Speaker 1: I want to address now one of the most common arguments that the right is making against
this student loan debt forgiveness. This is unfair to people who already paid off their student loans
or don't have student loans. This is the argument that many right wingers are now making. Well,
whatever you can say about the merits of helping people who currently have student loan debt.
It's very unfair to those who don't have student loan debt or to those who worked hard
to pay off their student loan debt already. Joe Biden yesterday during a press conference that
he gave a press card, took questions at the end of a statement, I guess is a better way to say it
was asked about this. What about the people who paid off their student loans?
Speaker 2: Is the president. It is unfair to people who pay their
student loans or chose not to take out loans. Speaker 3: Is it fair to people who in fact
do not believe in moving billion dollar businesses to see what these guys do more?
I think that's true. What do you think? What about people who pay their loans that are struggling to
pay their loans and now others don't have to? Speaker 1: All right. So that's Peter Doocy
there at the end yelling out a question. So let's talk about that. I paid off my student loans. I
had student loans. I could have waited. I don't care if Joe Biden forgives everybody else's loans.
First of all, this is good for the economy. It's demand side stimulus. When people aren't paying
interest to big mega lenders, that money they then have to put into their local economy, small
businesses. Maybe they can get a David Pakman show membership now because they don't have to funnel
that money into these mega financial corporation. So it's good for the economy and I like things
that are good for the economy. So could I have waited and taken a chance that someday
maybe Joe Biden would or someone would pay off some forgive some student loans
and maybe I would be under the income limit, but maybe I would actually I could have done that,
but I didn't. And it's it's just not a problem for me. But here's the other thing.
The people that already paid off their student loans. Yes. They they don't get the forgiveness,
but they freed up money for other things much sooner. So I get it. You you went through the
struggle of paying off your student loans three years ago, and now you're missing out on ten K,
possibly 20 K. But three years ago, you were able to redirect the money that had and would
have been going to your student loans. If you're relatively financially competent to savings,
to building an emergency fund, to starting a retirement account, to contributing to low
cost index funds or whatever. So it's not like you just lost because you paid off your loans
and now there's forgiveness. You have freed up that money to do other things with during
the intervening time to improve your financial position. So it's a very silly argument. Now
you can take this idea and apply it to almost anything. I mean, listen, it would be unfair
if Republicans were to now cut taxes, because look at all these people who for all these years
paid a higher tax rate. Well, that that doesn't really make sense. They never make that argument.
I mean, I'm talking now is me, David. I didn't get a federal tax credit for my electric vehicle,
but now they're putting in new tax credits for electric vehicles. That's not fair to me. Well,
okay, life's not always necessarily fair, but I got my vehicle earlier. Rather than burning gas
for the last three years, waiting for the credit. I've had an electric vehicle, and I've reduced my
fueling expense. I mean, come on. Yeah, I saw on Twitter every black person should still have to
be a slave because it's not fair to the former slaves. I mean, it's an absurd thing, right? It
were expanding it into absurd arguments, but it's more or less the principle I saw on Reddit.
Would it be unfair to the people that the trolley has already killed
to divert it now to prevent it from killing more people? That's a trolley problem one. So those
are all terrible criticisms. Now, here is a good criticism. And again, it's a criticism, but we're
talking about different things. Here is a fair assessment of what the forgiveness does not do.
Speaker 2: Yes. What I find annoying about it is that it doesn't address the higher
education cartel and it basically is infusing money into a higher education system that is
basically just corrupt at this point. You look at how much tuition has just
skyrocketed over the last 20, 30 years. I mean, my college tuition, I it was it's three times today
what it was 20 years ago. And that's just absurd. And it doesn't do anything that's
not accessible for the majority of Americans. Speaker 1: So that's absolutely true. That's
MSNBC analyst Elise Jordan. And she correctly points out this doesn't address the skyrocketing
cost of college. It doesn't do that. And that's why Joe Biden and others have said,
well, we should have free community college, start putting in place lower cost competition
to the higher education cartel to put some downward pressure on prices. That's absolutely
accurate. This doesn't do that. This is debt relief. It's not an institutional reform.
They're both related to education, but they are independent issues. And what should be done next
is we need to figure out how to deal with the pricing issue. Absolutely. This doesn't fix that,
but that doesn't mean the forgiveness is a bad idea. So some real brain rot happening on the
right wingers, on the brains of right wingers in the United States as a result of this.
I think part of what's going on is they realize this is very bad for them in November. And after
the break, we're going to talk about that. I want to remind you that next Wednesday,
6 p.m. Eastern time, we are going to be doing our first in a really long time members only
town hall. We've done monthly town halls open to everybody and we're going to continue doing those
this Wednesday. We're doing a member only town hall, which Andy, but it will be streamed live.
Anybody who wants to watch it is welcome to but only join pack msn.com members will be welcome to
call in and chat with me so sign up at join Packman dot com that town hall
coming up Wednesday August 31st at 6 p.m. Eastern 3 p.m. Pacific. It's going to be a good one.