Posted on 08/25/2022 8:38:12 AM PDT by Red Badger
Fox News White House correspondent Peter Doocy repeatedly pressed White House press secretary Karine Jean-Pierre on the Biden administration’s plan for student loan forgiveness.
President Joe Biden announced his plan to provide $10,000 in student loan forgiveness to those making $125,000 a year or less and up to $20,000 for Pell Grant recipients. When Doocy questioned Jean-Pierre about how the U.S. can afford this, the press secretary said the nation’s federal deficit has and will continue to drop.
“And you might spend $300 to $900 billion extra, so you can do that and not increase the deficit?” Doocy asked.
“Here’s the thing. What we are trying to do here, we are doing this responsibly. You heard directly from the president. This is something that is going to be important for middle class Americans when you think about 90% of the folks who are going to actually benefit from this are making $75,000 or less. And you think about what Republicans did just a couple of years ago, they signed off on a $2 trillion tax cut for the wealthy and did not provide any way to pay for that.”
“Who is paying for this? But you’re talking a lot about how much it might cost or might not cost,” Doocy asked. “Who is paying for this?”
The press secretary touted the work of Democrats in Congress and the Biden administration to reduce the deficit and allow the federal government to provide
“But when you forgive debt, you’re not just disappearing debt, so who is paying for this?” Doocy interjected.
Jean-Pierre responded that the Biden administration is handling the student loan debt issue responsibly and promised it will help those who are in need. As Doocy repeated his question, the press secretary said Republicans added to the deficit by passing the Tax Cuts and Jobs Act of 2017 (TCJA).
“I just laid out for you, no, Peter, I just laid out for you how we’re seeing this process and why this matters,” she said. “I just laid out because of the work that we have done in the economy, because of the American Rescue Plan, because of the Inflation Reduction Act, and because of all of this work this president has done, has actually brought down our deficit by $1.7 trillion, unlike what Republicans did when they added to our deficit [by] $2 trillion and did not care at all, or thought about how this was going to be paid for.”
The TCJA added $1 to $2 trillion to the federal deficit, according to the Tax Policy Center.
There have been concerns that the plan to cancel student debt may add to inflation and benefit the wealthy. The non-partisan Committee for Responsible Federal Budget estimated that canceling student loan debt entirely would increase inflation by anywhere from 10 to 50 basis points.
Several Republicans and some economists such as Marc Goldwein, a senior policy director for the Committee for a Responsible Federal Budget, have said the plan could benefit elites by having blue collar and lower income citizens pay more in taxes for those in the upper and higher income brackets.
It’ll be challenged in court, and taken by the end of 2023 to the Supreme Court, where it will be dissolved by primary time in 2024. It’ll be one of the ten different triggers to cause civil conflict for the November 2024 election period. He doesn’t have the power....never did.
Anybody who earns, spends and saves the devaluing US dollar.
I think what some people may be missing is that the Democrats know that they will probably never have to actually deliver.
The purpose is to buy votes with money never to be spent. They’ll get the mid-term votes. Then the decree will be overturned in court.
The Democrat way. Votes purchased on an empty promise.
“...and promised it will help those who are in need.”
Um, WE’RE ALL IN NEED these days due to ‘your’ president’s America-Hating insane policies, you dumb bunny!
(With apologies to all Bunnies, everywhere.)
Letting people keep their money with a tax cut is not an expenditure and does not add to the debt. Liars know this but lairs gonna lie.
Is that what that was? And here I thought it was a form of ebonics from a gal who clearly never got thru the 2nd grade. Her English is atrocious as well.
Real net taxpayers (not EITCs, EBTs, etc.) NOT earning millions they can pay accountants to find tax loopholes left for them.
One thing I read today is $2000 per real tax payer...
Site for me the law that allows a President to bypass Congress allowing him to transfer debt from those who asked for it to those who didn’t ask for it? And, why isn’t this outrageous act being challenged by the Republicans in Congress?
You know how Dems are always criticizes "loopholes" (gun show)? Well it seems they found a loophole they like.
Someone needs to file in the correct circuit and get an injunction to stay this, to take it away from the Democrats as an election issue. Ultimately it has a very good chance of bien invalidated - all tax and spending initiatives have to originate in the House of Representatives.
She is illiterate, dumb, and brain washed. A bunny to be sure.
Someone needs to file in the correct circuit and get an injunction to stay this, to take it away from the Democrats as an election issue. Ultimately it has a very good chance of being invalidated - all tax and spending initiatives have to originate in the House of Representatives.
It is not being challenged because it is a red herring. The president has no authority to forgive any kind of debt. It is all words, propaganda intended to make bad debtors feel better until they realize it is a lie.
peter, i just gave you a non-response twice
i am not going to do it again
A normal Joe Biden would have told the handlers that only the House has the power to create a ‘path’ like this. I think he’s so mentally screwed up....that he believes whatever he’s told.
I think all of this is geared to created civil conflict in the middle of 2024, and the period after the election.
“Cite for me the law that allows a President to bypass Congress allowing him to transfer debt from those who asked for it to those who didn’t ask for it?”
There isn’t one. He doesn’t have the authority.
Bingo
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