馃攳
Biden's student loan forgiveness plan is a 'horrible idea,' says Kevin O鈥橪eary - YouTube
Channel: CNBC Television
[0]
becky i'm trying to find merit in this
[2]
proposed policy and i can't
[4]
this is policy born in hell and i'll
[7]
tell you why
[8]
nobody wins
[10]
what do you say to people for
[11]
generations now i've realized like
[14]
everybody does that education is not
[17]
a right it's a privilege you make a
[19]
decision as a young adult to pursue an
[21]
education for a wide range of reasons
[24]
including advancing yourself and your
[26]
career and your salary etc and that's
[27]
proven to work but you take on
[29]
responsibilities including student debt
[32]
so what do you tell people generations
[34]
past that have actually paid back their
[37]
debt how about the people that are
[39]
working so hard to get scholarships to
[42]
excel what do you tell them don't bother
[44]
it's free how about the people that
[46]
never had the opportunity to go to
[48]
college about 12 percent of the
[50]
population has student debt the other 88
[53]
percent have to pay for them
[56]
and then think about the politics of
[58]
this and this is what i find so
[59]
extraordinary average salary in america
[62]
58 000 depending on regions you're
[65]
telling these people this is a big
[67]
problem meanwhile you can't fill up your
[69]
car chicken costs 48 more and this is at
[73]
the top of the agenda for the president
[75]
can you imagine this is manna from
[78]
heaven for the republican party in all
[80]
these tight races coming into the
[82]
midterms this is going to be the issue
[85]
that they get to campaign on
[87]
why why would you do this this is a
[90]
really really bad idea and brings into
[93]
question and i'll ask my good friend
[94]
john that maybe he can help us
[96]
who is advising biden who are his
[99]
closest advisors what planet are they on
[102]
it's not the planet earth
[104]
john your take
[106]
uh well kevin good morning
[108]
ginger coffee um i love you man uh what
[112]
what you should tell the people who are
[113]
asking uh why should i pay for this and
[116]
you know i paid for this you should tell
[118]
them that their grandfather got it for
[120]
free it's called the gi bill uh that the
[123]
white middle class came and it was at
[125]
the white middle class because 98 of all
[128]
the gi bills unfortunately went to
[129]
caucasians blacks were left out but uh
[131]
that that money which about equates by
[134]
the way you view it just for um uh
[136]
population it's about it it wasn't for
[138]
free if it was for service for your
[140]
country during the war there there you
[142]
go well this is we've had service for
[144]
our country working class have been
[145]
keeping us all in our homes zooming in
[148]
the last few years this is a reinvesting
[150]
in america america you know tarp wasn't
[152]
just about managing a balance sheet
[153]
kevin it's about managing the psyche of
[155]
this country it was about managing wall
[157]
street's expectation that the the bottom
[159]
wasn't falling out uh and this last
[161]
recent bailout i'm sorry support through
[164]
the fed window the same thing this is
[165]
about folks who feel who are working
[167]
class who feel poor who are middle class
[169]
who feel working class and and this
[172]
actually cuts at the bottom it says when
[174]
it when prices are going up here's one
[175]
thing 500 a month by the way is 100 000
[178]
with a student loan that does your your
[180]
paycheck out this is something that
[183]
actually the government can say we're
[184]
investing in you to boost your
[187]
educational level which will boost gdp
[189]
i'm actually being sound like a
[190]
capitalist you and i are the same here
[192]
kevin the best thing you can do
[194]
is to invest in education and debt
[197]
relief around education at the bottom of
[199]
the pyramid right now it needs to be
[200]
done more surgically kevin i'll say i'll
[202]
give you that it should be a rifle shot
[204]
not a shotgun
[206]
meaning that only people at much lower
[208]
income levels should be getting this or
[210]
meaning that much bigger numbers should
[212]
go to people at the much lower income
[215]
levels the first thing becky so a third
[218]
of all of student loan debt is 35 000
[221]
or less so if you do this at the bottom
[224]
level you're going to wipe out a third
[225]
of all debt and in some cases all the
[227]
debt even including white rural
[229]
communities in black and brown urban
[231]
everybody's going to feel this because
[232]
they're going to have this debt relief
[234]
off their shoulders most of my clients
[236]
don't finish college because of the debt
[238]
and the cost so this is sending a
[240]
message of relief actually to those who
[243]
got too much month at the end of their
[245]
money uh and so i didn't think it needs
[247]
to be compressed at the bottom of the
[248]
pyramid which and by the way the biggest
[250]
folks doing building businesses right
[252]
now becky black folks black 38 pop in
[256]
black owned businesses in the last two
[257]
years they've left uh jobs they're a
[260]
dead end and go start a business this
[262]
frees people up more for that this
[263]
allows people working class folks to say
[265]
maybe i'll buy a home now for that
[267]
hundred thousand dollars what's the down
[268]
payment ten grand
[270]
kevin ten thousand dollars is the down
[272]
payment for the average john i i can't
[274]
get there we just printed four and a
[276]
half trillion dollars over the last two
[278]
and a half years we have helped
[280]
everybody this has nothing to do with
[281]
gender or race it has to do with equity
[284]
it's simply not fair this idea is
[287]
unamerican by any measure everybody's
[290]
uncomfortable with this i can't find
[292]
anybody that likes this idea and i know
[294]
and i get i'm guessing right now
[296]
within the white house as they discuss
[298]
this going into the midterms somebody's
[300]
going to say mr president let's punt
[302]
this this is a horrible idea let's deal
[306]
with it on the other side imagine the
[308]
membership of the democratic party
[310]
fighting these races that are razor
[313]
close and giving their competitor this
[316]
manna from heaven this is crazy it's
[318]
just politically insane it's it's a
[320]
kamikaze idea now is the wrong time for
[323]
this and by the way there's never going
[325]
to be a good time for this you this is
[327]
un-american there's no free money that
[329]
doesn't work this way it's unfair to
[332]
people that didn't go to college you're
[334]
asking people it never went to college
[336]
to pay for this it comes off their
[339]
income tax it's just wrong
[343]
shepherd smith here thanks for watching
[345]
cnbc on youtube
Most Recent Videos:
You can go back to the homepage right here: Homepage