President Biden's executive decision to essentially transfer billions of dollars worth of college loan debt to the American taxpayer is "blowing up in [his] face," economist Steve Moore told Fox News on Monday.
The White House billed the handout as "forgiveness," but economists like Moore have pointed out that mathematically the debt cannot simply disappear.
"It's almost comical that the Biden administration is talking about how they're reducing the deficit and debt, when, in fact, since Joe Biden came into office, if you add up all of those spending bills… and then if they would put $500 billion more on that per student relief you're talking about… over $4 trillion of spending, that's 400 comma 000 comma 000 comma 000," he said.
"This amount of debt, I think, and the spending, I think, is the biggest weight on the economy. And it's the thing that makes me most nervous about what we're doing to the future of our country and the ability to create a prosperous society."
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Moore added that Biden did not receive the great political benefit he expected after writing-off part of the debts of mostly white-collar college students, while ignoring blue-collar tradesmen and students, and those workers in the economy who did not attend postsecondary educational institutions altogether.
He cited a report from a University of Chicago economist, who tallied the collective financial value of all federal government handouts, from free health care to food stamps to subsidized housing and education, telling Fox News the total exceeded the average salary for a U.S. citizen.
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"[With] all of these things you can make $80-, $90,000 a year and not work a single hour," he said, adding it is a big warning sign that not only was Biden's latest handout unwise, but that American society must return to its prior iteration as one that encouraged work and rewarded those who contribute to the economy.
Host Charles Payne agreed, remarking that Biden's promise to eliminate college debts is a far cry from President Herbert Hoover's political promise of a "chicken in every pot" -- when it comes to allegations of "buying votes."
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In that regard, Moore further noted that the people benefiting from Biden's handout are not the lower-to-middle-class families targeted by Hoover, but upper-class families with graduate school educations and plum jobs.
"They're making six figures and they just decided, hey, I'm not going to pay my loan," he said. That strikes people as fundamentally unfair, especially people who may not have gone to college."
"And that's why I think it's actually blown up in Biden's face politically, because people just don't see the rationale behind it."
