"If Congress does not get this done in a week, the average student with federal student loans will rack up an additional $1,000 in debt over the coming year," he said. "If Congress fails to act, more than 7 million students will suddenly be hit with the equivalent of a $1,000 tax hike. And that’s not something that you can afford right now."The reality is that a rate increase would mean an additional $1,041 in interest over the 12-year life of the loan, not "over the coming year." But Politico chose to report this whopper as follows:
That was a bit of hyperbole. According to the Department of Education, if rates double, the borrower paying back the average Stafford loan would owe an additional $1,041 over the 12-year life of the loan. That would break down to $87 more annually, or about $7 more a month."A bit of hyperbole"? A $7 per month interest increase morphs into a annual "$1,000 tax hike", and that's "a bit of hyperbole"? For crying out loud, it's 25¢ per day! What's next? Operation Fast and Furious is a "big fuss over a few guns"? Four years of one-trillion-dollar-plus deficits is "austerity"? With its recent fund raising appeals, this administration has already set its sights on rendering parody moot. Now it's gunning for hyperbole, as well. Why the Republicans are negotiating with the president about this issue and not ridiculing the whole matter from the rooftops is beyond me.