White House admits Bidenflation is ‘literally’ crushing people

President Joe Biden’s billion-dollar debt bailouts are inherently unfair and divisive, so much so that even his allies in the White House press corps are beginning to question their propriety.

On Wednesday, Biden’s White House announced another round of student debt forgiveness. This time, Biden announced a $7.7 billion transfer to taxpayers of debt incurred by 160,500 borrowers who are “public service workers like teachers [and] nurses.” In all, Biden has now erased $167 billion in student student debt for 4.75 million people.

While the lucky recipients now face fewer financial obligations, those obligations do not magically disappear when our president snaps his fingers. The money borrowed by those students already went to colleges across the country. The colleges already collected that money, and they’re not giving it back. The federal government has to borrow money to pay back the debts and release students from the obligations they incurred voluntarily. This increases the national debt and means the rest of us will pick up the tab for the interest payments and principal on Biden’s supposed generosity.

Biden’s student bailouts are nothing more than a transfer of wealth from those who already paid their debts, did not borrow, or did not go to college, to those college graduates favored by Biden. This is not Robin Hood robbing the rich to help the poor, it is robbing us all to pay for a privileged few. It is not fair, it is immoral, and NBC’s Peter Alexander wanted an answer.

“Why don’t those individuals who didn’t receive $35,000 in debt cancellation deserve a $35,000 check from other Americans for what other means they would want to use it?” he asked. “People who didn’t go to college, so they’re not getting debt relief, the $35,000 that they don’t get because they didn’t go.”

White House press secretary Karine Jean-Pierre responded, “We’re talking about folks who are in debt, who are literally being crushed — literally being crushed because they took a…”

At this point, a separate reporter interjected, “They’re not literally being crushed.”

Jean-Pierre snapped back, “Financially. OK. Is that OK with you?”

It was ignorant of Jean-Pierre to talk of people “literally being crushed,” but she implicitly and unintentionally made a good point about the debt burdens members of the public are facing in Biden’s mismanaged economy. Thanks to high inflation caused by his profligate spending, consumers are paying interest rates at generational highs on mortgages, car loans, and credit cards. According to the Federal Reserve, consumers have accumulated a record $12.8 trillion in housing debt, $1.62 trillion in car debt, and $1.1 trillion in credit card debt.

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This is not “literally” crushing anyone, but higher interest rates make life difficult for millions of people, especially those without college degrees. According to the latest Federal Reserve Economic Well-Being survey, inflation has worsened the finances of 65% of people, including 19% who said it was “much worse.” Almost one-fifth of adults, 17%, said they could not pay all their bills in the month before the survey was taken.

With good reason, voters overwhelmingly disapprove of Biden’s handling of the economy. They also tell pollsters they trust former President Donald Trump to deliver better economic results. He brought them tax cuts that raised the value of paychecks for all people. Biden is interested in passing out economic benefits only to the most loyal members of the Democratic base.