Posted on 05/07/2014 7:40:46 PM PDT by SeekAndFind
The Democrats’ push to hike the national minimum wage is merely the crown jewel in the so-called “fair shot” agenda that they hope will erase ObamaCare from voters’ minds by the time they hit the ballot box this November; the next action item on their intellectually (not to mention fiscally) bankrupt list is a similarly redistributive and equally lame pander to the young people who have lately been electorally shuffling away from them. Sen. Elizabeth Warren, it’s your cue:
Warren, a Massachusetts Democrat, is poised to introduce a bill which, in part, would allow people holding student loans financed at rates higher than today’s interest rate to refinance those loans, similar to the way one refinances a home mortgage or car loan.
“When interest rates drop, people can refinance their home, they can refinance their business debt. It’s regarded as a smart move for any consumer or business. But student borrowers are prohibited from doing that under most programs,” Warren told MassLive.com. “This bill says we’re going to change that and let them refinance that down to current low rates.” …
“This is $66 billion on just the loans issued during that period. That is insane,” Warren said. “This (bill) brings that down. Instead of taxing students who can’t afford to pay for college up front, it says we are investing in those students.”
It’s funny she would refer to the $66 billion in interest that the federal government, i.e. taxpayers stand to earn on the money they lent to students between 2007 and 2012 as a “tax,” because that brings us to how Warren proposes to pay for this generous “refinancing” opportunity. Surprise, surprise:
But since cutting something that has generated such a huge profit over just five years will place a hole in the already-stretched federal budget, Warren is proposing a solution, albeit one that is bound to be viewed as being as political as it is practical. …
Enacting the Buffett Rule, which Republicans in the Senate voted to kill in 2012 calling it a “political stunt,” would increase the income tax rate of Americans earning more than $1 million annually. The money generated through that move, according to Warren, would make the difference and send a message about the nation’s “values.”
“The act covers the full budgetary cost of refinancing by implementing the Buffett Rule. Basically, the way I see it, there are billions of dollars here that flow out of the U.S. Treasury to a tax loophole, that are available to millionaires and billionaires. This bill says to use that money to reduce the interest rate on student loans,” Warren said. “So it’s a pretty direct choice – should America be investing billions of dollars in tax loopholes for billionaires or investing that money to help young people who are trying to get an education? I think spending should be consistent with our values.”
Well. That certainly would send a message about the nation’s “values,” but you know what could really help young people out with “money they can use to build an economic future and to strengthen the economy”? How about, robust economy in which they can get good, well-paying, career-advancing jobs — which is not accomplished by enacting stupid show taxes on the wealthy, further convoluting our tax code, and placing more burdens on investors and job creators.
The real point of this exercise, of course, is to point out yet another way in which Republicans are ostensibly protecting their rich robber-baron buddies at the expense of our country’s poor, struggling future leaders, but the reality is that the federal government created this indeed tremendously problematic $1 trillion+ student loan bubble in the first place by offering indiscriminately available and inexpensive loans to anyone and everyone who might want them.
Communist Manifesto?
Isn’t she the one who got paid millions for barely working? Must be nice to waste everyone else’s money.
Pray America wakes up
Is she the one the dems are going to run for the presidency?
How about cutting professors pay? They get too much money for being propagandists for the Left—They should be a part of the Democrat Party—and paid by the Progressives to brain wash the young.
Point of information: The recently released Elizabeth Warren book (two weeks released) never reached #1 bestseller on Amazon.com.....in fact it is now sinking rapidly and tonight was sitting at #16 on Amazon.com. Ms. Warren will be lucky if her “smash-out” novel will sell more then 25-35,000 copies. Horrible showing for the “Queen of the Left-Wing Low Life”
Class warfare, race warfare, now generational warfare...great. Anything to draw voters, consequences be damned. If I was an older person I’d be very concerned; you’ll have as much revenue wrung from you as possible, then head off to the death panels to be euthanized...
The wealthy incomers will simply raise the costs to be passed on the customers.
Never saw that one coming.
RE: Is she the one the dems are going to run for the presidency?
She’ll have to go through Hillary first.
But I can see a Hillary/Warren all female ticket.
If Hillary runs, it’ll be because she is a zombie, which is likely.
At least metaphorically.
The Benghazi hearings are going to be real. and these guys that are not intimidated by the cool babyboomers have a shot at bringing out the truth. It might not happen. But the truth on BenG is ugly.
And it’s an international incident, not some weird break in in an office.
The media will cover, but the truth will come out in the hearings.
Dunno
Anyway, the dems have no one else.
Good point.
FYI.......Elizabeth Warren’s book has now dropped to #25 on Amazon.com. Her fifteen minutes of fame are gone!!! Her book was a total failure!!!
Not a chance. The VP for either one of them will be black or latino.
Like mortgage refinancing policy proposals, this fatally misunderstands the problem.
In both cases, the interest rate is not the reason the borrowers have a repayment problem.
The problem is that the borrowers borrowed much more money than the investment (real estate or education) is worth.
The insurance rate is entirely peripheral to this.
LOL! Thanks.
Last Report on the magnificent Elizabeth Warren book sales. It is currently listed as #33 on the Amazon.com book site!!! No need to track any more...her tome is toast....no, burnt toast!!! LOL!!!
Why raise Taxes, just lower the rate to 0% and add the cost to the $18,000,000,000,000 National Debt that will never be repaid. After all, what difference does it make now anyway?
LOL! Thanks for the update. Yep, she’s crispy toast.
Let’s hope Hitlery goes the same way.I think Hitlery might not run. The Special Ops guys are gearing up and will make the Swift Boaters look like Boy Scouts.
The death saga of Elizabeth Warren’s book should be a lesson to not believe all the low life Democrat bunk you see, hear or read!!! Ms. Warren, like Wendy Davis, Alex Sink is going absolutely nowhere.
I leave with one message....every Freeper needs to get out and vote....come November, 2014. IMHO.....this is one of the most important mid-term elections in the history of our country. We must do all we can, together....to defeat and destroy the Democrat Party politically!!!
I leave with one message....every Freeper needs to get out and vote....come November, 2014. IMHO.....this is one of the most important mid-term elections in the history of our country. We must do all we can, together....to defeat and destroy the Democrat Party politically!!!
Amen to that!
But some will sit it out because there is no perfect candidate for them.
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