Biden Mocks Reporter Who Asks If It’s ‘Unfair’ To Cancel Student Loan Debt | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Daily Wire News.

    President Joe Biden (D) mocked a reporter on Wednesday who asked if it was "unfair" to cancel student loans for some people while others have had to pay theirs back.

    White House officials had been weighing the move for months before officially landing on the $10,000 figure. Biden also decided to extend the pause on federal student loan repayment to January 2023, while borrowers with undergraduate loans can cap repayment at 5% of monthly income.

    "Is it unfair to people who paid their student loans or chose not to take out loans?" a reporter asked Biden.

    "Is it fair to people who, in fact, do not own multibillion dollar businesses, to see one of these guys give them all the tax breaks? Is that fair?" Biden snapped back. "What do you think?"

    Another reporter asked Biden, "What about people who paid their loans though, struggled to pay their loans and now others don't have to?"

    Biden refused to answer the question and walked out of the room.

    Nixing $10,000 of debt per borrower would cost $298 billion in 2022 and a total of $329 billion by 2031 if the policy is renewed each year, according to a nonpartisan analysis from the University of Pennsylvania's Wharton School. Less than 32% of the funding would benefit Americans in the two lowest income quintiles, while 42% would benefit those earning more than $82,400 per year.

    Indeed, a report from the Brookings Institution observed that one-third of student debt is owed by the wealthiest 20% of households, while only 8% is owed by the bottom 20% - likely because graduate degrees are often necessary for the most lucrative professions.

    The policy may offer additional distortions as potential borrowers consider the possibility of future bailouts. "If student loan debt forgiveness is ongoing, students might eventually reorganize their financing toward additional borrowing," the Wharton economists explained.

    A new survey from CNBC shows that 59% of Americans are worried that student debt cancellation "will make inflation worse." Nixing student debt is particularly popular among the young - while 30% of overall respondents said that no cancellations should occur, only 19% of adults between 18 and 34 years old maintain such a position.

    Ben Zeisloft contributed to this report.


poll#160

Are you in favor of the Joe Biden Executive Order, just weeks before the midterm elections, to shift the Higher Education debt, of up to $10,000.00 per individual, to the taxpayers of this Republic (estimated at 1/2 trillion)?

  Yes, it costs so much to go to college, and the right job is so hard to find in my focus of study.

  No, one's individual debt should be born by the beneficiary of that debt; certainly NOT by others that work to support their own families and pay their own debts, and their taxes.

  I am bereft of knowledge, so who cares?

456 total vote(s)     What's your Opinion?

poll#161

Considering what is being reported as the most divisive presidential speech - September 1, 2022 - in modern American history, where over 74,000,000 people, many of whom are OUR greatest patriots, were named as fascists by inference or otherwise: Is Joe Biden clearly capable of governing all of the American People to the betterment of this Representative Republic?

  Yes, it is important that Haters are named.

  No, Joe Biden cannot accept criticism when the real truth is his cruelest taskmaster.

  I have no idea what is going on because I only consume Democratic Socialist Media.

629 total vote(s)     What's your Opinion?

poll#154

Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?

  Yes, the Democrats have a bold plan, yet to be revealed, to save us.

  No, there will have to be a complete undoing of the damage done by these Democrats.

  I can't do simple math, so how am I to understand the concept of basic economics.

1,216 total vote(s)     What's your Opinion?

poll#145

After one full year of the Biden /Harris Administration: Does Joe Biden have the intellectual capacity, and, or the energy to lead the United States of America through the mess that he predominately created ... in just one year?

  Yes

  No

  Unsure

1,220 total vote(s)     What's your Opinion?