Everyone on the president’s reelection campaign is in crisis response mode as it knows the stagnant economy is sure to hurt his chances at spending another four years in the White House hurting the nation. In speeches at major universities this week, President Obama touted his old formula of promising handouts while ignoring the fact students’ biggest concern is simply having a job when they graduate.
The president chose to turn student loan interest rates into a campaign issue despite the fact there isn’t really anything to show there. Yes, the interest rates on the government subsidized loans may increase from 3.4% to 6.8% in July. However, Congress was already prepared to take up a measure extending the handout and is almost certain to approve such a measure.
The only real reason for President Obama to discuss the issue is because he knows the 20 to 29 age group is essential to his reelection efforts and they are quickly abandoning him. Even these less experienced members of society have come to realize that the ‘hope and change’ the president brought has really meant ‘hurt and challenge.’
To be sure the additional burden of an interest rate increase would be a bummer for college graduates. However, if they had real, quality jobs when they graduated, they could certainly afford it.
Sadly for them – and the president’s reelection campaign – there is little chance that graduates will find a job to pay off their students loans no matter the interest rate.
As the Associated Press reported this week, more than half of recent graduates are totally jobless or are underemployed.
“Taking underemployment into consideration, the job prospects for bachelor’s degree holders fell last year to the lowest level in more than a decade,” the report said.
Kelmen Edwards, 24, told the AP, “Everyone is always telling you, ‘Go to college’. But when you graduate, it’s kind of an empty cliff.”
Mr. Edwards and others in his age bracket would do well to remember where that cliff came from. The government can give them a handout in the form of lower interest rates but without a job it does them no good.
As for President Obama, he is clearly intent on trying to bribe his way to victory with lofty promises and more government bailouts. I would hope Americans have learned their lesson on this tactic by now.