President Biden’s executive order to effectively transfer billions of dollars worth of college loan debt to the American taxpayer ‘jumps into [his] person,” economist Steve Moore said Monday on Fox News. The White House called the handout a “forgiveness,” but economists like Moore have pointed out that mathematically the debt can’t just disappear. “It’s almost comical that the Biden administration is talking about how it’s reducing the deficit and reducing the debt, when, in fact, since Joe Biden took office, if you add up all these spending bills … and then if they put in $500 billion more on that per-pupil relief you’re talking about … over $4 trillion in spending, that’s 400 comma 000 comma 000 comma 000,” he said. “That amount of debt, I think, and spending, I think, is the biggest burden on the economy. And it’s what makes me most nervous about what we’re doing about the future of our country and the ability to create a prosperous society.” . BIDEN SURPRISED BY PHILADELPHIA SPEECH ATTACKING US MARINE-INFORMED US President Joe Biden makes remarks (REUTERS/Jonathan Ernst) Moore added that Biden did not get the big political benefit he expected after writing off some of the debt of mostly college students, ignoring traders and students and those working in the economy who did not attend post-secondary institutions altogether. He cited a report by a University of Chicago economist who calculated the collective economic value of all federal government handouts, from free health care to food stamps to subsidized housing and education, telling Fox News that the total exceeded the average salary for a US citizen. TEACHERS’ UNIONS ‘USED KIDS AS PAWNS DURING SOCIETY’: CIVIL RIGHTS ATTORNEY LEO TERRELL U.S. President Joe Biden, protected by bulletproof glass, delivers remarks about what he calls the “ongoing battle for the nation’s soul” in front of Independence Hall at Independence National Historical Park, Philadelphia, U.S., September 1, 2022. (REUTERS / Jonathan Ernst) “[With] All these things you can make $80, $90,000 a year and not work an hour,” he said, adding that it’s a big warning sign that not only was Biden’s latest pamphlet unwise, but that American society must to return to the previous iteration. as one that encouraged work and rewarded those who contributed to the economy. Host Charles Payne agreed, noting that Biden’s promise to eliminate college debt is a far cry from President Herbert Hoover’s political promise of “a chicken in every pot” — when it comes to allegations of “buying votes.” MERRY GARLAND ASKS ‘MOST CORRUPT DOZ’: GINGRITZ Stephen Moore appears on Fox News (Fox News) In this regard, Moore further noted that the people benefiting from Biden’s pamphlet are not the lower- to middle-class families that Hoover is targeting, but the upper-class families with post-graduate degrees and jobs. CLICK TO GET THE FOX NEWS APP “They’re making six figures and they just decided, I’m not going to pay my loan,” he said. This casts people as fundamentally unfair, especially people who may not have gone to college.” And that’s why I think it’s blown up in Biden’s face politically, because people just don’t see the reasoning behind it.” Charles Creitz is a reporter for Fox News Digital.
