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President Biden’s Executive decision to essentially transfer billions of dollars of college loan debt to the American taxpayer “explodes in [his] face,” economist Steve Moore told Fox News on Monday.
The White House called the document a “pardon,” but economists like Moore have pointed out that mathematically, the debt can’t just go away.
“It’s almost comical that the Biden administration is talking about how it’s cutting the deficit and the debt, when in fact since Joe Biden took officeif you add up all these spending bills…and then if they put in another $500 billion per student relief that you’re talking about…over $4 trillion in spending, that’s 400 point 000 point 000 point 000,” a he said.
“That amount of debt, I think, and the spending, I think, is the biggest drag on the economy. And that’s what makes me most nervous about what we do for the future of our country and the ability to create a prosperous society.”
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US President Joe Biden delivers a speech
(REUTERS/Jonathan Ernst)
Moore added that Biden did not receive the big political advantage he expected after cancel part of the debts mostly white collar workers, while ignoring blue collar workers and students, as well as economy workers who have not attended post-secondary institutions.
He cited a report by a University of Chicago economist, who counted the collective financial value of all federal government donations, from free health care and food stamps to subsidized housing and education, telling Fox News that the total exceeded the average salary of a US citizen.
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US President Joe Biden, protected by bulletproof glass, delivers remarks on what he calls the ‘continuing battle for the soul of the nation’ outside Independence Hall at Independence National Historical Park, Philadelphia, USA United, September 1, 2022.
(REUTERS/Jonathan Ernst)
“[With] all those things, you can make $80 or $90,000 a year and not work a single hour,” he said, adding that it’s a big warning sign that not only is Biden’s latest document n It was misguided, but that American society needs to revert to its previous iteration as one that encouraged hard work and rewarded those who contributed to the economy.
Host Charles Payne agreed, noting that Biden’s promise to eliminate college debt falls far short of President Herbert Hoover’s political promise of a “chicken in every pot” – in regards to the “buying” allegations. of votes”.
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Stephen Moore appears on Fox News
(FoxNews)
In this regard, Moore further noted that the people benefiting from Biden’s aid are not the lower-middle-class families targeted by Hoover, but the upper-class families with higher education and plum jobs. .
“They’re making six figures and they just decided, hey, I’m not going to pay off my loan,” he said. It seems fundamentally unfair to people, especially those who may not have gone to college.”
“And that’s why I think it’s actually been blown up politically in Biden’s face, because people just don’t see the rationale behind it.”