THAT IS A SIDE STORY BUT AN
IMPORTANT STORY.
TODAY’S STORY IS STUDENT DEBT
RELIEF.
I WANT TO BRING IN BRETT BEAR,
EDITOR OF "SPECIAL REPORT" AND
FOX NEWS CHIEF POLITICAL ANCHOR.
THANKS FOR JOINING US.
YOU’VE BEEN LISTENING ON THIS.
BASICALLY $10,000 IN DEBT RELIEF
THAT WILL GO THROUGH JANUARY OF
2023.
SO IT GOES THROUGH THE MID-TERM
ELECTION PERIOD AND WILL PROVIDE
SOME RELIEF TO PEOPLE THAT OWE
STUDENT LOANS.
THERE’S A LOT OF THEM, MILLIONS
OF THEM IN THIS COUNTRY.
NEARLY A THIRD OF THE 43 MILLION
PEOPLE THAT HAVE FEDERAL STUDENT
DEBT ARE IN THAT $10,000 RANGE.
SO A LOT OF PEOPLE HAVE CALLED
THIS VOTE BUYING AHEAD OF THE
MID-TERM.
DOES THIS GET THE ADMINISTRATION
ANY TRACTION AS WE HEAD INTO
THOSE ELECTIONS?
>> WELL, YES, WITH THOSE PEOPLE,
$10,000, $20,000 FOR PELL GRANTS
AND THERE ARE MILLIONS OF THOSE
PEOPLE.
HOWEVER, THERE ARE TENS OF
MILLIONS OF OTHER PEOPLE THAT
HAVE PAID OFF THEIR STUDENT
LOANS AS WAS MENTIONED IN THAT
QUESTION TO THE PRESIDENT AT THE
VERY END OR WHO DON’T GO TO
COLLEGE.
THEY ARE ON THE HOOK FOR THIS.
THIS IS REALLY FASCINATING AS A
POLITICAL MOVE.
YOU ARE ALIENATING ONE SECTION
THAT MAY FEEL ANGRY ABOUT THAT
LOAN BEING PAID OFF, NUMBER 1.
NUMBER 2, HOUSE SPEAKER NANCY
PELOSI SAID A YEAR AGO THAT THE
PRESIDENT DOES NOT HAVE THIS
AUTHORITY.
IT HAS TO GO THROUGH CONGRESS.
TODAY SHE PRAISED THIS MOVE.
THE WAY THEY’RE DOING IT IS
THROUGH AN EMERGENCY PROVISION
WITHIN THE DEPARTMENT OF
EDUCATION CITING THE PANDEMIC
AND THE EMERGENCY PANDEMIC.
THIS IS 13 DAYS AFTER ITS OWN
CDC RELAXED THE GUIDELINES FOR
THE PANDEMIC SAYING NO LONGER
DID YOU HAVE TO SELF-ISOLATE AND
QUARANTINE.
YOU DON’T HAVE TO STAY SIX FEET
AWAY FROM DIFFERENT PEOPLE.
AS THE PANDEMIC IS LOOSENING AS
FAR AS THE GUIDELINES AND THE
MANDATES, THEY’RE USING THAT
EMERGENCY AUTHORITY TO JUSTIFY
THIS MOVE.
LAST THING, MARTHA, JASON
FURMAN, HEAD OF THE OBAMA
COUNCIL OF ECONOMIC ADVISERS
POURING HALF TRILLION DOLLARS ON
GASOLINE OF THE INFLATIONARY
FIRE THAT IS ALREADY BURNING IS
RECKLESS.
DOING IT BEYOND ONE CAMPAIGN
PROMISE, 10,000 OF STUDENT LOAN
RELIEF AND BREAKING ANOTHER,
THAT ALL PROPOSALS WILL BE PAID
FOR IS EVEN WORSE.
HE GOES ON IN A LONG THREAD ON
TWITTER.
THIS IS PRESIDENT OBAMA’S
DIRECTOR OF ECONOMIC COUNCIL.
>> Martha: WE’VE HEARD SIMILAR
THINGS FROM LARRY SUMMERS, AN
OBAMA-BIDEN ECONOMIC ADVISER
THAT SAYS THIS IS INFLATION THAT
WILL THROW GASOLINE ON THAT
INFLATIONARY FIRE.
IT’S INTERESTING TO NOTE --
LET’S PUT UP THIS FOX POLL.
BIDEN DISAPPROVAL, VOTERS UNDER
35 YEARS OLD, MANY ONLY WHOM MAY
FALL INTO THIS CATEGORY.
THEIR DISAPPROVAL OF THIS
PRESIDENT HAS GONE UP TEN POINTS
FROM THIS AUGUST TO LAST AUGUST.
SO WE MAY BE SEEING AN ATTEMPT
AT REACHING OUT TO SOME OF THAT
GROUP.
WHAT ALWAYS COMES TO MIND AND I
PLAYED THIS YESTERDAY AND
PLAYING IT AGAIN TODAY, BECAUSE
IT SUMS UP THE ARGUMENT OF THOSE
THAT ARE CRITICAL OF THIS, WHICH
THE PRESIDENT JUST CITED.
THIS IS AN EXCHANGE WITH
ELIZABETH WARREN AND A VOTER
BACK IN 2020.
WATCH THIS.
>> MY DAUGHTER IS GETTING OUT OF
SCHOOL.
I SAVED ALL MY MONEY.
>> GOD BLESS YOU.
>> AM I GOING TO GET MY MONEY
BACK?
>> OF COURSE NOT.
>> SO YOU’RE GOING TO PAY FOR
PEOPLE THAT DIDN’T SAVE ANY
MONEY AND THOSE OF US THAT DID
THE RIGHT THING GET SCREWED?
>> NOBODY IS GETTING SCREWED.
>> OF COURSE WE DID.
MY BUDDY HAD FUN, BOUGHT ON CAR,
WENT ON VACATION.
I SAVED MY MONEY.
WE DID THE RIGHT THING AND I GET
SCREWED.
>> Martha: PEOPLE THROUGH THE
MIDDLE CLASSES OF THIS COUNTRY
THAT MADE SACRIFICES TO PAY FOR
THEIR OWN EDUCATION, THEIR KIDS
EDUCATION AND NOW WANT TO KNOW
WHY SOME OF THIS IS GOING TO
COME OUT OF THEIR BROAD TAXPAYER
BASKET BREAD.
>> I THINK IT’S A GREAT
QUESTION.
IT’S LIGHT A KNIFE’S EDGE AS FAR
AS THE POLITICS OF THIS.
YOU GET THE BENEFIT OF PEOPLE
THAT ARE ANGER BUT A LOT OF
ANGER LIKE THAT GENTLEMAN
TALKING TO SENATOR ELIZABETH
WARREN.
THERE’S A LOT OF THOSE FOLKS.
THERE’S FARMERS THAT SAY I HAVE
A MORTGAGE AND A TRACTOR THAT I
HAVE A LOAN ON.
ARE YOU GOING TO HELP ME PAY FOR
THAT?
YOU BUILT AN EXPECTATION.
NOT ONLY THAT, THERE’S REAL
CONCERN THAT THESE COLLEGES WILL
RAISE TUITION BECAUSE OF IT.
AT THE END, THE SECRETARY OF
EDUCATION WILL POLICE WHAT
COLLEGES CHARGE FOR TUITION.
IT’S NOT HAPPENED SO FAR.
THEY’VE BEEN GOING UP EVERY
YEAR.
THIS MAY ACCELERATE THAT.
>> Martha: YEAH, THAT IS THE
ARGUMENT.
MADISON ALWORTH IS GOING TO DO A
REPORT ON THAT.
THE ARGUMENT FOR WHY COLLEGE
COSTS HAVE OUTPACED INFLATION
OVER DECADES IS THAT THERE’S
BEEN SO MUCH FEDERAL MONEY THAT
POURS IN TO THESE STUDENT LOANS
THAT IT GAVE THESE UNIVERSITIES
THE LEEWAY TO KEEP JACKING UP
THE PRICE OF TUITION WITH ALL OF
THOSE FEDERAL DOLLARS COMING IN.
IT’S INTERESTING, THIS COMMENTS
FROM MITCH McCONNELL TODAY.
HE CALLED THIS BIDEN’S STUDENT
LOAN SOCIALISM.
A SLAP IN THE FACE.
IT DOES EXPAND THE AREAS WHERE
THE GOVERNMENT IS SORT OF -- HAS
YOUR BACK AND IS PICKING UP THE
CHECK FOR MORE AND MORE THINGS.
HE TALKED ABOUT THE PPE LOANS
DURING COVID.
THAT’S A DIFFERENT EXAMPLE,
BRET.
THAT’S A UNIQUE MOMENT IN TIME.
YOU HAD TO SHUT THE DOORS FOR
MONTHS ON YOUR BUSINESSES.
THEY FOR GAVE THOSE LOANS.
THIS WAS AN INVESTMENT OVER MANY
YEARS.
NOW THE GOVERNMENT WILL STEP IN
AND PAY THAT FOR PEOPLE?
THAT IS THE LARGEST CONCEPT THAT
UPSETS A LOT OF PEOPLE.
>> I AGREE.
WE’RE IN THIS MOMENT WHERE WE’RE
LOOKING BACK AND SAYING THE
PUBLIC POLICY DECISIONS DURING
THE PANDEMIC AND HOW HORRIBLE
THEY WERE AND THE SHUTDOWNS.
NOW THIS IS CONTINUING IN ONE
SENSE IN THAT THEY’RE USING THIS
EMERGENCY TO GO FORWARD.
I THINK THERE’S A LOT OF PUSH
BACK ON CAPITOL HILL.
I THINK THAT THERE’S GOING TO BE
SOME LEGAL PUSH BACK AS FAR AS
THE AUTHORITY TO DO THIS.
BUT AT THE MOMENT, IT’S A
POLITICAL PLAY THAT AT LEAST
WITH, LET’S SAY, 20 MILLION
PEOPLE AND THEIR FAMILIES IS
GOING TO HAVE SOME IMPACT.
>> Martha: BEFORE I LET YOU GO,
I WANT TO PUT THIS UP.
THE PRESIDENT JUST BROUGHT THIS
UP.
HE TALKED ABOUT DEFICIT
REDUCTION.
IT’S BEEN ONE OF THEIR BIGGEST
TALKING POINTS IN TERMS OF HOW
THEY ARE HANDLING THIS ECONOMY
AND THEY’RE LOWERING THE
DEFICIT.
LOOK AT THIS CALCULATION FROM
THE "WALL STREET JOURNAL."
SO THE COST OF THE INFLATION
REDUCTION BILL IS 120 BILLION.
THEN YOU HAVE DEBT FORGIVENESS,
$330.
SO THIS BASICALLY OVERSHADOWS
ALL OF THE DEFICIT REDUCTION
THAT THE PRESIDENT HAS GIVEN
HIMSELF KUDOS FOR AND HIS
ADMINISTRATION KUDOS FOR.
IT’S ALL ERASED ANTHEM SOME INTO
NEGATIVE TERRITORY BY THIS
STUDENT LOAN BAILOUT.
>> AND FOR ALL THE PEOPLE THAT
LOOK AT WASHINGTON AND SAY IT’S
A GIANT SHELL GAME, THIS FITS
IN.
YOU HAVE MULTIPLE NONPARTISAN
ORGANIZATIONS LOOKING AT THE
INFLATION REDUCTION ACT.
NOW YOU ADD ON TOP OF THIS RIGHT
NOW, THIS IS NO DEFICIT
REDUCTION.
IN FACT, IT’S INCREASEING THE