After Nationalizing Health Care & Student Loans – Obama Continues Attack on Private Sector In Weekly Address

Tyrant or President?
Obama continued his attack on the private sector in his Weekly Address today.

The media continues to be impressed with Barack Obama’s “good week” after he rammed a grossly unpopular bill through Congress in unprecedented fashion that gave the federal government control of one-sixth of the nation’s economy and two major industries.
That’s what the media calls a “good week.”

Today Barack Obama defended his attack on the private sector in his Weekly Address. Obama insisted that having the government in control of student loan program will lower cost. It’s never happened before, but Obama believes it will now.

President Barack Obama said changes to the federal student loan program, part of the health-care overhaul package enacted this week, will save taxpayers $68 billion over the next decade by taking private lenders out of the business of originating loans.

In his weekly address on radio and Internet, Obama called education and health care “two of the most important pillars of a strong America.” He thanked Congress for passing the measures, calling them “real and major reform.”

Year after year, we’ve seen billions of taxpayer dollars handed out as subsidies to the bankers and middlemen who handle federal student loans, when that money should have gone to advancing the dreams of our students and working families,” Obama said.

The president also spotlighted a doubling in funding for Pell Grants, the federal scholarships for low-income students, and a provision that as of 2014 will cap a graduate’s annual student loan repayment at 10 percent of their income. These moves, he said, will help “make sure our students don’t go broke just because they chose to go to college.”

The legislation, he said, calls for “revitalizing” programs offered at community colleges. He termed those schools “the career pathways for millions of dislocated workers and working families across the county.”

The measure also increases support for institutions that focus on minority students, including historically black colleges, which Obama said will keep these schools “as strong as ever in this new century.”

Private lenders have said the legislation will cost them jobs. SLM Corp., the Reston, Virginia-based lender called Sallie Mae, said the measure’s passage will force it to fire 2,500 workers.

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