now, john. all right. important update there, chad. thank you very much. a sudden departure this morning by a key figure in the january 6th investigation. tony ornato, the sis tachbt director of the secret service left the agency on monday. it comes two months after his name came up in explosive testimony by former white house aide cassidy hutchinson. she said ornato told her then president trump was furious with his security detail for refusing to take him to the capitol on january 6th. the president said something to the effect of i m the f ing president, take me up to the capitol now to which bobby responded, sir, we have to go back to the west wing. the president reached up towards the front of the vehicle to grab at the steering wheel. mr. engel grabbed his arm, said, sir, you need to take your hand off the steering wheel, we re going back to the west wing. we re not going to the capitol. mr. trump then used his free hand to lunge toward bobby engel. when mr. ornat
see up to $20,000 in debt forgiven. the plan also extends the pause on student loan payments until 2023. so is this going to help, or is it going to hurt the economy? let s talk about it with senior fellow at the american enterprise institute, beth acres and former section chief at the federal reserve and claudia saum. does this help or hurt the economy? this will hurt the economy in a minor way. a lot of people are upset because of the inflationary impact. to be honest, the inflation impact will be more mild. i m more upset about the policy terms and what it means to the higher education finance system. we ll talk about that in a second. claudia, how do you see this impacting the economy? i think we absolutely have to back up and understand the problem we are trying to solve. student loan forgiveness was never about boosting growth in
raise prices year after year after year and parents and students are willing to pay whatever price it is to get there. we ve got to take pressure off demand for college if we want institutions to start stepping up and saying, all right, i m going to charge you a price that s in line with what it is that i m going to deliver. claudia and beth, thank you so much for this very important conversation. we appreciate it. chris rock says the oscars have asked him to host again just months after the will smith slap. why he compared his response to o.j. simpson. plus, wendy is ditching the red and embracing her roots. we ll tell you why.
college affordability. again, we have to start with the first problem. these degrees are not paying off. we have millions of students in default, and we keep working backwards. like, this is not about making college affordable. this is about addressing a problem that has happened because college is not affordable, and it hasn t been paying off. beth. the best evidence that we have today tells us that investments in higher education pay huge dividends. the new york federal reserve bank has a paper estimating there s a 15% rate of return on spending on associates and bachelor s degrees. others estimate bachelors degrees will yield an additional million dollars in earnings over the course of an individual s lifetime. of course, that s not true for everyone. but on the whole. the typical borrower is doing quite well here which is why i m totally opposed to this being the intervention that we lead with because i m all for us
the u.s. economy or fighting inflation next year. before we went into the pandemic, one in ten borrowers were in default. that s a problem for those people now, and it is also a problem going forward. but again, growth and fighting inflation is never what this program was really focused as a problem to solve. beth, what do you say to that? yeah. that s right. several months ago in the economic downturn from covid. people saying let s cancel these student loans. that will be a stimulative event, giving people cash. at the same time those same people seem to be arguing, no, it s not an inflationary thing. this is all beside the point. we have a system of higher ed finances not working well. people are arguing on inflation because it s the issue du jour.