Thursday, October 27, 2011

Obama's Student Loan Stunt Backfires

Charles Krauthammer said of Obama's plan to pay down student loans. "It's entirely incoherent. I'm not sure if those savings are real, where are they? What he spoke about today was tweaking the student loan program, which he now controls. In a way, it's rather astonishing. The numbers were run by an economics correspondent today in The Atlantic magazine. And It turns out what he is offering the students is between $4.50 and $7.70 a month of relief."

"Now these are students that he addressed today and spoke about their carrying an average of $25,000 in loans...This is keeping with all of the promises he has been making in the last campaign tour in which he promised relief to homeowners in a program which has already failed. And now he is doing it on student loans. If his audience had known how minuscule is the benefit, he would have been laughed out of that auditorium."

And whether it's because the numbers don't add  up OR because the savings are so low anyhow OR just because the American public has learned all too well that Barack Obama cannot be trusted to come up with beneficial economic programs -- the President's announcement may have played well with the entitled whiners of the Occupy Wall Street mobs, it wasn't embraced by the general public. From Rasmussen: 

Even as President Obama talks about easing the burden on those with student loans, in fact, Americans are more inclined to think the government should help those who haven’t gone to college instead. The latest Rasmussen Reports national telephone survey finds that just 21% of American Adults think the federal government should forgive the nearly $1 trillion in loans it made or guaranteed to help students pay for a college education. Sixty-six percent (66%) oppose the forgiveness of all student loans.