On 8/24/2022, Joe Biden announced a massive forgiveness of student loans. Biden canceled up to $10K in student debt for borrowers who earn $125K a year or less and up to $20K for recipients of Pell Grants. Biden claimed ‘canceling’ student loan debt won’t have any “meaningful effect on inflation.” “Independent experts agree that these actions taken together will provide real benefits for families without meaningful effect on inflation,” said Biden.
Biden answered only two questions after he delivered remarks. A reporter asked, “Mr. President, is this unfair to people who paid their student loans or chose not to take out loans?” Biden replied, “Is it fair to people who in fact do not own a multi-billion-dollar business if they see one of these guys give them all a tax break? Is that fair? What do you think?”
On 8/25/2022, a reporter asked White House Press Secretary Karine Jean-Pierre, “So that matters more than keeping the deficit lower by by increa- — including something that would offset whatever the cost might become?
MS. Jean-Pierre: We don’t — yeah, I mean, look, we don’t believe that it’s going to increase the deficit.
Q: How could it not?
MS. Jean-Pierre: Because — because what we’re saying is the $1.7 trillion — right? — is — we’ve done the work — right? — to lower the deficit. Also, $50 billion per year is going to go back —
Q: But that $50 billion was — was already — I mean, it’s — already was there.
MS. Jean-Pierre: Yeah, but we were getting —
Q: It was already coming in. I mean, there was a pause, but —
MS. Jean-Pierre: No, but we were — but we were — we were getting zero. The Treasury was getting zero for the last two years.
On 8/26/2022, at a briefing, Fox News reporter Jacqui Heinrich asked Bharat Ramamurti, Deputy Director of the White House National Economic Council, “What’s the difference, though, between — I guess, how are you justifying using a 2003 law that was, you know, designed to help military families for this purpose, where you’re now helping bail out people who took out loans and cannot pay them? Do you view people who can’t pay their debt as heroes like those who are in our armed services … ?
RAMAMURTI: … So what are people supposed to do? They want to get a degree. They’re being told that’s the right thing to do. They think it’s going to help them —
Heinrich: Why go after the universities? Why not build in something to make sure that borrowing moving forward is limited or that universities don’t just ratchet up the cost?
RAMAMURTI: Sure. Yeah, I’m glad that you brought that up, because I want to address it …
New York State Senate Democrat primary winner Kristen Gonzalez celebrated her win at a Peruvian restaurant in Long Island. Gonzalez won the state senate race to represent Queens and Brooklyn. Gonzalez, a self-described ‘Democrat Socialist’ was outraised by hundreds of thousands of dollars by her opponent Elizbeth Crowley, a more ‘moderate’ Democrat. Gonzalez beat Crowley 59% to 32%. “We really proved that socialism wins! We are not going anywhere, and we will not stop until we see a socialist slate across this city!” Gonzalez shouted. Gonzalez is a former intern for Senate Majority Leader Chuck Schumer.
On 8/26/2022, during press briefing, a reporter asked RAMAMURTI, “The median household income in this country right now is roughly $67,000, which means that — this is going to go for those up to $125,000. Those individuals are already making, individually, almost twice the median household income in this country. What do you say to those critics who say you’re not just helping the middle class — though I understand 90 percent will be making under $75,000 — you’re still helping what is a smaller percentage, but a significant percentage, of individuals who most Americans would view as making a lot of money?
RAMAMURTI: Sure. So, look, I — you know, in our view, this, as you noted, nearly 90 percent of the benefits go to people making under $75,000 a year. And our view is that the folks that you mentioned — under $125,000 — they are middle-class families. And — and I think that they would widely be considered as such. You know — and, look, I want to be totally clear about this — about this point —
Reporter: But, I guess, $125,000 or $250,000 — would you view that as a middle-class family —
MR. RAMAMURTI: Sure.
Reporter: a family that makes under $250,000?
MR. RAMAMURTI: Absolutely. Look, the key cutoff here is that nobody in the top 5 percent …
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HYGONews Week’s Most Popular Stories 8/28; Biden unilateral debt cancelation, not cause inflation increase