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<\/p>\nRUSH: Steve in Norman, Oklahoma. Steve, great to have you on Open Line Friday. Hi.<\/p>\n
CALLER: Hi, Rush. How are you?<\/p>\n
RUSH: Good. Thank you.<\/p>\n
CALLER: Good. I wanted to take a step back a little bit and talk about the student loan and interest rate issue.<\/p>\n
RUSH: Yeah.<\/p>\n
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CALLER: I\u2019m a college senior right now, and I worked really hard all through high school trying to save money with my parents. I had $80,000 saved up to go to college, and we lost about two-thirds of it when the economy busted —<\/p>\n
RUSH: You saved $80,000 when you were in high school?<\/p>\n
CALLER: Well, the majority of it was my parents, and I can thank them for that —<\/p>\n
RUSH: Still, that\u2019s huge, that\u2019s good. But a lot of it you lost because of the recession?<\/p>\n
CALLER: Absolutely. I kept working. I got about $50,000 in scholarships, and I\u2019m still gonna have almost $30,000 in student loans by the time I\u2019m done with my degree at the University of Oklahoma. And for the Democrats to think that it\u2019s okay to allow us to have to pay more money to them over the next couple of years and to the government on this interest is just ridiculous. And that\u2019s money that I can\u2019t put straight into economy —<\/p>\n
RUSH: Now, wait. Wait, wait, wait, wait just a second. One thing. You\u2019re a senior, did you say?<\/p>\n
CALLER: Yes.<\/p>\n
RUSH: As I understand it, being that you are a senior, your interest rate won\u2019t go up. This is for new student loans or recent ones. It\u2019s only gonna affect the rates on loans after July 1st. Current interest rates are not gonna double. But Obama wants you to think it is. See, this is the point.<\/p>\n
CALLER: Okay.<\/p>\n
RUSH: Obama wants you to think your interest rate\u2019s gonna double. The Republicans are trying to stop that from happening, and Obama\u2019s prepared to veto. Look, hang on. I want to explain this to you and everybody else with a little bit more time.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: We have Steve, Norman, Oklahoma, college senior, $30,000 will be your student loan debt when you graduate? Did I understand that correctly?<\/p>\n
CALLER: Yeah, right around there.<\/p>\n
RUSH: Right. Okay. Now, as I understand it, the interest rate that is supposed to double on July 1st is for new loans, not current loans. I know this sounds unbelievable because Obama on the stump is making it sound like if you are a current holder of a student loan, on July 1st your student loan rate, interest rate\u2019s gonna double. Regardless, the Republicans passed legislation today, passed a bill to prevent this. Obama, according to Nancy Pelosi, is threatening to veto it. Now, here you have Obama on the stump all week bemoaning interest rates doubling. Republicans today pass a bill saying, “Nope, they won\u2019t,” and Pelosi says Obama is going to veto it. <\/p>\n
Sandra Fluke, who I\u2019m not supposed to talk about, according to Judith Miller, Sandra Fluke is also out talking about how her student loan rate\u2019s gonna double, and it won\u2019t. Her interest rate will not go up, either, despite the claims she\u2019s making in her tweets. If I understand this right. There\u2019s a lot of confusion that I will have to admit to here on this. But the bottom line is that the Republicans have never wanted the interest rate to double. It\u2019s been a Democrat idea from the get-go. All they wanted to do was pay for the extension. The Democrats want to just borrow the money from the Chinese to pay for this. So having said that, what was the question or comment that you were gonna ask? Did that answer it?<\/p>\n
CALLER: Well, I just wanted to say that, you know, on one hand, we have the Democrats that are always pushing for more young adults to go to college; they\u2019re pushing for us to create more jobs in the marketplace. And this is a perfect example of where we could help young adults go to college, not have to pay as much back to the government, and be able to be putting that into the economy at a sooner point in our lives and be able to get better jobs.<\/p>\n
RUSH: Well, you probably saw the news this week that one out of two college graduates is either unemployed or underemployed. The fact of the matter is, we\u2019re losing jobs in the private sector for everybody, college graduates and everybody else. If I were in your shoes and other people your age, I\u2019d see all this polling data about the youth vote, even though it\u2019s coming down, still a majority for Obama. It doesn\u2019t compute to me. I don\u2019t know how — and I know you\u2019re not one of these people — but I don\u2019t know how anybody coming out of college now, with job prospects being as bleak as they are, can in any way be supporting Obama. But you think that they ought to deep the interest rate low so that the student loan is not so damaging to you as you build your life when you get out of college, right?<\/p>\n
CALLER: Right. And what you just said, I\u2019m a meteorology major, and some of my friends applying for jobs right now, we\u2019ve got one job that there were 120 applicants for this single job in our sector. We\u2019ve got all of these students that are coming through college, and they can\u2019t even look at getting jobs in their sectors and so they\u2019re going out and they\u2019re selling cars or they\u2019re doing things that have nothing to do with their education that they got.<\/p>\n
RUSH: Okay, now, let me give you a little tough love here on this. That, of course, is disappointing. You\u2019ve gone to school for meteorology. And a lot of other people have gone to school specializing in things. Life is what it is. You happen to be graduating at a time when we are in a depressed economy. So you can feel bad about that for a while, but then at some point, if selling cars is what you have to do until the opportunity opens up, that\u2019s what you have to do. I\u2019m not gonna sit here and tell you all the stuff I did to stay in radio and so forth. I don\u2019t want to be one of these old fuddy-duddies, but I will tell you that everybody faces these consequences at some point in their life. Even if you come out of school and your job is there. You might get fired. You might get fired for cause. You might have a black mark on your resume. It\u2019s an obstacle. <\/p>\n
There are gonna be obstacles every day of your life. Yours right now is that there isn\u2019t a whole lot of job opportunity in your chosen field. You might have to wait \u2019til it opens up, or you might have to go on interviews and show the people who do have jobs that you\u2019re better than anybody else applying. There are challenges each and every day. Overcoming them is a great sense of achievement when you pull it off. But all these things are character builders. You need to understand that there are people who are older than you, who are working very hard to get rid of the political party and the people who have brought about these economic circumstances, because there are people like me who want nothing but robust opportunity for everybody. Economically and otherwise. <\/p>\n
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We don\u2019t want all the power in government. We don\u2019t want all the money transferred to government. We want it staying in the private sector, and we want the private sector growing so that it can handle college graduates every year coming out of the job market and replacing people who quit or retire or what have you. What is the biggest obstacle you think you\u2019re going to have once you graduate? What kind of job do you want with a meteorology degree? Do you want to do television weather? Do you want to actually go work for the National Weather Service? What kind of work do you want to do?<\/p>\n
CALLER: Well, you know, I\u2019m pretty open because I understand that it\u2019s gonna be difficult to get a job directly in my field, and personally anything that I can do to affect public policy and help more students get to go to college and help with some of the public policy perceptions on meteorology and —<\/p>\n
RUSH: Well, now, that\u2019s interesting, since you mentioned public policy, because you probably know this. But if you don\u2019t, let me tell you one of the obstacles you\u2019re gonna run into. Let\u2019s say that the economy was fine and you had your pick of jobs. The biggest obstacle you\u2019re gonna find is that the, quote, unquote, meteorology field right now is populated with people who believe in manmade global warming, and you had better, too, if you want to get a job. I don\u2019t know where you are on that, but the head meteorologist, for example, at Channel 7, at ABC O&O in New York is one of these big manmade global warming guys. Well, maybe it\u2019s not him, but some weather people are suggesting that if you\u2019re not pro-manmade global warming, you don\u2019t deserve to be hired to do TV weather, for example. <\/p>\n
So you mentioned public policy. That means politics. And you\u2019re gonna have to deal with that, too, as you go into the field. You\u2019ve got an exciting life ahead of you. You got all kinds of things that are gonna blow up in your face that will be teachable moments. But remember this, this is for everybody, you never start at the top. Not even Barack Obama. He was a community agitator first, and then he went to the top, but nobody starts at the top. Well, I mean maybe the Kennedy family, some of them did, but that\u2019s inheritance, and that\u2019s really unique. That\u2019s not very common. But you don\u2019t start at the top. And your student loan debt of $30,000 is much less than a lot of others who have six figure student loan debt. So compared to people with whom you\u2019re gonna be competing, and that\u2019s what you\u2019re gonna be doing, that\u2019s another thing, you\u2019re gonna be competing against other people for jobs, you\u2019re ahead of the game in a lot of ways. Look, I\u2019m glad you called. <\/p>\n
Chelsea Clinton, she started at the top. She\u2019s right there at NBC Nightly News and that 30 Rock show. Well, she just got hired again there. I think last week I read that she re-upped at NBC. But, see, even then that\u2019s primarily — well, I don\u2019t want to take anything away from Chelsea Clinton. But clearly when your dad\u2019s ex-president and he goes places that you\u2019d like to go, too, like Columbia, places like that, you want to stay in good graces, and you want access to him as a journalist, to ask him questions, interview him. It\u2019s what is. Some people have advantages that other people don\u2019t have, and you have to bite the bullet on that, too. But she did have her contract renewed. Anyway, Steve, thanks much for the call.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
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<\/a>RUSH: Michelle Obama just tweeted: “The Obamas know the challenge of student loan debt firsthand. Stand with Barack Obama to make college affordable.” He\u2019s only had three years to do that. If they\u2019re so worried about student debt, how come there\u2019s no record of either of them ever working a day to put themselves through college? <\/p>\n