You’re Paying for Even More Student Loans!

(00:00.586)

So the student loan handouts roll on. First and foremost, I don’t want to hear it where we talk about forgiveness, the government’s forgiving the loans. No, no, it’s not their loan to forgive. It’s not Biden’s loan to forgive. It’s not George W. Bush’s loan to forgive. It’s not Barack Obama’s loan to forgive. They didn’t make the loan. We did, we did.

So what they’re doing is stealing. They’re stealing our money and they’re lending it to people and they’re saying they don’t have to pay it back. Anyway, anyway, the Biden administration just announced it is going to forgive 5.8 billion in student loan debt for 77,700 borrowers through the public service loan forgiveness program. He’s gonna send out an email, of course. This crap, God, I gotta hand it to these Democrats.

Flipping smart, man. They are, they’re sending out emails. Look at what we’re doing. We’re forgiving your loan. Vote for us. It’s what it is. So they’re gonna have their debt canceled within two years. 77,700 new voters for Joe Biden. Anyway, anyway, this is not Biden, by the way. No, no, this is not Biden.

You wanna know who put this together? Bush. Yeah, this is a George W. Bush program. Biden is just making it work better. Biden is just, he’s cutting through the red tape to get the money, in essence to get the money out the door to basically forgive all of these loans. This program, the PSLF program was signed into law by W. Yeah, back in 2007.

And what it does is allows for certain not-for-profit and government employees to have their federal student loans canceled after 10 years of on-time payments. I hated it then. I hate it now. I hated it then and I hate it now. Why the hell is a nonprofit worker deserving of student loan forgiveness? Why? Because they work for a nonprofit or a government worker because they work for the government?

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They’re not, you’re not, they’re not, let’s be honest, they’re not, you’re not important, okay? The people that are important are the ones that are actually building and creating things here in this country.

Okay, just because you decided to waste your degree, I don’t know, I should have to pay for that?

(02:52.23)

It’s crazy. Actually, back in 2013, the Consumer Financial Protection Bureau estimated that one quarter of American workers may be eligible. Again, the problems have been there’s paperwork and confusing rules and misinformation and the Biden administration is basically, basically taking over this George W. Bush program and expediting it.

expediting it. So you know what? It’s not Biden’s rules. These are Bush’s handouts and giveaways. Oh, you doubt me when I talk about the Uniparty? Please. This is kind of interesting too, because they’re going to expand upon this, okay, because this is going to be the next thing. This is a woe is me story here. Millions, millions, and this is, rolls me away, millions of older Americans.

are at risk of losing some of their social security benefits after defaulting on student loans. This is democratic lawmakers are urging Joe Biden to act on this again, genius. Freaking genius. Honestly, these donkeys are so much smarter than these elephants. Oh my God, this is genius. This is gonna play so well out there. More handouts and more giveaways.

I gotta get a key, you know, Axios. I love how they write their stuff. Can’t it just, we’re dumbing things down to the point where you’re not even trying to talk to a sixth grader. You’re trying to talk to almost a kindergartener. Why it matters. Seniors are one of the highest risk categories with reports showing nearly 40% of borrowers age 65 or older in default. Now, again, this is.

so you’re not dealing with very intelligent people. I see that sentence and I say, borrowers, student loan borrowers, 65 and older?

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65 and old. I just thought of, there was a, remember that scene, I gotta love this movie, this scene in the movie, The Natural, where Robert Redford is there and Wilford Brimley has talked to him. He first comes into the dugout and Brimley looks at this older ball players like, you know, people don’t start playing baseball at your age, they retire. You’re 65 years old.

and you still have student loans, and 40% of them are in default.

Now they got plans where they’re gonna try to claw back and take away social security. And of course you’ve got Elizabeth Warren and Ron Wyden and Ayanna Presley and Jayapal and all the other big libs out there. They wanna put a stop to this. 3.5 million Americans at or above the age of 60 hold student loan debt, collectively amounting to over $125 billion.

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What did you major in?

What do you major? And I, you know, for shits and giggles, I went back and I went back 40 years. So it’s 60, okay, I went back 40 years. I went back to 1984. You know what the average cost of tuition, room and board were back in 1984? About $5,500.

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$5,500. Now again, we can adjust that for inflation and what it is today. But I don’t know, you had this amount of student loan debt. Maybe you should, maybe hold a bake sale. I don’t know, maybe go to Hobby Lobby or Joanna to start crocheting and selling blankets or something like that. Figure it out. Okay?

You got million, 3.5 million Americans at or above the age of 60 hold student loan debt. What the hell have you been doing your entire life, honestly?

I’m sorry, I’m sorry, I don’t feel sorry. They paint these stories as this sad story. This is pathetic and sad is what this is. As you got yourself into where you borrowed this money and you couldn’t pay it off over this period of time. What do you do all day long?

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Am I yelling more here on the podcast? I don’t know, I think maybe.

You could call me crazy. But maybe this stuff’s bothering me a little bit more than it should, I guess. Anyway, Watchdog on wallstreet.com.