Pandermonium: Obama woos youth vote, calls for slightly lighter crushing burden of student loans

posted at 5:21 pm on April 24, 2012 by Allahpundit

The bad news? Thanks in part to the Hopenchange economy, fully half of his target demographic will have no means of repaying their debt after they graduate, no matter how low the interest rate is. The “good” news? No paycheck means no FICA, so they’ll be spared temporarily from contributing to an unsustainable entitlement system that’s ripping them off by promising benefits it can’t hope to pay by the time they reach 65.

There’s nothing in O’s speech about Romney, as you’ll see — Mitt made sure of that yesterday — but Democrats are ready to force a tough vote on Senate Republicans sometime soon.

Senate Democrats and the White House have agreed to pay for a bill to freeze student loan interest rates for a year by raising payroll taxes on so-called S Corporations, Senate Health, Education, Labor and Pensions Committee Chairman Tom Harkin, D-Iowa., said on Tuesday…

Harkin spoke minutes after Senate Majority Leader Harry Reid, D-Nev., said he will introduce within the next day a bill to prevent interest rates from doubling to 6.8 percent on July 1. That sets up Senate action on the bill next month after senators return May 7 from a one-week recess…

Democrats note that Republicans on the Select Joint Committee on Deficit Reduction — the so-called super committee — claimed last fall they would consider raising a tax increase on S Corporations. Several GOP aides said the Democrats’ decision to attach the offset will ensure strong GOP opposition and the bill’s defeat in the Senate.

Having Republicans block the vote is fine with the White House, of course, as it’ll end up pitting the Senate GOP against the party’s nominee on this issue. According to exit polls in 2008, Obama beat McCain 66/32 among voters aged 18 to 29; according to a recent poll taken by Harvard, Obama leads Romney among the same group … 43/26. (His margin among 18-to-24 year olds, some of whom weren’t old enough to be part of Generation O four years ago, is just 12 points.) How far is he willing to go to pander to them? This far:

During a musical number, the students in the audience were on their feet, clapping and cheering.

After Fallon said he wanted to “slow-jam the news,” Obama came out from behind a curtain at 2:28 p.m., to wild cheers from the crowd.

“I’m president Barack Obama, and I, too, want to slow-jam the news,” the president said.

You earned your votes today, champ, I’ll give you that. When you’re done with the clip, spend a few minutes on this dispiriting WSJ piece from a few days ago about college grads who are so deep in debt they have to put off marriage and children to pay the bills. Private loans with variable interest rates are especially taxing, but even the lower-rate federal loans haven’t prevented many more defaults than the government officially recognizes. The bubble’s getting bigger. How much longer until it pops?

Update: Commenters are noting that our nominee has the very same position as O on this. Indeed. That’s my point in saying that Mitt made sure that Obama couldn’t attack him on this point — he played politics in order to pander to the youth vote himself. What happens now when the Senate GOP filibusters the Democrats’ bill?


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Pandermonium: Obama woos youth vote, calls for slightly lighter crushing burden of student loans

In stark, stark contrast to our conservative GOP Nomineee

Oh wait

Norwegian on April 24, 2012 at 5:24 PM

PAnd Romney agreed with him.. OH what a wonderful choice we have in November… Pander-in-chief or panderer-elect..

melle1228 on April 24, 2012 at 5:25 PM

The bubble’s getting bigger. How much longer until it pops?

I’m guessing not before November 7, 2012.

Doughboy on April 24, 2012 at 5:25 PM

He missed votes on topic as a senator.

Schadenfreude on April 24, 2012 at 5:25 PM

“I’m president Barack Obama, and I, too, want to slow-jam the news,” the president said.

What an embarassment to our nation.

CycloneCDB on April 24, 2012 at 5:26 PM

Really? The “solution” is to raise taxes on S Corporations? How will this supposed to help small businesses hire additional workers…or help them in general?

Conservative in NOVA on April 24, 2012 at 5:28 PM

but Democrats are ready to force a tough vote on Senate Republicans sometime soon.

The Best Part? Democrats are the ones who passed the pending increase in student loan interest rates that they are now pretending to fight against and to trying pin on Republicans.

Kataklysmic on April 24, 2012 at 5:30 PM

Liberal desperation makes me smile…

Roy Rogers on April 24, 2012 at 5:30 PM

Hey Obama….maybe college wouldn’t be so expensive if hadn’t become sort of right. Apparently immediately after high school EVERYONE has to go to college.

terryannonline on April 24, 2012 at 5:31 PM

From Boehner’s website:

Part of their campaign vow to “cut student loan rates in half,” congressional Democrats in 2007 enacted a law they claimed would help address rising college costs (In reality, the cost of education at a four-year public college has gone up 25 percent over the last three years). Surprising to no one, however, Democratic leaders promised more than they had found a way to pay for, so they phased in the change over a period of four years to minimize the price tag. The four-year phase down went from 6.8 percent to 6.0 percent for the 2008-09 school year, to 5.6 percent for 2009-10, to 4.5 percent for 2010-11, and finally to 3.4 percent for 2011-12. Thus, in the middle of an election year – and even though the 3.4 percent rate has been in place for less than a year –the Democrats’ plan doubles rates back to 6.8 percent for the 2012-13 school year.

Kataklysmic on April 24, 2012 at 5:32 PM

Hmmmmmmmm
I’ve got one son who went to a local Community College for 2 years while living at home and working then an ROTC Scholarship for the last 2, then a Masters the Army paid for. Oops! I forgot. ROTC is not the rage right now. At least after 13 years in now and as a Major, when he does get out he’ll find another job becuase he has experience and probably be a full Colonel.
Second son took a few loans but worked his butt off. Graduate school first year was expensive but hard work was rewarded with a fellowship fo finish with 2 Masters degrees.
It’s called work and personal responsibility. But then again Obama promotes “don’t work and let someone else take the responsibility.”
Margaret Thatcher was right. “Socialism works fine until you run out of other people’s money.”
Geeeeeeez, I’m hoping for change this year!

Art on April 24, 2012 at 5:32 PM

Remember the last time? All promise, no help. Should sound familiar by now.

Speakup on April 24, 2012 at 5:34 PM

Interesting,and now,Votey/Changey is pandering the Student Loan
forgivness Angle,

to shore up,his youth vote!

canopfor on April 24, 2012 at 5:36 PM

And whatever you do, kids, don’t go to opensecrets.org and find out just how much money major leftist universities give to me! It’s all the fault of the corporations.

Transpo on April 24, 2012 at 5:36 PM

Tuition continues to rise because student loans continue to rise…and academia only enriches itself, thanks to the ‘rats…

ladyingray on April 24, 2012 at 5:36 PM

to shore up,his youth vote!

canopfor on April 24, 2012 at 5:36 PM

Today, Rush said that it doesn’t matter what happens in July…obaka will forgive student loans, or at the very least, the interest on same, in October…

ladyingray on April 24, 2012 at 5:39 PM

The bubble’s getting bigger. How much longer until it pops?

Can’t happen soon enough for me. I said earlier on Twitter #DontDoubleMyRate Double my tuition please! Filed FAFSA form & told we can afford 45K/year tuition – only if we eat dog food #obamaeatsdog. It really is to the point that only the rich and very poor can do college – especially without loans. I put one through without them but the second … it’s going to be next to impossible.

At this point, I could give a rat’s behind about offsetting the cost of Obama’s latest election year stunt. Just inflate that bubble and let it burst. If no one in Washington is serious about straightening the mess that’s been made of higher education, let it collapse. The sooner the better.

msmveritas on April 24, 2012 at 5:40 PM

If Obama gave a rat’s A about “the students”, he would just let them default and wring themselves free from $100K loans for degrees in liberal arts and queer theory. But this would hurt the people he really cares about, namely, the universities and their esteemed indoctrinators, along with his neolib bankster friends on Wall Street, both of whom would be rained out.

Either way, the hand will be forced eventually; college tuition inflated 300% over the last 30 years and state colleges are predicted to require $120,000 for attendance. Bubble-bursting time.

smiley on April 24, 2012 at 5:44 PM

*state colleges are predicted to require $120,000 for attendance in 2015 (three years). (darn you lack of edit)

smiley on April 24, 2012 at 5:46 PM

Ugh. Is this from Boulder? A friend of mine is there getting her PhD, and despite what that might imply, she’s way in the tank for Obama, hyping his visit all over Facebook. Not that she has loans though. Her schooling has always been paid for through scholarships.

She’s been a good friend since early high school, but I can’t respect the mentality that gushes over this president.

Esthier on April 24, 2012 at 5:46 PM

“I’m president Barack Obama, and I, too, want to slow-jam the news,” the president said.

What an embarassment to our nation.

CycloneCDB on April 24, 2012 at 5:26 PM

I’m not even sure I know what that means. I think ‘slow jam’ just means slow song. So ‘slow jamming the news’ is to sing the news slowly?

But one thing I know is that I would have thought this guy was a d-bag poseur even when I was 20 years old. Especially when I was 20 years old.

forest on April 24, 2012 at 5:49 PM

“……..calls for slightly lighter crushing burden of student loans”

Why not “call” for a total reform of higher education, starting with the elimination of the liberal indoctrination that feeds on the premise of entitlements? This would help to ease the “crushing burden” of facing reality.

Rovin on April 24, 2012 at 5:50 PM

Chart of the Day:
(Yes,less than a year)
**********************

Student Loans Have Grown 511% Since 1999
Aug 18 2011, 2:15 PM ET

http://www.theatlantic.com/business/archive/2011/08/chart-of-the-day-student-loans-have-grown-511-since-1999/243821/
***********************

Here’s a chart based on New York Federal Reserve *data for household debt. The red line shows the cumulative growth in student loans since 1999. The blue line shows the growth of all other household debt except for student loans over the same period.

* http://data.newyorkfed.org/creditconditions/

canopfor on April 24, 2012 at 5:50 PM

Today, Rush said that it doesn’t matter what happens in July…obaka will forgive student loans, or at the very least, the interest on same, in October…

ladyingray on April 24, 2012 at 5:39 PM

How can they do that? Or is that just federal loans?

Esthier on April 24, 2012 at 5:50 PM

Don’t think for a second that when DemoRats were putting together the rate cut legislation that 2012 was an accident for it’s sunset. It turns it into a political hammer for them and they knew darn well what they were doing.

Federally backed school loans and government grants are the reason college costs became completely disconnected from inflation. Want to add a new department at the college? Raise tuition, school loans can pay for it! Want that fancy new electron thingamajig? Why, they used to have to go to the alumni and fundraise for it. Now they can just raise tuition and increase the school loan burden on the students. The rules allow the banks to loan $45,000 to an engineering major as easily as to a woman’s studies major. The banks don’t care because the feds have their back.

Instead of having to be creative, intelligent and competitive on cost management and the cost of tuition and board, etc, colleges just pass it, unethically, onto the backs of their students. The federal guarantees allowed them to stop competing on price and turned the government into their financial honey pots.

PastorJon on April 24, 2012 at 5:51 PM

So,um,will Team Lefty Blues,try for a Stimulus Plan!!

canopfor on April 24, 2012 at 5:52 PM

How can they do that? Or is that just federal loans?

Esthier on April 24, 2012 at 5:50 PM

Didn’t they socialize the industry? I guess there are still old private loans out there. Those people will probably have to pay.

forest on April 24, 2012 at 5:53 PM

Because making it easier for even more functionally-illiterate kids to go to college will increase difficulty, strengthen educational demands, and improve the overall quality of our schools.

rogerb on April 24, 2012 at 5:56 PM

The bad news? Thanks in part to the Hopenchange economy, fully half of his target demographic will have no means of repaying their debt after they graduate, no matter how low the interest rate is.

Why would these Obamidiots want to repay their debt ?
Look at these morons…do they exhibit any sense of responsibility ? For anything ???

burrata on April 24, 2012 at 5:56 PM

to shore up,his youth vote!

canopfor on April 24, 2012 at 5:36 PM
————————————–

Today, Rush said that it doesn’t matter what happens in July…obaka will forgive student loans, or at the very least, the interest on same, in October…

ladyingray on April 24, 2012 at 5:39 PM

ladyingray:This it:)
====================

Limbaugh: Sandra Fluke Coordinating With Obama WH In Scaring Students On Rising Interest On Student Loans
This entry was posted on April 24, 2012 at 2:08 pm.
(Video-2:08)
***************************************************

Sandra Fluke‏@SandraFluke
************************

#DontDoubleMyRate.

Many students will see the interest rate on Fed #StudentLoans increase if Congress doesn’t act by 7/1
https://twitter.com/#!/SandraFluke/status/194822415572942849
=============================================================

http://dailyrushbo.com/rush-sandra-fluke-coordinating-with-obama-wh-in-scaring-students-on-rising-interest-on-student-loans/

canopfor on April 24, 2012 at 6:00 PM

He gave this speech in North Carolina on the same day the dem party HIV scandal broke. Great timing.

Rush noted today that Zero spoke at Carmichael Arena which holds less than half the number of people than the Dean Smith Center where he spoke in 2008.

I haven’t found the attendance figures posted anywhere yet, but the Arena seats less than 9000. I’ll wager it wasn’t full.

dogsoldier on April 24, 2012 at 6:03 PM

How much is a vote worth?

Just $7 a month, and only for new loan applicants to the Stafford Loan program this year. And the students won’t see that savings until they graduate and begin payments.

See National Review.

publiuspen on April 24, 2012 at 6:05 PM

Didn’t they socialize the industry? I guess there are still old private loans out there. Those people will probably have to pay.

forest on April 24, 2012 at 5:53 PM

Yeah, I was thinking about my husband’s loans. Half of them were through banks. So does that mean it’s even harder to get a loan now, cause I know his parents supposedly made too much for most government loans even though they couldn’t contribute a dime to his education.

Esthier on April 24, 2012 at 6:06 PM

What happens now when the Senate GOP filibusters the Democrats’ bill?

Hey Kids! WELCOME TO REALITY! Ya borrow money, you’re gonna have to pay it back. Or re-elect Barry, he’ll pay your loan off for you. And buy you a car, and give you some ObamaBucks to spend. Help you with the down payment on a house. I hear he’s even good at getting people jobs!

GarandFan on April 24, 2012 at 6:09 PM

This is nothing more than the market distortion that occurs when ever the government gets involved. Doesn’t matter if it is grants, loans, GI bills, or any program they make. When the government is the one footing the bill, and schools see it as a cash cow, it will always be throw more money at it. It is another way to enslave the population to the government, as you now “owe” them. Don’t forget, any of these loans can be forgave after 10yrs of paying, if you have a government approved profession, say like working for the government. Let the whole system go under.

uncommon sense on April 24, 2012 at 6:09 PM

just another failure from obamacare, the dems created this interest rate problem by nationalizing the student loan business, and now they are campaigning on this? WTF? what are the chances this even gets mentioned in the MSM?

burserker on April 24, 2012 at 6:11 PM

but Democrats are ready to force a tough vote on Senate Republicans sometime soon.

Heh. It’s tough only if you’re an established Senate Republican.

I didn’t watch the speech, but Chapel Hill makes Berkely, CA look like Texas. It’s why he chose that location.

SouthernGent on April 24, 2012 at 6:11 PM

I didn’t watch the speech, but Chapel Hill makes Berkely, CA look like Texas. It’s why he chose that location.

SouthernGent on April 24, 2012 at 6:11 PM

Hate to break it to you, but Texas isn’t what it used to be either. Big cities attract libs like flies to dung.

Plus, we have Austin.

I really hope the GOP gets this, cause Texas will eventually be in play. Probably not this year, but I wouldn’t be surprised if it goes blue in 2016 if things continue this way.

Esthier on April 24, 2012 at 6:15 PM

What happens now when the Senate GOP filibusters the Democrats’ bill?

I give up. What? Hey, how about some cool BuzzFeed clips to help sort this out? High-larious!

cicerone on April 24, 2012 at 6:16 PM

Local Raleigh/Durham/Chapel Hill station says “about 8,000″ were there.

President Barack Obama arrived in Chapel Hill Tuesday, speaking to a packed house at Carmichael Arena and stressing the value of a college education to a young, energetic crowd at the University of North Carolina.

“We can’t price the middle class out of a college education,” he told the audience of about 8,000.

SouthernGent on April 24, 2012 at 6:17 PM

Notice he didn’t go to Stanford, as they now have a big enough endowment that they cover the cost of school for those students who’s parents make less than 130k

uncommon sense on April 24, 2012 at 6:18 PM

college grads who are so deep in debt they have to put off marriage and children to pay the bills.

How silly, these college grads need to get in line for welfare and food-stamps. They should learn from illegals.

burrata on April 24, 2012 at 6:22 PM

Oh BTW, did Fallon’s lackey play
” Lying A$$ B!**h”
for the lying puppy muncher ?

burrata on April 24, 2012 at 6:24 PM

Can we look at this from a strategic perspective, instead of a “defend at all cost” perspective?

Will Congress be running against Romney too now?

Romney is etching…. but what is the strategy? To make them think that there’s no difference between him and O? What policy will fall under this category?? immigration?

If it’s down to who you like better (for the indies, youth, latinos)? Talk about failure. Just look at the likability numbers! If there’s one thing I think you will all agree with me on is, Romney is not going to beat him on the ” do you like him as a person” poll question.

How many conservatives are lining up to become Romney’s vp?

#udeserveit

Can.I.be.in.the.middle on April 24, 2012 at 6:36 PM

What happens now when the Senate GOP filibusters the Democrats’ bill?

Pass it- name it the Romney College Students Best Interest Bill Shorter= Romney’s Bill.

canditaylor68 on April 24, 2012 at 6:38 PM

Succeed in getting an inept, lying hypocrite socialist elected president in 2008?

Yeswecan, yeswecan, yeswecan, yeswecan.

Succeed in paying off student loans?

Nowecan’t, nowecan’t, nowecan’t.

How is that hopeandchange working out for you?

dthorny on April 24, 2012 at 6:39 PM

This is slightly o.t., but Fox just did a story about how much we generous taxpayers are investing a portion of our paychecks to pay off the student loans of Federal Govt. workers. Guess which department benefits the most with these employment incentives? I’ll give you a few hints: Fast and Furious; J. Christian Adams; Black Panthers; Eric Holder…

Buy Danish on April 24, 2012 at 6:39 PM

Ugh, sorry about that awkward first sentence. If you need me to rewrite it so it’s more coherent, let me know….

Buy Danish on April 24, 2012 at 6:41 PM

Here is an update ( consider the link before y’all click)
http://www.politico.com/politico44/2012/04/as-senator-obama-missed-votes-on-student-loan-bill-121386.html

As senator, Obama missed votes on student loan bill he now wants to extend

The spin is that Obma did a good thing in 2007 …I kid you not !

burrata on April 24, 2012 at 6:42 PM

That’s my point in saying that Mitt made sure that Obama couldn’t attack him on this point — he played politics in order to pander to the youth vote himself. What happens now when the Senate GOP filibusters the Democrats’ bill?

See Mitt is already stabbing the Republicans in the back.

Just another in a very very long list of reasons Mitt is the worst Republican Candidate in 100 years. Absolutely no party loyalty period.

Steveangell on April 24, 2012 at 6:48 PM

Corporations “buying ” votes = Bad

Presidents “buying” votes = Good.

CW on April 24, 2012 at 6:58 PM

Get a Student Loan and a course in Indentured Serfdom

Kini on April 24, 2012 at 6:59 PM

Part of their campaign vow to “cut student loan rates in half,” congressional Democrats in 2007 enacted a law they claimed would help address rising college costs (In reality, the cost of education at a four-year public college has gone up 25 percent over the last three years).

Kataklysmic on April 24, 2012 at 5:32 PM

Limbaugh mentioned this on his show today.

But even though the Democrats controlled Congress when they passed this in 2007, it’s still All Bush’s Fault, because he was still President then.

Del Dolemonte on April 24, 2012 at 7:01 PM

Part of their campaign vow to “cut student loan rates in half,” congressional Democrats in 2007 enacted a law they claimed would help address rising college costs (In reality, the cost of education at a four-year public college has gone up 25 percent over the last three years).

Kataklysmic on April 24, 2012 at 5:32 PM

Limbaugh mentioned this on his show today.

But even though the Democrats controlled Congress when they passed this in 2007, it’s still All Bush’s Fault, because he was still President then.

Del Dolemonte on April 24, 2012 at 7:01 PM

You mean when the give more money out and at cheap rates schools raise their prices? That didn’t happen with houses…oh wait….or with C4C oh wait….ah just forget about it.

CW on April 24, 2012 at 7:05 PM

the= they

CW on April 24, 2012 at 7:05 PM

He’s like a crack dealer promising their habit will get cheaper over time.

The gov’t support of the universities provide for all the liberal utopias dotted all over the country side. Never mind that it enslaves the young with debt.

aniptofar on April 24, 2012 at 7:18 PM

only 9000 showed up and he had Fallon and Dave matthews there buhahahahahahahahahahaahahahahaahahahahahaahahahhahahaha

he had 22000 in 08, and then he tried to pimp himself on Fallons show ahahahahahahaahahahaahahahahaahahahaha what a pathetic president, I can’t wait for this guy to go so the grown ups and take over

Conservative4ev on April 24, 2012 at 7:32 PM

There were a few issues during the last Presidential election — and the year leading up to it when the candidates were campaigning — that I wrote about at length on my own site and shared in comments on a few other sites that were heavily Left-dominated.

Those two issues were: (1.) Obama’s misleading statements about what his actual plans for office involved as to Medicare; and, (2.) Obama’s misleading statements about what his actual plans for office were about the student loan industry.

I was heckled, ridiculed and generally dismissed as being some “right wing fringe” person and the information dismissed as “right wing stuff” and the similar, but what I wrote about and could tell Obama had planned HAS COME TO FRUITION. I’ve been proven to have figured the guy’s plans out correctly even before he was nominated, then elected, about those two things I just listed above.

He sold himself as golden to “youth voters” by offering them a false premise about student loans wrapped up in various sales points about “educational fairness” and similar phrases and the loan aspects were offered to voters as being “affordable” and “available to all” so to speak, like Mother’s Milk, or, rather, like Obama’s Oats.

His Oats turned out to be the Snake Oil I forecast it to be back then — the interest rate change for student loans was already on the books “back then” and if I could find that out in ’08, then certainly Obama knew about it — but he intentionally then misrepresented it to the public, just like he’s doing now with other aspects of this same story.

Lourdes on April 24, 2012 at 7:32 PM

What Obama’s working now is what he knew about back then, it’s called his Second Term Sales Pitch that is part of his/Axelrod’s/Emanuel’s/Jarrett’s/DNC’s/etc. general plan.

This whole student=loan-interest=rate-hike was established a while ago, before Obama was elected to that first awful term of his. How he is using “the youth” for his own purposes is truly, terribly cruel.

Cruel because they actually believe he has their interests at heart but doesn’t.

He also has candy. “Do you want a ride?”

Lourdes on April 24, 2012 at 7:37 PM

Why does any “youth” think that Teachers Unions and related public unions (who have contracts with schools, young and old) donate so heavily to Obama/DNC? Because they’re buying service.

All that huuuge taxpayer-money redirect to universities and other public schools goes predominantly to pay for faculty and other employees and their benefits and to unions who have contracts with those organizations, along with a lot of ongoing construction that these places create for purposes of demanding more money.

Lourdes on April 24, 2012 at 7:41 PM

I hate Obama’s use of the word “knuckleheads” for the SS johns. What is this, The Three Stooges? Everything is SO calculated about our President — he uses an adjective that indicates stupidity and silliness, and in no way indicates transgression and dereliction of duty, and thus diminishes the wrongdoing. He doesn’t even need to excuse himself, because nothing bad really happened.

He is just SO likable!

bobs1196 on April 24, 2012 at 8:19 PM

Half the kids can’t find jobs after they voted for him…what else is that whore going to do?

KOOLAID2 on April 24, 2012 at 8:33 PM

Those students deserve the debt burdens Barry loads onto their shoulders. Suckers are for taking to a con.

galtani on April 24, 2012 at 8:37 PM

Hey, just think, part of student loan interest will be used to pay for ObamasCare.

I doubt President Downgrade noted that during his campaign speech in Chapel Hill.

franciscodanconia on April 24, 2012 at 9:16 PM

Obama: teaching the next generation how to blame someone else. His motto: “If you vote for me, you never have to worry about being responsible”

Ken James on April 24, 2012 at 10:00 PM

It comes down to jobs. If young people could work in their chosen field once they get their degrees, they could pay their student loans. College is a scam if you have to go into debt and can’t get a job or a decent salary once you get out, and Obama’s a scam artist if he thinks lowering the interest rate by 3% is going to make any difference.

lea on April 25, 2012 at 7:07 AM