Last week, Fox News host Tucker Carlson said that American millenials and their Generation Z cohorts are gradually becoming attracted to socialism because “our current system isn’t working” for them on certain issues such as rising student debt.
Carlson penned an op-ed last Thursday on the Daily Caller along with co-founder Neil Patel explaining how student debt is keeping millenials and other young adults from buying homes or starting families.
“You may be happy with the state of the U.S. economy, but many young people aren’t,” Carlson and Patel argued. “The main problem — the reason capitalism is increasingly discredited and socialism increasingly popular — is that for too many young people, our current system isn’t working.”
The two conservative commentators’ takeaway came after a new poll revealed that 70 percent of millennials expressed that they are “somewhat or extremely like to vote for a socialist candidate.”
Additionally, the survey found that half of millennials — in the age range of 22 to 38 — and 51 percent of Generation Z —those of the age 16 and 22 range, held somewhat or very unfavorable views of capitalism.
According to the Institute for College Access and Success, 44 million Americans are on the hook for $1.5 trillion in student loans.
“Many of today’s college freshmen can expect to spend their working lives paying interest on loans that, in the end, didn’t help them at all,” Carlson and Patel wrote. “No wonder so many support Bernie Sanders. If this is capitalism, they don’t want any part of it.”
“We need to move the crushing financial burden of student debt off the shoulders of middle-class families and 22-year-olds and back onto the people who’ve gotten rich from it,” Carlson and Patel finished off their piece. “That’s an idea every sensible person can support. And there’s a political payoff for any politician wise enough to adopt it.”
Indeed, Sanders and Warren’s proposal to treat higher education like a positive right that must be granted by the government is both immoral and economically detrimental.
Nevertheless, conservatives will have to make the case for getting the state out of the higher education sector and let it any function like any good or service in the free market. Universities and banks should also be held accountable for any foul play in this process.
As the 2020 elections heat up, higher education will continue to be one of the biggest issues given the financial implications it has for future generations.
Billionaires Have Made Half a Trillion Dollars While Tens of Millions File for Unemployment
As the number of Americans filing for unemployment approaches 40 million, America’s billionaires are cruising along without any worries.
According to a CNBC report, billionaire fortunes climbed by a total of $434 billion since the middle of March,
At the top of the list are Jeff Bezos and Mark Zuckerberg, whose respective fortunes increased by $34.6 and $25 billion, according to the Americans for Tax Fairness and the Institute for Policy Studies’ Program for Inequality. Zerohedge noted that both organizations came to this conclusion “based on Forbes data for America’s over 600 billionaires collected between March 18 and May 19.”
Tyler Durden highlighted the following stats:
Percentage-wise, Elon Musk’s wealth grew 48% to $36 billion, while Zuckerberg clocked in at 46%. Bezos’ wealth grew 31% to $147 billion. His ex-wife, MacKenzie Bezos, saw her wealth increase by roughly 33% to $48 billion. On average, American billionaires saw their net worth grow 15% during the two-month period from $2.948 trillion to $3.382 trillion.
Bezos, Bill Gates, Zuckerberg, Buffett and Larry Ellison saw their wealth increase by a total of $76 billion.
“The surge in billionaire wealth during a global pandemic underscores the grotesque nature of unequal sacrifice,” declared Chuck Collins, director of the IPS Program on Inequality and co-author of the Billionaire Bonanza 2020 report. “While millions risk their lives and livelihoods as first responders and front line workers, these billionaires benefit from an economy and tax system that is wired to funnel wealth to the top.”
Still, the pandemic hasn’t been kind to other billionaires – whose yacht upgrades may need to wait. Those in travel and retail have taken a beating. Ralph Lauren saw his wealth drop by $100 million to $5.6 billion, while hotelier John Pritzker has seen a $34 million drop to $2.56 billion. We know, time to get a collection going.
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