for over a year and a half.
Now we've been wondering, will joe biden do what he said, he would do many
times on the campaign trail, which is to cancel some student loan debt.
And he did his little investigation and they gave a report back like
a year ago and it's at one point it was gonna be $10,000.
Then people talk about the possibility of 50,000 that seemed like a crazy dream.
And now so much time has passed that we've been through so
many iterations of this that we ended up at kind of what we thought was gonna
happen maybe in some ways a little bit better.
But all of this in the context of it's joe biden and
joe biden is a centrist democrat, so you get what you expect kind of out of it,
he has announced perhaps most important $10,000 of debt forgiveness for
most students, as well as 10,000 additional dollars of forgiveness for
students who receive Pell grants.
And so you know, I would be interested to see in our chat right now if you
have student loan debt, leave a message if you took Pell grants.
I'm curious. I know I in college had pell grants, but
I don't know what percentage of those with certain amounts of debt have it right now,
but that is how they're gonna sort of nuance to a position of,
well, it's not just $10,000 it's in theory 20 thous dollars,
maybe if you took Pell grants if your Pell grants were
at least $10,000 if you make less than $125,000 a year.
Your household double that then.
In theory for some this could amount to 20,000,
which is not halfway between 10 and 50.
But it's it's a little bit more.
In any event we will find out in a year exactly how it's gonna break down.
On average what people got.
It's probably gonna be on average somewhere between their 42,000,
something like that.
But in addition to the loan debt cancelation,
they're also doing a pause on payments until december 31st.
Which is good if you're still struggling.
As many are from the pandemic and the economic downturn
that we've experienced over the past year than not having to do the repayments for
a few more months is good.
But it is it is barely kicking the can down the road,
it's tipping the can over down the road and maybe if the wind hits
the can it might roll a bit but you didn't really kick it at that point.
It's three months from now.
We're still gonna like, like there were were one marvel series from that.
So look there's gonna be a lot more nuanced.
There's some more good news and we definitely have some criticism.
But I I know J.
R. I want to get your overall.
What's your gut reaction when you find out what they had compared to what maybe you
thought they might do overall?
How happy should we be about this.
Maybe as far as what I thought they might do is is it's gonna be a little bit more
pessimistic because what I thought they would do is probably less than this.
So but it doesn't mean that it's just like fabulous, but I mean it's something right.
I mean you want to find yourself somewhere in the middle because that's where
they found themselves.
Because I think a lot of people maybe also thought like me that yes,
for sure there's a lot of window dressing.
This is him wanting to look like he's fulfilling his campaign promise, but
also at the same time not looking like he's giving away to these socialist
programs and he's these damn millennials and their laziness of wanting to eat and
and have a roof over their head, how dare they.
So he's having to try and make sure he keeps those people quiet.
But then also trying to keep all these crazy people quiet.
They're like, you know, you said something you were elected off partial for
saying that two plus two is four.
So of course we'll find ourselves in the middle and
people will be happy to an extent because something will happen for
I guess a significant number of people.
But but then again it's it goes straight to the next step down to december 31st.
There's a reason why they have these types of, you know, moments or these
deadlines to get to the point and all people will be doing for the next as you
mentioned next few months is waiting and be like okay, it's been this next month.
Have they done anything?
It's like you're keeping them like hooked on disability.
Look maybe this is well OK, we want to make it so
that it comes after the midterm.
So they have to vote us back in so that we can then do it again.
Although not really because he's still gonna be the president regardless.
So in theory, if you can delay it for a couple of months, you can delay it for
a year if you want to in the same way as we're gonna return to multiple times
during this clip.
If he can cancel 10,000, you can cancel 50.
If you can dodge a wrench, you can dodge a ball, you could do all of these things.
But anyway, let's pause for one second to take stock of the fact that we are in and
you've sort of alluded to this jR in the worst possible position because many
people will be talking about this issue today and
they will be able to provide for their audience purity.
They're gonna have things to say about this that are gonna feel so good.
So good.
They're gonna tell you on CNN that this is historic.
It's amazing.
It's the most that could possibly be done.
Many will probably hint it probably shouldn't have even been done in fact and
someone CNN are already starting to say that, but the ones who love biden will
say, my God, look at our savior, great joe biden, he did this.
No one else could have gotten it done even though literally anyone else as president
could have done this or more.
On the other hand, others will say this is absolutely nothing for no one and
this is the exact same thing that you would have gotten with trump.
Now neither of those positions are in any way true.
They are very, very pure in the way that unicorn dust is, it's hypothetical but
it feels good I guess in your imagination The reality is that this is not
nearly enough for many, many millions of people who have far more than 10 or
even $20,000 in student loan debt.
Many of you are probably watching right now.
Some of you are commenting there as well and the people for whom it is not enough.
It would be bad enough if it was evenly distributed across the entire population.
But it's not, that's not how it works at all.
The cool thing about being rich is you also never have to deal with debt and
interest and all that.
So the richer you are, the less you have to deal with these sorts of things.
There are massive racial inequalities in student loan debt,
like outstanding amounts of student loan debt,
which means that racially this will hit very differently at the same time.
No trump was not going to do this.
If trump was president right now, there would be zero count of $0 of student debt
cancelation, there would be absolutely none.
On the other hand,
if it was Bernie then the entire thing would probably be canceled.
And so there we've angered the people who want to hear that biden is the exact same
thing as bales above who is a sovereign in hell.
And we've angered the people who believe that that joe biden is the best thing to
ever happen since I want to say sliced bread.
But joe biden is basically sliced bread for democrats,
It's basically the same thing.
And so we all get to be frustrated.
Isn't that fun?
Jr Yeah, I mean why not bro it's it's there's
we talked about not covering the whole thing or
at least getting to this socialist point of view that we've got.
I'm not sure if you get into this,
but we do this all the time to talk about the people that we that we actually value
in society and that's the fight that's happening.
And as soon as the question gets asked, hey, why don't we go ahead and
value folks that actually contributes so much to society because you know those
socialist programs are giving it to these, no good, nobody's who don't deserve it.
We can point out how much money is actually given literally given
away to folks that we think will better our society and our economy, but
we just don't have that same type of importance put
on folks like people that are commenting right now.
Gotta be honest.
But they won't say it that way.
Yeah. And also, I'm sorry,
one of the this is the part I was forgetting.
From december, then the next step is what all politicians are.
They talk in election cycles.
So once the midterms are over, say it's successful enough for democrats,
and then we don't know still what joe biden may do as far as re election.
That's always 50 50 lately.
So then it goes to whoever may be the next,
a standard bearer of the of the Democratic Party or the who's running for office.
We'll let them decide what to do with it.
Next.
That's the kicking of the can down the road.
If he's not gonna be the one, then it's someone else who may say, you know what,
I'm not on that at all.
If Hillary's back don't even do that.
Not today.
We're trying to have a little bit of hope out of this.
But anyway, let me let me give you some more good details, I guess, and
then we'll add more the negative context.
See we do both.
Look, if you if you want purity.
There are people who will give you purity.
You can go watch their shows.
It's disconnected from reality.
It's gonna lead you down a really dark path.
But it'll feel good for a little bit.
We don't do that, sorry.
But anyway, so the White House says, and so take with a grain of salt.
I trust this White House more than I trust the trump.
White House, but it's still, the White House is filled with politicians.
So grains of salt on these estimates.
But they say 90% of the relief will go to households earning $75,000 a year or less.
That's an attempt futility to get out in advance of the right wing narrative that
the only people who benefit from this are people who got three doctorates in fine
arts or something.
It's not true.
But they'll say it, it is a little preview if the actual student loan
debt cancelation doesn't make you feel that great.
And I understand why it might not You can at least look forward to enjoying for
the rest of at least today, the right wing absolutely losing their minds over this.
There is nothing nothing that they hate more than the idea that the government
would do a thing that transfers money to people who work to workers.
And they just get the money.
My God, Ben Shapiro is going to shatter all of the glass
within 10 miles of his studio with his shrieking.
But anyway, in addition to that, they estimate also, first of all, again,
$125,000 a cap on income to get this this 10 to $20,000
250,000 dollars for a year for your household.
Again, I think that this is needless stuff that dems do,
this means testing Whatever they're gonna do it,
they're gonna continually try to seem like they're fiscally conservative, whatever.
They believe that about 43 million people will be eligible for
some level of forgiveness.
About 20 million will have their entire debt canceled.
So that is good.
One small little thing is that according to Jeff Stein of the Washington Post In
the American rescue plan last year there was some stipulation that means that
now the debt cancelation that happens will not be counted as taxable income,
which might seem like a small thing, but if they added $10-$20,000 of taxable
income, that would massively undercut how much was actually being canceled.
So that that's actually pretty significant.
So that's good