If there’s one thing that Slow Joe Biden and his coterie of fellow, radical Democrats can be expected to be, it’s economically illiterate. They never seem to grasp either the true effects of what they’re doing or, after their policies are rammed through, what the after-effects were. In other words, they don’t learn from their mistakes.
Such is what Senator Liz “Pocahontas” Warren exposed during a jaw-droppingly dumb CNN interview, showing the audience that she doesn’t grasp the first thing about inflation or about how passing inflationary policies that further subsidize college and encourage schools to spend more isn’t going to help matters a lick.
That’s because Liz, defending why President Biden’s student debt forgiveness plan, went on a tear about how, when she was a young adult, college only cost $50 a semester, using that anecdote to defend writing off thousands of dollars in student loan debt, saying:
“You know, I think of the fairness argument this way. I went to college. My daddy was a janitor. I went to college when it cost $50 a semester. When a part-time job would cover the cost of college tuition. It doesn’t do that anymore. And that is a real generational fairness problem. That opportunity is just not out there.
“Or look at it this way: You know what proportion of Harvard undergrads have to borrow money? Two percent. Do you know what proportion of state school undergrads have to borrow money? About 50 percent. And what proportion of HBCU grads have to borrow money in order to make it through college? 80 percent.
“What’s happening right now in America is that it’s working great if you’re born into a family that’s well-to-do. But it’s not working great for the rest of the folks. People are out there, they’re trying to get an education.”
And that wasn’t all. Liz went on to declare that it’s Democrats creating an economy that works, seemingly ignoring the salient fact that, well, the economy was doing much better under Trump. In her words:
“The best part is, as you point out, unemployment is low, so paychecks are coming in. But the main part as I see it, is the Democrats are working to get this economy and keep this economy on track for everybody. Put the Republicans in charge, and let them do another $2 trillion tax break for billionaires and giant corporations.
“When the Democrats are in charge, what we’re doing instead is we’re trying to make this economy work for everyone. And that’s what I think we’re doing right now with lower unemployment and with more money back in people’s pockets on things like we’re going to put a cap on the cost of insulin, a cap on the cost of prescription drugs for people on Medicare. Those are the directions we want to go in. And cancelling student loan debt is part of that.”
Watch her here:
Sorry, Liz, but that’s just dumb, particularly the “college cost me $50 a semester” bit. Liz graduated in 1970, and so started college in 1966. $50 back then is the equivalent of about $457 dollars now…if college did really cost $50 a semester.
Now, yes, the cost of college has increased far more than that since 1966. It’s jaw-droppingly high right now (though since 1980 college costs have increased around 200%, which is similar to inflation, so prices haven’t risen, since then at least, as dramatically as Liz Warren would have you believe). But those increased costs come to us largely thanks to government subsidization.
So, in pushing for yet more government subsidization and a policy that will increase the inflation rate yet more, all Liz doing is making the problem yet worse. Her refusal to understand as much shows her complete lack of understanding when it comes to economics.