Surprise — the program is vastly more expensive than originally billed, par for the course with government spending.
In 2010, desperate to get the projected cost of ObamaCare under $1 trillion, Democrats used accounting gimmicks and sleight-of-hand to achieve their goal. This included collecting ObamaCare taxes from Day One while pushing off full implementation, and therefore the costs, for half a decade, and stripping $700 billion from Medicare to help pay for ObamaCare.
But one largely overlooked gimmick was Barack Obama’s federal takeover of the student loan industry.
As Democrats told it, evil, greedy private lenders were preying on poor, hapless college students, loaning them tens of thousands of dollars for college tuition, and then having the audacity to expect the loans to be repaid. Democrats promised the federal takeover would bring lower rates and friendlier repayment terms. For hundreds of thousands of students, this has worked out fantastically.
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