That is the case that you are making legally speaking?

00:29:21.000 That is obviously specious. 1.00

00:29:22.000 It is obviously stupid. 1.00

00:29:24.000 And everyone obviously knows that. 1.00

00:29:26.000 But Joe Biden's gonna do it anyway, because again, it doesn't matter how you do it, gang.

00:29:29.000 It just matters that you do it.

00:29:30.000 It's all about the power.

00:29:31.000 This is why when you hear Democrats talking about how they're defenders of democracy, explain.

00:29:35.000 Seriously, explain.

00:29:36.000 Explain how it's democracy to have a regulatory authority under the President of the United States simply unilaterally declare that he can relieve debt.

00:29:43.000 And by relieving debt, by the way, it doesn't mean debt disappears.

00:29:45.000 It means you pay it.

00:29:46.000 I pay it.

00:29:47.000 My kids pay it.

00:29:48.000 That's what it means.

00:29:49.000 Because the fiscal cost on this thing is extraordinary.

00:29:53.000 Hey, I want to get to the fiscal cost, but I'm trying to break this down into a variety of issues here.

00:29:58.000 The constitutionality, it does not exist.

00:30:01.000 What it does for the college system, it subsidizes a crap scam system that is predicated on preying particularly on people in poor areas who are getting degrees from institutions and universities that do not benefit them.

00:30:15.000 And then you get to the question.

00:30:17.000 Let's get to the fairness question here, because Democrats keep saying that it's there.

00:30:19.000 So this is an amazing thing.

00:30:21.000 Joe Biden was asked yesterday, how is it fair for people who never went to college to subsidize those who did?

00:30:26.000 How is it fair for people who paid off their student debt to subsidize people who did not pay off their student debt?

00:30:32.000 How is that fair?

00:30:33.000 I mean, by the way, you could ask this question about people who don't pay off their credit card debt.

00:30:35.000 If Joe Biden really wanted to relieve everybody's pressure these days, why doesn't he just cancel all credit card debt?

00:30:41.000 After all, we have trillions of dollars in outstanding credit card debt in the United States.

00:30:44.000 Why not just do that?

00:30:45.000 After all, money magically grows on trees.

00:30:47.000 And as we know, the fairest thing is for you to take out irresponsible debt and then for your neighbor to pay it.

00:30:52.000 The fairest thing is for predatory lenders to prey on people to go to the local hairdressing salon for a quote unquote university course.

00:31:00.000 And then for you to bail them out, that's the fairest thing, probably.

00:31:03.000 Here's Joe Biden trying to answer why any of this is fair when it obviously is not.

00:31:06.000 Mr. President, is this unfair to people who paid their student loans or chose not to take out loans?

00:31:14.000 Is it fair to people who, in fact, do not own multi-billion dollar businesses if she wants these guys to give them all a tax break? 0.99

00:31:22.000 Is that fair?

00:31:25.000 Is it fair that some ostriches can't fly?

00:31:28.000 Is that fair?

00:31:30.000 Is it fair that iguanas freeze and fall out of the trees in wintertime in Florida?

00:31:34.000 Is that fair?

00:31:35.000 What's fair, man?

00:31:36.000 What's fair?

00:31:37.000 He's asked a very specific question.

00:31:39.000 Why is it fair for people who paid off their loans to now pay everybody else's loans?

00:31:42.000 And his answer is multi-billion dollar businesses or some such nonsense.

00:31:46.000 The hell does that have to do with the price of tea in China?

00:31:48.000 What are you even talking about, dude? 0.54

00:31:50.000 It's just nonsensical gobbledygook from a person whose face hole doesn't work right.

00:31:55.000 It's unreal.

00:31:56.000 And by the way, it's going to cost you so much.

00:31:58.000 I mean, we are talking hundreds of billions of dollars.

00:32:01.000 This is the largest single spending initiative by a president unilaterally ever.

00:32:06.000 Ever.

00:32:07.000 There has never been an executive action this costly in the history of the United States, which Joe Biden is doing right now.

00:32:14.000 Understand the magnitude of this.

00:32:15.000 You're talking about hundreds of billions of dollars poured in on the basis of Joe Biden's perception of fairness. 0.99

00:32:21.000 This is the kind of garbage that you get from Bernie Sanders, right? 0.98

00:32:24.000 You got to love the non sequiturs. 0.99

00:32:26.000 And no matter what the question is, Bernie says, is it really fair that there are some rich people in this country?

00:32:30.000 Is that a fair thing?

00:32:31.000 What the?

00:32:32.000 What?

00:32:32.000 You're paying the rich people.

00:32:34.000 That's what this program does.

00:32:36.000 It gives money to people who have a combined couple income of 250 grand.

00:32:40.000 Are those the poorest among us?

00:32:43.000 So Bernie Sanders tweeted out the average amount of debt forgiveness to businesses receiving PPP loans is $95,700.

00:32:49.000 If we could afford to cancel hundreds of billions in PPP loans to business owners in their time of need, please do not tell me we can't afford to cancel all student debt for 45 billion Americans.

00:32:59.000 So, um, a couple of points here.

00:33:01.000 One, PPP was designed to preserve the employment of people who were not allowed to go to work.

00:33:05.000 That's what it was.

00:33:06.000 Second, it was massively inflationary and it lasted way too long.

00:33:10.000 Third, there's an enormous amount of scams inside PPP.

00:33:13.000 Enormous amount of monies that went to people who shouldn't have gotten them.

00:33:16.000 This, by the way, is the typical left-wing line.

00:33:18.000 So they tried to use this on me, believe it or not, on Twitter yesterday.

00:33:20.000 It was unbelievable.

00:33:21.000 So yesterday on Twitter, suddenly I realized I'm trending because of all of this.

00:33:25.000 And I'm like, wait, what?

00:33:26.000 Why am I?

00:33:26.000 Why?

00:33:27.000 I don't understand.

00:33:28.000 I was barely online yesterday.

00:33:29.000 I was actually on a plane.

00:33:30.000 So what exactly is, what's going on? 0.99

00:33:33.000 Well, it turns out that some idiot schmucks on the left decided that they were going to look up whether I personally had taken PPP loans. 0.98

00:33:41.000 And then they tweeted out a screenshot of a person named Ben Shapiro in Los Angeles who had taken $21,000 in PPP loans. 0.99

00:33:49.000 Okay, this then appeared in truthorfiction.com, which is a Snopes-like fact-checking website, and the Indy 100, which is the UK independent, And up rocks entire articles about how he's a hypocrite for opposing the relieving of student loan debt because I had taken PPP money.

00:34:05.000 One.

00:34:06.000 No, I didn't. 0.97

00:34:07.000 You lying sacks of bleep. 1.00

00:34:09.000 I never did. 1.00

00:34:11.000 And you morons in the media. 1.00

00:34:12.000 I mean, this is repeated all over. 1.00

00:34:14.000 All the blue checks are tweeting this, like hundreds of thousands of retweets from various sources.

00:34:18.000 The screenshot itself, if expanded to the right, demonstrated that the person who actually took those loans was in the business of real estate agenting.

00:34:26.000 Which, as you may have noticed, I'm not a real estate agent.

00:34:29.000 So, it was just a lie.

00:34:30.000 It didn't matter.

00:34:31.000 It'd run around the world.

00:34:33.000 It was too late.

00:34:34.000 It was printed in truth or fiction, and I had not denied.

00:34:38.000 Daily Wire, by the way, also has never taken PPP loans.

00:34:41.000 Second of all, when Bernie Sanders says that PPP is the same as you taking out a loan to go major in modern art at the local JuCo, that is not the same thing by any stretch of the imagination.

00:34:56.000 But it's typical Bernie Sanders.

00:34:57.000 So Bernie Sanders tweets that, and then he tweets a little bit more.

00:35:00.000 And so Bernie Sanders' second tweet here, He reads, If SoFi, a student loan refinancing company, could give its CEO a 92% raise last year, paying him a grand total of $103 million in compensation, and spend $625 million to put its name on the LA Rams football stadium, do you know what President Biden can do?

00:35:16.000 Cancel all student debt.

00:35:17.000 Um...

00:35:23.000 What?

00:35:25.000 So, number one, I noticed that you bailing out the loans helps companies like SoFi.

00:35:33.000 So there's that.

00:35:34.000 Second, if a private company can do X, the government can do Y, is not an argument.

00:35:42.000 That is a complete non sequitur.

00:35:44.000 If Jeff Bezos can buy himself a private jet, Joe Biden can ride the nuclear weapon to Mars.

00:35:49.000 Like, what?

00:35:51.000 What are you talking about?

00:35:53.000 What are you even? 0.99

00:35:54.000 We have a bunch of geriatric doddards running the country who can't even string together basic AB logic. 1.00

00:35:59.000 It's insane. 0.99

00:36:00.000 This guy is an ideological leader of the Democratic Party.

00:36:04.000 It's crazy.

00:36:06.000 If your local business is able to charge you slightly more for a gallon of milk thanks to inflation, why cannot Joe Biden simply relieve all credit card debt and fart rainbows?

00:36:16.000 Clearly he has the constitutional right.

00:36:17.000 If you at your local gas station are able to charge $5 for a gallon of gas, well then Joe Biden can mandate that everyone simply use horse manure to power their cars forever, obviously. 1.00

00:36:30.000 The fact that it's considered an intelligent human being on the left demonstrates how unintelligent our political discourse is because this is basic, basic stupid nonsense. 1.00

00:36:38.000 It's nonsense. 1.00

00:36:40.000 You know, every time I do a Bernie Sanders impersonation, I'm reminded just how old he is.

00:36:44.000 And when I'm reminded of old age, I'm reminded of something else.

00:36:47.000 The reality.

00:36:47.000 We will all die.

00:36:49.000 I know, it's a dark path that we've gone down here, but the reality is that given the fact that we will all die, this means that you do need life insurance.

00:36:56.000 Why get covered right now?

00:36:56.000 Well, having life insurance through your job might not be enough.

00:36:59.000 Most people need up to 10 times more coverage to properly provide for their families.

00:37:02.000 If you leave your job, the policy doesn't go with you.

00:37:04.000 Life insurance typically gets more expensive as you age, so it's smart to get a policy sooner rather than later.

00:37:08.000 And if you're worried about price, by making it easy to compare your options from top companies, PolicyGenius can help you make sure you're not paying a cent more than you have to for the coverage you need.

00:37:16.000 PolicyGenius is an insurance marketplace that makes it easy to compare quotes from top companies like AIG and Prudential in one place and find your lowest price.

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00:37:27.000 Options start at just 17 bucks per month for 500 grand in coverage.

00:37:30.000 Go to PolicyGenius.com slash Shapiro.

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00:37:36.000 Again, head on over to PolicyGenius.com slash Shapiro.

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00:37:53.000 All right.

00:37:54.000 Meanwhile, here at the daily wire, we are doing everything that we can to loosen the left grip on, you know, every major institutions.

00:38:00.000 We're making movies that challenge the woke Hollywood narratives.

00:38:02.000 We're making documentaries like what is a woman that are exposing radical gender ideology.

00:38:06.000 We are in the process of creating Awesome kids content.

00:38:09.000 So you don't have to delegate your kids to a channel that's going to teach them about how boys can beat girls. 0.94

00:38:13.000 We even sued the government over unconstitutional mandates.

00:38:16.000 It's a lot of work.

00:38:16.000 There's still a long way to go, but you can help in just two simple steps.

00:38:20.000 One, stop shaving with your woke razor.

00:38:23.000 And two, it's time to start shaving.

00:38:27.000 With Jeremy's.

00:38:28.000 If you're still not shaving with the Jeremy's razor, chances are you're funding the leftist Death Star.

00:38:33.000 You shouldn't be doing that.

00:38:34.000 We are building alternatives.

00:38:36.000 And the left is betting their bottom billion dollars that you won't use those alternatives.

00:38:39.000 Prove them wrong.

00:38:40.000 Head on over to Jeremy'srazors.com.

00:38:41.000 Get your Founders Series Shave Kit today.

00:38:44.000 DailyWire Plus members get 25% off.

00:38:46.000 Jeremy's Razors. 0.99

00:38:47.000 Shut your face and shave. 0.97

00:38:51.000 So, obviously, the Democratic Party is in a celebratory mood about all of this. 0.92

00:38:56.000 And they're in a celebratory mood because it doesn't matter the fairness, right?

00:38:59.000 The fairness aspect of this is all just a lie.

00:39:01.000 What they really mean is big government is going to pay for everything for you.

00:39:04.000 That's utopia.

00:39:05.000 And they're doing this under the guise of fairness because the fairest world is the one where nobody actually has to work and you don't have what Nancy Pelosi called job lock and you don't actually have to worry about your future or any of that sort of stuff.

00:39:15.000 That is the fairest thing.

00:39:17.000 But it's not really about fairness.

00:39:18.000 I mean, and they know it's not about fairness. 0.98

00:39:20.000 For example, Miguel Cardona, right, the Secretary of Education, he was asked, so, you know, if you paid off your debts, are you just a sucker? 0.98

00:39:25.000 And he's pretty much like, yeah, you are. 0.90

00:39:28.000 To those who are saying it's not fair, look, the aim of this is really to address the effects of the pandemic.

00:39:34.000 It's my responsibility to make sure that people are not coming out of the pandemic worse off than they were at the beginning.

00:39:39.000 But to the fairness question, the people that are sitting at home, having just paid off their student loans or having paid them off years ago, What's in it for them?

00:39:48.000 Right.

00:39:49.000 Well, look, when we address some of the issues that could lead to default payments or default borrowers in the future, that affects everyone.

00:39:58.000 We should be proud that we're able to help Americans that need help right now, just like we help businesses, small businesses during the pandemic.

00:40:04.000 You know, it's about making sure we're taking care of Americans and investing in our economy and in our people.

00:40:08.000 But just the final one on this, the people that already paid their student loans, they don't get anything out of this deal.

00:40:14.000 Right.

00:40:17.000 Right, right.

00:40:18.000 They don't.

00:40:18.000 That's right.

00:40:19.000 You're a sucker. 1.00

00:40:20.000 In the United States, it is better to be the person who's reliant on the government because at least you're not a sucker. 1.00

00:40:25.000 Again, I love this.

00:40:26.000 We have to help the people who've been really damaged by COVID.

00:40:28.000 Oh, you mean the people in white-collar jobs who are college graduates who don't work with their hands and who are able to go to work the entire pandemic?

00:40:34.000 The unemployment rate among recent college graduates in the United States is currently about 4%.

00:40:38.000 Four.

00:40:40.000 But it's about helping them.

00:40:41.000 That's really what this is about.

00:40:43.000 They know it's not about fairness.

00:40:44.000 They know it's unfair. 1.00

00:40:45.000 They know it's stupid. 1.00

00:40:46.000 Karine Jean-Pierre has no response because, of course, Karine Jean-Pierre is a horrible press secretary. 1.00

00:40:50.000 And Jen Psaki, at least, was good at the job. 1.00

00:40:52.000 Karine Jean-Pierre is just garbage at this job. 1.00

00:40:53.000 She's horrible at it. 1.00

00:40:55.000 So she was asked, so who's going to pay for this?

00:40:58.000 And she's like, well, I mean, God, maybe?

00:41:05.000 Who is paying for this?

00:41:07.000 What we are saying is that the work that this administration has done, the work that the Democrats in Congress has done, is actually there.

00:41:15.000 And you see that the $1.7 trillion deficit deduction that you see is going to benefit us in being able to do something for the middle class.

00:41:27.000 To do something for the middle class.

00:41:30.000 This is about doing something for people who make less than $125,000.

00:41:33.000 $1.7 trillion.

00:41:37.000 That's what we've been able to do.

00:41:39.000 But when you forgive debt, you're not just disappearing debt.

00:41:42.000 So who is paying for this?

00:41:44.000 And then I'll give you the second part.

00:41:46.000 We lifted the pause, right?

00:41:47.000 We're going to lift the pause at the end of this year, which is going to matter, right?

00:41:53.000 Which is going to offset a lot of what we're doing as well.

00:41:59.000 Good effing Lord, my goodness, my goodness.

00:42:03.000 I mean, there's no, you know, the deficit reduction. 0.96

00:42:05.000 I just gobbled up nonsense mashed potatoes spilling out of her mouth. 1.00

00:42:09.000 It's just amazing, amazing stuff. 0.94

00:42:10.000 But don't don't worry, guys.

00:42:11.000 Don't worry about fairness.

00:42:13.000 Now, Elizabeth Warren, at least, was clear about this.

00:42:14.000 Elizabeth Warren, who's a great beneficiary of the inflationary higher education craze, considering she used to get paid $400,000 a year as a professor at Harvard Law School when I was there. 1.00

00:42:23.000 And now she's more than happy to have people continue to subsidize that. 1.00

00:42:28.000 Here's Elizabeth Warren, yesterday, saying, it's a day of joy, it's a day of fun, it's a celebration for everyone with a four-year college degree who's earning $125,000 a year.

00:42:37.000 What is your reaction to this plan for $10,000?

00:42:41.000 My reaction is that this is a great day.

00:42:46.000 Today is the day the president's going to announce that about 20 million Americans will never have to make another student loan payment.

00:42:54.000 And another 23 million Americans Will I keep fighting for more?

00:42:59.000 on their student loans.

00:43:01.000 Man, she hasn't been this happy since they published her powwow chow recipe 30 years ago in the Native American cookbook.

00:43:08.000 I mean, it's really exciting stuff for Elizabeth Warren.

00:43:11.000 By the way, she says she wants more of this, more student loan cancellation. Why the hell not?

00:43:15.000 Make everything free.

00:43:16.000 It's not like we're in the middle of an inflationary cycle or something.

00:43:18.000 Will I keep fighting for more?

00:43:21.000 Of course I will.

00:43:22.000 But look at what's happened.

00:43:24.000 It is truly transformative.

00:43:27.000 We're going to see $20,000 of debt relief for over half of all of the borrowers.

00:43:34.000 And those are disproportionately African-Americans, disproportionately veterans, disproportionately parents, and disproportionately first-generation students.

00:43:46.000 They are perpetuating the system.

00:43:48.000 That's what this is about.

00:43:49.000 It's payoffs and perpetuating the system. 0.96

00:43:51.000 That's all this is.

00:43:52.000 And of course, Elizabeth Warren knows this isn't fair.

00:43:54.000 Last year, she was asked, a couple years ago, she was asked, you know, you want to relieve all student loan debt.

00:43:58.000 So if you paid your debt, you're basically screwed, right?

00:44:01.000 And Elizabeth Warren's like, well, yeah, I mean, of course.

00:44:05.000 I just want to ask one question.

00:44:07.000 My daughter's getting out of school.

00:44:09.000 I saved all my money.

00:44:10.000 She doesn't have any school money. 0.96

00:44:12.000 Am I going to get my money back?

00:44:14.000 So you're going to pay for people who didn't save any money, and those of us who did the right thing get screwed?

00:44:21.000 Of course we did.

00:44:22.000 My buddy had fun, bought a car, went on vacations.

00:44:25.000 I saved my money.

00:44:26.000 He made more than I did.

00:44:28.000 But I worked a double shift, worked extra.

00:44:30.000 My daughter's work seat is 10. 0.93

00:44:32.000 So you're laughing.

00:44:33.000 Yeah, that's exactly what you're doing. 0.93

00:44:35.000 We did the right thing and we get screwed. 0.69

00:44:37.000 I appreciate that.

00:44:39.000 And of course, that guy happens to be exactly correct and Elizabeth Warren has no answer on all of that.

00:44:45.000 Alrighty guys, the rest of the show is coming now.

00:44:47.000 You don't want to miss it because we're going to be getting into the equity of all this Democrats keep talking about.

00:44:50.000 It's going to help African American borrowers and Hispanic borrowers.

00:44:53.000 It's all equitable.

00:44:54.000 The people it helps are white middle class and upper class people who are perpetuating a system that helps them.

00:44:59.000 Democratic voting base.

00:45:00.000 That's what this is about.

The Ben Shapiro Show - August 25, 2022

Biden’s Cynical, Dangerous Student Loan Bailout | Ep. 1561

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