Transcript from Limbaugh last week on the emerging federal legislation to maintain lower interest rates on student loan debt at this link. (Please ignore all the ads for "investing" in Precious Metals that may appear on his site... if you go there.)
He's (Pres. Obama) gonna veto this so that student loan rates will go up so that he can blame Republicans for it. He is counting on the fact that the media will not significantly report the Republicans tried to stop it. Pelosi is attacking the Republican bill. This is what they're saying. Because this is paygo. "Okay, how we gonna pay for this? The student loan interest rate." The government runs it now. The higher interest rate goes the more the government gets. So if you're not gonna have the student loan rate doubled, then the government says, "Uh-oh, we're losing money here." So Boehner and the boys, to make up the loss, take $5.8 billion from Obamacare, and Pelosi is attacking Boehner's bill because it uses that $5.8 billion from Obamacare's preventative health program. She's calling it an attack on the health of American women. Apparently only American women benefit from preventative health care. Now, never mind that Democrats voted earlier this year to take money from the preventative health fund to help pay to keep doctors' Medicare reimbursements from dropping. And never mind that Obama's own budget proposed cutting $4 billion from the same fund to pay for some of the other stuff they wanted. The GOP has always been against the interest rate on student loans going up. They just want to pay for it. Again, folks, just so everybody's clear, the student loan interest rate is scheduled to double because of legislation the Democrats wrote in 2007. And since the government runs the student loan program, all the interest payments go to the government now, not private sector banks. So, if the student loan interest rate's scheduled to double, then the government's telling itself it's gonna have that much more money coming in as people pay off their loans and pay the new interest rate. So the Republicans come along and say, "We're gonna make sure the interest rate doesn't go up." Well, that means the government's gonna lose all that money.You can see here how the absolute ignorance of our morons in government, who have signed on to some sort of "pay-go" idiocy due to their mistaken beliefs in what the fiscal authorities of the Federal government represent, handcuffs them from being able to pass any legislation that would create needed net financial assets in the non-govt sector at this point.
Here they feel that they must trade off preventative health care services for less revenues from student loan interest, when in fact the government doesn't need to charge ANY interest on student loan debt in the first place and non-govt sector direct healthcare providers continue to be revenue constrained.
Limbaugh is good at pointing out this idiocy, but he too has NO CLUE what it is REALLY all about: Both sides are mired in absolute economic and fiscal ignorance which has them surrendering the only true authority that they have all worked so hard to obtain positions within.
