IT WILL FEEL LIKE FALL.
>> WITH THE GREAT AMERICAN
SQUEEZE HITTING HOME DURING
PRESIDENT BIDEN’S RECESSION, A
NEW SURVEY SHOWING THE MAJORITY
EXPERIENCING FINANCIAL
RESPONSIBILITIES, CUT BACK ON
VACATIONS, DRIVING AND
GROCERIES.
JOINING US TO DISCUSS, BRIAN
BRUMBERG.
THE WHITE HOUSE AND OTHERS CAN
SAY WHAT THEY WANT BUT IF
PEOPLE ARE CHANGING THEIR
LIFESTYLES.
>> SUMMER IS OVER, THAT’S A BIG
DEAL BECAUSE IF YOU TALK TO
ANYBODY THIS SUMMER THEY WERE
GOING TO DO WHAT THEY WANTED TO
DO.
KIDS ARE GOING BACK TO SCHOOL,
CAN FAMILIES, ARE THEY SPENDING
THE WAY THEY HAVE BEEN
SPENDING?
POLLS SHOW THEY DON’T TRUST
THIS ECONOMY, THEY LOOK AHEAD
AND SEE TROUBLE AND ARE PULLING
BACK, THAT IS A PROBLEM BECAUSE
WE ARE IN THE BEGINNING THROES
OF THIS RECESSION.
IT COULD GET DEEPER AND IT WILL
GET DEEPER IF PEOPLE PULL BACK
ON SPENDING, THESE CONFIDENCE
NUMBERS END UP SHOWING UP IN
THE SPENDING, THAT IS WHAT WE
ARE WAITING ON AND THAT IS THE
CONCERN. PETE: THE FED COULD RAISE
PETE: THE FED COULD RAISE
INTEREST RATES?
>> MORTGAGE RATES ARE UP,
LENDING RATES ARE UP, PEOPLE
SAY I NEED TO BORROW AND CAN’T
DO THAT, IT IS GETTING MORE
EXPENSIVE, THEY ARE GETTING HIT
WITH THESE FRONTS WHERE LIFE IS
BECOMING LESS AFFORDABLE AND
THEN ADMINISTRATION TELLING
THEM EVERYTHING IS GREAT.
THAT SAPS CONFIDENCE, WITH
JANET YELLEN TELLING EVERYONE
INFLATION IS NOT A BIG DEAL, IT
IS A STRONG ECONOMY AND MY
LEADERS TRYING TO TELL ME
OTHERWISE, THAT IS SUPPOSED TO
MAKE ME FEEL GOOD ABOUT
SPENDING?
PETE: LET’S GO TO STUDENT
LOANS, PRESIDENT BIDEN
ATTEMPTED TO SAY WE WILL CANCEL
10,000 IN STUDENT LOANS.
MY ALMA MATER, PRINCETON, GOING
TO OFFER A FREE RIDE WORTH
$300,000 TO ALL STUDENTS WHOSE
FAMILIES EARN LESS THEN ONE
HUNDRED THOUSAND DOLLARS
INCLUDING TUITION, HOUSING AND
MEALS.
WAS THE IMPACT OF THIS, WE WILL
PAY FOR IT, A HUGE ENDOWMENT.
>> THIS IS A SCHOOL WITH A $40
BILLION ENDOWMENT.
A LOT OF PEOPLE ASK WHY ARE
TAXPAYERS GIVING ANY MONEY TO
STUDENTS WHO GO TO THIS SCHOOL?
INVEST THE MONEY AND THE
STUDENTS WHO ARE GOING THERE?
YOU GIVE THEM THE LOAN AND IF
THEY DON’T PAY IT BACK THEY
WON’T PAY IT BACK, WIRE
TAXPAYERS ON THE HOOK FOR THIS.
PRINCETON IS MAKING A MOVE THAT
LOOKS GOOD IN THE HEADLINES BUT
LOOK AT THE SYSTEM AT LARGE.
IT IS STILL COMPLETELY BROKEN
AND THERE ARE SCORES OF SCHOOLS
OUT THERE THAT COULD AFFORD TO
SPEND A LOT MORE MONEY ON THEIR
OWN STUDENTS AND ONLY DOING IT
NOW BECAUSE THEY ARE FEELING
THE HEAT, PEOPLE SAID IT IS
UNFAIR THAT TAXPAYERS ARE
SPENDING ALL THIS MONEY TO
FORGIVE THOSE LOANS, PEOPLE ARE
STEPPING UP AND HEADLINING
FRIENDLY WAYS BUT WE NEED A
FUNDAMENTAL RESET ON THIS
QUESTION.
NO WAY AMERICANS WHO HAVE THE
BENEFIT OF A COLLEGE EDUCATION
SHOULD BE PAYING LOANS
CHRISTIANS GOING TO PRINCETON.
PETE: THEY WILL BE PAYING FOR
STUDENTS MAKING ONE HUNDRED ONE
THOUSAND DOLLARS.
>> ANOTHER GREAT INCENTIVE TURN
A LITTLE LESS MONEY.
RICH KIDS PARENTS PAY FOR IT
ALL AND CODES AND THE MIDDLE