On Wednesday evening, the three nightly broadcast networks gushed over President Joe Biden’s bailout for millions of Americans who willingly took out student loans. This was a slap on the face for all those who have paid their student loans off or never attended college. The three networks ignored this view, but the Constitution of Biden allowing student loans to be forgiven was totally ignored. Including House Speaker Nancy Pelosi’s admission that Biden doesn’t have the authority to forgive student loans.
You can find more information here ABC’s World News Tonight, anchor David Muir gushed how Biden kept his “campaign promise” to “cancel thousands in federal student loan debt for some 43 million Americans.” Continuing to promote the plan, Muir announced that up to “$10,000 in federal student loans for those making $125,000 or less and canceling up to 20,000 in student loans for those who received Pell grants.”
White House correspondent Cecilia Vega noted that there are “8 million people who could become automatically eligible because the Department of Education already has their income information.” To her credit, Vega admitted that Biden’s student loan bailout “could cost taxpayers some $500 billion over the next decade.”
On CBS Evening News, anchor Norah O’Donnell hyped her party’s student loan bailout scheme:
Biden proposes relief to millions of Americans who are burdened with federal student loan debt. His administration proposes major changes in the repayment program and pledged to erase thousands of dollars worth of student debt. In fulfillment of a 2020 campaign promise, the highly-anticipated plan will forgive individual borrowers up to $20,000
Meanwhile, NBC Nightly News’s Lester Holt noted the plan could make inflation even worse: “the plan is expected to cost taxpayers about $300 billion. A lot of economists are talking about maybe this will fuel inflation.”
In response, correspondent Tom Costello remarked how “because millions of Americans will have a big chunk of college loans forgiven, they could go on a spending spree, helping to drive prices even higher.”
All three networks pretended Nancy Pelosi never admitted Biden didn’t have the constitutional authority to issue a student loan bailout. However, on Fox News’s Special ReportPeter Doocy (White House correspondent), who is well-remembered, reminded viewers about this fact.
PETER DOOCY: Nancy Pelosi, House Speaker, writes that President Biden’s courageous action was a significant step for Democrats in their fight to increase access to higher education. She didn’t believe this was legal until last year.
NANCY PELOSI, HOUSE SPEEAKER: Many believe that the president of the United States is able to forgive debt. He does not.
While Costello reported how Arkansas Republican Senator Tom Cotton stated that Biden “doesn’t have the power just to unilaterally on his own to eliminate entire categories of debt,” airing a clip of Pelosi saying the same thing would be a more powerful message against Biden’s scheme. It was obvious that the networks were aware of this, so they pretended it never occurred.
Allstate, Fresh Pet, and DirecTV made this bias possible. They are linked.
To read the relevant transcript click “expand”:
ABC’s World News Tonight
August 24, 2022
Eastern at 6:35 p.m.DAVIDMUIR: The President made a promise to his voters late today that he would cancel federal student loans worth thousands of dollars for 43 million Americans. For those earning $125,000 and less, federal student loans up to $10,000; for Pell grant recipients, student loans can be cancelled up to 20,000 times.
It will provide breathing space for working families and the middle class, according to President Obama. Here is tonight’s support, with heavy criteria from many Republicans and some Democrats. Relief is already available for some millions of college-debted students and their families. Cecilia Vega, our White House chief correspondent tonight.
[…]
CECILIA VEGA – Good news David, for approximately 8 million people. The Department of Education has already collected their income data. Some people might need to wait for the administration’s new form to be created. The applicant will then have to submit the form and wait for approval. But it’s important to say here, this income cap, that applies to the years 2020 and 2021, and anyone who took out a loan Davis after June 30 of this year, they’re not eligible for this relief.
MUIR
VEGA – This is a big question and we have just received a new estimate by a nonpartisan budget organization. According to them, this will cost the taxpayers $500 billion in the next ten years.
CBS Evening News
August 24, 2022
Eastern, 6:31:47NORAH O’DONNELL: Tonight, President Biden offers relief for millions of Americans burdened with federal student loans. His administration proposes major changes in the repayment program and pledged that millions of dollars worth of student debt would be erased. In fulfillment of a 2020 campaign promise, the highly-anticipated plan will forgive individual borrowers up to $20,000
A US household with more than $59,000 in student debt has nearly 59,000. This means that more than 45,000,000 borrowers have student loan debts totaling more than $1.7 trillion. Republicans refer to it as a handout. However, Mitch McConnell describes it as student loan socialistism.
NBC Nightly News
August 24, 2022
Eastern at 7:03 p.m.LESTER HOLT – President Biden takes a long-promised action to forgive 10,000 student loan debt for 43 million Americans. Tom Costello reports that the plan has come under attack from both the right and left.
[…]
TOM COSTELO: The President Biden has announced that the federal government will forgive student loans up to $10,000 in federal student loan debt for people earning less than $125,000 per year. Pell grant recipients get $20,000 of loan forgiveness. In the meantime, the December pandemic loan payment freeze will be extended.
[…]
COSTELLO – President Biden was under intense pressure within his party to forgo student loans up to $50,000. Higher education is more affordable for those with lower incomes than the middle.
[…]
COSTELLO, But Americans remain divided on whether or not the government should forgo student loan debt. 33% of adult respondents say no. A few people tweeted saying they paid off student loans. Republicans claim that loan forgiveness is beneficial to wealthy Americans who attend college, while it ignores those who do not.
SENATOR TOM COTTTON: President cannot unilaterally eliminate whole debt categories.
[…]
HOLT. Tom: The plan is likely to result in taxpayers paying around $300 billion. Economists have been talking about the possibility that it will drive inflation. Is there a word?
COSTELLO: Yeah, right. Many millions of Americans can have large amounts of their student loans forgiven. This could lead to a shopping spree that drives prices higher. It could be a good idea for Americans to save or reduce their debt, which would help them strengthen their financial position.
FNC’s Special Report
August 24, 2022
Eastern at 6:02 p.m.PETER DOOCY: Nancy Pelosi, House Speaker, writes that President Biden’s courageous action was a significant step for Democrats in their fight to increase access to higher education. She didn’t believe this was legal until last year.
NANCY PETOLI, HOST SPEAKER: Some people believe the President of America has the ability to forgo debt forgiveness. He does not.
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