Democrats Intentionally Wrote Law to Make Student Loan Interest Rates Double in Election Year
Now, this student loan stuff. It’s the focal point of Obama’s speeches that he’s making to yutes wherever he goes. He talked about it a lot yesterday. Speaking of Obama’s push to try to buy the youth vote by giving them free college tuition, remember — and we mentioned this yesterday. The interest rate increase is coming up for a vote on July 1st because the Democrat-controlled Congress in 2007 wanted it that way. Obama is running around scaring these students who don’t know the facts or the truth behind this, that if something isn’t done by the Congress, by July 1st, their student loan interest rate will double.
And then, of course, the students in the audience boo and Obama holds up his hands. “B-b-b-buh! I have a solution.” What you need to know is this: The Democrats controlled both houses of Congress in 2007. They had just won the election. The House, they took it back in 2006. Pelosi’s running the House; Democrats are running the Senate. So 2007 they passed legislation that would cut the student loan interest rate in half and then reinstituted it July 1st this year, on purpose. They wanted the college student loan interest rate to double in an election year, in the summer right before the conventions. They were rolling the dice.
Back in 2007, they didn’t know Obama was gonna be elected. They didn’t know that a Democrat would win. They didn’t know Obama would be nominated. But they were rolling the dice. They were pretty confident they were gonna win the White House. They just didn’t know with who. In fact, in 2007 it was pretty much assumed it was Hillary. In fact, that was practically etched in stone: “In 2007, it’s Hillary’s turn. She has paid here dues in so many ways.” That was the conventional wisdom. Then Obama comes along, the press swoons, and the rest is history. But still, it was a strategic maneuver in 2007 to cut the student loan interest rate in half and then put it back to what it was on July 1st.