…President Obama’s much-touted plan to put a one-year freeze on student interest rates was signed into law with great fanfare this month. But the bill’s supporters hadn’t said where the money to subsidize the lower rates would come from.
Columnist Daniel Indiviglio of Reuters dug up the details this week, calling the bill financial “hocus-pocus.” The student-loan scheme was buried in a transportation bill. In it, the government raided its pension-guarantee fund to the tune of $6 billion — although the fund is already running a deficit of $26 billion.
The student-loan bill puts the pension system in jeopardy. To cover future payouts, pension contributions will need to rise by as much as $50 billion a year. The fund’s already broke; now, thanks to this reckless bill, it’s one step closer to total collapse….
What more does one need to conclude that Barack Obama despises older Americans.
Pandering to the young, gullible and for the most part clueless, Barack’s message is that older Americans (retired or not) are not paying their fair share and just as he is doing with Medicare, Obama has found another kitty to pilfer thus throwing older Americans under the bus.