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Pushback From Democrats And The Press

The response to the Biden Administration's plan has been less than stellar from several major outlets.

From the Washington Post editorial board:

Trying to fix these problems by making it even more attractive to borrow money is like trying to quit smoking by switching to unfiltered cigarettes. When you’re doing something destructive, your best bet is to stop. But if you can’t manage that, you should at least refrain from making the problem worse.

From the Wall Street Journal editorial board:

Worse than the cost is the moral hazard and awful precedent this sets. Those who will pay for this write-off are the tens of millions of Americans who didn’t go to college, or repaid their debt, or skimped and saved to pay for college, or chose lower-cost schools to avoid a debt trap. This is a college graduate bailout paid for by plumbers and FedEx drivers.

Axios also notes that several Democrats have been critical, as well:

  • Tim Ryan, the Democrats' Ohio Senate nominee, released a critical statement: "Waiving debt for those already on a trajectory to financial security sends the wrong message to millions of Ohioans without a degree working just as hard to make ends meet."
  • Nevada Sen. Catherine Cortez Masto, one of the most vulnerable Democratic senators up for re-election this year, told Axios: "I don't agree with today's executive action because it doesn't address the root problems that make college unaffordable."
  • New Hampshire Rep. Chris Pappas, running in a swing district that Biden carried by six points, said in a statement: "This announcement by President Biden is no way to make policy and sidesteps Congress and our oversight and fiscal responsibilities. Any plan to address student debt should go through the legislative process, and it should be more targeted and paid for so it doesn't add to the deficit."
  • Colorado Sen. Michael Bennet, facing a competitive race in a state Biden carried by 13 points, said the relief should have been "more targeted" and the administration should have laid out how they'll pay for it.

I'll also be taking more of your comments in the KPEL app chat throughout today's show.

Texas Fights Back Against ESG Financial Companies


Texas Republican Comptroller Glenn Hegar has listed several financial institutions that the state will by law no longer be allowed to do business with because of their use of environmental, social, and corporate governance (ESG) standards.

"The environmental, social and corporate governance (ESG) movement has produced an opaque and perverse system in which some financial companies no longer make decisions in the best interest of their shareholders or their clients, but instead use their financial clout to push a social and political agenda shrouded in secrecy," Hegar said in a statement.

More Republicans in positions of power at the state level have been pushing back against the use of ESG standards as a means of judging the financial health and reliability of states and companies. Louisiana State Treasurer John Schroder wrote a letter to the S&P regarding his concerns about ESG's possible affect on the state's credit rating.

John Bel Edwards Speaks Out On New Orleans Funding Drama

Governor John Bel Edwards
Getty Images, Joe Raedle

Attorney General Jeff Landry has been pushing to deny extending a line of credit to New Orleans for infrastructure work after city leaders said they would not enforce state laws on abortion. After two state bond commission meetings on the matter, John Bel Edwards has weighed in, blasting Landry's position.

“It is a misguided effort from the beginning to ever use the Bond Commission, and any of the work it does, to send a political message to anyone for any reason,” Gov. Edwards said Tuesday at a press conference with Department of Homeland Security Secretary Alejandro Mayorkas.

Mayorkas was asked to weigh in, but deferred comment on Louisiana’s messy politics to the state’s leadership.

“Emergency management is not a partisan issue,” Mayorkas said. “It speaks to the health and well-being of the residents of this city, and this state.”


Edwards also said he believes that the next meeting of the commission will see the funding approved.

Headlines Of The Day

  • FBI brass warned agents off Hunter Biden laptop due to 2020 election: whistleblowers (NY Post)
  • Amazon is shutting down its telehealth service, Amazon Care (CNBC)
  • Forgiving Student Debt Without Abolishing the Federal Loan Program Is Morally Wrong (Reason)
  • Vanessa Bryant awarded $16m in suit over photos of Kobe’s crash (The Guardian)
  • As Used-Car Prices Have Hit Wall amid Signs of Buyers’ Strike, Used EV Prices Spike amid Huge Demand and Little Supply (WolfStreet)

Tweet Of The Day

Lafayette Stores Your Parents Shopped At That Are Gone Now

I have been feeling very nostalgic lately, and when I get that feeling I often will browse the photos in the different collections on the Lafayette Memories Facebook page.

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