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. Ben Shapiro explains why this is a scam, and why you are a sucker if you actually paid for your college education. The Ben Shapiro Show is sponsored by ExpressVPN. Get ExpressVPN for free, no credit card required, and unlimited access to the internet. Use the promo code SHAPIRO to get 1 month free when you make the switch today. That s PureTalk. They have never made an offer of this magnitude before, and it's the best deal I've ever seen. I've been endorsing PureTalk for two years, and they have never offered this magnitude of discount before. Just head on over to Puretalk.com/TheBenShapiroShow and enter code SHARPTALK to get one month free. You'll get access to PureTalk's most reliable 5G network for just $30 a month, plus 1 month FREE when you switch. Plus, you'll get 20% off your first month with the discount code SHIPPERS. It won't take you more than 10 minutes and you'll be saving $75 a month! You can get the entire month for a maximum of 1 month for free! Subscribe to the show and get 10% off for the entire year! FREE PRICING! Ben Shapiro is a year of the show! - use discount code: SHARPOTTER! at checkout. Shout! The show is now gives you 10% OFF for a year and gets you 5% off the first month of the course, and a total of $99 a year, plus an additional $99 gets you get an ad discount when you sign up for the rest of the year, and you get a discount of $50 or get an additional month, and get an extra $10,000 when you upgrade your first year for the second year, they get the offer starts starting at $35,000. The first year gets you an ad-free version of the entire course! Shrink it starts in two months and they get a FREE trial. and they also get $5,000 and a year they can use the course that starts in January. they get $50, they can get $25,000 in the course gets you a month and a second year they get VIP access.
00:00:00.000Joe 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.
00:00:21.000Get ExpressVPN right now at expressvpn.com slash Ben.
00:00:24.000We 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.
00:00:39.000You probably don't have people who are paying off your bills, which is why you need to be pretty meticulous about the kind of bills you take on.
00:02:03.000Where 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.
00:02:09.000You've paid hundreds of thousands of dollars into the system.
00:02:14.000And 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.
00:02:23.000If 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.
00:02:31.000Now you get to subsidize that schmuck down the street who decided to major in lesbian dance theory at Wellesley.
00:02:40.000So what exactly did Joe Biden announce yesterday?
00:02:43.000Well, he announced that he was going to cancel up to $10,000 in student loans, according to the Washington Post.
00:02:49.000He 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.
00:02:58.000Now you may think to yourself, wait, isn't that a lot of money?
00:03:01.000Like isn't a couple that makes $250,000 a year doing fairly well?
00:03:04.000Yes, the answer is that is a couple that is doing fairly well and a couple that is making quarter million dollars a year.
00:03:10.000These are not people who require that debt to be paid off.
00:03:13.000Those are people who are doing pretty well.
00:03:16.000And by the way, the entire educational system right now is being propped up as a giant scam by federal government grants, federal government loans.
00:03:26.000Because 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.
00:03:47.000It's an elitist corrupt system built by people who are in the elite class.
00:03:52.000Who believe that their track to success is the only track to success that matters and you should subsidize that track to success.
00:03:58.000Even if that just means getting a Bachelor of Arts in theater.
00:04:03.000Those who receive Pell grants, federal aid for lower-income students, could see up to $20,000 in forgiveness.
00:04:07.000So, in other words, the more aid you've already received, the more aid you should receive in the future.
00:04:11.000According 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.
00:04:18.000Because, as always, every idea on the left that starts off as fringe ends up as mainstream inside of 10 years.
00:04:25.000So 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.
00:04:33.000Ten 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.
00:04:42.000So Joe Biden came out yesterday and he said, you know, we have to we have to help.
00:04:46.000There's an entire generation that's been saddled with unsustainable debt.
00:04:50.000Well, I mean, first, in order to understand this, you have to understand why they've been saddled with unsustainable debt.
00:04:55.000Namely, the cost of college education has gone like this.
00:06:08.000But put that aside, the policy itself is just garbage.
00:06:11.000Joe Biden says that the plan, of course, is fair and responsible.
00:06:13.000By 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.
00:06:22.000And by responsible, he means no one is going to pay for it, and it's going to cost hundreds of billions of dollars.
00:06:27.000Because in Democrat speak, I guess that's what fair and responsible means, according to the president.
00:06:32.000I believe my plan is responsible and fair.
00:06:35.000It focuses the benefit on middle class and working families.
00:06:40.000It helps both current and future borrowers and will fix a badly broken system.
00:06:46.000These actions build on my administration's effort to make college more affordable in the first place.
00:06:53.000Well, 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.
00:07:00.000And that is, you can help our friends over at Good Ranchers.
00:07:02.000They're on a mission to donate 100,000 high-quality meals this month to kids in need.
00:07:06.000Help them reach their goal by ordering your next box at GoodRanchers.com slash Ben.
00:07:10.000First of all, when you order a box of meat from Good Ranchers, we're talking like the best meat on planet Earth.
00:07:27.000Okay, Joe Biden also suggests, of course, that this is going to help tens of millions of people.
00:07:32.00043 million people are apparently going to benefit from this plan.
00:07:36.000Well, 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.
00:07:42.000Plus, it's not going to bring down the cost of college education.
00:07:45.000Plus, it's going to inflate the credentialing problem that is forcing people to spend money on college degrees they don't need.
00:08:19.000And 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.
00:08:29.000I know this has become a controversial statement, but here is the basis of a solid fiscal society.
00:08:35.000When you take a debt, you pay off your debt.
00:08:38.000I know this notion and when you take out a loan, you should have the idea that it's your job to pay the loan.
00:08:44.000And 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.
00:08:51.000But that actually is how you form a responsible fiscal society.
00:08:55.000In fact, the entire modern economy is predicated on the idea.
00:08:59.000Of 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.
00:09:06.000I know there are a bunch of people on the left who are screaming now about things like bailouts.
00:09:13.000Government bailouts of business are not a good thing.
00:09:16.000Also, 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.
00:09:28.000I know there are a bunch of people on the left who are comparing this.
00:09:48.000That 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.
00:09:56.000And now you're sad because you have to pay off that loan or because your job prospects didn't work out.
00:10:28.000Nate Silver, who's a fairly left-wing commentator at FiveThirtyEight.
00:10:31.000He says, youngish, middle-class-ish college grad school attendees are a very Democratic group.
00:10:36.000The 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.
00:10:44.000It is a transactional piece of public policy, directly serving the interests of the people who elected you.
00:10:50.000This is a cynical play, and everybody knows it's a cynical play who's been watching for more than one second.
00:10:55.000Here's Joe Biden trying to claim that it's going to benefit everybody.
00:10:57.000If you make under $125,000, you get $10,000 knocked off your student debt.
00:11:05.000If 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.
00:11:17.000Ninety-five percent of the borrowers can benefit from these actions.
00:11:25.000Of the 43 million, over 60 percent are Pell Grant recipients.
00:11:30.000That's 27 million people who will get $20,000 in debt relief.
00:11:34.000Nearly 45% can have their student debt fully cancelled.
00:11:40.000That's 20 million people who can start getting on with their lives.
00:11:46.000By the way, the only student debts that are getting cancelled here are publicly held student debts.
00:11:49.000So if you got your loan through a private lender, that is ineligible for cancellation.
00:11:54.000And 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.
00:12:01.000Because 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?
00:12:11.000The answer is, if you want your money back, you're going to give the money to the Harvard Law graduate.
00:12:14.000So private loans generally are more, they are better calibrated toward earning back than public loans.
00:12:20.000So 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.
00:12:28.000Again, 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.
00:12:40.000He's not clawing back tuition from these colleges.
00:12:43.000He'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.
00:12:54.000He's not going and prying that money back from those people.
00:13:40.000For example, last week the Department of Education fired a college accreditor that allowed colleges like ITT and Corinthian to defraud borrowers.
00:13:52.000And 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.
00:14:08.000Joe Biden's saying that he's holding colleges accountable.
00:14:12.000He is not holding colleges accountable.
00:14:13.000In fact, he is subsidizing them with a massive boondoggle program.
00:14:18.000But 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.
00:14:27.000That is not the only way you need to protect yourself.
00:14:29.000It's not just you need to own a gun and know how to use a gun.
00:14:31.000It's also you need the legal defense available if, God forbid, you actually have to use a gun.
00:14:35.000It's not enough to legally and safely own a firearm to protect your family.
00:14:38.000If 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.
00:14:49.000concealed carry association is giving away a free concealed carry and family defense guide and a chance to win a thousand bucks to buy a firearm to protect yourself and your family. 100% free. Just text Ben to 87222 to get started. They'll give you this 58 page defense guide in which you will learn how to detect attackers before they see you, what the USCCA has learned about school shootings, equipment and training basics about the law and justice systems, how to responsibly own and store a gun particularly if you have little kids, like I do. Text Ben to 87222 for instant access to this free guide. Enter for the
00:15:17.000chance to win a thousand bucks to put to our firearm to protect your family today.
00:15:21.000Text 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.
00:15:31.000He can sporadically claim that he's going after ITT Tech, or he can sporadically claim that he's going after this local hairdressing university.
00:15:37.000But on a broad national level, when you subsidize people to go to these places, what you are doing is making them more profitable.
00:15:45.000And then, of course, Joe Biden says, we're not done.
00:16:34.000Because his entire Democratic coalition is low-income people and college-educated white ladies.
00:16:39.000That is his entire Democratic coalition.
00:16:42.000And who do you think he's attempting to appeal to here?
00:16:44.000That is the whole predicate for this policy.
00:16:46.000Here is Joe Biden, again, subsidizing the biggest scam in American education.
00:16:52.000When 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.
00:17:07.000And I would argue that it's one of the reasons why we were so successful and have been so successful.
00:17:14.000But as you've all observed, other nations have caught up.
00:17:17.000In the 21st century, in my view, I think the vast majority of Americans, 12 years of universal education is not enough.
00:17:27.000And that we're going to be out-competed by the rest of the world if we don't take action.
00:17:32.000We're going to be out-competed unless we start relieving student loan debt for people who, what, didn't finish college?
00:17:38.000Or didn't get a degree that was capable of earning them out on their loans?
00:17:43.000Because here's the thing, America has a bifurcated higher education system.
00:17:46.000When it comes to STEM, we are really, really good.
00:17:48.000People from all over the world are still coming to top American colleges and universities in order to learn.
00:17:54.000And then there's the rest of the university system, which is, I keep saying scam because it really is.
00:17:59.000What 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.
00:18:11.000All 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.
00:18:22.000In 1950, 7.3% of American men and 5.2% of American women went to college.
00:18:24.000In 1980, that number was 21% of men and 13% of women, a nearly threefold increase.
00:18:27.000As of 2019, 35.4% of men had gone to college, so had 36.6% of women.
00:18:28.000In 1980, that number was 21% of men and 13% of women, a nearly threefold increase.
00:18:33.000As of 2019, 35.4% of men had gone to college, so 36.6% of women.
00:18:42.000Is 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.
00:18:53.000you Everything requires a college degree now.
00:18:57.000Here at my company, by the way, we don't do this, right?
00:18:59.000If you can show work experience, very often we'd rather have the work experience than the college degree.
00:19:04.000I went to UCLA and Harvard Law School.
00:19:06.000Both of my business partners never graduated from college.
00:19:10.000Because 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.
00:19:21.000This 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.
00:19:31.000Because here's the reality, and every employer knows this.
00:19:33.000When you get a kid straight out of college, You get two things.
00:19:37.000One, you know their IQ because you know where they went to college, right?
00:19:40.000It's a giant organizational feeding system.
00:19:43.000I 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.
00:19:50.000I 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.
00:19:56.000Because no one in human history has been qualified to do a job coming out of college before doing the job.
00:20:01.000The way that you learn to do a job in the United States is by actually doing the job.
00:20:04.000All 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.
00:20:12.000That's true for everyone in the liberal arts, okay?
00:20:14.000I went to poli-sci major at UCLA, and let me just tell you, it was a completely useless degree.
00:20:20.000It was useful only in getting me to law school.
00:20:21.000And 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.
00:20:33.000Everybody inside the system knows the scam.
00:20:36.000There's a study from Harvard Business School professors Joseph Fuller and Manny R. Raymond in 2017 finding that degree inflation is undermining U.S.
00:20:43.000competitiveness and hurting America's middle class.
00:20:46.000Degree inflation, the notion that you must have a degree to get X job when you really didn't need the degree for X job.
00:20:52.000Fuller 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.
00:21:03.000Our analysis indicates that more than 6 million jobs are currently at risk of degree inflation.
00:21:10.000And the people it's predominantly hurting are blue collar people.
00:21:13.000Minority people, people who may not have gotten a great high school education.
00:21:17.000Those are the people who are getting absolutely slammed.
00:21:20.000The demand for college graduates is leading to a massive increase in the number of Americans pursuing postgraduate degrees, right?
00:21:25.000Because if you go to college and college is the new high school, this means the postgrad is the new college.
00:21:30.000If you want to work as a teacher, you now need a master's in ed.
00:21:32.000So 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.
00:21:41.000The number of Americans over 25 with a master's degree doubled between 2000 and 2018.
00:21:45.00013.1% of people have a postgraduate degree as of 2018.
00:21:51.000And again, this doesn't mean that they are better qualified than if they had skipped college in the first place.
00:21:57.000Because the reality is that only by working a job do you actually get good at the job.
00:22:02.000So they keep telling you that if you get a four-year bachelor's degree in nonsense, that this qualifies you for a job.
00:22:07.000That is not what qualifies you for a job.
00:22:08.000You know what actually qualifies you for a job?
00:22:17.000It also means, you know, maybe taking a little money and trying it on some things, seeing if it works or not.
00:22:22.000One of the things that I've been trying money on is crypto.
00:22:25.000So 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.
00:22:30.000And so that means I've taken some of my money.
00:22:57.000Alto makes investing in crypto really, really easy.
00:22:59.000You can create an account in just a few minutes, invest with as little as $10, no setup charges.
00:23:03.000Just create your account, transfer funds, and start investing today.
00:23:06.000Through Alto's integration with Coinbase, you're going to get secure trading 24-7, 150-plus available coins on their interface, including Bitcoin and Ethereum.
00:23:14.000Plus, there are multiple ways to fund your account.
00:23:15.000You make a cash contribution, transfer cash from an existing IRA, you can roll over an old 401k, open an Alto crypto IRA with as little as $10.
00:23:32.000This doesn't mean that nobody should go to college.
00:23:34.000If you're majoring in STEM, if you're majoring in medicine, if you're majoring in math, you should go to college.
00:23:39.000If 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.
00:23:45.000But if you're not going to do that, then perhaps you have to get the degree.
00:23:51.000But the notion that everyone has to go to college is a complete, ridiculous, nonsense principle.
00:23:57.000It's stupid, and it's bad, and it's bad for America.
00:24:01.000And what this means is that we now have a completely bifurcated economy, right?
00:24:04.000Your 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.
00:24:14.000And so if you want to get a job, you have to go to these colleges.
00:24:18.000Between December 2007 and December 2009, Which was the Great Recession.
00:24:22.000College graduates actually increased their employment by 187,000 jobs.
00:24:26.000Everyone else lost jobs during that period.
00:24:30.000So what do you think people are going to do?
00:24:31.000You've created an entire incentive structure for people to go to college.
00:24:40.000And then many of them don't earn the sort of income they thought they were going to earn.
00:24:43.000And 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.
00:26:39.000And I think Joe Biden knows this is crazy.
00:26:41.000And 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.
00:26:49.000They have to find somebody with standing.
00:26:51.000It'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.
00:26:57.000But 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.
00:27:05.000This is probably not going to fall under the political question doctrine.
00:27:08.000Probably this is going to fall under the delegated powers, right?
00:27:10.000Whether Joe Biden actually has the inherent powers to do this.
00:27:13.000And if it gets struck down by the Supreme Court, then Joe Biden will then campaign against the Supreme Court.
00:28:04.000It was designed to allow the Secretary of Education to waive or modify loans because of a national emergency.
00:28:10.000Like, say, for example, there was a massive terror attack in the United States, a nuclear attack in the United States.
00:28:15.000Do you still have to pay off your loan this week?
00:28:17.000The idea was the Secretary of Education could cancel loans if they had to.
00:28:22.000Joe Biden is now declaring that because of COVID, he can just cancel the student loans.
00:28:27.000According to the Office of Legal Counsel, quote, we conclude the act grants that authority.
00:28:32.000The plaintext of the HEROES Act authorizes the Secretary to waive or modify any statutory or regulatory provision applicable to the Federal Student Loan Program.
00:28:39.000An authority that encompasses provisions applicable to the repayment of the principal balances of loans, provided certain conditions are met.
00:28:45.000We 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.
00:29:36.000Explain how it's democracy to have a regulatory authority under the President of the United States simply unilaterally declare that he can relieve debt.
00:29:43.000And by relieving debt, by the way, it doesn't mean debt disappears.
00:29:49.000Because the fiscal cost on this thing is extraordinary.
00:29:53.000Hey, I want to get to the fiscal cost, but I'm trying to break this down into a variety of issues here.
00:29:58.000The constitutionality, it does not exist.
00:30:01.000What 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.
00:32:43.000So Bernie Sanders tweeted out the average amount of debt forgiveness to businesses receiving PPP loans is $95,700.
00:32:49.000If 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.
00:33:33.000Well, 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.
00:33:41.000And then they tweeted out a screenshot of a person named Ben Shapiro in Los Angeles who had taken $21,000 in PPP loans.
00:33:49.000Okay, 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.
00:34:14.000All the blue checks are tweeting this, like hundreds of thousands of retweets from various sources.
00:34:18.000The screenshot itself, if expanded to the right, demonstrated that the person who actually took those loans was in the business of real estate agenting.
00:34:26.000Which, as you may have noticed, I'm not a real estate agent.
00:34:34.000It was printed in truth or fiction, and I had not denied.
00:34:38.000Daily Wire, by the way, also has never taken PPP loans.
00:34:41.000Second 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.
00:34:57.000So Bernie Sanders tweets that, and then he tweets a little bit more.
00:35:00.000And 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?
00:36:06.000If 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?
00:36:16.000Clearly he has the constitutional right.
00:36:17.000If 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.
00:36:30.000The 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.
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00:39:05.000And 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.
00:39:18.000I mean, and they know it's not about fairness.
00:39:20.000For 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?
00:39:25.000And he's pretty much like, yeah, you are.
00:39:28.000To those who are saying it's not fair, look, the aim of this is really to address the effects of the pandemic.
00:39:34.000It's my responsibility to make sure that people are not coming out of the pandemic worse off than they were at the beginning.
00:39:39.000But 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?
00:39:49.000Well, look, when we address some of the issues that could lead to default payments or default borrowers in the future, that affects everyone.
00:39:58.000We 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.
00:40:04.000You know, it's about making sure we're taking care of Americans and investing in our economy and in our people.
00:40:08.000But just the final one on this, the people that already paid their student loans, they don't get anything out of this deal.
00:40:26.000We have to help the people who've been really damaged by COVID.
00:40:28.000Oh, 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?
00:40:34.000The unemployment rate among recent college graduates in the United States is currently about 4%.
00:41:07.000What we are saying is that the work that this administration has done, the work that the Democrats in Congress has done, is actually there.
00:41:15.000And 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.
00:42:13.000Now, Elizabeth Warren, at least, was clear about this.
00:42:14.000Elizabeth 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.
00:42:23.000And now she's more than happy to have people continue to subsidize that.
00:42:28.000Here'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.
00:42:37.000What is your reaction to this plan for $10,000?
00:42:41.000My reaction is that this is a great day.
00:42:46.000Today is the day the president's going to announce that about 20 million Americans will never have to make another student loan payment.
00:42:54.000And another 23 million Americans Will I keep fighting for more?
00:43:27.000We're going to see $20,000 of debt relief for over half of all of the borrowers.
00:43:34.000And those are disproportionately African-Americans, disproportionately veterans, disproportionately parents, and disproportionately first-generation students.