BRIAN KILMEADE: President Biden's student loan handout is 'cash for votes'

close

Video

Biden's student loan handout is a desperate attempt for votes: Kilmeade

'Gutfeld!' panelists react to President Biden's plan to cancel $10,000 of federal student loan debt for certain borrowers making less than $125,000 per year, and up to $20,000 for Pell Grant recipients.

Let's talk about the big story of the day, which is President Biden's desperate attempt to get votes, forgave, $300 billion loan program. It's a campaign scheme to get Democrats reelected in November, to me, also known as the student loan forgiveness program or as the colleges call it, Bribery 101. 

In between naps, potty breaks and ice cream cones with sprinkles, the president found time to announce a huge deal to throw free money at tens of thousands of young Americans. Yup. The way his son threw cash at tens of thousands of strippers and might have done that already today. And just in time for the midterms too, the liberal media, well, they're eating it up like they were [when] Brian Stelter having [was] his last meal at the CNN cafeteria.

MSNBC: President Biden acknowledging in his words that a ticket to college has gotten too expensive and pointing out he is keeping a key campaign pledge.

CNN: He told a really, I thought, heartrending story about why it is personally so important to him. His family could not afford to send him to college, and he talked about how his father felt ashamed.

CNN: This is yet another victory for the president and his supporters. And as you note, in your view, for the rest of the country as a whole, take off your political hat on that front, everyone would like to have their their loans paid down and go to college.

We're doomed. 

AMERICANS ALREADY REACTING TO BIDEN'S STUDENT LOAN HANDOUT PLAN: 'HIGHLY SUSPICIOUS'

The plan calls for a one time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 and up to $20,000 for Pell Grant recipients. And it will cost you, the American taxpayer, yes, everyone in this audience, $300 billion. Is there any mathematician in the White House? The plan also extends a repayment pause through the end of the year. So don't worry about not making your payments until December, but who's really going to benefit from Biden's plan? The upper-class Democratic voting bloc, while, blue collar workers who actually have skills get shafted. 

So if you pay your bills, and live within your means and pay off your loans, you, ladies and gentlemen, are a sucker. But the president sees no problem with that. In his delusional world, it is fair.

REPORTER: Mr. President: Is it unfair to people who paid their student loans or chose not to take out loans?

PRESIDENT BIDEN: Is it fair to people who in fact do not own multi billion-dollar businesses, to see one of these guys get all the tax benefits, is that fair? What do you think?

Does that make any sense to anybody in this room? The president getting a little feisty out there. He's always angry. I'm not sure why. 

STUDENT LOAN DEAL COULD COST $900B AND FAVOR TOP EARNERS, ANALYSIS SHOWS

US President Joe Biden announces student loan relief with Education Secretary Miguel Cardona (R) on August 24, 2022 in the Roosevelt Room of the White House in Washington, DC. (OLIVIER DOULIERY/AFP via Getty Images)

The CATO Institute, my favorite institute, by the way, lays this out. Says there are several reasons federal student debt cancelation is a bad idea. 

First, it helps the winners, those who made the decision to go to outrageously overpriced colleges and get a degree. And the higher the degree they earned, the more money they will make and supposed to pay off their debts, wouldn't you think that? It's not like those doctors will give you a rebate when your colonoscopy pays for their Mercedes? Follow that for a second, there's no coupon available. 

It's also regressive as more of the aid would go to the highest earners than the lowest. Again giving money back to those who need it the least. How does that make sense? Not to mention the huge cost to taxpayers and that's more reckless than Paul Pelosi entering the Indy 500. Thank you, Jesse Waters. Now, if President Biden decides later to cancel the 50-grand per borrower, it would cost taxpayers $1 trillion. And forgiving the entire amount, $1.6 trillion. 

Further, the student loan handouts would incentivize greater inflation, since neither universities nor future students would believe future loans would have to be repaid, like today's freshman. And CATO also calls the legality of the Biden decision, noting that the Constitution gives Congress, not the president, the power of the purse. Which is especially frightening given the president doesn't have power over his own bladder, for the most part, as usual, the right wing extremists are putting down the president. Queue it.

NANCY PELOSI: 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.

Yep. When you lose Nancy Pelosi, you lose everybody. And let's talk about the real problem here, college costs. They have soared multiple times the rate of inflation over the past century. And the costs just keep going up. It's not like the graduates are getting smarter. If they were, they wouldn't complain about pronouns. Am I correct? They'd complain about the interest rates in our country, perhaps? 

I mean, take a look at this chart of private school costs over the years. Lots of numbers, lots of bars, all going in the wrong direction and public schools no better, also cost an arm and a leg. You can't argue with charts. They're put together by mathematicians, statisticians and estheticians. Oh, wait, I got confused, I'm talking about the good people who put together Nancy Pelosi's face every day. 

NC MAN PAYS OFF ENTIRE STUDENT LOAN OF $28K — ‘CANNOT DESCRIBE HOW HAPPY’

The point is. College costs are a lot of money. And they have endowments in the hundreds of billions of dollars, but not when you're a college inflating costs knowing it goes past the taxpayer. So Biden has made good on his promise to partially wipe out student loan debt, but not everybody's happy. And he knew it was a matter of time before it would turn into a race issue. 

President Biden greets people after returning to the White House in Washington, Wednesday, Aug. 24, 2022. (AP Photo/Susan Walsh)

Woke educator Nina Turner tweeting this out, "canceling $10,000 in student debt when the average white borrower is $12,000 in debt, while white, excuse me, black women hold over $52,000 in debt isn't just unacceptable, it's," drum roll, please, "structural racism." I'm old enough to remember when Biden and the Democrats passed the Inflation Reduction Act, or, as they privately call it, the take the Money and Run Act. Bottom line is The Wall Street Journal nailed it when they said it would "benefit the spendthrift of the responsible... It's vote-buying at its most raw." That pretty much sums it up, cash for votes, which is only slightly less annoying than Kars 4 Kids.

KARS 4 KIDS ADVERTISMENT

Sorry about that. It's going to be in your head the rest of the day. But it also seems unethical to me also, although it, what do you expect from the President of the United States.

CLICK HERE TO GET THE FOX NEWS APP

Remember, you're low on cash, you can always join a Chinese gas company's board of directors. Just tell them the big guy sent you.