Ben Chandler's latest move in Washington D.C. deserves a lot of scrutiny.
He has added his name to a bill called "Reverse the Raid on Student Aid" HR 5150, which would cut by half interest rates on student loans for higher education.
In his two short years inside the beltway, Chandler has learned the value of sound-good, feel-good legislation. What the sponsors of this bill want you to believe is that cutting student loan interest rates lowers college costs and helps the poor, struggling college student and his/her family afford higher education.
It isn't that simple.
It would be that simple, I guess, if the Education Fairy paid lending institutions the difference in the costs of the loan and the government-set rate. After centuries of data have demonstrated to everyone else that price-fixing combined with taxpayer subsidies cause artificially high demand and actually increase costs -- a side benefit is creating waste! --, the sponsors of this bill want to clap their hands and believe it won't work that way this time.
The Republican leadership in the House has done a lot worthy scorn lately, but the coming showdown on this -- and the unceremonious death of this bad bill -- will underscore once again that as bad as the GOP might have been, the Democrats are worse. It's hardly a campaign slogan, but cutting off our noses to spite our faces is a luxury we can not afford now.
