(New York City, NY) – Rates on subsidized Stafford student loans doubled on July 1st because Congress could not come up with an agreed upon solution. The House of Representatives passed a bad deal for students and the Senate passed no deal at all.
Sound familiar? That’s because it is. We had this fight just last year because the law that Congress passed in 2007 to incrementally lower interest rates on subsidized Stafford student loans — from 6.8% in 2008 down to 3.4% in 2011— was set to expire (and therefore double rates!) on July 1st of 2012.
On Wednesday we did a segment on Richard French Live titled ‘Guns in America: Does America have a Problem?’ Tragically, neither any of the guests, nor myself realized just how timely the segment would be. A day and half later Adam Lanza blasted his way into the Sandy Hook Elementary School in Newtown, Connecticut, using a high-powered rifle to kill 20 children and six adults, including the principal who tried to stop him.
If you’re like most Americans, you’re inundated with the obligations of day-to-day life. You have probably heard only in passing, the dire warning on your local TV newscast, "Washington gets closer to going over Fiscal Cliff." Sadly, such government paralysis has become routine, Washington is so polarized that less than a month after the Presidential Election, it seems elected officials are in the same situation of getting nothing done.
Have you noticed yet that just about every political decision from Washington these days comes down to the very end, scaring the American People about repercussions? Will unemployment benefits run out for those barely surviving? Are cuts to Medicare looming for seniors? Will you soon lose the Mortgage Interest deduction on your taxes?