Wednesday Night’s Edition of Don’t forget Lemon tonightA rare moment of clarity was achieved when we discussed President Joe Biden’s student loan bailout. CNN economist Catherine Rampell called the plan a wasteful of money because it bails out well-educated people who have MBAs or medical degrees and are fully capable of repaying the loans.
Don Lemon, host, noted that there has been “a lot” of opposition to the plan from many people, even Democrats. Possibly referencing Rampell’s comments earlier in the day on CNN in which she threw cold water on the plan, Lemon asked Rampell: “You say this isn’t a good use of federal money. What is the point of saying that?
Rampell replied that because of the structure of this plan, students can also be forgiven for debts up to $250,000. People who are just graduating from an MBA program, and about to begin their investment banking careers, can get forgiveness of debt.
Are we truly willing to waste all that money? God bless doctors for their work, but is this the most needy population in the area? Rampell asked, before adding that it was a costly way of dealing with the problem and that people don’t actually need it.
Rampell continued to criticize Biden’s student loans bailout and delved into leftist policies that she called “progressive.”
This is the problem with many Progressive policies right now. It’s the approach that just kind of looks like spending lots of money and hoping that some ends up in the hands of the poor. Programs end up costing a lot more than necessary. You end up giving away lots of money to people who do not need it. And it’s not like there are unlimited resources in the world,” Rampell ended by correctly noting.
CNN occasionally airs common sense.
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You can click the “expand” button to see this section’s transcript.
CNN’s Don’t forget Lemon tonight
August 24, 2022
Eastern 11:15 p.m.DON LEMON : Catherine, it’s received a lot from people. Even some Democrats are responding. Larry Summers, the former Treasury Secretary has warned that it will increase inflation. It’s not a wise use of federal cash, but you claim it is. What is the point of saying that?
CATHERINE RAMPELL (I think the inflation stuff could cause inflation to get worse. But, I don’t think so. I think it will have only a slight effect. I worry that this is not an effective way to assist students with student loans. There are many people struggling with student loans debt. For example, they may not have graduated. This means that they didn’t receive the full payoff for their investments in debt. They never received the degree and never earned the additional income required to get it. Maybe they earned a useless degree. These are the people I believe we should help.
This plan also provides student debt forgiveness to households with a household income of at least $250,000. People who have just completed an MBA and will soon start investing banking jobs also receive debt forgiveness. The fact that income today does not necessarily reflect future income is what it doesn’t consider. Although a medical resident may not be making much money right now, their long-term earnings are quite substantial.
Are we truly willing to spend all this money on ourselves? God bless the doctors’ work. But are these the poorest people in the country? So, it seems that it’s a kind of a failure to imagine how one could target the people affected. The Biden administration does have other ways it can do to reach those people. However, this expensive approach to a problem ends up giving too much money to people who don’t really need it.
LEMON: It’s obvious that it needs to be dealt with, but was there a better way?
RAMPELL, Yeah. I believe this will cost around a quarter of a trillion dollars. A portion of this money will go towards black borrowers who have been defrauded. Wealthy white professionals will receive some of the money. This is because they borrowed for debt to pay off their student loans.
So, you know, I feel like this is sort of a problem with a lot of—this is my issue with a lot of Progressive policy approaches right now, that this approach of just sort of like, spending a lot of money, and hoping some of it ends up in the right hands of the needy. You end up increasing the cost of programs. This means that you give away large amounts of money to people who have less. It’s not as if there is unlimited money in the world.
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