Obamateurism of the Day

posted at 8:01 am on July 3, 2012 by Ed Morrissey

Two weeks ago, Barack Obama expressed frustration with the pace of negotiations on extending the interest-rate cap on student loans, which would have doubled starting on July 1st.  In prepared remarks, Obama tried to explain the stakes involved, but ended up proving that he and his staff might need student loans themselves … for remedial math class:

We’ve been talking about it for a long time.  If Congress does not get this done in a week, the average student with federal student loans will rack up an additional $1,000 in debt over the coming year.  If Congress fails to act, more than 7 million students will suddenly be hit with the equivalent of a $1,000 tax hike.  And that’s not something that you can afford right now.

Wow — just how much debt is the average student carrying?  If a move from 3.4% to 6.8% could add $1000 in interest each year, that must be one heck of a loan.

Politico actually did the math, and suggests that Obama might have engaged in a little, er, “hyperbole”:

That was a bit of hyperbole. According to the Department of Education, if rates double, the borrower paying back the average Stafford loan would owe an additional $1,041 over the 12-year life of the loan. That would break down to $87 more annually, or about $7 more a month.

Jeryl Bier is aghast at the reporting:

“A bit of hyperbole”?  A $7 per month interest increase morphs into a annual “$1,000 tax hike”, and that’s “a bit of hyperbole”?  For crying out loud, it’s 25¢ per day!  What’s next?  Operation Fast and Furious is a “big fuss over a few guns”?  Four years of one-trillion-dollar-plus deficits is “austerity”?  With its recent fund raising appeals, this administration has already set its sights onrendering parody moot.  Now it’s gunning for hyperbole, as well.

It adds up to fiscal incompetence by Obama and his staff, as well as media bias by Politico.  Had George Bush made this kind of math error in prepared remarks on the very topic of the speech, we never would have heard “a bit of hyperbole” as the explanation.

Also, note that the White House has not corrected the error with an update on its website.  That’s pretty amateurish as well — or maybe they still haven’t done the math correctly yet.

Update: John Nolte at Breitbart unloads on Politico for burying this:

And rather than make Obama pay a price for his never-ending series of outrageous lies, Politico buries this particular lie in a story about something else and though the magic of journOlist alchemy declares turning $87 into $1,000 “a bit of hyperbole.”

But this is the same corrupt Politico that not only gave Obama permission to continue lying about Romney’s outsourcing, they are also repeating the lie.

Update II: Breitbart changed the link, but I’ve updated it now.  Also, while John generously credits me with making the bust, the credit really belongs to Jeryl.

Got an Obamateurism of the Day? If you see a foul-up by Barack Obama, e-mail it to me at obamaisms@edmorrissey.com with the quote and the link to the Obamateurism. I’ll post the best Obamateurisms on a daily basis, depending on how many I receive. Include a link to your blog, and I’ll give some link love as well. And unlike Slate, I promise to end the feature when Barack Obama leaves office.

Illustrations by Chris Muir of Day by Day. Be sure to read the adventures of Sam, Zed, Damon, and Jan every day!

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Wow, that’s almost as much as Fluke’s birth control bill. Coincidence…?

CitizenEgg on July 3, 2012 at 8:03 AM

its a composite loan…..

ted c on July 3, 2012 at 8:05 AM

He’s only off by about 12-fold. No biggie.

And unlike Obamacare, Barack Obama’s signature accomplishment, paying interest on a loan is not a tax increase.

forest on July 3, 2012 at 8:06 AM

Bush spoke of the “soft bigotry of low expectations”. The LSM letting Jugears skate on his constant idiocy is RAAAAAAAAACIST!

wildcat72 on July 3, 2012 at 8:07 AM

For crying out loud, it’s 25¢ per day!

like I said and let me be clear…..we can’t be lettin’ no students be gettin’ nickeled, dimed, and quartered to death….. people are hurtin’ out there.

/totus

ted c on July 3, 2012 at 8:07 AM

and Obamatax will save you $2500 per year in premium costs…same calculator used..

hillsoftx on July 3, 2012 at 8:07 AM

Math is hard.

JimK on July 3, 2012 at 8:07 AM

He’s only off by about 12-fold. No biggie.

And unlike Obamacare, Barack Obama’s signature accomplishment, paying interest on a loan is not a tax increase.

forest on July 3, 2012 at 8:06 AM

Don’t be too sure of that.

Thanks to Traitor Roberts, The Obama Regime can now fight off the imminent “higher” education bubble burst by taxing us rubes who FAILED to go into massive debt being brainwashed “educated”.

wildcat72 on July 3, 2012 at 8:09 AM

Timmy Geithner did the math while using his Turbo Tax.

hip shot on July 3, 2012 at 8:10 AM

Single digit number are non-existent with Obama.
Unless it is followed with the word “Trillion”.

Electrongod on July 3, 2012 at 8:11 AM

politico just another cog in dear leader’s wheel

cmsinaz on July 3, 2012 at 8:13 AM

You can’t teach math to Stupid. Vote the incompetent out.

antisocial on July 3, 2012 at 8:14 AM

Well, then they should just make attending college ‘mandatory’, with a ta-, er, I mean, penalty if you don’t. The IRS can collect the ‘penalty’ and put it into the loan program.
There! Problem redistributed solved!

Dexter_Alarius on July 3, 2012 at 8:17 AM

Also, note that the White House has not corrected the error with an update on its website. That’s pretty amateurish as well — or maybe they still haven’t done the math correctly yet.

They have to know the truth by now.

They’re simply lying.

itsnotaboutme on July 3, 2012 at 8:18 AM

smartest president evah!

cmsinaz on July 3, 2012 at 8:19 AM

Of course they didn’t change the web site since their main principle is:

If you repeat a lie often enough, it becomes the truth.

cmptrnerd on July 3, 2012 at 8:21 AM

What’s next? Operation Fast and Furious is a “big fuss over a few guns”?

Yeah, that’s pretty much what the Regime/MSM are saying about it. Plus it’s a “witch hunt” that’s possibly racist.

forest on July 3, 2012 at 8:22 AM

He’s an extraordinarily lazy piece of work because he has been allowed to be all his life.

In the real world his fantasy numbers would be challenged directly and he would lose any credibility when it came to talking about finance.

He’s an abject fraud and not a persuasive one. It is hardly surprising some people grumble about him being a manchurian candidate. There’s no there there.

CorporatePiggy on July 3, 2012 at 8:23 AM

Math is hard.

JimK on July 3, 2012 at 8:07 AM

Barbie: “Math is hard.”

Obama: “Math is raaaaaacist.”

Barbie is smarter than Obama.

Gladtobehere on July 3, 2012 at 8:24 AM

He’s an extraordinarily lazy piece of work because he has been allowed to be all his life.

In the real world his fantasy numbers would be challenged directly and he would lose any credibility when it came to talking about finance.

He’s an abject fraud and not a persuasive one. It is hardly surprising some people grumble about him being a manchurian candidate. There’s no there there.

CorporatePiggy on July 3, 2012 at 8:23 AM

Obama should be a slap in the face of reality to all those parents out there who endlessly praise their children as “special” and who allow them to be given trophies for nothing.

Nobel Laurette for ? President Barack Hussein Obama, accomplisher of nothing, malevolent destroyer is the end result.

wildcat72 on July 3, 2012 at 8:26 AM

What is it with this guy? Reminds me of what went around at the advent of the web: “I found it on the Internet, so it must be right!”

These guys must feel that their followers will hoover up whatever comes out of the president’s mouth, no matter how wrong it is. “Well, the Obama said it, so it must be right!”

italianguy626 on July 3, 2012 at 8:26 AM

Math is hard.

JimK on July 3, 2012 at 8:07 AM

Barbie: “Math is hard.”

Obama: “Math is raaaaaacist.”

Barbie is smarter than Obama.

Gladtobehere on July 3, 2012 at 8:24 AM

Socialism is essentially an exercise in trying to prove that 1-2=infinity.

wildcat72 on July 3, 2012 at 8:27 AM

Sounds like a bold faced lie to me.

scalleywag on July 3, 2012 at 8:27 AM

You have to wonder how many of these student loans go towards an actual mathematics class……….dumbing down America, one student at a time.

Rovin on July 3, 2012 at 8:29 AM

dumbing down America, one student at a time.

Rovin on July 3, 2012 at 8:29 AM

this

cmsinaz on July 3, 2012 at 8:31 AM

Wow, that’s almost as much as Fluke’s birth control bill. Coincidence…?

CitizenEgg on July 3, 2012 at 8:03 AM

Are you suggesting a “back door” gubmint subsidy of Ms. Fluke’s sexual activities by keeping loan interest low? Don’t forget –– if Ms. Fluke doesn’t get them pills, she’s likely to be punished with a baby.

tpitman on July 3, 2012 at 8:33 AM

This shouldn’t be too surprising. Remember, this is the same guy that said this when he was pitching ObamaCare:

All right, well, a lot of those folks, your employer, it’s estimated, would see premiums fall by as much as 3000%, which means they could give you a raise!

H/T: Ed

pain train on July 3, 2012 at 8:34 AM

That was a bit of hyperbole. According to the Department of Education, if rates double, the borrower paying back the average Stafford loan would owe an additional $1,041 over the 12-year life of the loan. That would break down to $87 more annually, or about $7 more a month.

What is the principal on the average stafford loan? Politico doesn’t address this obvious point. Some students (mainly medical) have between 100-300K in debt and the lower loan rate would save a bundle.

That being said, the student loan industry is directly responsible for why college is so expensive. Medical school, however, has always been expensive.

nazo311 on July 3, 2012 at 8:35 AM

Are you suggesting a “back door” gubmint subsidy of Ms. Fluke’s sexual activities by keeping loan interest low? Don’t forget –– if Ms. Fluke doesn’t get them pills, she’s likely to be punished with a baby.

tpitman on July 3, 2012 at 8:33 AM

Fortunately for the world, Mizz Fluke, thirtysomething law “student” has a ticking biological clock.

wildcat72 on July 3, 2012 at 8:40 AM

Of course they didn’t change the web site since their main principle is:
If you repeat a lie often enough, it becomes the truth.
cmptrnerd on July 3, 2012 at 8:21 AM

Therein lies (pun intended) the key to Obummer’s campaign — he has nothing else.

KS Rex on July 3, 2012 at 8:42 AM

Of course they didn’t change the web site since their main principle is:
If you repeat a lie often enough, it becomes the truth.
cmptrnerd on July 3, 2012 at 8:21 AM

Therein lies (pun intended) the key to Obummer’s campaign — he has nothing else.

KS Rex on July 3, 2012 at 8:42 AM

“There’s an Obama voter born sneaking across the border every minute” -P.T. Obama

wildcat72 on July 3, 2012 at 8:45 AM

there’s lies, damned lies, then there’s statistics that you can mertalize to pitch your damned lies.

ted c on July 3, 2012 at 8:45 AM

This one goes beyond being an Obamateurism… if you repeat it enough times, the lie becomes fact. Is his audience (Congress) that dimwitted to buy this hook, line, and sinker?

Mr. Embellisher Liar in Chief

VietVet_Dave on July 3, 2012 at 8:47 AM

This one goes beyond being an Obamateurism… if you repeat it enough times, the lie becomes fact. Is his audience (Congress) that dimwitted to buy this hook, line, and sinker?

Mr. Embellisher Liar in Chief

VietVet_Dave on July 3, 2012 at 8:47 AM

This is true to an extent. 30 years ago when 3 men plus the New York Times had a complete monopoly on what WAS said this was an absolute: they could repeat a lie often enough to become the truth.

That monopoly is LOOOONG gone. Indeed, the more the LSM tries to chant their lies to turn them into “facts” the more they discredit themselves and their influence wanes.

The problem is that the ranks of the ignorant and uneducated are exploding, thanks to a government run education indoctrination system where failure isn’t a bug, it’s a feature.

wildcat72 on July 3, 2012 at 8:53 AM

The problem is that the ranks of the ignorant and uneducated are exploding, thanks to a government run education indoctrination system where failure isn’t a bug, it’s a feature.

wildcat72 on July 3, 2012 at 8:53 AM

The real scary thing about the ignorant masses was summed up two weeks ago when some street reporter was interviewing people in Harlem over voting for Charlie Rangel. (One… due to health issues, he has missed a significant amount of time, and two… well… his IRS problems are well documented).

“I’m voting for him because he deserves another term due to his length of service to his country”.

Symptomatic of the blind voters who will support Obama this fall – they have no idea. It’s just a popularity contest to them.

VietVet_Dave on July 3, 2012 at 9:04 AM

And extending the interest-rate cap would obviously result in a 3000% decrease.

steebo77 on July 3, 2012 at 9:04 AM

Also, note that the White House has not corrected the error with an update on its website. That’s pretty amateurish as well — or maybe they still haven’t done the math correctly yet.

Or, they have no interest in telling the truth.

ITguy on July 3, 2012 at 9:10 AM

…Harvard hardest hit!

KOOLAID2 on July 3, 2012 at 9:11 AM

I thought Prezzy I’ts Not A Tax said he couldn’t make this stuff up?

Kissmygrits on July 3, 2012 at 9:21 AM

Wow — just how much debt is the average student carrying?

Hey now, those PHDs in Transgendered Socialogical Literature aren’t cheap!

crazy_legs on July 3, 2012 at 9:21 AM

Also, note that the White House has not corrected the error with an update on its website. That’s pretty amateurish as well — or maybe they still haven’t done the math correctly yet.

It’s like the Post story, if they don’t retract (remove) it, it must be true. It’s right there in black and white.

Cindy Munford on July 3, 2012 at 9:23 AM

I’m all for students not drowning in a sea of debt for years to come but come on, 6.8% isn’t an outrageous amount of interest for a loan.

scalleywag on July 3, 2012 at 9:27 AM

I’m all for students not drowning in a sea of debt for years to come but come on, 6.8% isn’t an outrageous amount of interest for a loan.

scalleywag on July 3, 2012 at 9:27 AM

Nope, we bought our first house in 1985, I think it was around 11%. I remember if you had enough cash (we didn’t), you might find an “assumable” mortgage.

Fallon on July 3, 2012 at 9:41 AM

You see, only a brilliant man can pack three different lies into each sentence he utters.

NoDonkey on July 3, 2012 at 9:42 AM

I think there are heavy straws that break the camel’s back. With 2 teenagers heading towards their future, I’m seriously considering for the 1st time that they skip college. They will probably be better off in the long run. They are already way ahead of Obama in their math skills.

The cost of college needs to come down. Too many freaking liberal tenured profs. that hate America anyway.

kirkill on July 3, 2012 at 9:47 AM

The cost of college needs to come down. Too many freaking liberal tenured profs. that hate America anyway.

kirkill on July 3, 2012 at 9:47 AM

I’m so glad to hear someone say that. I work at a college and I feel awful for a lot of these kids and their parents…dumping a hundred grand or more to get a degree in something that in a lot of cases is not going to find them a decent job. We have professors here who have given up on the dream of ever owning a home because they’ll be paying off student loans for years and years to come. We keep admitting and readmitting students who can’t even get a 2.0gpa who shouldn’t even be here, but we’ll take their money for as long as they want to attend. It’s ridiculous.

scalleywag on July 3, 2012 at 10:13 AM

He’s improving though, compared to his 83,333% overstatement of the number of deaths in a Kansas tornado (10,000 vs. 12).

Sowell Disciple on July 3, 2012 at 10:24 AM

First, we kill the journalists.

The Bard was wrong.

jukin3 on July 3, 2012 at 10:44 AM

It’s a flat out lie, not a mistake. I’m sick of people giving these idiots an out and blaming it on stupidity.

TXMomof3 on July 3, 2012 at 10:51 AM

He was in an Indonesian school for much of his elementary education, and God knows what he learned there. This is why he is so deficient in basic history, math, and science.

He can recite the muslim call to prayer very nicely though.

slickwillie2001 on July 3, 2012 at 11:09 AM

I think there are heavy straws that break the camel’s back. With 2 teenagers heading towards their future, I’m seriously considering for the 1st time that they skip college. They will probably be better off in the long run. They are already way ahead of Obama in their math skills.

The cost of college needs to come down. Too many freaking liberal tenured profs. that hate America anyway.

kirkill on July 3, 2012 at 9:47 AM

Think about a trade school. Welding, tool and die, electrician, med lab techs, dental assistant, etc. All very reasonable, state schools.

slickwillie2001 on July 3, 2012 at 11:13 AM

“Presidentin’ is still a BFD” — Obama

Schadenfreude on July 3, 2012 at 11:49 AM

First, we kill the journalists.

The Bard was wrong.

jukin3 on July 3, 2012 at 10:44 AM

They are absolutely treasonous, but I still wouldn’t vote to kill them. 24 hours in the stocks, bare-a$$ naked, and piles of rotten fruit nearby for citizen’s amusement…with video posted on Youtube.

SKYFOX on July 3, 2012 at 11:52 AM

This is Obama we’re talking about… $87 or $1000, it’s such an insignificant amount that it doesn’t even qualify as a rounding error.

malclave on July 3, 2012 at 12:05 PM

VietVet_Dave on July 3, 2012 at 8:47 AM

They passed it so that should answer your question about Congress.

OT: Anybody know how Ryan and Rand voted on it.

chemman on July 3, 2012 at 12:21 PM

Sowell Disciple on July 3, 2012 at 10:24 AM

LOL. The surgeon walks into the room and tells the patient I have good news and bad news. First the good news is that the surgery went well. The bad news is that I took out the gall blander instead of the appendix. To sue or not to sue that is the question.

chemman on July 3, 2012 at 12:26 PM

and Obamatax will save you $2500 per year in premium costs…same calculator used..

hillsoftx on July 3, 2012 at 8:07 AM

Wasn’t the original quote something even more ridiculous like 2500 percent per year?

Nutstuyu on July 3, 2012 at 12:41 PM

Symptomatic of the blind voters who will support Obama this fall – they have no idea. It’s just a popularity contest to them.

VietVet_Dave on July 3, 2012 at 9:04 AM

Since one is considered a “child” until 26 under Obamacare, one can’t rent a car until 25, and the minimum age for being elected to Congress is 25, maybe we should also set the voting age at 25. At least give people a few more years to find a couple ounces of brain matter.

Nutstuyu on July 3, 2012 at 12:47 PM

What an endorsement for liberal, elite education.

RebeccaH on July 3, 2012 at 1:12 PM

http://www.mathmadeeasy.com/

davidk on July 3, 2012 at 1:36 PM

It adds up to fiscal incompetence by Obama and his staff, as well as media bias by Politico.

Yeah, no kidding!

Obama’s the recipient of massive hyperbole himself, promoted and hired into positions he’s so clearly not qualified to hold. Ooops, forgot, he performs well off a teleprompter and he grins really big and then there’s that pony-dance he does when he bounces off a plane and up to a podium.

Lourdes on July 3, 2012 at 1:43 PM

And you can keep your doctor!

And there won’t be any raising of taxes!

And eat your peas!

Lourdes on July 3, 2012 at 1:45 PM

Math is a penalty! Hope and change!

Lourdes on July 3, 2012 at 1:46 PM

Those who pretend Politico was EVER anything but a leftist propaganda operation are delusional. Virtually all of its founders were charter members of Ezra Klein’s secret “Journolist” email group designed to manage the news from behind the scenes to make sure every story was reported with the proper leftist spin. It was a propaganda scheme – evidenced by the speed at which the cockroaches fled the light once exposed.

Of course, someone has reconstituted the list with better security – you can still see the similarity in reporting which cannot be randomly occurring. But now they are screening for the most dedicated neo-Marxists like Klein and the Politico gang.

Websites like this one which link to the Politico fascists are their enablers.

Adjoran on July 3, 2012 at 3:59 PM

Fast & Loose with the facts…

Fast & Furious…

Khun Joe on July 3, 2012 at 4:08 PM

That was a bit of hyperbole. According to the Department of Education, if rates double, the borrower paying back the average Stafford loan would owe an additional $1,041 over the 12-year life of the loan. That would break down to $87 more annually, or about $7 more a month.

The Obama administration is very hyperbolic. As the work done by this administration tends toward zero, the costs to the American taxpayer tend toward infinity, like a hyperbola.

Wow — just how much debt is the average student carrying?

Well, just for example, in-state tuition, room and board at UConn is over $22,000 per year, so that a graduating senior could have up to $88,000 in total debt. Stafford loans are limited to $3,500 per year, so the Stafford loan balance could be up to $14,000 for a graduating senior, and saving 3.4% interest on $14,000 amounts to $476 per year, or roughly $40 per month.

What Obama ISN’T telling students is that he nationalized college loans to PARENTS via Sallie Mae, whose minimum interest rate is 7.5%. Prior to ObamaCare’s passage in 2010, parents could also get education loans from private banks at lower interest rates, but now Big Brother’s Gubmint gets all the interest.

So, for the average graduating senior from UConn, the PARENTS are paying 7.5% interest on $74,000, or $5,550 per year, or $462 per month, or nearly 6 times what the students are paying. It’s even higher for out-of-state tuition…

What is ObamaCare telling the parents? You can’t shop around for private education loans–you MUST borrow from the Government at high interest rates! Then after you retire, you’re still paying for your kid’s college, Medicare benefits are cut to fund ObamaCare for the kiddies, AND you get pushed over the cliff if you get sick!

Is there any wonder why so many over-50 people are joining the Tea Party in droves???

–A Cliff-fearing 50-something Parent

Steve Z on July 3, 2012 at 4:26 PM

Let’s see. To pay $1000 a year from 3.5% interest, you would need to have a loan of something around $30,000. My wife, who graduated as a 5th year senor, is more than $35,000 in debt, and that was from the University of Maryland (and for a useless sociology degree).
Me, I payed off the $6,000 in debt I accrued in the UC system before they started charging interest.

Count to 10 on July 3, 2012 at 11:35 PM

College and universities are a business. Do you seriously want to cut the cost of education down? Eliminate all sports programs. When coaches are given hundreds of thousands of dollars in salaries and bennies consider what the total cost is. Now don’t forget the cost of sending the school band and it’s staff to accompany the teams with all those coaches with different titles too. We’re talking millions of dollars here and please enlighten me as to the benefits to those that are not into sports.

mixplix on July 4, 2012 at 6:16 AM