Fox News would rather see students continue to be saddled with crushing debt.
On yesterday’s Your World, contributor Brian Brenberg warned President Biden not to cancel student debt. "You’re going to borrow more money. The federal government’s going to borrow more money for it. The Democrats promised deficit reduction with the Inflation Reduction Act. If they forgive student loans up to $10,000, that’s going to basically eat away all of that so called savings from the Inflation Reduction Act," he said.
There was a distinct effort to suggest that undeserving students would get a freebie paid for by everyone else. Brenberg said we’ll end up with “more spending by the federal government not paid for, which means it sits on taxpayers’ backs. This is a taxpayers’ story.”
“There’s no such thing as cancelling debt, you’re just moving it, in this case onto the backs of people who already paid it off, and people who never even went to college to begin with,” Brenberg continued.
Host Neil Cavuto did his part. “Now you have a number of former Bill Clinton associates and advisors who are saying look, this is going to be inflationary, there’s no ifs ands or buts about it,” Cavuto said. He claimed that “if something like this goes through,” Fed chair Jerome Powell would have to raise interest rates “even more.”
“The Fed keeps raising rates to try to fight inflation every week, the Federal government keeps passing more bills to spend more money,” Brenberg said. “If you cancel student debt, all the people who would’ve had to pay that debt now have a choice, what do I do with that money. Do I save it? Do I keep it in the bank? Do I spend it?” He agreed it will “have some negative effect on inflation.”
“Every college administrator, every college professor in this country ought to be against this because it’s our job to help students thrive, and if we think they need this policy, it means they’re not thriving and our system is broken,” Brenberg added.
The Roosevelt Institute disputes the claim that canceling student debt would increase inflation. Its analysis concludes that “student debt cancellation will increase the wealth of millions of Americans who need it the most and promote racial equity all without increasing inflation.”
Not surprisingly, neither men mentioned this. They were clearly trying to scare viewers into opposing student debt cancellation.
You can watch it below, from the August 22, 2022 Your World.