In 2007, Nancy Pelosi engineered a cut in college loan rates, from 6.8 to 3.4 percent (subsidized, of course, by taxpayers). Now, five years on, the legislation is expiring, and, not surprisingly, the Democrats think they have an election-year issue. They will say that the mean Republicans, who constitute the only party now concerned with debt and deficits, are trying to take away people’s college loans.
Of course, it would be great if all of us could get cheap loans, but someone has to pay, and, the fact is, America is broke. Business as usual doesn’t cut it now. We are facing a dire future if we don’t start acting responsibly. Can the Republicans convince enough people that the endless handouts are over and still win? If not, we will deserve what we get.