00:00:48.000His spirit, his love of this country, he's done an amazing job building one of the most powerful youth organizations ever created, Turning Point USA.
00:00:56.000We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
00:01:08.000Brought to you by the Loan Experts I Trust, Andrew and Todd at Sierra Pacific Mortgage at andrewandTodd.com.
00:01:17.000Right now, there is a challenge to Joe Biden's executive order on student loan bribery.
00:01:25.000The Supreme Court today is hearing oral arguments in a case stemming from Biden's attempt to buy off the American public.
00:01:33.000You might remember he signed an executive order trying to make law or effectuate some sort of policy change via what was called mass forgiveness on student loans.
00:01:45.000Now, Biden announced this six months ago, right before the midterms, in an attempt to forgive $10,000 in student loans for every person earning less than $125,000 or every person in a household earning less than $250,000.
00:02:03.000He also is forgiving $20,000 for every person who benefited from a Pell Grant.
00:02:09.000Now, what's a lot more radical than the debt bribery or forgiveness is the more important point is how Biden is trying to rewrite the rules for future student loans.
00:02:20.000His plan is to slash required payments to just 5% of discretionary income, down from 10%.
00:02:27.000And he's expanding what is considered, quote, non-discretionary income.
00:02:32.000This means that a huge number of people who have loans and have jobs and aren't in poverty still won't be making any payments on their loans.
00:02:39.000The government will just forgive all of them for free.
00:02:58.000If you were a senior in high school, you would present your grades, your career plans.
00:03:03.000You would look the local banker in the eye and say, my name is Joe Smith, and I have A's in engineering and I have B's in mathematics.
00:03:12.000And I would like to go to the University of Wisconsin-Madison and I would like a $30,000 loan.
00:03:17.000And a banker would ask you some questions.
00:03:20.000The banker would say, well, why should we take a risk on you, this local community bank?
00:03:24.000And sometimes you'd have to bring your parent to co-sign the loan.
00:03:28.000And you'd have to all of a sudden understand the significance that signing on the dotted line that this loan has to be paid back.
00:03:35.000But over the last couple decades, one of the less covered stories when it comes to student loans, and I write about this extensively in my book, The College Scam, which is thoroughly researched with pages and pages of footnotes, is that we've basically nationalized the entire student loan industry.
00:03:52.00098 to 99% of all student loans are underwritten by the federal government.
00:03:58.000They're underwritten by the U.S. taxpayer.
00:04:01.000Now, this is important for a lot of reasons.
00:04:03.000Number one, no longer does a high school student have to dress up or not even dress up, but just act professionally and go into a local community bank, look somebody in the eye, have to present themselves and say, I would like a loan for these reasons.
00:04:19.000You are now able to borrow tens of thousands of dollars, sometimes hundreds of thousands of dollars from your pajamas in your basement on a website called FAFSA, F-A-F-S-A dot gov. In fact, almost every college except Hillsdale College requires you to fill out FAFSA for not just student loan grants, not just grants, but any sort of student loans whatsoever.
00:04:44.000Now, I've said for quite some time, and I argue in my book rather provocatively, that the student loan interest rate has been too low for too long.
00:04:51.000That if you go study engineering and you have good grades in high school, you should get a much lower student loan interest rate than somebody who is studying North African lesbian poetry.
00:05:02.000Sorry, it's not as good of a bet for the taxpayer to say that you're going to be able to repay that.
00:05:06.000Instead, we have a one-size-fits-all model where, regardless of what you're studying or regardless of your grades, you basically get the same student loan interest rate.
00:05:21.000There's no requirements at all that you would be a good credit risk.
00:05:25.000No requirement that their degree might be something viable.
00:05:29.000Look, the entire student loan cabal, the cartel right now, is built around this idea that pretending gender studies are the same as engineers.
00:05:42.000And they're pretending that academic screw-ups, people that didn't take high school seriously, are the same as academic all-stars.
00:05:49.000We have way too many people going to college in our country, way too many people.
00:05:53.000It's unpopular to say that, but it's actually growing in popularity.
00:07:12.000What is the answer or the counter to the millions of students that knew they were not going to become professional athletes, but only did sports in college?
00:07:37.000But a majority of college athletes, if you ask them by the time they become a junior or senior, yeah, I mean, they love the sport, but it's also they get an academic advantage for it.
00:07:48.000But what Joe Biden is basically saying is all those 6 a.m. workouts, all that travel, all that pushing yourself to be able to get college to be more affordable for you, you're lost.
00:08:02.000So, what Joe Biden has done and is being challenged by the U.S. Supreme Court is by a stroke of the pen, I can come in and I can also say to the people that never went to college, and God bless them, the carpenters, the welders, the police officers, the firefighters, the muscular class, the folks in East Palestine, Ohio, for example, the people that built this country, what do they get out of this?
00:08:26.000You see, the regime, Joe Biden, unilaterally seems to act in favor of foreign interests and high society elites with the stroke of a pen.
00:08:41.000This is a quote-unquote bribery, a quote-unquote bailout for people that largely did not make prudent decisions when they decided to go to college.
00:08:52.000Now, I simultaneously sympathize with some of the complaints.
00:08:57.000Charlie, I was told I had to go to college.
00:08:59.000I was told I had to borrow this money.
00:09:02.000I write about it extensively in my book, and I have sympathy for you.
00:09:06.000But I do not think having the U.S. taxpayer subsidize your poor decisions is moral, is a good precedent, nor do I think it's constitutional.
00:09:17.000And we must understand the precedent of which Joe Biden acted.
00:09:25.000What did he say was happening in the quote-unquote environment that allowed him to act to be able to bribe students and eliminate student loans, student loan debt?
00:09:39.000Well, the answer is something that history tells us very clearly.
00:10:47.000In 1981, I had to march into home federal savings and loan here in Columbus, Indiana, go through everything you just described, and come back to have my father co-sign my loan so I could go to university to get my degree in business management.
00:11:04.000Students are told by their high school guidance counselors to go fill out all this money.
00:11:09.000If you actually ask students on college campuses a breathtaking amount, and Paul showed this, do not even know the specific amount of money that they owe.
00:11:19.000And then they use this as a political talking point to get more votes in the future.
00:11:25.000So go send your best prized possession to colleges.
00:11:40.000And then they're simultaneously building this massive debt burden.
00:11:46.000They graduate and a majority of the students that actually end up graduating will get jobs that do not require a college degree.
00:11:55.000And even worse than that, 20 to 30 percent end up getting jobs in a completely different field than what they studied.
00:12:03.000But they're still filled with those bad ideas and they're also filled with resentment that they have this student loan debt around their neck.
00:12:24.000They look at their family's financials.
00:12:27.000They look at their own personal financial health.
00:12:29.000And yeah, it's attractive if you, let's just take a state, let's just say Tennessee, and all your friends in suburban Nashville are going to University of Tennessee, Knoxville, and they get to go rush in the fraternities and sororities.
00:12:41.000They get to go to the football games and the basketball games.
00:12:44.000And your grades are pretty good, but you say, man, I don't know if I can afford that.
00:12:49.000So instead, you decide to go to the local community college, which is not as exciting as going to go rush in a fraternity or sorority at Knoxville.
00:12:56.000But you make the prudent financial decision, and then maybe you're able to transfer to UT Knoxville or one of their other campuses.
00:13:04.000But you kind of missed that freshman, sophomore, freshman, sophomore moment, that kind of chapter in life.
00:13:11.000But it's okay, but you're in a better financial position.
00:13:12.000Then you have to hear the president of the United States basically say, you made a dumb choice.
00:13:18.000This only encourages further borrowing.
00:13:29.000But the real baseline of this here is the legal case.
00:13:34.000And it's pretty boring, but it's important.
00:13:36.000What the Biden regime is doing is they used a 2003 post-9-11 law that allowed the Secretary of Education to, quote, waive or modify any statutory or regulatory provision in response to a quote national emergency.
00:13:56.000The Biden administration said COVID is a national emergency, so they can totally ignore all student loan laws.
00:14:04.000This case is bigger than student loans.
00:14:06.000And boy, can I go at length about the student loan topic?
00:14:10.000I could talk about the college scam and the college cartel and how you have to be so careful, those of you in this audience, sending your kids and grandkids to college.
00:14:18.000They might become religiously, theologically, philosophically, and politically unrecognizable.
00:14:25.000Please be careful sending your kids to college.
00:14:28.000But this case in front of the Supreme Court is much bigger than that.
00:14:33.000It is, can a president use a declaration of emergency to give one group money, forgiveness, bribery, at the expense of another group without an act of Congress.
00:14:52.000And they'll try to do this for every possible emergency you can imagine.
00:14:56.000They'll try to do this for a climate emergency.
00:14:59.000They'll try to do this for gun violence emergencies.
00:15:03.000There is no greater threat to liberty in America today than a leader declaring an emergency.
00:15:10.000And that's a shame because there are legitimate emergencies.
00:15:13.000There are hurricanes, there are floods, there are tornadoes, there are fires.
00:15:17.000You need to have the government be able to act quickly and decisively.
00:15:20.000But boy, is that ability to declare an emergency being abused.
00:15:25.000Not only is it being abused, it seems as if we have crisis hunters, we have crisis seekers in our government.
00:15:32.000They go out of their way to try to find a crisis, exploit it to give themselves more power, to become dictator for a day, which becomes dictator for a month, and dictator in perpetuity.
00:15:43.000U.S. Supreme Court is currently debating this.
00:15:46.000It's unclear how they're going to rule.
00:15:48.000And I'm going to maybe give you a little bit of a tease here based on just some public comments.
00:15:54.000But I am curious just on the student loan issue itself.
00:16:09.000Every time I feel like I'm meeting somebody new, I am learning how many people are also on PhD weight loss.
00:16:18.000So, look, a lot of people come to us to partner with our show and to work with us.
00:16:24.000And PhD Weight Loss came to us and they said, Listen, we want to work with you, but we want to first have you go on the program for a month.
00:17:04.000She has a whole team, and they customize a plan just for you, works at your schedule.
00:17:08.000They don't really believe in calorie reduction, they don't believe in all the kind of typical sound bites that you hear.
00:17:16.000They look at all your medical history, they talk with you, they personalize it, and they also send you the food.
00:17:23.000And so, it's right on, it's super easy, it's right there.
00:17:26.000And then you get a personal coach, and I could tell you for me, my coach, she's tough, she's great, and she knows her stuff, and that's exactly what I need, but also very compassionate and caring.
00:17:38.000And again, they provide you 80% of your food at no additional cost.
00:17:44.000And Dr. Ashley believes that all the change starts with the mind.
00:17:48.000And so, she helps you change your behavior and think differently about food so you'll never gain this weight back.
00:17:52.000And look, one of the things I like best about PhD weight loss is they're very understanding about where you're at in life.
00:17:58.000It's not judgmental, it's not like you're some sort of side project.
00:18:01.000You get your own coach, literally, if you do this, and then you get food on top of it.
00:18:05.000The best thing about this program is they have an 85% success rate of their clients maintaining their weight loss for life.
00:18:11.000I have no idea how much fat I'm going to lose, but hopefully, more.
00:18:14.000And obviously, you know, it's not easy to do that, but they are able to guide me through it in a very successful and effective way.
00:18:22.000I think they could do it for you as well.
00:18:23.000No joke, I literally have my call with the coach tomorrow and looking forward to kind of maintaining and hopefully accelerating that success.
00:18:32.000They have a lifetime maintenance plan to keep you on track, and maintenance is free.
00:18:36.000One of the most important things you could do for your overall health is to lose weight.
00:19:51.000They said, keep this anonymous, please.
00:19:52.000But Charlie, I work in enrollment for a particular college.
00:19:56.000We will sign anybody up for student loans.
00:19:59.000I considered leaving many times, but I decided to stay to ask the important questions most counselors don't care to ask.
00:20:07.000Thanks to your program and your podcast, I always ask the following question, quote, why do you need this degree?
00:20:16.000If they don't have a good answer, I then walk them through whether or not the program of interest is going to have any return on their investment or their debt.
00:21:45.000To the Supreme Court now, where justices will hear arguments today over President Biden's plan to forgive student loan debt for more than 40 million Americans.
00:21:53.000Opponents say that Mr. Biden has taken his presidential powers too far.
00:21:57.000And for now, the program is on hold until the justices make a decision.
00:22:02.000Now, under the plan, up to 43 million people would be eligible for some student loan debt relief.
00:22:07.000People making less than $125,000 a year could see $10,000 in debt forgiven.
00:22:13.000And people who got Pell Grants could get up to $20,000 forgiven.
00:22:17.000The Congressional Budget Office says the program will cost more than $430 billion.
00:22:23.000After President Biden announced the plan last August, 26 million people applied before lower courts put it all on hold.
00:22:30.000A very simple fix to this, by the way, would be to push for colleges to actually be on the hook for the loans that go into default.
00:24:46.000The only one that I'm actually supporting the endowment to get bigger, the two, Liberty University and Hillsdale, are finally getting into the billions.
00:25:19.000Congratulations, Harvard, on your $53 billion endowment.
00:25:24.000We're going to take $10 billion of that because you haven't paid capital gains tax on that.
00:25:30.000Because one of the advantages of the scheme that exists is they're able to reinvest that basically effectively tax-free with some excise taxes here or there.
00:25:43.000Why don't you have to be on the hook for the damage that you've proliferated with these kids?
00:25:49.000And by the way, my passion on this topic to try and have these colleges pay for this would be a little less if they actually were producing fruit that loved America.
00:26:03.000They are the Wuhan Institute of Virology equivalent of idea pathogens in our country.
00:26:10.000Every bad idea that we have seen infect our military, infect our corporations, infect the core fabric, fiber of our society originates on campuses.
00:29:07.000It would be these massive hedge funds that are sitting on this money.
00:29:10.000But do not tell me, the family that cannot afford to put food on the table, that is an electrician in Birmingham, Alabama, that he has to go pay more taxes because you decided to go get a lot of degrees to go study some really dumb ideas.
00:29:32.000I feel sorry for you that you got swindled and you got deceived.
00:29:35.000That is not the responsibility of the American working muscular class to bail you out.
00:29:45.000Well, this is one of the major issues facing young people.
00:29:49.000And while I don't think the American taxpayer, specifically you, should have to bail out somebody's bad decisions, I do think that there needs to be some compassion and some movement towards holding somebody accountable.
00:30:05.000And that somebody, I think, should be these universities sitting on these massive cash piles.
00:30:10.000This one right here, what a great email.
00:30:30.000You know how many parents sacrificed for decades, took modest vacations or no vacations at all, didn't go out to eat as much to try to build the college fund.
00:30:43.000We are one of the most troubling financial trends in America is how we are disincentivizing saving.
00:30:52.000A nation that saves is a nation that lasts.
00:30:56.000Now, how are we disincentivizing saving?
00:31:00.000Well, first of all, artificially low interest rates for 20 years has encouraged reckless spending and malinvestment.
00:31:09.000That's why we are going to go through a recession because some of these bad investments need to pop.
00:31:14.000You can't keep on subsidizing bad businesses through all this government money and expect that to be a sustainable business model.
00:31:22.000There are going to have to be 10 to 15 to 20% of businesses that have to go through either laying off employees, closing down altogether, merging, getting acquired.
00:31:32.000America is at its best, or was at its best, when delayed gratification was a core value.
00:31:40.000The West was built on delayed gratification.
00:31:44.000That seems so simple and so obvious, yet it is so rare to hear a leader say that.
00:31:50.000Our national debt, which is now $31 trillion, is a byproduct of not believing in delayed gratification.
00:31:58.000The student loan crisis, a nation that storms Normandy Beach that we saw in World War II, by definition, was saying, I might die so that my grandkids can live free.
00:33:23.000Roberts might as well just support it or write the opinion of the minority at this point.
00:33:30.000It is tempting to want to use the power of the purse or the treasury to buy votes.
00:33:37.000Every failed civilization has leaders that emerge that have no talent, no popularity, but then use the public treasury to try to win favor of the people that they want to control.
00:33:48.000And what's so sick about this is it's not a ton of money.
00:33:52.000It's just enough to have you come back groveling for more.
00:33:56.000I'm not saying that $10,000 is not a lot of money, but in the scheme of things, debts vary from 30 to 40 to 50 to 60 to 70 to $80,000 in student loan debt.
00:34:06.000And the crux of all of this is Joe Biden needed the COVID emergency.
00:34:11.000That's what he used as his justification.
00:34:15.000That COVID, the Chinese coronavirus that came from a lab, was the reason why a stroke of a pen, he should be able to eliminate somebody's debt burden.
00:34:27.000An insult, a middle finger to those of you that sacrificed, worked second jobs, played college sports for you parents that had a college fund, that helped your kids through college, that went to community college.
00:34:38.000Why Republicans did not make this a bigger issue in the midterms is a mystery to me.
00:34:44.000Maybe you would have saw those extra couple hundred thousand Trump voters turn out the muscular class members that seemed to not care about voting.