by Gena Michael
Clash Daily Contributor
As of July 1st, interest rates on federally subsidized Stafford loans instantly doubled from 3.4% to 6.8%. The interest rate hike resulted from Congress being unable to reach a deal, despite Mr. Obama calling them to make a deal and keep interest rates unchanged. In addition, the Congressional Budget Office (CBO) reported that student loan interest rates are being increased to fund, you guessed it, ObamaCare. The CBO also confirmed that the federal government student loan program will cost present and future students $8.7 billion in additional interest over the next 10 years. Interestingly enough, CampusReform.org reports that the Congressional Budget Office also estimated that if $8.7 billion was not transferred to ObamaCare and stayed within the loan program, it would allow the Department of Education to reduce student loan interest rates for students to 5.3%.
I understand our country is indeed in financial distress. We’ve got a $16 trillion (and counting) national debt. We are spending billions of dollars on welfare, education, foreign aid, and insurance on illegal immigrants. In addition, we have 100 million legal citizens collecting some form of welfare, according to last year’s Senate Budget Committee’s research plan. To boot, some 10 million individuals became welfare recipients since Obama came into office in 2009. This past week our dear and fearless leader vacationed in Africa with his wife and children on a week-long tour that could cost US taxpayers $100 million. So what does all this tell us? It tells us we have a government and a president who is literally writing checks they can’t cash. After passing such a “historic” (Obama’s words, not mine) bill like the Affordable Care Act that clearly adds to an already hefty and likewise “historic” debt, you’d think that funding and implementation would be resolved as well. Not in this administration, folks. If Harry Reid (D-Nev) is agreeing that ObamaCare is or could potentially be a trainwreck, you know it’s got to be pretty bad.
We now live in a society that indeed steals from the rich (or anyone above poverty-level, really) and gives to the poor…or in this specific case, an underfunded mandatory law that no one wants. Michelle Obama wasn’t joking around when she proclaimed, “The truth is, in order to get things like universal healthcare and a revamped education system then someone is going to have to give up their piece of the pie so that someone else can have more”