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Student loan debt forgiveness would ‘make a mockery’ of those who paid: Steve Forbes - YouTube
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all right moving on new york democrat
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congresswoman alexandria ocasio-cortez
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calling on her colleagues
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to pressure joe biden to wipe out
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student loan debt
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it's 1.6 trillion dollars worth through
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an executive order
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but is that possible and would that just
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push
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tuition rates even higher than they are
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to former republican presidential
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candidate and current forbes media
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chairman
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my good friend steve forbes steve great
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to see you thank you for being here
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happy thanksgiving day weekend i want to
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talk about the fairness
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issue of wiping out school debt first
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because it's something that democrats
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usually
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scream about is fairness fairness
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fairness but
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liz warren when she was on a campaign
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trail back in january she went to iowa
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she was confronted uh by a a working
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class american
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about the issue of school debt take a
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listen and i want to get your reaction
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my daughter's getting out of school i've
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saved all my money she doesn't have any
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student loans
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am i going to get my money back so
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you're going to pay for people who
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didn't save any money and those of us
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that did the right thing get screwed
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of course my buddy had fun bought a car
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went on vacations i saved my money
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he made more than i did but i worked a
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double shift
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worked extra like dollars works he was
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10. so you're laughing
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yeah that's exactly what you're doing we
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did the right thing and we get screwed
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i appreciate it wow that that's a lot of
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people
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think that might have cost her the
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nomination steve there were other things
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of course but
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the the fact that this guy and millions
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of other americans
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worked their fingers to the bone double
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shifts saving
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paying off their kids school debt uh and
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he says am i going to get my money back
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there is a fairness issue to all this
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isn't there
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yes there is david and it makes the
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people who paid their debts took their
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obligations seriously look like fools
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and if they have this debt forgiveness
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of any kind of scale
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you're going to have people wondering
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why should i pay those obligations why
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should i take those extra jobs why
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should i sacrifice a private university
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to go to an in-state university to save
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money and honor my obligations
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so you make a mockery of people who play
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by the rules and this gets the big issue
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which is why are college tuitions rising
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at four times the rate of inflation the
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sticker price
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why are they rising eight times the cash
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wages of working americans
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it's because universities are afflicted
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with bureaucratic obesity
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the very government program studies have
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shown david that are supposedly helping
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students
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instead lead to higher tuitions the
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universities get the money
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they add administrative costs and the
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students get stuck and their families
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get stuck with debt
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and in some cases grants but with higher
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debts
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so the universities get the money and
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the students left get holding the bag
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so you got to stop that corrupt gravy
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train of more and more and more money
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going to the universities and students
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getting stuck with the debt
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the wall street journal describes it
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this way they say the government
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subsidizes debt
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colleges raise their prices students are
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told to get more degrees so you have
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credential
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inflation kicking in and taxpayers eat
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the losses
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if they got it right they do indeed
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there are 255 million adults in this
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country david 45 million have student
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debt 210 million do not
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why should those 210 million be
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subsidizing the other 45 million
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it's not right so they got to get to
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what the democrats love to cause the
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root cause the root cause of the problem
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is bureaucratic bloat obesity in the
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universities
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they get more and more money more and
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more administrative costs not so much
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for the classrooms
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and students and the taxpayers get left
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holding these obligations
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not right you know a lot of people say
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everything depends on the georgia
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elections if in fact the
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runoffs coming in january if if the
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democrats uh don't take both of those
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seats both of those senate seats it's
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unlikely that
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that the bite administration will get
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any of this passed through
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through a republican senate however
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president obama
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did a lot in this direction in terms of
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forgiving debt by just changing the
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rules
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under obama's rule change borrowers who
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couldn't afford their monthly payments
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merely had to agree to make 10 of their
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discretionary
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income for 20 years over 20 year period
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10 years by the way if you had public
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service it's all kind of wiggle room and
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56
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of all loans issued to graduate students
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are now being repaid this way
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so by more rule changes uh obama
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or excuse me uh biden could essentially
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do the same thing that obama did which
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is a form of debt relief
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that would be challenged in the courts
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but you hit a good point there are
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already programs in place to help people
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pay these debts back taking a percentage
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of
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income and so you don't get crushed by
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it and after 20
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25 years in some cases the remaining
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principle is forgiven
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only 43 percent of graduates are aware
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of these programs
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so they could take advantage of those
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but they got to get to the really a
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really root cause of it and as you know
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david purdue university run by mitch
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daniels
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has not raised tuition for almost eight
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years at that fine university they've
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increased the number of tenured
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professors
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they focus on real administrative uh
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management
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and that way the students don't get
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stuck with these debts and they've also
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got some very innovative programs to
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help students uh
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cope with the low tuitions they already
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have and so why can't the rest of the
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country follow the example of purdue
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university
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and why can't harvard and yale and the
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others with billion-dollar endowments uh
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have free tuition
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that's another question for another day
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steve forest great to see you thank you
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for coming in appreciate it
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