Morning Wire XX
[0] President Biden's plan to cancel hundreds of billions in student loan debt has been met with strong warnings from economists.
[1] Look, on the one hand, I understand the help that they're trying to give.
[2] On the other hand, I don't think it makes economic sense.
[3] I'm Georgia Howe with Daily Wire Editor -in -Chief John Bickley.
[4] It's Friday, August 26th, and this is Morning Wire.
[5] Multiple FBI whistleblowers are now revealing the reason agents were told not to investigate President Biden's son Hunter.
[6] This comes as the Bureau faces a crisis of confidence with the public.
[7] The politicization that has affected the agency from top to bottom and such as a senior leader thing.
[8] And crime has been on the rise in the U .S. for the last few years, and most prominently in cities with progressive district attorneys.
[9] We look at the trends under these DAs and the billionaire activist who's funding them.
[10] Thanks for waking up with Morning Wire.
[11] Stay tuned.
[12] We have the news you need to know.
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[20] President Biden announced Wednesday his plan to cancel hundreds of billions in student loan debt, eliminating $10 ,000 in debt for those earning less than $125 ,000 per year, and $20 ,000 for those who received Pell Grants, the majority of loan recipients.
[21] While most Democratic leaders are celebrating the move, many economists are sounding the alarm.
[22] Here to discuss his marketing strategist, Kenny Polkari, managing partner at Case Capital Advisors.
[23] All right, Kenny, we have the most aggressive move we've ever seen.
[24] by an administration on student loans.
[25] Does this move make sense economically?
[26] First of all, it sends a couple of different messages, right?
[27] Number one, that where's the responsibility in this?
[28] That's just number one, and that's off the top.
[29] Number two, this is the largest presidential executive order, financial order.
[30] I think in the history, if I read all this correctly.
[31] So I think this is going to run into some challenges, right?
[32] Because this was not presented or passed by Congress.
[33] So I think that's a whole other set of issues.
[34] But then the third part that I think is a real problem for people is what does it say to everybody else that either took the loans and paid them off and worked through it and figured out how to do it, whether they had to get a second job or even a third job in some points for people to be able to pay this off?
[35] So I think it sends the completely wrong message, but it does do the right thing for the progressive left because now it works to buy votes for them for sure.
[36] Now, the Democrats, after months of internal fighting, managed to push through the Inflation Reduction Act that promised to ease some inflationary pressures.
[37] What does the student loan plan do to that effort?
[38] Well, you know, you're going to argue that it's going to add to inflationary pressures because now, instead of making their monthly payment towards their student loan, they're supposed to have more money to go out and spend.
[39] I think it does nothing but add to potential upside inflationary pressures.
[40] It's not going to add to inflationary pressures if they have to pay the student loan because they're going back to pay the student loan.
[41] They're not going out there buying more product or demanding more product or spending it in the economy, right?
[42] So I think by reducing it and giving this relief, it's going to actually add to the already current inflationary pressures.
[43] Now, this is all presented as the forgiveness of loans, but what does that mean?
[44] Is this just wiped out or is this something that the American people have to pay back?
[45] Bingo, you hit the nail in the head.
[46] It's not being wiped out.
[47] It's not like they puff and it's off the books and nobody knows.
[48] you and I and everyone else, all taxpayers are going to be responsible for pay.
[49] It's going to cost.
[50] They just estimated anywhere between $300 billion and $600 billion.
[51] And I heard somebody this morning say it could approach a trillion dollars, you know, if everyone gets what they want, and who's really going to pay for it?
[52] We're all going to pay for it.
[53] We're paying for it with higher taxes.
[54] Who are they getting when they say it's already paid for?
[55] It's not already paid for.
[56] And so we're all going to pay for it.
[57] And so here's the other thing.
[58] What about the poor man or women that went to a trade school that went to learn how to be, you know, how to service an air condition, how to be a plight.
[59] how to be a master carpenter.
[60] What about all of them?
[61] I think it sends a really, really bad message to the nation.
[62] Now, we've mentioned inflation, and it's obviously been on everyone's mind this year, what do you see coming in the months ahead in terms of inflation?
[63] So I see inflation is going to rear its ugly head again.
[64] I think last month we saw, you know, zero percent in July.
[65] We saw the year -over -year figure come down two -tenths of a percent.
[66] That's great.
[67] It's still at eight and a half percent, which is four times higher than what the Fed wants it to be.
[68] But listen, we also saw oil fall 25 percent.
[69] Oil's now on its way back up.
[70] And the Saudis just said on Monday, the only way to protect and defend the price of oil is to cut production.
[71] So expect oil is going to go higher.
[72] And now we're moving into the winter.
[73] And then you have the whole European problem, right, with Russia and the war in Ukraine.
[74] And Russia's threatening to shut everybody off.
[75] So I think energy is going to go higher again.
[76] And therefore, I think CPI and inflation is going to start to turn its ugly head up once again and actually surge higher versus, you know, moving lower the way they all want you to believe after one data point.
[77] And then I think the Fed's going to be in a tough position, right, where they're going to have to get even more aggressive, and that's going to be the issue.
[78] Kenny, thanks so much for coming on.
[79] That was marketing strategist, Kenny Pocari.
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[83] Amid rising concerns about partisanship within the FBI, Republican Senator Ron Johnson sent a letter to the Justice Department this week that contained new claims by whistleblowers alleging FBI officials worked to downplay allegations against Hunter Biden.
[84] More FBI insiders are blowing the whistle on the bureau.
[85] This time, allegedly to GOP Senator Ron Johnson.
[86] Johnson said in a letter released Wednesday that multiple whistleblowers have come forward claiming that FBI brass smothered probes into Hunter Biden's laptop prior to the 2020 election, despite obtaining the damning laptop about a year before.
[87] Here to go through the new allegations is Daily Wire reporter Tim Pierce.
[88] So, Tim, let's begin by going through what's in Johnson's letter.
[89] Sure, Georgia.
[90] Senator Johnson wrote a letter to the DOJ's Inspector General on Tuesday, claiming to have heard from multiple FBI whistleblowers about corruption in the bureau's top brass.
[91] Johnson said that individuals with knowledge of the FBI's apparent corruption told his office that FBI officials forbade agents from looking at Hunter's laptop and digging into his background and business history.
[92] Now, this has been alleged before in other whistleblower reports from Johnson and Iowa Senator Chuck Grassley.
[93] What's new in the Johnson letter is the expressed reason why.
[94] According to Johnson, the whistleblower said FBI agents were blocked from investigating the president's son because the FBI is, quote, not going to change the outcome of the election again.
[95] Now, do we know anything about these whistleblowers aside from what Grassley and Johnson have told us so far?
[96] Unfortunately not, but Grassley did characterize them as highly credible.
[97] We can surmise that there are quite a few FBI insiders not happy with the Bureau's mounting scandals.
[98] Representative Jim Jordan said recently that 14 whistleblowers have contacted his office in the past a year and a half.
[99] half over a host of issues from the Bureau investigating parents at school board meetings to the ongoing saga with Hunter Biden.
[100] Mike Howell served as general counsel to the Department of Homeland Security and previously led investigations into government misconduct as an attorney for Senate and House committees.
[101] I spoke to him about the recent whistleblower reports.
[102] I'm happy to see their growing number of FBI officials willing to talk to the senators and to Congress.
[103] I think it's super important that, you know, these patriots inside the Bureau who are, you know, see what's happening up close and personally, are willing to do something to help fix it.
[104] It's absolutely out of control.
[105] And for the Senate and the Congress to proceed with actual structural reforms, these whistleblowers are hugely important.
[106] Now, the FBI is already defending its public image after the Trump raid.
[107] Do we have any recent polling on public trust in the FBI?
[108] We do.
[109] Long -term data shows trust in the Bureau has been declining for decades, but recent polling suggests there may be a significant drop -off among independent and conservative Americans.
[110] As for where things stand now, Convention of States' Action in the Trafalgar Group released polling on this yesterday and found that America is pretty equally split.
[111] Forty -seven percent respect the FBI for enforcing law and order, and 46 percent, including a majority of Republicans and plurality of independents, say the Bureau has become too political, corrupt, and cannot be trusted.
[112] Howell said the Bureau's bad public perception is due to a double standard in its enforcement.
[113] They're very aware that their actions have a huge impact, and I think that's really at the root of a lot of the problems we see with the lack of trust in the FBI and DOJ.
[114] It's that, you know, they're overly cautious to not do anything that could be helpful to those on the right, and they feel that they have to go full bore if it's helpful to the left, and that's a pattern that's repeated itself over and over again, and why they frankly lost the trust, not only of, you know, conservatives and Republicans, but over a gross, and growing amount of Americans across the board.
[115] All right.
[116] Well, Tim, thanks so much for coming on.
[117] Thanks for having me. That was Daily Wire reporter Tim Pierce.
[118] In cities across the country, dangerous crime spikes have citizens on edge.
[119] Places like San Francisco, New York, Los Angeles, and many others have district attorneys and other officials, many funded by George Soros, who have launched policies that critics say are fueling the crime wave.
[120] In Philadelphia last week, I'd drive by shooting near a recreation center full of kids resulted in over 100 shots fired.
[121] And according to some reports, residents say that the city is becoming a war zone.
[122] The city of Brotherly Love has a progressive DA, Larry Krasner, funded by Soros.
[123] Here to talk about all of this is columnist David Marcus.
[124] So, Dave, what is Soros up to here?
[125] Good morning.
[126] That's actually a question Soros answered in an op -ed for the Wall Street Journal a few weeks back.
[127] He wrote that he is concerned about crime and that the policies of these far -left DAs who he bankrolls are popular.
[128] To put it gently, this seems out of touch with reality.
[129] In fact, we see recall efforts for these ineffective DAs across the country, and in general, widespread concern about basic safety in these cities.
[130] But, you know, reading Soros' account, you'd think everything was ACEs.
[131] Given the crime numbers that we see, what is it that these Soros -backed DAs, including George Gascon and Los Angeles, who it looks like will survive a recall effort, say they are doing that will prevent this rising crime, especially given their reluctance to send criminals to jail?
[132] Yeah, that really becomes the question.
[133] What the D. Hayes and the progressive activists who support them say is that there are better means of intervention with social workers or therapists that can reduce crime without what they view as the harmful effects of policing.
[134] Now, maybe that's true, but it isn't so far.
[135] And it's leading to more and more people saying that we can't wait for these progressive ideas to start working while kids are getting gun down on our streets.
[136] Right.
[137] How ubiquitous has the Soros -backed prosecutor become?
[138] It seems like every week there's a story from some other city about crime rising and the progressive DAs who are criticized for their soft approach.
[139] Yeah, look, they're all over the place.
[140] One recent report showed that one in five or 20 percent of Americans live in a place with a Soros -backed DA and that those DAs preside over 40 percent of the nation's murders.
[141] Soros and other progressive groups have gotten very, very good at this.
[142] DA's races are low -hanging political fruit.
[143] A little bit of money goes a long way.
[144] And in many of these cities, winning an often -crowded Democrat primary assures ultimate victory because no Republican can get elected.
[145] This is an approach the left is executing all over the country.
[146] Now, there have been some success stories.
[147] Miami, for example, has seen its lowest homicide rate in decades.
[148] Its mayor, Francis Suarez, puts this down to increased political.
[149] police funding, and Miami also has an interesting DA.
[150] Tell us about her.
[151] Right.
[152] So Catherine Fernandez -Rundle, a Democrat, has somewhat amazingly been the state's attorney for Miami -Dade County since 1993, right, when Nirvana was topping the chart.
[153] She's been re -elected six times, and she's not awoke progressive.
[154] So Miami hasn't seen this kind of far -left reform that you see in cities like Philadelphia and Los Angeles.
[155] I think it goes to show that there are even a lot of Democrats, perhaps, an increasing amount, who are not comfortable with the Soros approach.
[156] With the recall efforts that we've seen and the greater attention being paid to crime in our cities and all of its negative effects, could a tide be turning against these progressive prosecutors?
[157] It's possible, but again, DA's races are not big, sexy affairs, especially the primaries.
[158] And it's somewhat related.
[159] Over the past decade or so, the decline of local newspapers has left a lot of city dwellers less informed about local government than they used to be.
[160] I think in the short -term DA races are still very fertile ground for a far left that knows exactly how to farm it.
[161] Thank you for joining us today, David.
[162] Thanks for having me. That was Daily Wire contributor, David Marcus.
[163] Other stories we're tracking this week.
[164] The redacted version of the affidavit used to obtain a warrant to search former President Trump's Florida residents must be unsealed by noon today.
[165] The ruling was handed down on Thursday afternoon by the Florida federal judge presiding over the case.
[166] Russian President Vladimir Putin on Thursday ordered the Russian military to increase the number of troops by 137 ,000 to a total of 1 .15 million Russian troops in Ukraine.
[167] Senator Marcia Blackburn of Tennessee landed in Taiwan for an unannounced visit on Thursday.
[168] California is expected to approve a ban on the sale of new gas -powered cars.
[169] The ban would take effect in 2035.
[170] Thanks for listening to Morning Wire.
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[173] Well, that's all the time we've got this morning.
[174] Thanks for waking up with us.
[175] We'll be back tomorrow with the news you need to know.