Earl Pomeroy Applauds Passing Of “Let’s Make College More Expensive” Bill
This is so absurd.
Congressman Earl Pomeroy today voted for legislation that would boost college financial aid by about $18 billion nationally and by $14 million in North Dakota over the next five years. The College Cost Reduction Act of 2007 (H.R. 2669), which passed by a vote of 273 to 149, would make the single largest investment in college financial aid since the 1944 GI Bill, directly benefiting the over 17,000 North Dakota students who take out need-based loans each year at 4-year public schools.
Among other things, this legislation will cut interest rates on subsidized student loans in half over the next five years, limit the percentage of income students spend repaying loans, and expand both the eligibility and size of the Pell Grant program. The legislation pays for itself by reducing excessive federal subsidies paid to lenders in the college loan industry by $19 billion. It also includes nearly $1 billion in federal budget deficit reduction.
Meanwhile, because the government would be picking up more of the tab for college education, universities across the nation will go right on raising tuition rates with little fear that the increased expense will drive students away. Because why should they be afraid of that? If it gets too expensive people like Earl Pomeroy will just throw more tax dollars at it.
What’s scary is that this becomes a vicious cycle. Some people can’t afford college. The government creates subsidies to help these people go to college. Colleges raise tuition now that more students can afford to attend creating more people who can’t afford to go, so the government creates more subsidies again. Rinse. Repeat.
But this is one of those areas here the left makes an emotional argument rather than a fact-based one. Any opposition to stuff like this, even opposition based on the fact that subsidies drive tuition up, is met with “Why don’t you want people to go to college?” from the left.
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