Also in this playlist...
This transcript is automatically generated
-- -- -- -- loan bailout that will need a bailing out big big democratic lawmakers are looking to ease the burden on struggling graduates by forgiving their debt.
Pat Leahy says the students know they're going to be bailed out while they're just gonna keep borrowing and they have been no incentive to pay back and while you can get -- gonna end up paying forward.
-- out -- and TD bank he also doing this is also -- what do you mean by that helped help us out here.
Well the sponsors of this legislation say its about fairness they couldn't be more wrong this is a very unfair suggestion that would.
Forget some debts keep the deaths of others and place -- would punish students had made prudent decisions like.
Going to less expensive college working through college choosing a college major that's more marketable -- -- -- Smart decision.
We'll be punished while students made bad decisions.
Get there award.
-- do you agree with that.
I think this might be my Simon in the -- because I really hate the fact that the Obama administration this week to so much money and given summoning ballots many -- the kids you get to the students.
Who actually they may need a break you know because guess what the economy's so bad they're stuck their parents' basement they can't get a job economies are also.
No they shouldn't know that hey I'm just gonna spend her I'm just going to get the bailout because they're not -- school yet.
About those over the fourth -- brought up that a -- -- -- -- pick -- a major where there's like 25% unemployment you knowingly take this major anyway.
Should the rest of the country pay.
I'll come on I came out you know what Charles has a history -- -- I'm not gonna go for that either you wanna major in history are you wanna major in something that you -- important like art.
I don't think you know your business guys so of course you make about how we -- -- and I don't let a few miles -- what they want to meet its not like that just because or Tugnutt possibly giving some relief to student.
If anyone needed the relate -- students however student Chanel that they have to take responsibility and maybe there should be a class about that about technique they want to build it with yellow.
And that's have been a first -- by the way mentality.
Here's the thing over a guy you remember the good old days ahead the City College it was free.
Lot of Smart people graduated from there.
But those days are long gone right now what you have been in the good old days somebody like myself could go to school work full time to get through today you -- work full time.
You're not gonna have anywhere near enough money -- a couple of important things here.
First and foremost there's not a chance in the world just -- going to passed so let's keep that in mind we all know all on 12 -- it's just an economic talked about the president giving the -- -- one of the once he talked about most specifically was forgiveness of student loans it felt like it's implied that ultimately this will happen actually ultimately well but let's talk about why.
There is a critical critical public policy issue here that you cannot forget.
We already know that the African American community do Latino community.
Is racking up more debt than anybody else why because they have less money to go to school you take away loans to begin with.
And all of a sudden you've got all rich kids going to school but let me tell you something else that's important.
Karen bass who's the congresswoman who's sponsored this bill.
Nobody knows the area of higher education more than Karen bass.
As the guys ahead of the assembly -- California she was a regent.
Of the largest state you know what happens to their lives at taxpayers paying student loans that that they that -- what about the cab driver out there -- go to college.
And now also -- taking a piece of that person's tell -- -- that's completely and that just perhaps it's that give them a break him a little more and that I was having a little easier not let that not yet exactly.
Not that they don't pay it back they should pay it back you know what they're -- buying a lot's happened Sunday that they got used.
In -- act Capitol Hill and also you know they can't pay for the homes and that -- -- the folks.
That shouldn't get the bailout touching -- give a little bit of -- -- and also I think the administration's at universities.
I mean they're just.
I mean -- you know and there's no reason for that tuition keep going up right after blizzard and you.
Scenario the states keep cutting the amount of money they're more there's another -- -- Hadley data keeps going up the fact is that the government -- doling out money and then right away.
Colleges are are one -- -- favorite classes that they'll never be critique by their friends and a liberal media.
So college professors can earn money that -- -- ten there they can build these wonderful campuses and their brood to -- Can outpace inflation by 500%.
And no one says anything because again as the government that's by the putting putting the bill for the -- thing.
This absolutely it called a subsidy after what happens is the beneficiaries of these didn't lawns.
At subsidized rates are student -- forget -- It is the colleges and universities that are benefiting not necessarily the young college graduates if you want to help young college graduates at this -- -- Reform Social Security reform Medicare reform our entitlements give us a break on the public debt because that's ultimately gonna lay on the shoulders of my generation.
And you know on here is a good example actually admit to being -- former governor of Indiana he is actually freezing tuition that document stay in Europe -- freezing tuition.
Which is a really good I -- you know what that helps the students.
And then he would -- Has he is a -- you know -- the slasher he's a guy that is very good with economics so you know he's making sure.
That the administration university they're not the ones getting a break it's the students.
Let's great that's great but again and -- -- -- -- here's the thing that I tell kids also.
Be careful about someone for giving your loan right now because twenty years from now when this goes back around and they forgive the loans again.
The -- the paycheck is going to be significantly higher that's fair enough but one thing we've got to clear up.
For some reason everybody wants to lay the blame for this rising tuition.
On these federal loans talk to anybody involved in the process of running these large schools and they would tell you -- is not yet.
Every year they're getting less and less and less money from the states they have nowhere else to go.
But don't well we're all like the Harvard civil 24 billion -- you're trying to institute different bullets and had a whole lot of money there's not a lot of loans going to kids have harbored by getting their -- Germany's public schools where they are highest paid employee in this state is the athletic director that ball fat football coach followed by the basketball coach.
I don't wanna -- the idea that somehow there's generations -- -- Really tiny -- we have and I think they're really not that don't pay it back but perhaps taking a break -- to wish me to be lower that's the problem there's there's also on the list and we got a lot of learning -- letting the market -- numbers aren't paying with their own money yeah that's called inflation 101 but we'll let you guys back again later on and it showed that.
Filter by section