You surely are aware of the gross congressional irresponsibility last weekend in the congressional passage of the ObamaCare medical bill, which will cost a trillion dollars-plus, for which the money isn’t available. It will mean both more taxes and more debt. But there are also many details that most of us don’t know about yet.
For example, Tennessee’s able Sen. Lamar Alexander has warned that there will be seriously adverse effects on Tennessee students and on students in other states as a result of government loan provisions in the recently enacted Obama-Care plan.
Sen. Alexander said the “preliminary CBO (Congressional Budget Office) estimate indicates that not only will the health care bill cut Medicare, raise taxes, raise individual premiums for millions of Americans and send to states big new costs that likely will require state tax increases. It will also overcharge 19 million students on their student loans – to help pay for the Democrats’ health care bill.
“This is how it will work: the federal government will borrow money at 2.8 percent and then lend it to students at 6.8 percent – spending the difference on health care and new government programs.
“In Tennessee, 200,000 students have student loans, so what this latest takeover means is that those Tennessee students will, on average, pay $1,700-1,800 more in interest over 10 years – to pay for the Democrats’ health care bill.