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Fox News guest Dave Ramsey calls student loan forgiveness “economic hogwash”

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It’s not exactly a household name, but within the cottage industry famous financial advisers (your Suze Ormans, Jim Cramers, etc.) Dave ramsey is a big deal, thanks to an eponymous radio show, bestselling books, and a three-year stint hosting his own TV show on Fox Business, all of which helped him gain net worth. estimated at nearly half a billion dollars.

So when Ramsey talks about money, people – well, some people – tend to listen. Which is a shame, because as he demonstrated in a Thursday morning appearance on Fox News, he’s also pretty awful.

The conversation ostensibly began with Ramsey, whose ensemble thing does not rack up debts, raging against reports that the Biden administration is considering cancellation until $ 50,000 in individual student loan debt – a decision that could benefit more than 40 million Americans whose total student debt is in the order of $ 1.5 trillion. Ramsey insisted that the idea that canceling student debt would help ease the pandemic-induced financial crisis in the United States is “economic hogwash.”

Again: Ramsey has a net worth approaching $ 500 million.

But the really bad things came next, when Ramsey began to denounce the idea of ​​pandemic stimulus controls. Because, he explained, “if $ 600 or $ 1,400 changes your life, you were pretty much screwed already.”

Ramsey went on to list the “other issues” that he thinks are likely at stake if you’re in a situation where a check worth 0.0029% of his estimated net worth could change your life: “You’ve got a problem. career, you have a debt problem, you have a relationship problem, you have a mental health problem or whatever happens if $ 600 changes your life, ”he said, insisting on one way or another that “that doesn’t denigrate people.”

To put it in terms, Marie-Antoinette would understand: “Let them eat cake. Or, better yet, don’t let them eat cake. Or anything else really. They have other issues to deal with, which is a shame. Oh good!”

The problem here seems to be twofold. First, Ramsey apparently can’t imagine a world in which money he sees as massive change could actually change his life. And to some extent he’s right, in that a single check for $ 600 or even a check for $ 1,400 is just one drop in the ocean for many financially suffering.

Second, suppose all of these “problems” he listed were indeed at play here… so what? Does someone’s relationship or work situation (or lack thereof) or mental health mean they are somehow unworthy of the incredibly small financial boost the government has discussed in response to the worst economic and health crises of the last century? Of course not. And despite Ramsey’s insistence that he doesn’t “talk” to people, simply inserting these (unwarranted) taboo states into the conversation is a way for him to position himself as the arbiter of this. who is “good” poverty and what is “bad”. “poverty. And what he decided is that people living in” bad “poverty are unfit to receive help.

Are stimulus checks a universal panacea for the economic instability and inequalities that the pandemic has exacerbated over the past year? Of course not. But to regard them as unnecessary from the outset is either snobbery or cruelty – or more likely, a bit of both.

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