Michigan residents should be deeply offended by President Barack Obama’s remarks in Michigan on Friday. The President credited himself for bringing auto jobs back to Michigan, when in fact the automotive industry was bailed out by the American taxpayer at our own expense.
In a time when millions of Americans face bankruptcy, it’s an outrage that such large companies with power and privilege are bailed out for their own mistakes. To show up in Michigan and boast of such crony capitalism and imply that Michigan’s vote can be bought for a price is truly an insult, to all Michigan residents and especially to those working for auto companies that were not bailed out.
Adding insult to injury, the president chose one of America’s most expensive public universities to demand college costs be held in check, when in actual fact it is his own policy of giving easy credit and large loans to college students that spurs the skyrocketing cost of education. Indeed, rising tuition costs at the University of Michigan significantly outpace the inflation rate.
The national student loan debt is now over $1 trillion, and unfair bankruptcy laws that exempt student debt from bankruptcy protection are leading hundreds of thousands of bright young people into a lifetime of crushing debt.
As usual, the president invokes the rhetoric of class warfare and the fallacies of Keynesian economics to justify what are nothing more than wealth distribution schemes.
Only Ron Paul has the presence of mind and the courage to speak the truth about students loans: that just as easy lending laws enabled banks to make billions on mortgage-backed securities while millions lost their homes, easy student loans are a snare for students who take them, and a barrier to the education of those who cannot get a loan. The only winner is the banks.
This is one more reason why informed and serious students support Congressman Ron Paul for president.