 Surprisingly, President-elect Joe Biden is facing pressure from his own party to cancel student debt. And not only that, cancel it via executive order so you're not relying on Congress to do the right thing when we know that Mitch McConnell will just block it, assuming Democrats aren't able to take back the Senate. So this is really encouraging to see, I think that part of this is Chuck Schumer understanding that if he doesn't take action and try to be more populist, he may lose a primary that's coming up to AOC possibly, but either way, this has all reignited this discussion about student debt cancellation and I think that this is really, really important. We need to be talking about this as an actual solution because when you have $1.7 trillion of debt, you are stopping an entire generation from purchasing houses, buying cars. So if you want to stimulate the economy, you have to untether people from the shackles of this debt. They got an education and they were forced to take out student loans to get that education because they were told there was this expectation that that education would lead to them having a better life. That hasn't been the case. Former generations, boomers, they have not been burdened with student debt. They were able to probably put themselves through college and by a house while working part-time at Taco Bell. But the economy has changed. The government doesn't subsidize as much education as it used to and costs keep increasing and debt is also rising. So the solution is to cancel student debt. However, I'm not very optimistic about Joe Biden doing this because he was asked whether or not this is on his agenda and what he said is it rained on anyone's parade who was hopeful that maybe there was a chance he'd do the right thing. The student loan forgiveness figure in your plan, would you take executive action to achieve it? It does figure in my plan. I've laid out in detail. For example, the legislation passed by the Democratic House calls for immediate $10,000 forgiveness of student loans. It's holding people up. They're in real trouble. They're having to make choices between paying their student loan and paying the rent. Those kinds of decisions. It should be done immediately. In addition to that, if you know, I think that everything from community college straight through doing doubling Pell grants to making sure that we have access free education for anyone making under $125,000 for four years of college. And there is a program that exists now under the law that forgives student loans for being able to engage in public service. I'm going to institute that fundamental change in that so it's able to be available to everyone that in fact is engaged. It's not being very well managed right now. So I'm going to do all of those things. So he's definitely considering canceling student debt. But only $10,000 legislatively. So is canceling $50,000 via executive order? Is that just not on the table? I'm not getting my hopes up. Not at all. But even this mealy-mouthed approach to tackling the student debt crisis, that $10,000 cancellation, even that is too much for some individuals, specifically the far right in this country. Because on Fox News, they literally fearmongered about how bad it would be if Joe Biden canceled just $10,000 of student debt for each individual. So let's see the mental gymnastics they do to try to convince people that this is a bad thing. What do you think would be the impact if Joe Biden could get this plan through somehow or other and knock $10,000 off all student loans that are outstanding? If he could do that, what do you think the impact would be? Well, it would work great if we lived in fantasy land, which the Democrats think we do. They subscribe to the Harry Potter School of Economics where you wave a wand and just make billions of dollars in debt disappear and you don't take into account who's going to pay for it. This is an idea that has been considered radical for decades. But in the modern-day Democrat Party, the radical is now the new normal. So President-elect Biden is going to face a huge challenge right now because the far left is going to hold him to this. And I'm going to say you have to do this because it's the compassionate thing and all these students, never mind not taking into account all the students who actually have been faithfully paying off their debt and weren't relying on other people to do so. But the Biden camp is going to face that pressure from the progressive movement. We've already seen Chuck Schumer come out the day after the election and say President-elect Biden's one of his first things in office should be to snap his fingers and take away up to $50,000 of student loan debt for all students even if he doesn't win the Senate. So this just shows how important that Senate race is because without it, he's going to have to nibble at the edges with executive orders. If he does win, the Democrats win those two races in Georgia, there's going to be wholesale change. It's going to cost hundreds of billions of dollars. And this is the type of thing that will have a long-lasting economic impact and will do nothing to actually help the future of our country. Okay. I mean, how are we supposed to work with people like this? Whenever a Democrat talks about bipartisanship, how do you work with people like this who think that canceling $10,000 of each individual's student debt is too radical? He said that it would be great if we lived in a fantasy land. It's $10,000 that would do fuck all that actually ameliorate the crisis. But that's too much. I mean, their heads would explode if Joe Biden actually said let's cancel all of it. But $10,000, that's too much. And the reason that they give is it's just embarrassing. Well, what about the people who worked really hard to pay out their student debt? That's not an argument. That's not an argument at all. Should we not have a vaccine for COVID-19? Because we had almost a quarter million Americans die from COVID-19. Isn't it not fair that there wasn't a vaccine available for them? I mean, this isn't an argument. And really, if we want to talk about what's fair, Stuart Varney's generation, boomers, they didn't have to take out student loans to pay for college. And if they did, it wasn't very much. They were able to pay them off quickly. It was manageable. So isn't it unfair to millennials and Zoomers that we have to be saddled with student debt when the previous generations were able to go through college easily? I mean, these people are just their clowns. Now, another reason why it would be terrible to cancel any student debt is because who's going to pay for it? A question that's always asked when we propose policy solutions that help normal Americans. But when we're talking about expanding the military-industrial complex, never-ending wars, a bailout for large multinational corporations, we always find money to pay for that. And the U.S. Department of Education, they hold more than 90% of all of these loans. So you want to know who's going to pay for it? Nobody. You hit delete and they go away. It's that simple, literally. You're going to say, Mike, you don't understand this. But listen, that is 1.7 trillion in revenue that the government is not getting. Sure, people are making their monthly payments to the government, but it's not like it's losing that much revenue. So if you just stop asking for that revenue and forgive it, it's not like you have to make up that amount. So it's not a matter of finding out how to pay for it. And even if it were a matter of finding out how to pay for it, again, why can we always find money for war and bailouts for oligarchs, tax cuts for the rich? But we can't find money to bail out people who desperately need it the most. It's because we live in a socialist country where we have socialism for the rich and rugged individualism for the poor. Now, it's funny, he also threw in there that the Democratic Party is radical for even considering this, considering canceling $10,000 of student debt. Now, that to me is honestly infuriating. We go from me just laughing at how stupid he is to being mad because when you have a party who is plotting bomb attacks on vote counting facilities, who's becoming increasingly white supremacist, you don't get to talk about the so-called radicalization of the Democratic Party until your team comes back to reality. Republicans aren't just doing voter suppression anymore. They're literally trying to find ways to invalidate as many ballots as possible to win. Your party is extremely fucking radical, authoritarian, fascistic. So to talk about, you know, the far left or the radicalization at all of Democrats is just insane. It shows how skewed your perception is. But these aren't serious people. Like, of course it's a good thing to cancel student debt. If you want to stimulate the economy and want to actually give people a fighting chance, want to give an entire generation of people a fighting chance, you have to increase their purchasing power. Because when you give tax breaks to the rich, that money sits in their bank accounts. But when you give more money to people, put it in their hands, who are just ordinary working class Americans, they stimulate the economy. They purchase houses and cars. They spend more money. They buy Xboxes. We want that if you care about a thriving economy. But they don't. These people are just against anything that would help normal Americans and it's just extremely elitist and insufferable. I hate them.