By Taylor Armerding
The Hendricks County Flyer
Fri Jun 07, 2013, 03:43 PM EDT
College graduates facing a crushing debt – some more than $100,000 – is a very big and a very real problem.
But U.S. Sen. Elizabeth Warren’s recent proposal to deal with it won’t solve the problem. It is a cheap ploy to divert attention from the real problem.
If the former Harvard Law hotshot professor and now superstar senator from Massachusetts really wants to deal with crushing student debt, the place to start is not by beating up on banks. She and her academic colleagues should start by looking in the mirror. They, along with an allegedly compassionate government, are the real causes of the problem.
Sure, banks are an easy target. We’ve all been told that they (along with their “crony,” President George W. Bush) took down the American economy. We have endlessly heard about how greedy and venal they are. Sen. Warren keeps talking about how the middle class is getting “hammered” and how banks are the chief villains in all that hammering.
Maybe in some cases that is true. But when it comes to student debt, Warren is playing the same old political game she pretended to disapprove of when she was running for office — shift the blame for a problem by distraction: Hey, look over there! A big, bad bank!
There is nothing good for college students about Warren’s first piece of legislation, hilariously titled, “The Bank on Students Loan Fairness Act.” Yes, Liz is all about fairness, as long as she gets to define it.
Her bill is designed to look good to anybody who doesn’t bother to scratch the surface. It would cut the 3.4 percent interest rate on federally subsidized Stafford loans — scheduled to double to 6.8 percent in July — to 0.75 percent.
Her argument is, “If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.”
August 21, 2014
August 18, 2014
August 14, 2014
July 30, 2014
July 12, 2014
An NPR broadcast examines the question of how communities can better prepare for tornadoes like the one that struck Moore, Okla. on Monday. The broadcast features commentary from Michael Fitzgerald, who reported a five-part disaster series for the CNHI News Service.
May 22, 2013
Part I: Are We Prepared? | Part II: Disaster Dollars Part III: Lessons Learned | Part IV: Warning Signs Part V: The Big One
The groundbreaking animation first hit the air Dec. 17, 1989, but the family first appeared on television in "The Tracey Ullman Show" short "Good Night" on April 19, 1987.
© 2014 Community Newspaper Holdings, Inc. ·
CNHI Classified Advertising Network ·
CNHI News Service
Associated Press content © 2014. All rights reserved. AP content may not be published,
broadcast, rewritten or redistributed.
Our site is powered by Zope. Some parts of our site may require
you to download the Flash Player Plugin.
Terms and Conditions
Hendricks County Flyer, Avon, IN
8109 Kingston St., Suite 500