Former Obama economic adviser Robert Wolf, Trump economic adviser Stephen Moore weigh in on ‘Fox & Friends.’
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
It dogs figure in my plan, I
it dogs figure in my plan I
have laid out in detail. The
passed by the Democratic House
calls for immediate ten thousand dollars.
Forgiveness holding people up,
they are in real trouble.
It should be done
immediately.
Steve Forgiving student loans
progressives are ramping up.
Pressure on President Elect Joe
Biden to forgive student loan
debt
Senate Minority leader, Chuck
Schumer even suggested Biden,
should bypass Congress and
cancel fifty thousand bucks of debt per
student with an executive order
here to discuss former Obama,
economic adviser and Fox NEWS
contributor. Robert Wolf screen
left and screen right. The member
of the House economic Recovery
Task Force, Steve Moore
Guys good morning,
good morning,
good morning,
Steve after Joe Biden said that
on Monday AOC said this.
Regarding for giving the loans
she said on Twitter student loan
forgiveness is good.
Actually, we should also push for
tuition free public colleges to
avoid this huge debt bubble from
financially disseminating people
in every generation.
Also, she went on to stay is one
of the easiest progressive
policies to pay for with
multiple avenues from a
transaction tax to the ultra
wealth tax, to cover it
Robert. She would be hitting you
to pay for that.
Thats. Okay,
lets focus on what
President Elect Biden said,
because his comments are spot
on.
He is stating that during the
covid crisis, hardworking
Americans are making these tough
decisions is unlike rent and
food versus student loan.
So when he said, is very clearly
thats part of a congressional
package, not an executive order
that we should look at something
is unlike student loan
forgiveness up to ten thousand dollars. He has
also said we should look at
income relief schedule and be
clear to both of you guys.
We have had an auto bailout two
farm bailouts.
We have had a financial services
bailout.
We have had airline bailouts,
we have had small business
bailouts. There are forty five million
people that have student loans.
There is one point, six trillion in student
loans
other than your housing mortgage,
its the largest debt class.
So, yes, we should be looking at
this and thinking about how we
can make it better and look at
it and restructure it, whether
its part, forgiveness or part,
looking at the interest rate or
part in income based schedule. So
there is a lot of things we
should look at,
so the truth is what we should
do now. Is president Trump should
extend the moratorium from
December 31st that he has
already had in place, and he said
he would look to extend
thats. The first thing we should
do
Steve. So Stephen Moore, what do
you Sty Roberts suggestion that
these students, who have run up a
big debt, get a bailout
well Steve its just not
fair to the people who worked
hard and did pay off their debts?
Now they have to pay taxes to
pay for the debts of the
families that didnt pay their
debts
now heres. The point, though, and
I think Robert and I would agree
on this-
the biggest financial scam in
the history of the United
States, Steve, is how much our
universities and colleges are
charging middle class families
Steve Astronomical
outrageous. Forty fifty sixty.
Seventy thousand dollars a year
when I went to the University of
Illinois thirty seven years ago,
the tuition was one thousand dollars a
semester.
Now its fifteen thousand dollars a semester.
These are ridiculous.
Its outrageous
especially outrageous whats
happening now on college
campuses, where these
universities are charging
families, link mine, full
tuition to have the kids on
campus, lock them in their dorm
rooms, and they are not teaching
the kids
Robert. That is unacceptable.
Here is how we pay off the
student loans. One last point
here is how that student loan
debt Goedel paid off
how about the universities use
their tens and hundreds of
billions of dollars in
endowments to pay help way off
that debt,
not taxpayers.
The universities should pay for
it.
Steve, and I have talked about
this before we are in agreement.
Did I not say a student loan
bailout
Steve? We were talking about
bailouts, Steve
Correct.
I was saying there has been
bailouts not. Why not look at it
this as well
restructuring when I ran UBS, we
looked at those types of
restructuring.
More importantly, steve- and I
totally agree that higher
education is way too expensive.
I mean, I think my alma mater is
seventy five plus thousand dollars now a
year.
I mean its outrageous,
especially where right now, kids
are learning virtually, which you
actually there should be a
reduction in the cost of
education.
Absolutely
I think that being said, the
more important thing is its
one point: six trillion of debt.
It impacts forty five million people.
We should absolutely to be able
to think about how we can make
it look better.
So, for example, maybe we say no
one ever pays more than five percent of
their income a year and they
have over ten year schedule.
Maybe we put it at zero percent
rates,
negative rates that people are
talking about,
so there is plenty of ways we
can go about this
Robert. Can I live with
those.
There is some wisdom to those
ideas,
but lets get to the big point
here.
Harvard has an endowment so
large, Steve right now that they
could give free tuition to every
student from now until forever
and still not run out of money.
Why dont? They use endowment
money
pick on Harvard thats, okay,
not just Harvard the other
thing to think about. Is you
know I have a big problem with
AOC saying lets make college
free,
you mean taxpayers are now going
to be on the hook to pay for
these two hundred and fifty thousand dollars salaries for
these
Steve Right
so Steve. It really would be a
bailout of colleges
exactly
exactly it
bales out the universities
because they are flabby
inefficient. Nobody ever looks
under the hood to see how they
spend their money.
I mean its just not fair to
the american taxpayer
Steve good discussion.
President Elect Biden has not
supported a wealth tax nor
financial transaction tax
thats a relief
I want to say I know you are
touting what AOC is talking
about.
President Elect Biden has not
said this
Steve. That is a good point.
Maybe she could be the
Treasury Secretary
Steve, oh manual. This could go
on all day.
Transcript generated on 2020-11-18.