Soros' POLITICO Shows Its Stripes
Obamateurism of the Day
Hot Air ^ | 7-3-2012 | Ed Morrissey
Obama : ...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. 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.
Politico actually did the math, and suggests that Obama might have engaged in a little, er, “hyperbole”: 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.
Jeryl Bier is aghast at the reporting: “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.
It adds up to fiscal incompetence by Obama and his staff, as well as media bias by Politico.
Had George Bush made this kind of math error in prepared remarks on the very topic of the speech, we never would have heard “a bit of hyperbole” as the explanation. |
