Biscuit of the Week – #2!

That’s right, I just couldn’t help myself. I could not figure out just one winner this week, our second biscuit this week is so stupid that I stimply can’t let them bask in a runner-up finish.

Ladies and gentleman this week we present to you the Democrats’ very own Crying Chuck Schumer.

So what did Chuck do this week to deserve recognition? Well, he went in front of the press about one of the Left’s favorite subjects: student loan forgiveness. And then proceeded to lie through his teeth to make his points on a Zoom call which included noted economic geniuses Elizabeth Warren and Hollywood celebrity Alyssa Milano.

He starts out his rambling with this gem:

“The federal government is charging our students and those who have student debt 7% interest,” Schumer (D-NY) said during a press conference organized by Student Debt Crisis, an advocacy group. “You know, I’m from Brooklyn, I’d use a curse word before that 7% … can you believe that?”

Except, of course, that is not true. The actual rate on current education department student loans is 2.75%. Pretty far cry from 7%, don’t you think?

He decries the fact that the government is “making money off the backs of our students.” Well, whose fault is that?

Bill Clinton got the government more heavily into the direct lending business in 1993. Once that fountain of money began gurgling tuition rates predictably began moving upwards – and quickly.

Take a wild guess on that chart where shit starts. And while Clinton started it, take a wild guess who threw gas on it?

In 2010, Obama eliminated the federal guaranteed loan program, which let private lenders offer student loans at low interest rates. Now, the Department of Education is the only place to go for such loans.

Obama sold this government takeover as a way to save money — why bear the costs of guaranteeing private loans, he said, when the government could cut out the middleman and lend the money itself?

The cost savings didn’t happen. In fact, the Congressional Budget Office just increased their 10-year forecast for the loan program’s costs by $27 billion, or 30%.

I know you’re shocked to hear that a Democrat-championed idea to take over something private companies should be doing ended up not saving any money and in fact costs more… and if you are shocked well you need to make this blog a daily staple.

So let’s see – first you lie about interest rates. Second you forget to mention it was your party’s fault that all these kids are saddled with so much debt. Third you blame Republicans who don’t want to just cancel all the debt. Chucky you are indeed worthy of your biscuit of the week award!