If you've been watching the news, you're no doubt aware of President Biden's "forgiveness plan." This involves erasing $10,000 US in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000. It also cancels an additional $10,000 for those who received federal Pell Grants to attend college.
To say this move has been divisive is something of an understatement, and of course, in today's episode of The Higher Standard, Chris and Saied share their thoughts on this new program. (Spoiler: They're not fans.)
They discuss why Chris thinks the new program is both unconstitutional, and just another stimulus package - essentially the government is printing more money, which is a problem when the Fed is battling inflation already.
Chris outlines the legality (or lack thereof) of the program, and why he believes the income cap is the wrong way to proceed.
They also talk about Federal Reserve Chair Jerome Powell's upcoming press conference, where it's believed he will take a much more firm or 'hawkish' approach and possibly invoke the 'Volcker Rule' - a federal regulation that prohibits banks from conducting certain investment activities with their own accounts and limits their dealings with hedge funds and private equity funds, also called covered funds.
This is a show you do not want to miss! Join Chris and Saied for this fascinating conversation.
What You’ll Learn in this Show:
Why the new forgiveness program is both unconstitutional, and just another form of inflationary stimulus.
The legality (or lack thereof) of the program, and why the income cap is the wrong way to proceed.
Federal Reserve Chair Jerome Powell's upcoming press conference, where it's believed he will invoke the 'Volcker Rule.'