HERE IS "KUDLOW".
NOLT.
LARRY: HELLO, FOLKS, WELCOME TO
"KUDLOW," I’M LARRY KUDLOW.
SO IF IT IS SOUNDS LIKE AN
ELECTION YEAR HANDOUT THAT’S
BECAUSE IT IS.
PRESIDENT BIDEN’S STUDENT LOAN
BAILOUT WHICH ESSENTIALLY ROBS
THE POOR TO PAY THE RICH WILL
COST TAXPAYERS ROUGHLY
$500 BILLION.
THAT ACCORDING TO THE COMMITTEE
FOR A RESPONSIBLE FEDERAL
BUDGET.
BETWEEN LOAN CANCELLATIONS,
EXTENDING PAYMENT DEFERRALS FOR
ANOTHER FOUR MONTHS.
AND REVISED INCOME-BASED
REPAYMENT PLAN, THIS COULD
AFFECT OVER 40 MILLION PEOPLE.
THIS IS CALLED ELECTION YEAR
POLITICS.
JUST AS BAD, MR. BIDEN DOESN’T
EVEN HAVE THE AUTHORITY TO DO
WHAT HE IS DOING.
NANCY PELOSI HAD THIS RIGHT A
YEAR AGO.
REMEMBER THIS ONE?
>> PEOPLE THINK THAT THE
PRESIDENT OF THE UNITED STATES
HAS THE POWER FOR DEBT
FORGIVENESS.
HE DOES NOT.
HE CAN POSTPONE, HE CAN DELAY,
BUT HE DOES NOT HAVE THAT POWER.
PRESIDENT CAN’T DO IT.
SO THAT’S NOT EVEN A DISCUSSION.
LARRY: AND FROM TODAY’S
"WALL STREET JOURNAL" EDITORIAL
EVEN MR. BIDEN SAID IN
DECEMBER 2020 THAT IT WAS PRETTY
QUESTIONABLE WHETHER HE HAD THE
AUTHORITY TO CANCEL DEBT.
THE SUPREME COURT UNDERSCORED
THIS IN THE WEST VIRGINIA VERSUS
EPA DECISION BUT BIDEN’S
VOTE-BUYING KNOWS NO BOUNDS.
NOW AS NUMBER OF STUDIES HAVE
ALREADY SHOWN MIDDLE TO LOWER
INCOME FOLKS WILL FINANCE
HIGH-END EARNERS.
BESIDES THE OBVIOUS REGRESSIVITY
OF THIS MONSTER IT IS PLAIN
UNFAIR.
PEOPLE WHO DIDN’T GO TO COLLEGE
OR PEOPLE WHO WENT AND PAID BACK
THEIR LOANS WILL BE FURIOUS.
WE’RE SEEING EVIDENCE OF THIS.
A BUNCH OF DEMOCRATIC HOUSE
MEMBERS AND SENATORS RUNNING FOR
RE-ELECTION HAVE JUMPED SHIP
AGAINST BIDEN’S STUDENT BAILOUT.
AS OHIO UNIVERSITY ECONOMIST
RICHARD VOTER WRITES THE STUDENT
LOAN HANDOUT IS ILLEGAL,
INFLATIONARY, IMMORAL AND
INEQUITABLE.
I COULDN’T PUT IT BETTER MYSELF.
BIDEN’S ACTION WILL INCREASE THE
MORAL HAZARD OF STUDENT LOANS.
IF YOU KNOW THE GOVERNMENT WILL BAIL YOU OUT, YOU DON’T HAVE TO
BAIL YOU OUT, YOU DON’T HAVE TO
REPAY THE INTEREST AND PRINCE
WHAT DO YOU DO?
YOU TAKE OUT MORE GOVERNMENT
LOANS.
ALL THESE COLLEGES ESPECIALLY
HIGH-END FANCY UNIVERSITIES,
PRIVATE LIBERAL ARTS SCHOOLS
WILL KEEP JACKING UP TUITION
WHICH IN TURN WILL SPUR MORE
STUDENT LOANS.
NOW REGARDLESS OF THIS LOAN
CANCELLATION IN FIVE YEARS
STUDENT LOANS WILL BE ALL THE
WAY BACK TO $1.6 TRILLION.
WITH CRAZY POLICIES LIKE THIS,
IT WILL KEEP GOING EVEN HIGHER
IN THE FUTURE.
AND, THE EDUCATION DEPARTMENT
WHICH IS IN CHARGE OF ALL THIS
HAS NO CLUE ABOUT LENDING OR
BANKING OR CREDIT, FUTURE INCOME
PROSPECTS.
THEY’RE JUST THERE TO SAY YES,
WE WILL GIVE YOU MORE LOANS.
THEN WITH A BOSS LIKE BIDEN
WE’LL BAIL OUT MORE LOANS.
SO LET ME REPEAT, BOSS BIDEN’S
BAILOUT.
NOW THE WONDERFUL EDUCRATS, DEEP
IN THE WEEDS DEVELOPING CRITICAL
RACE THEORIES, GENDER AND SEX
PROGRAMS FOR THEIR CONSTITUENT
PUBLIC SCHOOLS AROUND THE
COUNTRY.
NOW, A PIECE OF GOOD NEWS HERE,
PARENTS ARE STARTING TO TAKE
BACK THEIR SCHOOL BOARDS AND
SCHOOLS WITH A BUNCH OF ELECTION
VICTORIES IN FLORIDA, TEXAS,
COLORADO, KANSAS, PENNSYLVANIA
AND VIRGINIA.
BUT I DIGRESS A BIT.
BECAUSE OF THE JUSTICE
DEPARTMENT HAS LABELED THESE
PARENTS DOMESTIC TERRORISTS AND
YOU CAN PUT THE EDUCATOR-CRATS
ARE TOTALLY ON BOARD WITH THAT.
THEN OUR DEMOCRACY IS STARTING
TO SUCCESSFULLY FIGHT BACK.
THIS IS GOOD.
THE EDUCATION DEPARTMENT SHOULD
GET OUT OF THE STUDENT LENDING
BUSINESS ALL TOGETHER.
PRIVATE SECTOR FINANCING BY
BANKS AND OTHER LENDERS SHOULD
BE RESTORED.
IT WAS PRESIDENT OBAMA WHO ENDED
PRIVATE LENDING.
THE STUDENT LOAN PROGRAM HAS
BECOME AN UNMITIGATED DISASTER
SINCE THEN.
AND SOMEBODY, SOMEWHERE, SHOULD
DO SOMETHING TO REDUCE
GOVERNMENT-BACKED STUDENT
LENDING.
THAT’S RIGHT, REDUCE.
JUST LIKE SOMEONE, SOMEWHERE,
SHOULD REDUCE OVERALL GOVERNMENT
SPENDING.
THAT’S RIGHT, CUT SPENDING.
THAT IN TURN MIGHT REDUCE
INFLATION AND WOULD SURELY
REDUCE DEFICITS AND DEBT.
NOW AM I ASKING TOO MUCH HERE?
I DON’T THINK SO.
HOW ABOUT REPEALING SOCIALISM?