As the Biden administration gets ready to give out a massive pre-election handout in the form of ‘forgiveness’ of thousands of dollars in student loan debt, a conservative organization is fighting back with a new video ripping the idea.
The American Action Network is a conservative non-profit that promotes center-right policies based on basic conservative principles.
Their new ad, “Stop Biden’s Bailout for Rich Kids,” slams Biden’s bailout.
If Joe Biden thinks Americans can’t afford student loans, how does he think they can afford an electric car?
— Daniel Turner (@DanielTurnerPTF) August 29, 2022
Making A Point
The ad, which is done in a tongue-in-cheek fashion, features average, blue-collar people; an auto mechanic, waitress, and landscaper. The mechanic mentions the fact that he spends more time working on cars than with his family. The waitress says that she is at her second job of the day. The landscaper says, “I spend my days digging holes, cutting grass, and sweating.”
He then says, “I’m out here breaking my back for one reason,” the mechanic takes over, “I want to pay off some other guy’s debt!”
The working folks then go on to “reassure” the college grads not to worry. Landscaper says, “Biden is right! You should take MY tax dollars to pay off YOUR debts! Don’t worry, my family will figure out how to get by with less. What’s most important, is we spare college graduates from any extra stress.”
There are some excellent slams at artsy types: “Want to be a struggling artist? It’s on me!” and, “I work for YOU, theatre major!”
Waitress exclaims, “This shift is for you, business major, go buy yourself that new car.”
The ad concludes with the message, “Tell Congress, Stop Biden’s Bail Out for Rich Kids.”
Take a look:
AAN just dropped a six-figure ad campaign on Biden’s Ivy League Bailout running NATIONWIDE!
WATCH as working Americans show how *thrilled* they are to pay off the debts of entitled rich kids with college degrees.
Details: https://t.co/9QRZuZUnfR pic.twitter.com/YdJTMJI7VT
— American Action Network (@AAN) August 26, 2022
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Who Does Loan Forgiveness Really Help?
The old saying, that if something is “too good to be true then it probably is,” certainly applies here. While wiping out debt for millions with the stroke of a pen sounds great, we all know nothing is free.
And of course, anyone who has taken an Econ 101 course knows TANSTAAFL, popularized by the great Robert Heinlein: “There ain’t no such thing as a free lunch.”
According to a report from Forbes, broken down, the debt relief would wipe out all debt for those who had less than $10,000 at the end of June, around 32% of debt holders. It would erase around half of the debt for those who have between $10,000 to $20,000, around 20.5% of debt holders, and 21.4% of borrowers have $20,000 to $40,000 in debt.
The kicker is, eligibility reaches those who are far better off than most Americans. Households with an income up to $250,000 are eligible. The national median household income is only $67,000.
While the left will argue that the bulk of benefits will be seen by middle and lower class debt holders, what’s hidden is future earning potential.
The Social Security Administration points out that people with college degrees earn hundreds of thousands more in their lifetimes than those without.
And remember the mechanic, the waitress, and the landscaper? They will be working a lot of extra shifts. The National Taxpayer’s Union estimates that those on the low end of the income scale will add an extra $190 to their tax liability. The Penn Wharton Budget Model projects that debt cancellation could cost up to $519 billion.
Renowned liberal economist Larry Summers warns that student debt forgiveness will make inflation worse. Summers explained via a series of tweets:
“I hope the Administration does not contribute to inflation macro economically by offering unreasonably generous student loan relief or micro economically by encouraging college tuition increases. Every dollar spent on student loan relief is a dollar that could have gone to support those who don’t get the opportunity to go to college.”
He added, “Student loan debt relief is spending that raises demand and increases inflation. It consumes resources that could be better used helping those who did not, for whatever reason, have the chance to attend college. It will also tend to be inflationary by raising tuitions.”
White House has no clue how much the student bailout pushed on the backs of working Americans will cost while driving inflation even further so people working at McDonald’s Burger King and other entry level jobs will now be paying for the rich kids education ,liberal logic
— Viperman (@mnjkaf2) August 26, 2022
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Predictable Lefty Meltdown
Because of the left’s never-ending class warfare, and there never being a handout they didn’t like, responses to the American Action Network’s ad decrying the student loan bailout was predictable, and also predictably snarky.
One thing you can always count on is for Democrats and the left to immediately break down people in ads by race.
This ad is very monochromatic.
Doooo minorities not work these blue collar jobs too?
— C_C (@c00kiecris) August 27, 2022
Of course the left also never misses an opportunity to drag out the old “tax cuts for the rich.”
Oh but tax breaks for the rich are ok? Finally something at will help lower and middle class. 90% of people benefiting make less than $75k.
— Bear Martin (@Cantbyclass) August 28, 2022
And you have to love when the left reveals their own tactics by accusing Republicans of that same behavior.
gop continue to use people they abuse as their messengers.
TX gop has decimated rural dwellers and “working class” TXns.
Keeping people ignorant is one of the gop’s favorite policies/tactics.— step3 (@blstate33) August 27, 2022
A student loan forgiveness plan, making people who never went to college pay off other peoples’ loans. Brought to you by the same people who are always blathering on about a “level playing field.”
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