A few weeks ago, President Obama went on a week long college/university tour warning that the current student loan interest rate of 3.4% would double in July if congress didn't act quickly to pass a bill to stop the increase. An increase that was written into legislation back in 2007, when the Democrats had control of both houses of congress, and, quite frankly, when G. W. Bush was proving what a moderate Republican he was.
What's not being told is that Obama needs the interest rate to double because the revenue produced from the new 6.8% was calculated into Obamacare to help show that it wouldn't add to the the deficit. Instead, the issue is being used as political issue to help distract from his abysmal record on the economy and, more to the point, jobs. Pres Obama is proposing an increase in the tax rate on the job creators in exchange for keeping interest rate at its current level, knowing that Republicans won't approve it and thereby shifting the responsibility of the rate increase to them.
If Pres Obama were truly worried about the students who would be affected by the rate increae, he would have taken his tour to high schools around the country since the change effective for new loans and would not affect loans already taken out by current college students. But, again, this just a political manuever to paint Republicans, and especially Mitt Romney, as only caring about the "rich".
