Biden announces $10,000 in loan forgiveness for all federal student debts up to joint filers earning $250,000. It's the largest single transfer from poor to rich people in U.S. history. Glenn explains why.
00:03:38.720You know, I feel sorry for the president once in a while because, I mean, he's a, I don't know, he thinks he's Robin Hood or he's a socialist.
00:03:47.860I don't know, but he doesn't even get the redistribution of wealth right.
00:03:52.260His plan to cancel $10,000 in student debt for anybody who earns up to $125,000 a year is possibly the largest single transfer from poor to rich people in American history.
00:04:10.360Researchers at the University of Chicago have determined that President Biden's plan will shift an estimated $192 billion in earned income to the top 20% of wage earners.
00:04:25.240Just $29 billion will go to the bottom 20%.
00:04:30.540To put that into perspective, just this loan forgiveness is more than the gross national domestic product of Hong Kong and 182 other countries.
00:04:52.600If you like social programs, this one is 36 times greater than the federal government spent on Head Start in 2022.
00:05:06.740If you support defense spending, great.
00:05:11.040This is two and a half times larger than the entire budget of the U.S. Army in 2022.
00:05:19.000By the way, this doesn't include the non-cancellation elements of the Biden announcement, including proposals to significantly cut many borrowers' monthly payments by more, you know, generous loan forgiveness in the future.
00:07:56.580The knowledge that a president can unilaterally reduce student loan balances will cause debtors to upwardly revise their view of their own future income, encouraging more spending.
00:08:10.380In fact, please play the cut we just played from Elizabeth Warren.
00:08:17.380Ultimately, what the data show us is that because of student loan debt, there are many people who don't move out of their mama's basement,
00:08:28.020who can't save up money to buy a home, who don't start small businesses, who don't start a family.
00:08:34.640You relieve the debt burden some for those people, and we have more economic activity.
00:08:41.240In other words, canceling student loan debt is good for the people whose debt is canceled, but it is also good for our economy and the rest of America.
00:08:52.320How? How? We don't want more spending.
00:08:56.200That's why the Federal Reserve is raising interest rates, to make people stop spending money.
00:09:05.060The idea of inflation, to fight inflation, you've got to get the average Joe to stop spending.
00:09:13.720Have you ever heard, we've got to slow this economy down, it's overheating.
00:30:17.840so they're going to ban the sales of new gas powered cars by 2035.
00:30:23.040That means probably a dozen states will follow that because they operate under California's emissions regulations.
00:30:31.580That's even less important though than the fact that the car companies will all go along with it because they want to sell cars in California.
00:45:39.200So, I want to go to a very important piece of audio that I think should live in infamy.
00:45:47.420This is Merrick Garland just a couple of days after the raid on Mar-a-Lago.
00:45:52.560First, I personally approve the decision to seek a search warrant in this matter.
00:46:00.080Second, the department does not take such a decision lightly.
00:46:04.980Where possible, it is standard practice to seek less intrusive means as an alternative to a search and to narrowly scope any search that is undertaken.
00:46:14.780Third, let me address recent unfounded attacks on the professionalism of the FBI and Justice Department agents and prosecutors.
00:46:25.800I will not stand by silently when their integrity is unfairly attacked.
00:46:31.460The men and women of the FBI and the Justice Department are dedicated, patriotic public servants.
00:47:56.300An FBI agent went in, took a document, altered the document to say the exact opposite of what that document said, and then gave it to a FISA court under oath.
00:48:09.240And asked for the warrant so they could wiretap, listen in and spy.
00:48:18.080That guy, that guy got a slap on the wrist.
00:48:24.040FBI employees were busted for trading gifts for leaked information.
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01:20:05.520so Jared Kushner joins us in just a minute he's got a new book out called Breaking History really excited to talk to him I think he it will go down in history as will his father-in-law Donald Trump and he's got a new book out called Breaking History
01:20:26.480really excited to talk to him I think he it will go down in history as will his father-in-law Donald Trump as as pulling off one of the most amazing honestly miracles ever I mean the the about the Abrahamic
01:20:45.440the Abrahamic Accords yeah I mean especially in the embassy he was demeaned by the media for having control of anything how could you put the Middle East in control of Jared Kushner and I you know never was there's never any credit given to the Trump administration for what happened there but
01:21:04.200they canceled it right as soon as they got in they just screw that yeah moving moving the embassy how about that remember that was supposed to cause some major world war and we were all none of that happened totally ignored you know why he just wasn't I I'm gonna ask him but he wasn't thinking like a State Department member everybody else has been educated through the Council of Foreign Relations and then they go into the State Department after they've been in college and
01:21:33.320universities and universities and they all think alike he didn't he didn't and he's got a new book out and it is it's fascinating that that particular part especially is fascinating how they viewed the Middle East in a completely different way they viewed it as a business thing and it changed everything it's like we didn't look at it as countries we looked at it as business that's I mean it's fascinating it's exactly what
01:22:03.180people wanted out of what people wanted out of what people wanted out of the Trump administration when it started and yeah I mean at least there it played heavy heavy dividends yeah but never got the credit for it Jared Kushner joins us after the top of the hour local news on most of your most of our affiliates and if you've missed any part of the show it's a good one get it wherever you get your podcasts you can get the Glenn Beck podcast please rate and review for us
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