On Friday, in response to President Barack Obama's latest divide-and-conquer tactic, the House of Representatives will vote on a measure to prevent interest rates on subsidized Stafford (college) loans from doubling from 3.4 percent to 6.8 percent, covering the $5.9 billion one-year price tag of the loan subsidy with money from a preventative care "slush fund" created by Obamacare. Not surprisingly, Democrats suggest raising taxes to cover the cost of their latest vote-buying idea. Following Friday's vote, expect to hear Nancy Pelosi and MSNBC talking heads squawking that Republicans want Americans to get cancer.
Since the "Republican War on Women" claim and the Buffett Rule are both failing to sway voters, Obama's current bright idea is to scare Nanny State-coddled "it's our right!" college students (and their slightly less entitled, mostly middle class parents) about evil Republicans wanting to raise interest rates on college student loans.
Earlier this week, our hyper-political president took his transparent vote-buying argument to major colleges in three political swing states: The University of Colorado, the University of Iowa, and the University of North Carolina.
The fear-mongering talking points are consistent: "The interest rates on student loans will double unless Congress acts by July 1st." Further, Obama says, "For each year that Congress doesn't act, the average student with these loans will rack up an extra thousand dollars in debt."
Note Obama's clever rhetoric: The "average student" will hear the threat as being a thousand dollars a year in additional interest payments. In fact, what the president is saying is that the total added cost to a student for a single year of college debt at higher interest rates is $1,000 over the life of the student loan. Even that is an overstatement.
Please read the entirety of my article for the American Spectator here:
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