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Borrowing From The Borrowers To Fund Obamacare

July 2, 2013 by  

As Congress fights over whether to permanently raise interest rates on Federal student loans, or to keep them level or peg them to financial markets, the Congressional Budget Office (CBO) has released a report that indicates the Patient Protection and Affordable Care Act will appropriate billions of dollars in student loan interest to subsidize the state-managed health insurance program.

According to the report, Obamacare will incur an additional $8.7 billion in interest on Federal student loans over the next ten years. The government is claiming it will save more than $60 billion by eliminating bank-based lending and administering student loans in-house, but instead of passing that savings on to borrowers, it’s breaking off a huge chunk for Obamacare.

That means the U.S. Department of Health and Human Services has found a way to bankroll the ACA on the backs of young people, regardless of whether they actively choose to buy in to Obamacare (and many have said that they won’t.)

In a sad way, though, it’s a no-harm, no-foul situation for the busted student loan program. Student entitlements have been a major factor in driving up college costs and bloating university programs for decades. Perhaps Monday’s doubling of student loan interest rates will have the same effect on the wallets of young would-be borrowers as Obamacare, passing the threshold at which it makes financial sense for them to opt in.

Ben Bullard

Reconciling the concept of individual sovereignty with conscientious participation in the modern American political process is a continuing preoccupation for staff writer Ben Bullard. A former community newspaper writer, Bullard has closely observed the manner in which well-meaning small-town politicians and policy makers often accept, unthinkingly, their increasingly marginal role in shaping the quality of their own lives, as well as those of the people whom they serve. He argues that American public policy is plagued by inscrutable and corrupt motives on a national scale, a fundamental problem which individuals, families and communities must strive to solve. This, he argues, can be achieved only as Americans rediscover the principal role each citizen plays in enriching the welfare of our Republic.

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  • hungry4food

    LOL Check this out JUST IN TIME FOR 2014 election cycle !!!!! LOL LOL The Fraud Against the American Citizens just keeps getting BIGGER and BIGGER

    White House Delays Employer Health Care
    Rule Until 2015

    http://www.nytimes.com/2013/07/03/us/politics/obama-administration-to-delay-health-law-requirement-until-2015.html?emc=edit_na_20130702

  • David C. PLOWMAN

    We have to win the Senate in 2014 just so we can throw out Odumbocare before it bankrupts the country, and all of our fellow citizen. These bozos took something that needed fixing, yes, and made it into a massive pile of stinking corruption. A few tweaks, one thing at a time, and we could have made significant changes without raping the country
    Obama’s legacy is nothing, and he will go down as the worst President in history.

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