At another campaign style event in Denver today President Obama announced a "student loan relief" plan that could affect more than 6 million borrowers. This will be the third day in a row that Obama has announced a populist scheme by executive order completely bypassing the "consent of the governed" and the Constitutional authority reserved for Congress. Earlier this week he rolled out enticements targeted at underwater homeowners and out of work veterans.
His Denver announcement also plays the rest of us for a bunch of fools.
According to published reports, the student loan plan would allow for interest rate reductions, reduced payment amounts, and even complete forgiveness of principle under some circumstances. All of this benevolence created with a single stroke of the pen from Barack Obama "will carry no additional costs to taxpayers" according to the White House.
Does anybody out there actually still believe him?
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