hey rob thanks for coming on and i
appreciate it i know you’ve been talking
about this a lot and i wanted to to
bring it up because you got stuff to do
you got a lot of stuff going on here my
that the student loan debt because they
keep pushing it right we they keep
pushing they keep pushing and people are
why they keep pushing this why
well it’s another handout
and it’s an easy way for them to
push money into the system
backhanded would you explain how that
works how they’re trying to do it well
it’s what all these politicians do it’s
legalized vote buying right i mean they
they take uh option opportunities to use
other people’s money or ruin other
people’s existence and improve someone
else’s existence and then go look at
what i did for you in hopes that those
show up in the fall and if you look at
who would be targeted with this
primarily younger people it’s a way to
try to get these people who otherwise
don’t care recognize the direction of
the country recognize their existences
or something think about this right like
inflation is delayed all the things the
trump whatever did in 2020
it was the build-up to what happened in
2021 the government doesn’t
instantaneously happen it’s how they
could shut down society and give
everybody all that money and people went
oh these politicians they’re brilliant
look at these people so if you’re going
to take a group of people who are
disaffectionate they don’t have a reason
to show up to vote they think the
country’s in a bad direction and they go
oh well inflation’s really bad but hey i
just got ten thousand dollars handed to
well then they might show up to vote not
you have no idea what that’s going to
cost you in two years but hey if you
voted in the midterms then what does it
matter right well and it also
increases the inflation and that’s the
part that people aren’t catching on is
they keep delaying this keep delaying it
keep delaying it and we’re getting
closer and closer to that edge so
they’re going to pump basically 1.8
trillion into the economy underhandedly
so people go what’s it matter if you pay
off student debt well the problem is now
all these people who are paying student
debt now have instant cash that they
didn’t have before because they’re not
paying their student loans anymore
now they’re going to go out and they’re
going to buy things and we’re seeing it
right now though more of them will go
out and try and buy a house
they’ll start spending money on cars and
it’s going to drive inflation even
he had proposed he being biden
i think uh ten thousand dollars per
student that was the rumored number
floated out there so though whatever it
is 1.8 trillion that exists
about 400 billion would be canceled so
creating 400 billion dollars of
essentially new printed money right
because the premise of the loan is it
will be paid back over time with
interest so you and me as a taxpayer
we’re fronting that money with the
understanding it’ll be paid back so
while i guess initially was technically
printed it would be re-established in
and thus it would actually be a win for
long term now you may case whether the
government should be in the student loan
business at all period but on its
promise if the loan is given out and the
loan is paid back you have a better
educated person who can enter the
while you help subsidize it ultimately
you make money as a taxpayer in the long
term now if you just cancel all of that
then it becomes printed money because it
was a government-funded resource that is
now an unfunded liability which means
you have to print the money to cover it
the university got paid the professors
got paid so what is that it’s like
everything else with inflation printed
money that’s not backed up by anything
and it’s 400 billion dollars if indeed
it is 10 000 per borrower well
we saw what happened when it was 1.2
trillion 1.9 trillion so if you take a
third of that or a fourth of that
and put that on top of an already
overcooked economy look at how bad
inflation already is you’re going to do
when you bring up a good point this
basic math thing which i like to teach a
so instead of 1.8 trillion what you
actually have is 2.2 trillion in
liability it adds so with that money’s
already been paid that 1.8 has already
now you add 4 billion 400 billion on top
of it so now you and they and
anyone who thinks they’re gonna stop
right here there’ll be around two
they’ll be around three because they’re
going to try and get that 1.8 trillion
paid off because they want all those
votes and and that’s where it’s a huge
problem and i just don’t think anyone’s
paying attention and not only that but
they’re paying off the debt of people
who have the the best ability to pay
their student loans this isn’t for
people like me and you who scrapped
through school you know had a little bit
i had a little bit of student loan debt
i took at the very end as a buffer but i
paid it off in that year it was it was
like 4 500 that was it and i had part of
it still in the bank so i say i paid it
all off that’s not for people like us
who work their way through school who
bust their ass who go to a school they
this is for the upper middle class
people who racked up to three hundred
thousand dollars for a liberal arts
degree and now they can’t pay it because
hey they can’t get a job that will pay
it and b they’re too lazy to get the job
yeah well i was gonna say so yeah that’s
per that’s a perfect thing so like my
girlfriend has been a beneficiary of the
paw so think about how much money has
been lost as a u.s taxpayer in the pause
the past two and a half years
right like there’s no reason if there’s
anybody who wants to work
can work in this country there’s no
reason it should still be paused but
think about how much money has been lost
by the u.s taxpayer over the past two
and a half years of the pause on student
and how much that has cooked inflation
because that’s un it’s an unfunded
liability it’s money that should be
going back into the treasury that was
printed money that should be
re-established my girlfriend’s a great
example she’s been a beneficiary of that
now she recognizes term that’s
unsustainable and she has used her extra
capital to pay off things like her car
debt etc but most people are not doing
that right they’re spending it on
stuff they’re not thinking ahead because
they don’t have someone as economically
brilliant as me living in their house
going hey you’re gonna you’re gonna pay
the piper on this eventually so you
better get that all any other debt you
have paid off so she’s done that which
has freed up her ability long term but
the average person is still gonna have
all of these things and once it gets
reestablished even if you knock off
ten thousand dollars of student loan
debt what it creates an inflation is
going to be dwarfed and then once the
payments start again you’re still gonna
this doesn’t do anything to solve the
issue gary which is the price of a
secondary education the price of the
secondary education is the issue
well and that’s why it’s so high is
because the government took over when i
my student loan my student loans were
they weren’t through the bank of the
and i knew i was responsible and those
were on my credit that i was gonna have
to pay those back i knew right and i
think my interest rate was like seven
and a half percent and that was a deal
that was a good interest rate back then
but i knew i had to pay it back and i
knew i had to get a job because what it
did it motivated me right away as soon
as i graduate i needed to get to work
because i needed to start paying on that
because i think you got six months
roughly before the loan the payments
kicked in so i wasn’t making a whole lot
of money i mean i was living paycheck to
paycheck i was poor as all poor can be
but i was i had it budgeted in to pay my
student loans back that was part of the
deal by deferring it to what it did and
transferring over the loans to the
federal government well it crazed
created inflation within the college
market because they all raised tuition
because now they knew the money was
guaranteed they could get as much money
as they wanted because good old
government’s going to pay the bill
and so by them paying it back i firmly
believe that this that you will see
college tuition go up right after
they give that money out because they’ll
14 years 13 and a half years ago i
and my entire college education as i
paid cash as i went was 20 000
from a set the same institution went to
the same school now we have different
but it’s the same institution
the education has not got
during that time there there there’s no
as it was you know i didn’t graduate in
i’m in my 30s now there’s no there’s no
that it should be that expensive and yet
nobody wants to hold that accountable
because the democrats and look
republicans don’t do anything about this
either but are in bed with public
and college public colleges are public
education and they’re not going to
challenge that they’re not going to take
that on that is how you’ll solve the
issue no one wants to solve the issue
and people have made a great point i’ve
actually seen it’s interesting gary i’ve
seen multiple articles in mainstream
somewhat liberal or to very liberal
publications over the past several weeks
urging biden not to cancel the student
debt because they recognize what it will
and they recognize the issue the cost of
is the issue not the student loan debt
2 thoughts on “Ep 171: Free College for Everyone”
Well you are a doctor of boom, smart move 🙂 Thanks for the info, as it is incredibly important people understand this. We are getting scammed from every direction, that is why I created The Simple Life after all.
Hey Gary – regular monthly donor, logged-out so that I can remain anonymous and to protect the innocent 😉
FYI on the current cost of state schools – Mrs. Boom and I put our firstborn through State U in Mass (Peoples’ Republic thereof), graduated 5-years ago with a BA with honors, never used the degree, ever, and doesn’t think will ever need to
Four years: $83K all-in (tuition/fees, room & board, books) Eighty. Three. Thousand. Dollars.