President Obama is politicking on Tumblr today in behalf of his proposal to ease the student debt burden as an economic stimulus.
Obama signed an executive order aimed at capping loan payments at 10 percent of borrowers’ monthly income. He also touts a Senate bill, introduced by Democrats, to refinance student loans at lower interest rates and pay for it with a new tax on the wealthy.
Republicans call this a political stunt because they’d never approve a tax increase on the wealthy or incur additional government costs, not even to help struggling middle class families in a way that would pump more money into the economy.
The president included a report on how the country and states could benefit.
It shows Arkansas has about 357,000 people with a cumulative $8.2 billion in student loans. The Senate bill could help 209,000 Arkansans. The president’s “pay-as-you-earn” plan would help an additional 42,700.