The President has once again governed without the input of those pesky Congressmen and Senators. The White House, apparently, also forgot how to use a calculator. Yesterday the President announced new plans to help students who are being crushed by student debt… Ya know: The same students that progressives have been encouraging to take out loans and go to college. According to the Washington Post:
In an attempt to ease crushing student debt, President Obama will sign an executive order Monday afternoon that will allow at least 5 million people to cap their student loan payments at 10 percent of their income.
Ok… So our Loan-Officer in Chief, Barack Obama, has decided that student loans should be limited to a percentage of a student’s income. How do you think lowering payments impacts the term of a loan? “Congratulations, kids! Your 15 year student loan just turned into a 30 year obligation! You’re welcome.”
So how much will this cost? Meh… It doesn’t really matter. At least not according to the White House. Heck, they didn’t even bother to make up a number when asked about it during the press briefing. In fact, they simply said that, “we’ll figure that out on the back-end.” Right. I mean, why budget for things, when you can just figure out the cost as you go?
Although, in all fairness, the question of cost is somewhat peripheral, given that the Administration doesn’t even have the confidence to say that the move is constitutional. Judging by the press conference yesterday, the President’s message really seems pretty simple: “We have no idea what we’re doing; but it sounds darn impressive, so we’re doing it anyway!”