Those young people who thought that Obama would make things so much better for them are in for a couple big surprises. First of all, the premiums they pay for ObamaCrapCare will be double (or more) than what they would pay currently. Secondly and to add insult to injury, the interest that they pay for their school loans will subsidize the new health plan. They get to pay double!
ObamaCrapCare will be the WORST legislation passed by Congress significantly worse than Prohibition in the destructiveness and illegal activities that will result from the bill. Anyone who still is a fan of the monstrosity has not studied the plan or nor do they understand the basics of insurance. Of course it was written by Senators and Representatives who didn't study it or know anything about healthcare.
Conservative Tom
Borrowing From The Borrowers To Fund Obamacare
July 2, 2013 by Ben Bullard
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.
From the article: "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."
ReplyDeleteThat is NOT in the 2010 CBO report he cited. Read it. So where is he getting this idea? He does not cite any other source for this claim.
What is in the law is a significant expansion in the Pell grant program and other benefits to students paid for by dealing the Wall Street banks out of the picture.
We should have a discussion about why and how Congress failed to get anything done about student loans rates, but that is a separate discussion and has nothing to do with Obamacare.
--David