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Throughout this week,
we've been talking about student
loan debt cancellation.
And the scary prospect that
Joe Biden not only is not going to
push for $50,000 like we've sort
of suspected that he would.
And not only that he is advancing
this idea that the reason he's
not doing that is because somehow
he's legally allowed
to cancel 10,000 but not 50.
It's not even that he apparently
isn't even talking about doing it
via executive order.
Which doesn't really make sense
with the whole thing where I can
do one level but not the other, but
we're doing it through legislation
anyway and it's definitely not
going to get through the Senate.
It's that they're not even really
pushing so much for
it to happen just yet.
They're going to do some
commission, and then they're
going to come back at some point.
So there's been multiple retreats.
But in this segment,
what I want to do is give you
a little bit of information about
how bad the crisis actually is,
who is being affected by it,
and how much those different
numbers of cancellation could
actually help people.
So really fast,
cancelling $10,000 of student loan
debt would completely wipe out
the debts of more than 15 million
borrowers whose
current balances are less than or
equal to that amount, obviously.
So that's 15 million people,
that is a lot.
An additional 23 million borrowers
owe balances of 10,000 to 60,000.
So it would more than double if you
extend the limit almost up to where
Schumer, and AOC, and
others are talking about it.
7 million borrowers have federal
debt of 60,000 or higher, which is
going to be some expensive schools,
some grad student debt,
medical school, law school,
stuff like that.
So even above what anyone elected
office is really calling for.
You do have millions of additional
borrowers.
It does really tail off after
that 50 to 60,000 point.
But it is a lot.
We're going to have other
numbers on how it's swelled,
who's being affected.
But Brett, I've thrown out
a lot of stuff there.
What do you think?
>> I think that this would be a tax
break to the future future wealthy.
And I think we should do it.
As a conservative I think we should
reclassify student debt as a tax on
education.
[LAUGH] >> Because these folks just
because they went to
school rather than having to
pay back the principal.
And that is that being it,
they are saddled with years and
years of interest which let's face
it, is a tax.
They're paying a tax on
their investment,
and as a conservative myself,
I think that that is abhorrent.
These are the future elite,
because they went to college and
we need to protect them.
[LAUGH] >> We need to protect them
by taking the yoke
of debt off of them,
because they are the business.
If corporations are people, and
corporations can declare
bankruptcy and
unsettle themselves from that debt,
why can't people be corporations?
[LAUGH] >> You've invested that
capital into the business of your
mind.
[LAUGH] >> Why can't
they just declare bankruptcy?
>> That's research and
development right there.
>> But what the hell is this?
What the hell are future panels and
studies going to tell us
about student
debt that we didn't know already?
The benefit of the benefit of
the benefit of the doubt that I'm
giving to people who want to do
this is they're afraid that
will overheat the economy,
cause runaway inflation.
And they just want to delay this
until the point where they feel
like they aren't doing like a bunch
of different stimuli at once.
But I know that's not true.
I know they just don't want to
have, I mean, they don't want this
on their hands.
They're fine with leaving it as is,
and they don't want to have to
answer questions like, all right,
so if we forgive all these current
student loans, what
are we going to do to the future?
There's a lot of people that we
have to convince to go
along with it.
And I'm not sure but here are so
many people who would be happy and
able to contribute to the economy
if you forgave this debt.
>> Yeah, able to literally
contribute via the money that is
right now just going to a couple of
student loan debt
processing companies.
They'd be able to potentially move,
potentially start businesses,
there's a lot of things that they'd
be able to do.
And that they would also be from
a pragmatic political perspective,
they would be very thankful to
the party that actually did
something about the crisis.
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