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Connection. talk about how democrats need to break back through and make working class voters their voters again. how do they do it? if you look at what tim ryan is doing in ohio, he is like executing the playbook on reminding rank and file that it was the democratic party that is protecting their union rights. their paychecks, their benefits. the unions in this country built the middle class. they really were the basis of people having money to retire and go on vacation and buy a bass boat. we got sidelined by the culture wars which really hurt in many still sidelined. still sidelined. i would suggest maybe more sidelined now for working class voters than ever before. you may be right, joe. so what we have to do is stay focused on the economic issues that joe biden is delivering on especially for these rank and ....
There is so much money being thrown into the system. so if you make it more expensive, maybe you as to that. you have a lot of people with these seven year a.r.m.s and then the ten year optionals and then they become due and a 30 year fixed straight about 5%, last year it was 3%. you can see where that could go. and why they are so front loaded right now, people are paying mainly interest the first two, three, four years. they are not giving 30 year loans out. they are giving out 15 years. and so people will turn around and it will look like 2008 because they will go wait a second 5% unemployment in this country would not be cataclysmic. some people argue that living in the 3.5%, that is a little alice in wonderland. this is also not normal either. in some ways it is a great thing because it is also pushing up wages for the first time. let s talk about jetblue. oh, goodness. ....
what is going on there? jetblue frontier and spirit airlines, really the low cost airlines in america, which have kept prices to some degree down even though we re seeing rates across the board rocket up, now jetblue is trying to effectively break up they were going to merge together or at least proposing to. and jetblue is saying no, no, i ll offer money to buy spirit airlines, they are offering something like i think it is a 20% premium over what frontier was paying. and the question is whether you think washington or the ftc or justice department will say this can t happen and whether a deal like this putting jetblue and spirit together would effectively increase prices everyone more. the political pressures on this will be enormous in large part because would he as taxpayers all gave the airlines an enormous amount of money as you know during covid. and now these airlines are turning around and saying actually, we couldn t survive before without your help and now we can t s ....
This whole system work eventually, higher education needs to cost less. we can t continue to have these and government is pushing it up. and so it is like a third rail issue. you d think that it won t be because in so many ways rationally you think that people just want the money. but there is people on the other side of this issue. you get the sense that maybe why president biden keeps kicking the can down the road, because there are a lot of people if you look at the polls that say wait a second, hold on, i spent 15 years paying back my student loans. they will just forgive it for somebody else? so almost like you say five more months instead of just making a definitive decision. absolutely. andrew is right, there are so many people even some democrats who say, look, guys, i already did this, why do i have to now watch as everyone else gets it. and then you talk to folks at the white house and even folks ....
Consolidating otherwise we ll lose money. interesting. stay with us because we want to go to the white house on another economy-related issue. today they are set to extend the pause on federal student loan payments through the end of august. president biden s decision could impact more than 40 million people nationwide. so for more on this, let s bring in white house correspondent for politico and co-author of the playbook, eugene daniels. eugene, what can you tell us? reporter: me and my colleague michael strafford broke the news that august 31st was the date that the administration had chosen to extend these loans or extend the pause through. excuse me. but then one of the things as i was talking toed a vow today thes, folks on the hill, even some people in the education department is that no one was really asking for august 31, they wanted to go through december, get through the midterms so they didn t have any of those issues there. ....