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Don't live there on capitol -- pretty empty place congress is out on recess and college students with federal loans left with interest rates.
Doubled take a look at this.
Percent the old rate as of today.
Six point 8%.
Student loan interest rates the senate left without dealing with that the house did pass a bill.
We're back with the panel.
-- Well there's been an interest in Twitter back and forth that's been going on for months.
Now where people are using this hash tag don't double my rates.
I think the long term -- answer actually is to double their rates.
We can't have the federal government has involved in subsidizing student loans as we have over the past.
You know decades.
For the coming future we need some sort of eating out or I think that we're going to be approaching something like the housing bubble where you take a good idea which is.
To encourage people to go to college as many people as possible to go to college.
You give them incentive to do with the federal government come and distorts the market.
And then you have some kind aren't dramatic -- -- McCloskey was featured Mike Emanuel -- has been making this argument for years I think making it very persuasively it's something to be careful of this is probably not the right way to do what you wanna have this kind of -- And there's no doubt that congress will come back in and fix this retroactive to July 12 today.
Happen in the long term -- -- smarter public policy decision I think it's actually -- the rates increase.
-- take a look at the bipartisan group that tried to have a plan Republicans Tom Coburn Lamar Alexander Richard Burr as well as independent.
Angus king and Democrat Joseph -- they offered a permanent fix -- to the financial markets.
-- but you know what's interesting about this what Steve just outlined might be the conservative.
Principled position but that's not the principle about the -- Republicans on Capitol Hill.
This is not a big ideological debate in the house they -- something almost identical to the president's plan although he would they wanted to fluctuate.
And he -- -- -- to the ten year treasury rate but.
There's no big ideological debate here.
And I think this is a problem that on a policy level could be felt pretty quickly because the gulf isn't that big award is the fault lines and politically -- and parents go to well -- where their kids.
Go hard time figuring out who to blame except for everybody.
I think it's a disgrace.
I do think this will be fixed probably retroactively before school starts Charles.
It's a classic example of -- compassion the unintended consequences of compassion.
It's a good idea until you realize you showed earlier on the show.
How much tuition has increased and the reason -- you you get a huge amount of money from the federal government.
That -- colleges understand supply and demand.
Allow them to increase their tuition you show that it's public institutions increase tuition by 27%.
Since I was seven and the more expensive private colleges about half of that.
So essentially it's inflating the budgets of the university's everybody understands it.
Felt Obama mentioned in one of the state of the union addresses the kind of attempt to rhetorically.
Demanded colleges -- rollback tuition but why should that his words against a lot of money.
So I think that that is -- the root of the problem and the other problem is how do you get out of debt with the job.
And know the prolonging unemployment the high chronic unemployment and the fact that the youth unemployment is so high is a reason why this is no more crushing.
Debt that it would be -- normal conditions.
Senate Minority Leader gives speech in part about this and said it was time to obamacare in reality that's the first.
Place that this was coupled together the -- -- student loans in that bill that then became law so that was accurate.
As far as Howard gets solved.
Probably retroactive when they get back I'm sure on -- exactly -- you have Republicans were not here to make what I think would be a more principled argument.
In this case in part because this is the -- were -- kinder gentler Republican Party they want to.
Make life work for four people -- average voters try to help show people that they care more.
So I think they're making an argument that's more expedient and -- I think likely produce a solution.
When it gets out.
It gets some -- them but you know what.
Because of this young people are buying houses they aren't getting married they are doing all the things that make for kind of stable relationships and commitments but -- -- -- crushing burden of that are that is also because of -- options -- the job.
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