Alert: Stop Obama Student Loan Bailout Order

Stop OMB from dumping Student Loans on Taxpayers

by Phil Kerpen, Contributing Author:  Will the Obama administration get away with forcing you to pick up the tab for billions of dollars of bad student loans?

Tuesday, November 1 is the day the Department of Education told us to expect their final rule that will officially dump student loans onto taxpayers. The rule is in its final review at the White House Office of Management and Budget.

This proposed rule would force hardworking American families who never went to college or paid their own way to bail out those who borrowed money they couldn’t repay. And it would spend billions of taxpayer dollars without a vote in Congress, which under our Constitution is supposed to have the power of the purse.

That’s bad enough, but the cost estimate provided by the Department of Education is so absurdly, comically bad that nobody can defend it with a straight face. They say it will cost taxpayers “$1.997 billion in the lowest impact scenario to $42.698 billion in the highest impact scenario.”

Ignore all those decimal places (the bureaucrats who cooked this up never learned significant digits in middle school) and think about this: what would you tell a contractor if he gave you a price quote of $2,000 to $43,000 to do work on your house? Would you hire him? I know I wouldn’t. And we’re not talking about thousands but BILLIONS!

We’re doing everything we can to stop this outrage.

American Commitment supporters like you have already sent thousands of comment letters to the Department of Education. We sent a letter to OMB co-signed with lots of other conservative groups and I had a personal meeting over there.

We’ll keep pushing for Congress to step in and stop this – especially if OMB ignores us and the final rule is published next week. But right now, today, I’m asking for you to use our action page to write directly to OMB in the slim hopes that if enough of us demand they take their regulatory review responsibility seriously, then just maybe they will at least delay this rule until they have a cost estimate that isn’t a total embarrassment.
------------------
Phil Kerpen is president of American Commitment. Follow him at (@kerpen) and on Facebook. He is a contributing author at the ARRA News Service.

---

Tags: Phil Kerpen, American Commitment, President Obama, Student Loan, OMB, student bailout, on backs of taxpayers To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!