Judging Freedom - Biden & Canceling Student Loans

Episode Date: April 28, 2022

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Save $80 with code SPACE80 at Talkspace.com. Hello there, everyone. Judge Andrew Napolitano here for Judging Freedom Today is Thursday, April 28, 2022 It's about 4 o'clock in the afternoon here on the east coast of the United States And today along with a lot of other crazy announcements The President has hinted that he may be willing to forgive up to $1.7 trillion, with a T, trillion dollars in student loans. Now, what does the president have to do with student loans? All right, here's the background. When students for the past 40 and 50 years have borrowed money to go to colleges, usually four-year institutions.

The loans were backed by the federal government. So the money came from a bank. The student signed a note promising to pay the bank back. If the student didn't pay the bank back, then the federal government would pay the bank. So old Joe is thinking of saying to all of those former students, now adults, don't bother paying back. We'll do it for you. Question, can the president do that? Unfortunately, he can. He can do that by the wording of the notes that the students signed.

If the students don't pay for any reason, because they don't have the money to pay, because they don't want to pay, because they don't think their education was worth the money they borrowed, because they're no longer living, because they're no longer in the United States, whatever the reason may be, then the government has to pay. So all the president has to do is say to these tens of thousands of students former students don't pay and we'll do it for you and he's basically bought their loyalty at the expense of future taxpayers i say at the expense of future taxpayers because we all know the federal government doesn't have 1.7 trillion lying around

you want that kind of money go to elon musk i'm kidding um the government will print money it used to print money now it goes out into the marketplace it sells bonds meaning it borrows money so future taxpayers will be paying back the borrowed money. Only the federal government borrows money to pay back borrowed money. That's the way it operates today. That's the way it's been operating since Woodrow Wilson was president. Wilson borrowed $30 billion to fund World War I. We are still paying the debt, and we are still paying, and we still owe the principal. So the federal government

still owes that $30 billion, not to the same lenders. They paid those lenders off with other borrowed money, but they haven't reduced the principal. What is the interest on that $30 billion so far? It's $15 billion. Only the federal government would, with a straight face, pay 50, 5-0% interest. God only knows what the interest will be on this $1.7 trillion, but the feds will do it and the feds will get away with it because of the way these loans are structured unless Congress steps in and stops the president. And that, of course, would require legislation by a veto-proof majority. Not likely to happen. Judge Napolitano, judging freedom.