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After announcing plans to cancel millions of Americans’ student loan debt from college, President Biden may think he’s Robin Hood. But he couldn’t be further from the truth. In fact, not only is Joe’s plan entirely unconstitutional, but it’s a socialist FAILURE instead. Because instead of redistributing wealth from top earners to the most needy, Biden really is just robbing the poor: ‘Man, he’s the worst socialist ever.’ Glenn explains it all — plus the DISASTROUS effects this student loan forgiveness plan could have on America — in this clip. Transcript
Below is a rush transcript that may contain errors
GLENN: So as expected, Biden is going to cancel $10,000 for all federal student debts, up to joint filers earning 250,000 dollars. That includes by the White House’s own admission, basically all, but the top 5 percent. The big addition to that is the Pell grant recipients, who have student loans that will get up to $20,000 in student debt canceled.
Now, here’s what I love. You know, I feel sorry for the president every once in a while. Because he’s — I don’t know. He thinks he’s Robin Hood or a socialist. I don’t know. But he doesn’t even get the redistribution of wealth right.
His plan to cancel $10,000 in student debt for anybody who earns up to $125,000 a year, is possibly the largest single transfer from poor to rich people in American history. Researchers at the university of Chicago have determined that President Biden’s plan will shift an estimated $192 billion in earned income, to the top 20 percent of wage earners.
Just 29 billion will go to the bottom 21 percent. That’s insanity. The cost to you, will be $427 billion. To put that into perspective, just this loan forgiveness, is more than the gross national domestic […]
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