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We return from our hiatus to discuss Biden’s trillion-dollar student loan forgiveness plan. Even for those with little background in economics, this is clearly a case of the inverse Robin Hood: a regressive act that takes from the poor and gives to the much less poor. Not to mention, the plan is an assault on the Congressional power of the purse, and legally murky with the justification of the post-9/11 Heroes Act. And let us not forget that this act paradoxically comes on the heels of Biden’s Inflation Reduction Act, though it is an incredibly costly plan that will only exacerbate current inflation levels.
As the Democratic Party consolidates its role as the party of college-educated coastal elites, AEI’s Michael Strain joins us to unpack the student loan handout. Strain is the Director of Economic Studies at the American Enterprise Institute.
Download the transcript here.
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