The Biden-Harris administration, in order to advance their “equity” agenda, released a plan which will cancel $10,000 of debt for people earning less than $125,000, cap monthly payments at five percent of a borrower’s monthly earnings, forgive loan amounts of $12,000 or less after 10 years of payments, and mandate that the federal government cover the unpaid interest for those in the low-income bracket.
President Joe Biden praised the debt relief plan, which he said was designed to help those that don’t have “family wealth,” including black and Hispanic students.
“Is it fair to people who in fact do not own a multibillion-dollar business if they see one of these guys give them all a tax break? Is that fair? What do you think?” Biden asked.
And while Democrats celebrated the “Inflation Reduction Act” legislation at the White House on Sept. 13, Ginn criticized the spending bill and the current state of the economy.
However, Biden touted the legislation as being able to reduce the gross national debt of more than $30 trillion by $300 billion.
Contrary to what Biden says, Ginn said inflation in large part is caused by congressional overspending, which increases the national debt, leading the Federal Reserve to print more money that goes into circulation, and creating a situation as we see now where there is too much money chasing too few goods.
Ginn said although gas prices have decreased somewhat recently, they are still 25 percent higher than the year-over-year increase and overall inflation is at a 40-year high. In addition, “people’s wages are not keeping up with inflation. In fact, if you adjust for inflation, wages are down 3.4 percent,” he said.
Ginn’s advice to Americans is to save money in order to be prepared for future price increases.