“A few years ago, Wall Street blew up our economy – and we still haven’t recovered. For recent college grads, the unemployment rate is above 13 percent. The average starting wage is lower in real terms than in 1998. And the average student loan debt is nearly 27,000 dollars.
So if students are still reeling from Wall Street’s blunders, why on Earth would the government charge them an interest rate nine times higher than it charges Wall Street banks? It’s absurd, and there’s a better solution. We should charge students the same interest rate that the Federal Reserve charges Wall Street banks: 0.75 percent, and not a penny more.
The idea was Elizabeth Warren’s, but Elizabeth can’t pass it alone. In the Senate, I’ll fight by her side to make it the law of the land. Wall Street broke our economy. Students shouldn’t have to pay to put it back together again.”
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2 comments:
Rush Holt--who had represented part of Middletown till last year's redistricting--must be doing something right with his focus on issue substance like the imaginative call for pegging student loans to the Fed rate. Sussex County Democrats (not exactly a microcosm of the state, to be sure, but maybe a fair proxy for suburban Democrats)handed him an upset win in their straw poll Wednesday night: http://www.nj.com/politics/index.ssf/2013/07/holt_wins_sussex_county_democrats_senate_straw_poll.html.
Rush Holt, who till this year represented a part of Middletown and nearby towns in Congress, must be doing something right with his focus on advancing fresh ideas of substance, like student loans keyed to the Fed discount rate for banks. Sussex County Democrats may not be a microcosm of Democrats statewide, but they may be a fair proxy for suburban Democrats--and Wednesday night they handed Holt an upset win in their Senate straw poll: http://www.nj.com/politics/index.ssf/2013/07/holt_wins_sussex_county_democrats_senate_straw_poll.html
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