All posts tagged Economy
Political Musings December 9, 2013: Obama veers to the economy; mobility and unemployment benefits extension
Posted by bonniekgoodman on December 9, 2013
OBAMA PRESIDENCY & THE 113TH CONGRESS:
Remarks by the President on Economic Mobility
Source: WH, 12-4-13
Posted by bonniekgoodman on December 4, 2013
Full Text Obama Presidency November 23, 2013: President Barack Obama’s Weekly Address: Working with Both Parties to Keep the Economy Moving Forward
OBAMA PRESIDENCY & THE 113TH CONGRESS:
Weekly Address: Working with Both Parties to Keep the Economy Moving Forward
Source: WH, 11-23-13
Watch the Video
Remarks for President Barack Obama
The White House
November 23, 2013
Hi, everybody. Over the past couple months, most of the political headlines you’ve read have probably been about the government shutdown and the launch of the Affordable Care Act. And I know that many of you have rightly never been more frustrated with Washington.
But if you look beyond those headlines, there are some good things happening in our economy. And that’s been my top priority since the day I walked into the Oval Office.
After decades in which the middle class was working harder and harder just to keep up, and a punishing recession that made it worse, we made the tough choices required not just to recover from crisis, but to rebuild on a new foundation for stronger, more durable economic growth.
Five years later, we have fought our way back. Our businesses have created 7.8 million new jobs in the past 44 months. Another 200,000 Americans went back to work last month.
The American auto industry has come roaring back with more than 350,000 new jobs – jobs churning out and selling the high-tech, fuel-efficient cars the world wants to buy. And they’re leading the charge in a manufacturing sector that has added jobs for the first time since the 1990s – a big reason why our businesses sell more goods and services “Made in America” than ever before.
We decided to reverse our addiction to foreign oil. And today, we generate more renewable energy than ever, more natural gas than anybody, and for the first time in nearly 20 years, America now produces more oil than we buy from other countries.
We decided to fix a broken health care system. And even though the rollout of the marketplace where you can buy affordable plans has been rough, so far, about 500,000 Americans are poised to gain health coverage starting January 1st. And by the way, health care costs are growing at the slowest rate in 50 years.
And one more thing: since I took office, we’ve cut our deficits by more than half. And that makes it easier to invest in the things that create jobs – education, research, and infrastructure.
Imagine how much farther along we could be if both parties were working together. Think about what we could do if a reckless few didn’t hold the economy hostage every few months, or waste time on dozens of votes to repeal the Affordable Care Act rather than try to help us fix it.
In the weeks ahead, I’ll keep talking about my plan to build a better bargain for the middle class. Good jobs. A good education. A chance to buy a home, save, and retire. And yes, the financial security of affordable health care. And I’ll look for any willing partners who want to help.
Because of your hard work and tough sacrifices over the past five years, we’re pointed in the right direction. But we’ve got more work to do to keep moving that way. And as long as I’m President, I’ll keep doing everything I can to create jobs, grow the economy, and make sure that everyone who works hard has a chance to get ahead. Thanks, and have a great weekend.
Posted by bonniekgoodman on November 23, 2013
Political Musings November 16, 2013: Obama uses his weekly address to focus on the economy and energy production
OBAMA PRESIDENCY & THE 113TH CONGRESS:
OP-EDS & ARTICLES
Posted by bonniekgoodman on November 16, 2013
Full Text Obama Presidency November 14, 2013: President Barack Obama’s Speech on the Economy in Cleveland, Ohio
OBAMA PRESIDENCY & THE 113TH CONGRESS:
Remarks by the President on the Economy in Cleveland, OH
Source: WH, 11-14-13
ArcelorMittal Cleveland Steel Factory
3:38 P.M. EST
THE PRESIDENT: Hello, Ohio! (Applause.) It is good to be back in Cleveland. The last time I was here was about a year ago, in the final days of the campaign. I know how much you miss hearing how I approve this message every night on your TV. (Laughter.) I will say it is nice to be here when the only real battle for Ohio is the Browns-Bengals game this Sunday. (Applause.) He’s got the Browns shirt right here, Browns cap. (Laughter.)
I want to thank Scotty for that terrific introduction. Give him a big round of applause. (Applause.) He is a natural. I want to thank your CEO, Lakshmi Mittal, for investing in America and the Cleveland area. We appreciate him. (Applause.) And I want to thank all of you for having me here today.
Along with me, there are a couple of people I just want to acknowledge. First of all, America’s Secretary of Energy, Ernie Moniz, is here. Right there. (Applause.) And Congresswoman Marcy Kaptur is here. Give Marcy a big round of applause. (Applause.) Fighting for working people every day.
And earlier this afternoon I had a chance to see your mayor, Frank Jackson; your county executive, Ed FitzGerald. And even though they’re not here, I want to thank them for the great work they’re doing on behalf of working people throughout the region. (Applause.)
And then, finally, I want to thank Mark and Gary for showing me one of the biggest steel plants in America. And they told me that folks are proud to have been making steel right here for a century — 100 years — right here. (Applause.) And they explained that, today, the steel you make in Cleveland is some of the strongest you’ll find anywhere in the world. It’s one of the most productive plants in the world. Best workers in the world. (Applause.)
And what’s remarkable is, when you think about it, go back to where this plant was just a few years ago. The economy was in free fall, auto industry on the brink of collapse. And that meant demand for steel had dried up. The blast furnaces went quiet. About 1,200 steelworkers punched out for what might have been the last time. And that all came at the end of a decade when the middle class was already working harder and harder just to get by, and nearly one in three American manufacturing jobs had vanished — a lot of them going overseas. And that could have devastated this community for good.
But we rolled up our sleeves, we made some tough choices. We rescued and retooled the American auto industry; it saved more than a million jobs. We bet on American ingenuity and American workers. (Applause.) And assembly lines started humming again, and automakers started to make cars again. And just a few months after this plant shut down, your plant manager got the call: Fire those furnaces back up, get those workers back on the job. And over the last four years, you’ve made yourselves one of the most productive steel mills not just in America, but in the world. In the world. (Applause.)
So you retooled to make the stronger steel that goes into newer, better American cars and trucks. You created new partnerships with schools and community colleges to make sure that folks who work here have the high-tech skills they need for the high-tech jobs — because I was looking around this factory, and there’s a whole bunch of computer stuff going on.
One of your engineers — and I want to make sure I get Margaret’s name right here — Margaret Krolikowski. Did I get that right, Margaret? (Applause.) Where’s Margaret? Where is she? There is she is, back there. So I’m going to quote you — I’m going to quote you. Here’s what Margaret said: “When we came back, we wanted to make sure we were in a position where we never shut down again.” Never shut down again. And that means making sure that workers here are constantly upgrading their skills and investments being made in the state-of-the-art technology.
And it was interesting, when I was meeting a number of the folks who were giving me the tour — folks who have been here 30 years, 40 years — but obviously the plant has changed, and so during that period they’ve had to upgrade their skills. And that’s what’s happened. And the story of this plant is the story of America over the last five years. We haven’t just been recovering from a crisis. What we’ve been trying to do is rebuild a new foundation for growth and prosperity to protect ourselves from future crises. And because of the grit and resilience and optimism of the American people, we’re seeing comeback stories like yours all across America.
Over the last 44 months, our businesses have created 7.8 million new jobs. Last month, another 200,000 Americans went back to work. (Applause.) And a lot of those jobs are in manufacturing. So now we’ve got more work to do to get those engines of the economy churning even faster. But because we’ve been willing to do some hard things, not just kick the can down the road, factories are reopening their doors, businesses are hiring new workers, companies that were shipping jobs overseas, they’re starting to talk about bringing those jobs back to America. We’re starting to see that.
And let me give you an example, because we were talking about this — Mr. Mittal and others were talking about what’s different now. Take a look at what we’ve done with American energy. For years, folks have talked about reducing our dependence on foreign oil — but we didn’t really do it. And we were just importing more and more oil, sending more and more money overseas. Gas prices keep on going up and up and up. We finally decided we were going to do something about it.
So we invested in new American technologies to reverse our addiction to foreign oil, double wind power, double solar power, produce more oil, produce more natural gas, and do it all in a way that is actually bringing down some of our pollution, making our entire economy more energy-efficient. Today, we generate more renewable energy than ever. We produce more natural gas than anybody in the world. Just yesterday, we learned that for the first time since 1995, the United States of America produces more of our own oil here at home than we buy from other countries. First time since 1995. (Applause.) And that’s a big deal. That’s what America has done these past five years.
And that is a huge competitive advantage for us. Part of the reason companies now want to move — we were just talking about it — this plant, if it’s located in Germany, energy costs are double, maybe triple; same in Japan. So this gives us a big edge. But this is also important: We reached the milestone not just because we’re producing more energy, but also we’re wasting less energy. And this plant is a good example of it. We set new fuel standards that double the distance our cars and trucks go on a gallon of gas by the middle of the next decade. That saves the average driver, everybody here, more than $8,000 at the pump over the life of a new car. You like that? (Applause.) We launched initiatives to put people to work upgrading our homes, and our businesses, and our factories so we’re wasting less energy. All that saves businesses money on their energy bills. Your plant is one of the hundreds to answer that call. And if you’re saving money on energy costs, that means you can invest in equipment, invest in workers, hire more people, produce more products.
And here’s another thing: Between more clean energy, less wasted energy, the carbon pollution that’s helping to warm the planet, that actually starts going down. And that’s good news for anybody who cares about leaving a planet to our kids that is as beautiful as the one we got from our parents and our grandparents. (Applause.) So it’s a win-win. Our economy keeps growing, creating new jobs, which means that strengthening our energy security and increasing energy efficiency doesn’t have to be a choice between the environment and the economy — we can do both.
So we’ve tackled the way we use energy. That’s making America more competitive in order to attract good jobs. We’ve also tackled our deficits. A lot of people have been concerned about deficits. Since I took office, we cut them in half. That makes America more attractive when it comes to business investment decisions.
And we’ve tackled a broken health care system. Obviously, we’re not done yet. (Applause.) Obviously, we’re not done yet. But over the last three years, health care costs have grown at the slowest pace on record. And this is a great place to work thanks to a great steelworkers union and cooperation between management and labor. (Applause.) But just keep in mind that if businesses’ health care costs are growing at about one-third the rate that they were a decade ago, that makes America a more affordable place to do business, and it also means that the investors here, if they’re putting less money into health care costs, they can put more money in terms of hiring more workers and making sure that they’re getting good pay.
So that’s what all these tough decisions are about: Reversing the forces that have hurt the middle class for a long, long time, and building an economy where anybody, if you work hard, you can get ahead. That’s what plants like this have always been about. It’s not that it’s easy work. But it means if you work hard, you’ve got a chance to buy a home, you’ve got a chance to retire, you’ve got a chance to send your kids to school, you have a chance to maybe take a little vacation once in a while. That’s what people strive for. And that’s what will make the 21st century an American century, just like the last century was.
But I didn’t run for President to go back to where we were. I want us to go forward. I want us to go towards the future. (Applause.) I want us to get us to where we need to be. I want to solve problems, not just put them off. I want to solve problems. And we’ve got to do more to create more good, middle-class jobs like the ones folks have here.
That means we’ve got to do everything we can to prepare our children and our workers for the competition that they’re going to face. We should be doing everything we can to help put some sort of advanced education within reach for more young people. Not everybody has got to go to a four-year college, but just looking at the equipment around here, you’ve got to have a little bit of advanced training. It may come through a community college or it may come through a technical school, but we’ve got to make sure you can get that education, your kids can get that education without going broke — without going broke, without going into debt. (Applause.) So we’re working on that.
Another thing we should be working on: Fixing a broken immigration system. (Applause.) When you think about this whole region, a lot of folks forget, but almost everybody who worked in that plant 100 years ago came from someplace else. And so we’ve got now a new generation of hopeful, striving immigrants; we’ve got to make sure that they come legally and that we do what we need to secure our borders, but we’ve also got to make sure that we’re providing them opportunity just like your parents, grandparents, great-grandparents received when they arrived at this plant. And that’s important. (Applause.) And, by the way, it will help our economy grow because then they’re paying taxes and helping to invest and build here in America.
We should do everything we can to revitalize American manufacturing. Manufacturing is — that’s the hub of our economy. When our manufacturing base is strong, the entire economy is strong. A lot of service jobs depend on servicing manufacturing jobs. And, typically, manufacturing jobs pay a little bit better. So that’s been a path, a ticket to the middle class. So when we make steel and cars, make them here in America, that helps. Like I said, the work may be hard but it gives you enough money to buy a home and raise a kid, retire and send your kids to school.
And those kinds of jobs also tell us something else. It’s not just how much you get in your paycheck, it’s also a sense of, “I’m making something and I’m helping to build this country.” It helps establish a sense of — that we’re invested in this country. (Applause.) It tells us what we’re worth as a community. One of your coworkers, Mike Longa — where’s Mike?
AUDIENCE MEMBER: Back here.
THE PRESIDENT: Is he back here? That’s Mike right there. Mike grew up here. His mom and dad worked at this plant. This plant helped put Mike and four brothers and/or sisters through college. And once this plant started growing again, Mike got his chance to be a steelworker here, and provide for his own two young kids. So it’s a generational thing, and I want to keep that going.
In my State of the Union address, I talked about how we created America’s first manufacturing innovation institute right here in Ohio. Marcy Kaptur has been a big proponent of this, because she knows how important manufacturing is. I want to create more of them — places where businesses are working with universities and they’re partnering to figure out what are the new manufacturing techniques that keep us at the cutting edge so that China or Germany don’t get ahead of us in terms of the equipment that’s being invested. We want to be at the cutting edge, so what we’re producing is always the best steel, it’s always the best cars. But that requires research and investment.
And your Senator, Sherrod Brown, helped us to create that first manufacturing hub in Youngstown. And he’s now leading a bipartisan effort — (applause) — he’s now leading a bipartisan effort with Senator Blunt of Missouri to move more of these manufacturing innovation hubs all across the country. And Congress should pass Sherrod’s bill. We should be doing everything we can to guarantee the next revolution in manufacturing happens right here in Cuyahoga, happens right here in Ohio, happens right here in America. (Applause.)
And let me make one last point. We have to do everything we can to make sure every American has access to quality, affordable health care, period. (Applause.) You may have read we had some problems last month with websites. I’m not happy about that. And then I had a press conference today and I said, you know what, we fumbled the ball in terms of the rollout.
But we always knew this was going to be hard. There’s a reason why folks had tried to do it for 100 years and hadn’t done it. And it’s complicated. There are a lot of players involved. The status quo is entrenched. And so, yes, there’s no question the rollout on the Affordable Care Act was much tougher than we expected. But I want everybody here to understand, I am going to see this through. (Applause.) I want millions of Americans to make sure that they’re not going broke when they get sick and they can go to a doctor when their kids get sick. And we’re not apologizing for that. We are going to get this done. (Applause.)
So we’re going to get the website working the way it’s supposed to. The plans are already out there that are affordable and people can get tax credits. We’re going to help folks whose old plans have been canceled by the insurers — many of them weren’t very good — and we’re going to make sure that they can get newer, better options.
But we’re not going to go back to the old system, because the old system was broken. And every year, thousands of Americans would get dropped from coverage or denied their medical history or exposed to financial ruin. You guys are lucky that you work at a company with a strong union that gives you good health benefits. (Applause.) But you know friends and family members who don’t have it, and you know what it’s like when they get sick. You know how scary it is for them when they get sick. Or some of them have health insurance — they think they do — and they get sick, and suddenly the insurance company says, oh, I’m sorry, you owe $50,000. That’s not covered. Or they jack up your premium so you can’t afford it because you had some sort of preexisting condition. That happens every day.
So we’re not going to let that happen. We’re not going to let folks who pay their premiums on time get jerked around. And we’re not going to walk away from the 40 million Americans without health insurance. (Applause.) We are not going to gut this law. We will fix what needs to be fixed, but we’re going to make the Affordable Care Act work. And those who say they’re opposed to it and can’t offer a solution, we’ll push back. (Applause.)
I got to give your Governor a little bit of credit. John Kasich, along with a lot of state legislators who are here today, they expanded Medicaid under the Affordable Care Act. And think about that. Just that one step means as many as 275,000 Ohioans are going to have health insurance. And it doesn’t depend on a website. That’s already happening because of the Affordable Care Act. (Applause.)
And I think it’s fair to say that the Governor didn’t do it because he just loves me so much. (Laughter.) We don’t agree on much, but he saw, well, this makes sense — why wouldn’t we do this? Why wouldn’t we make sure that hundreds of thousands of people right here in Ohio have some security? It was the right thing to do. And, by the way, if every Republican governor did what Kasich did here rather than play politics about it, you’d have another 5.4 million Americans who could get access to health care next year, regardless of what happens with the website. That’s their decision not to do it. And it’s the wrong decision. They’ve got to go ahead and sign folks up.
So the bottom line is sometimes we just have to set aside the politics and focus on what’s good for people. What’s good to grow our middle class? What’s going to help keep plans like this growing? What’s going to make sure we’re putting more people back to work? What’s going to really make a difference in terms of our kids getting a great education?
And, look, we’ve done it before. That’s the good news. The good news is that America is — look, we make mistakes. We have our differences. Our politics get screwed up sometimes. Websites don’t work sometimes. (Laughter.) But we just keep going. We didn’t become the greatest nation on Earth by accident. We did it because we did what it took to make sure our families could succeed, make sure our businesses could succeed, make sure our communities could succeed. And if you don’t believe me, listen to one of your coworkers.
So Sherrod Brown, earlier this year, brought a special guest along with him to the State of the Union address — one of your coworkers, Cookie Hall. Where’s Cookie? Is Cookie here?
AUDIENCE MEMBER: No, she’s back at the hall.
THE PRESIDENT: She’s back at the hall working. (Laughter.) Well, let me say something nice about her behind her back. (Laughter.) So Cookie said, one of — let me make sure I can find this. She said — that night she said, “If I get a chance to meet President Obama, I’ll tell him my greatest pride is in our 2012 production record at Cleveland Works. We’re the most productive steelworkers in the world.” (Applause.) More than a ton of steel produced for every single one of the workers at this plant. That’s pretty good. That’s pretty good. (Applause.)
So all of you are an example of what we do when we put our minds to it. This plant was closed for a while. We go through hard times. And a lot of our friends are still going through hard times. But when we work at it, we know we can get to a better place, and we can restore some security to a middle class that was forged in plants just like this one, and keep giving ladders of opportunity for folks who were willing to work hard to get into the middle class. That’s what I’m about. That’s what this plant is about. I’m proud to be with you.
And as long as I have the honor of being your President, I’m going to be waking up every single day thinking about how I can keep on helping folks like the ones who work in this plant. (Applause.)
God bless you. Thank you. God bless you, and God bless the United States of America. Thank you.
END 4:02 P.M. EST
Posted by bonniekgoodman on November 14, 2013
Political Musings November 10, 2013: Obama tries to pivot the conversation to the economy by promoting infrastructure
OBAMA PRESIDENCY & THE 113TH CONGRESS:
OP-EDS & ARTICLES
- November 10, 2013
Posted by bonniekgoodman on November 10, 2013
Political Musings November 3, 2013: Obama dedicates weekly address to passing a budget after conference first meets
OBAMA PRESIDENCY & THE 113TH CONGRESS:
OP-EDS & ARTICLES
Posted by bonniekgoodman on November 3, 2013
Political Headlines August 23, 2013: President Barack Obama Fields Questions on Education at Townhall at Binghamton University
OBAMA PRESIDENCY & THE 113TH CONGRESS:
Obama Fields Questions on Education at Townhall
BRENDAN SMIALOWSKI/AFP/Getty Images
In a rare townhall on the second day of his bus tour, President Obama fielded questions ranging from how to keep Head Start funding intact to the education and civil rights progress made since the March on Washington 50 years ago.
“We don’t have an urgent deficit crisis. The only crisis we have is one that’s manufactured in Washington, and it’s ideological,” President Obama told students, faculty, and parents at Binghamton University, the State University of New York, Friday….READ MORE
Posted by bonniekgoodman on August 23, 2013
Full Text Obama Presidency August 23, 2013: President Barack Obama’s Remarks in Town Hall Meeting on College Affordability, College Cost Cutting Plan at Binghamton University
OBAMA PRESIDENCY & THE 113TH CONGRESS:
Remarks by the President in Town Hall at Binghamton University
Source: WH, 8-23-13
Binghamton, New York
12:48 P.M. EDT
THE PRESIDENT: Hello, Binghamton! (Applause.) It is good to see all of you. Thank you so much. Now, go ahead and have a seat — I’m going to be here a while. (Laughter.)
Well, first of all, let me thank the university and your president, Harvey Stenger, for having me here today. Give your president a big round of applause. (Applause.) There he is. A couple other people I want to recognize — Mayor Matt Ryan is here. (Applause.) Two wonderful Congressmen — Richard Hanna and Paul Tonko. (Applause.) Your former Representative, Maurice Hinchey, is here as well. (Applause.)
So, first of all, thank you, because it’s really nice outside, so for you to be willing to come inside, I greatly appreciate. And I’m not going to do a lot of talking at the top because I want to have a conversation with you about a range of issues, but in particular, something that is personal for me.
A lot of you know that I wasn’t born into a lot of wealth or fame, there wasn’t a long Obama dynasty. And so the only reason I’m here today, the only reason Michelle and I have been able to accomplish what we accomplished is because we got a great education. And I think the essence of the American Dream is that anybody who’s willing to work hard is able to get that good education and achieve their dreams.
And central to that is the issue that — you’ve got a big sign there — we try to message effectively — (laughter) — College Affordability — making sure that people can afford to go to college.
I’m on a road trip from New York to Pennsylvania. Yesterday I was at the University of Buffalo. I visited students at Syracuse. Later today, I’m going to meet Joe Biden in Scranton, his hometown. But I decided to stop here for a couple of reasons. Number one, I’ve been told that it’s very important for me to get a spiedies while I’m here. (Laughter and applause.) So we’re going to pick one up and try it on the road. Number two, I’m excited because of the great work that SUNY campuses like Binghamton are doing to keep costs down for hardworking students like so many of you.
Chancellor Zimpher is making sure that hundreds of thousands of SUNY students all across the state are getting a world-class higher education but without some of the debt and financial burden that is stopping too many young people from going to college. And that’s what we want for all of our students and all of our families all across the country.
Over the past month, I’ve been visiting towns throughout America, and I’ve talked about how do we secure a better bargain for the middle class and everybody who’s trying to work their way into the middle class.
We’ve fought our way through a very brutal recession, and now we’re at a point where we’re creating jobs, the economy is growing, budget deficits are falling, health care inflation has been reduced. And yet there are still a lot of working families out there who are having a tough time in this competitive global economy that we live in.
And the fact is even before this last financial crisis, we had increasingly an economy where folks at the top were doing better and better and better, but the average individual or family was seeing their incomes and their wages flat-lining. And you start getting a tale of two Americas. And the whole premise of upward mobility in this country, which is central to who we understand ourselves to be, was being diminished for too many people. So, from my perspective, reversing that trend should be Washington’s highest priority. It’s certainly my highest priority.
Unfortunately, what we’ve seen in Washington all too often is, instead of focusing on how do we bring good middle-class jobs back to America, how do we make sure the economy is growing robustly and that growth is broad-based, we’ve been spending a lot of time arguing about whether we should be paying our bills that we’ve already accrued. Or the discussion has been about slashing spending on education and basic research and science — all the things that are going to make sure that we remain competitive for the future.
Most recently, there’s been threats that we would shut down the government unless we agree to roll back the health care reform that’s about to provide millions of Americans with health care coverage for the first time. And that’s not an economic plan. That’s not going to grow the economy. That’s not going to strengthen the middle class and it’s not going to create ladders of opportunity into the middle class.
What we need to do is focus on the pocketbook, bread-and-butter issues that affect all of you — making sure we’ve got good jobs with good wages; a good education; a home of your own; affordable health care; a secure retirement; and a way for people who are currently in poverty to get out of poverty. That’s what we should be spending our time thinking about when it comes to domestic policy. That’s what’s always made America great. And nothing is more important to that process than what we’re doing in terms of K through 12 education and higher education.
Now, here’s the challenge: At the time when higher education has never been more important — and when I say higher education I mean two-year, four-year, technical colleges — it doesn’t all have to be four-year, traditional bachelor of arts or sciences — at a time when that’s never been more important, college has never been more expensive.
And in fact, what you’ve seen is, is that over the last three decades, the cost of higher education has gone up 260 percent, at a time when family incomes have gone up about 18 percent. So I’m not a math major — there are probably some here — but if you’ve got one line going up 260 percent and another line going up 16 percent, you start getting a bigger and bigger gap. And what’s happened as a consequence is that either college has become out of reach for too many people, or young people are being loaded up with more and more debt.
Now, we’ve tried to close that gap. When I came into office, we reformed our financial aid system, so the student loan programs were being run through banks and banks were making billions of dollars on it, and we said let’s just give the money directly to students, cut out the middleman. And we then were able to re-funnel billions of dollars to provide more students with more grants and more assistance. We’ve done our best to keep interest rates on student loans as low as possible.
But even with all the work that we’re doing there, the fact is the average student is still coming out with $26,000 worth of debt when they graduate. And for a lot of students it’s much more than that. And particularly, for those young people who are choosing careers where — like teaching, where they may not make a lot of money, if they’re burdened with tens of thousands of dollars of debt, in some cases it’s impossible for them ever to pay it off — or they have to put off buying a home, or starting a business, or starting a family. And that has a depressive effect on our economy overall. So it’s not just bad for the students, it’s also bad for the economy as a whole.
The bottom line is this: We can’t price higher education so prohibitively that ordinary families can’t afford it. That will ruin our chances to make sure the 21st century is the American Century just like the 20th century was.
So what we’ve done — and I announced this yesterday — is propose three basic reforms to try to shake the system up.
Number one, we want to start rating colleges based on how well they’re doing in providing good value and opportunity for students. I mean, right now you’ve got a bunch of ranking systems, some of them commercial, and when you look at what’s being rated it’s typically how selective the schools are, how few students they take in, and how expensive they are and what are their facilities like. And what we want to do is to start looking at factors like how much debt do students leave with, and do they actually graduate, and do they graduate in four years as opposed to six or eight or 10, and do they find a job after they graduate — giving some concrete measures that will allow students and families to gauge if I go to this school, am I going to get a good deal.
And since taxpayers are often providing those families and students assistance, we want to make sure taxpayers are getting a good deal as well. And that will create an atmosphere in which college presidents and trustees start thinking about affordability and don’t just assume that tuition can keep on going up and up and up.
Now, what we’re also going to be doing is putting pressure on state legislatures to rebalance, because part of the reason so many state universities have had to increase tuition is because state legislative priorities have shifted all across the country — more money into prisons, less money into schools. That means that costs are passed on to students in the form of higher tuition. So we’ve got to do something about that.
And we’re also going to ask a little more from students. What we’re going to say to students is you need to actually finish courses before you take out more loans and more grants. And we want to say that to students not to be punitive, but instead, to prevent a situation where students end up taking out a lot of debt but never actually getting the degree, which puts them in a deeper financial hole than they otherwise would be.
So that’s point number one. Second, we want to jumpstart competition among colleges and states to think of more innovative ways to reduce costs. And there are schools that are doing some terrific work in reducing costs while maintaining high-quality education. So, for example, there are some schools that are experimenting where you can get credits based on your competency, as opposed to how much time you’re spending in the classroom.
There’s no law that says you have to graduate — that for you to be in school for four years rather than three or three and a half somehow automatically gives you a better education. And so, schools are experimenting with how can we compress the time and thereby reduce the costs. Are there ways that we can use online learning to improve the educational quality and, at the same time, make things a little cheaper for students?
So we’re going to work with states, schools, university presidents to see what’s working and what’s not. And let’s spread best practices all across the country.
And then the third thing we want to do is to is to expand and better advertise a program that we put in place and expanded when I came into office, and that is a program that says for college graduates who do have debt we’re going to cap the monthly payments that you have to make to 10 percent of your income.
And the notion is that that way it’s manageable, and you’re not going to have to make career decisions simply based on how much money can I make to pay off those student loans. If I want to be a teacher, if I want to be a social worker, if I want to go into public service, then I can do that and I’m still going to be able to act responsibly and pay off my debt.
We already have that program in place, but it’s not as widely known as it needs to be, and not as many young people are eligible for it as we want them to be. So we’re going to work to improve on that front.
Bottom line is we need to stop taking the same business-as-usual approach when it comes to college education. Not all the reforms that we’re proposing are going to be popular. There are some who are benefitting from the status quo. There will be some resistance. There’s going to have to be a broad-based conversation, but part of our goal here is to stir a conversation because the current path that we’re on is unsustainable. And it’s my basic belief and I suspect the belief of most people here, higher education shouldn’t be a luxury. It’s an economic necessity in this knowledge-based economy. And we want to make sure that every family in America can afford it. (Applause.)
So I’m interested if you guys have other ideas — if you have other ideas about things that we should be looking at, we want to hear them. And that’s part of the purpose of this town hall discussion. I’m interested in hearing your stories, getting your questions. And this will be a pretty informal affair — well, as informal as it gets when the President comes — (laughter) — and there are a bunch of cameras everywhere.
So with that, I’d just like to start the discussion. And what I’m going to do is I’m just going to call on folks. Just raise your hand. I would ask you to stand up, introduce yourself. There are people with mics and they’ll bring the mic to you. And I’m going to go girl, boy, girl, boy, to make sure that it’s fair. (Laughter.) All right?
So we’ll start with this young lady right here in the striped top.
Q Thank you. It’s an honor to have you here today.
THE PRESIDENT: Hold on a second. I think — here we go.
Q Thank you. It’s an honor to have you here today, Mr. President. I’m from the Decker School of Nursing here, which is an outstanding school of nursing that has excellent outcomes.
My question today is, because advanced practice nurses, primarily nurse practitioners and nurse midwives, have such an outstanding reputation, we have good outcomes. And the Affordable Care Act is ready to be rolled out soon. Nurse practitioners and advanced practice nurses are in an excellent position to really serve vulnerable populations and people who don’t have care. I’m wondering if there’s any provisions within your educational act that would support health care workers and nurse practitioners to create a sustainable workforce that would be able to support caring for people as we roll out the Affordable Care Act.
THE PRESIDENT: It is a great question. Now, first of all, let me — without buttering you up — I love nurses. (Laughter.) Michelle and I have been blessed, we haven’t been sick too much, but — knock on wood. But every interaction we’ve had at the hospital, the doctors are wonderful and we appreciate them, but I know when Malia and Sasha were being born, we spent 90 percent of the time with the nurses and 10 percent with the OB/GYN. When my grandmother got sick and was passing away at the end, it was nurses who were caring for her in an incredible compassionate but also professional way.
And you’re absolutely right that one of the keys to reducing our health care costs overall is recognizing the incredible value of advanced practice nurses and giving them more responsibilities because there’s a lot of stuff they can do in a way that, frankly, is cheaper than having a doctor do it, but the outcomes are just as good.
The challenge we have is we still have a nursing shortage in too many parts of the country. My understanding — you probably know this better than I do — part of the problem is, is that too many professors of nursing or instructors in nursing are getting paid less than actual nurses. So what ends up happening is we don’t have enough slots in some of the nursing schools. That may not be true here, but there are parts of the country where that’s true.
So we have to upgrade a little bit the schools of nursing and make sure that they’re properly resourced so that we have enough instructors. And, in fact, as part of the Affordable Care Act, one of the things that we thought about was how are we going to expand and improve the number of nurses and making sure that they can actually finance their educations. And so there are some special programs for nurses who are committing themselves — as well as doctors who are committing themselves — to serving in underserved communities. And we will be happy to get that information to the school of nursing here.
One other element to this that I think is really interesting — we’ve been spending a lot of time thinking about making sure that our veterans coming back from Iraq and Afghanistan are getting the opportunities they need. So we instituted something called the Post-9/11 GI Bill that provides the same kind of support that my grandfather got when he came back from World War II.
And the young people who have served in our armed forces just do extraordinary work. One of the problems, though, is, is that they don’t always get credit for the skills that they already possess when they come home. So one — and we’ve got a gentleman here who’s a veteran. And one great example actually is in the medical profession — when you get medics coming back who served in the worst possible circumstances, out in theater, having to make life-or-death decisions — I met a young man up in Minnesota. He had come back, wanted to continue to pursue his career and become a professional nurse, and he was having to start from scratch, taking the equivalent of Nursing 101.
And what we’re trying to do is to make sure that states and institutions of higher learning recognize some of the skills, because as we bring more and more of our veterans home — we’ll be ending the war in Afghanistan by the end of next year — we want to make sure that those folks have the opportunity to succeed here in America. (Applause.) Great question, though.
All right. It’s a guy’s turn. Right here, yes. Hold on, let’s get a mic all the way to the back.
Q Hello, Mr. President. I’m glad for you to come to Binghamton University. I’m the director of Rainbow Pride Union here, and it’s the largest LGBT organization on campus. And my main concern is that I know a lot of stories of people who are LGBT who come out to their parents, and their parents are supporting them financially for college, and when they come out their parents cut out that support. I was wondering if maybe in the future part of your affordability for college would be able to include LGBT people.
THE PRESIDENT: Well, first of all, the programs that we have in place don’t discriminate and shouldn’t discriminate. And the good news is I think the phenomenon that you just described is likely to happen less and less and less with each successive year. I mean, think about the incredible changes that have been made just over the last decade, DOMA is gone. “Don’t ask, don’t tell” is gone. But more importantly, people’s hearts and minds have changed. And I think that’s reflective of parents as well.
That doesn’t mean that there aren’t still going to be struggles internally, but I think, more and more, what we recognize is, is that just as we judge people on — should judge people on the basis of their character, and not their color or religion or gender, the same is true for their sexual orientation.
So I don’t suspect that we’ll have special laws pertaining to young people who are cut off from support by their parents because their parents hadn’t gotten to the place I think they should be when it comes to loving and supporting their kids regardless of who they are, but we are going to make sure that all young people get the support that they need so that if their parents aren’t willing to provide them support, and they’re functionally independent, that they’re able to still go to college and succeed. All right?
Right here, in the Obama t-shirt. (Laughter.) You know, so if you — here’s a general rule in the presidential town hall: If you want to get called on, wear the President’s face on your shirt. (Laughter.)
Q Good afternoon, President Obama. I’m a graduate student in the College of Community and Public Affairs. I study student affairs administration. With that being said, as we’re all students, we know how vital it is to have a good foundation in our education. How does your administration plan to address the major budget cuts that are happening with Head Start schools around the U.S.?
THE PRESIDENT: Well, this is a great question. And this will be a major topic over the next several months. First of all, I want to expand early childhood education so that it’s accessible for every young person in America. (Applause.)
And I talked about this in my State of the Union address. It is just common sense. We know, study after study has shown that the biggest bang for the buck that we get when it comes to education is to invest early.
If we get 3-year-olds, 4-year-olds well prepared when they start school that momentum continues. If they start behind, too often they stay behind. Kids are resilient and they can make up for some tough stuff early on in life, but it’s a lot harder for them than if we get them young.
In fact, studies have shown that there’s some very smart programs out there where you identify low-income single moms in the maternity ward, and nurses talk to them immediately not just about the health of their child, but also parenting, and create a little packet with some books and some toys, and talk about engagement and expanding vocabulary. All that can make a difference. And high-quality early childhood education can continue that process so that by the time the kid starts school, they know their colors, they know their letters. They’re ready to go.
Now, unfortunately, right now the federal budget generally has been a political football in Washington. Partly, this came out of the financial crisis. We had a terrible crisis. We had to immediately pump money into the system to prevent a great depression. So we cut taxes for middle-class families. We initiated programs to rebuild our roads and our bridges. We helped states so that they wouldn’t have to lay off as many teachers and firefighters and police officers. And that’s part of the reason why we avoided a depression, although we still had a terrible recession.
But the combination of increased spending and less revenue meant that the deficit went up. And by the time the Republicans took over the House in 2011, they had made this a major issue. And, understandably, a lot of families said, well, we’re having to tighten our belts — the federal government should, too. Although, part of what you want the federal government to do when everybody else is having a hard time is to make sure that you’re providing additional support.
As the economy has improved, the deficit has gone down. It’s now dropped at the fastest rate in 60 years. I want to repeat that, because a lot of people think that — if you ask the average person what’s happening with the deficit, they’d tell you it’s going up. The deficit has been cut in half since 2009 and is on a downward trajectory. (Applause.) And it’s gone down faster than any time since World War II.
So we don’t have a problem in terms of spending on education. We don’t have a problem when it comes to spending on research and development. We do have a long-term problem that has to do with our health care programs, Medicare and Medicaid. The good news is, is that in part because of the Affordable Care Act — Obamacare — costs have actually gone down — health care inflation has gone down to the slowest rate that we’ve seen in a long time.
So we’re starting to get health care costs under control. We’ll still have to make some modifications when it comes to our long-term entitlement program so that they’re there for young people here when they are ready for retirement.
But we don’t have an urgent deficit crisis. The only crisis we have is one that’s manufactured in Washington, and it’s ideological. And the basic notion is, is that we shouldn’t be helping people get health care, and we shouldn’t be helping kids who can’t help themselves and whose parents are under-resourced — we shouldn’t be helping them get a leg up. And so some of the proposals we’ve seen now are talking about even deeper cuts in programs like Head Start; even deeper cuts in education support; even deeper cuts in basic science and research.
And that’s like eating your corn seed. It’s like being pennywise and pound-foolish. Because if young people aren’t succeeding, if we’re not spending on research and maintaining our technological edge, if we’re not upgrading our roads and our bridges and our transportation systems and our infrastructure — all things that we can afford to do right now and should be doing right now, and would put people to work right now — if we don’t do those things, then 20 years from now, 30 years from now we will have fallen further and further behind.
So when we get back to Washington — when Congress gets back to Washington, this is going to be a major debate. It’s the same debate we’ve been having for the last two years. The difference is now deficits are already coming down. And what we should really be thinking about is how do we grow an economy so that we’re creating a growing, thriving middle class, and we’re creating more ladders of opportunity for people who are willing to work hard to get into the middle class.
And my position is going to be that we can have a budget that is sensible, that doesn’t spend on programs that don’t work, but does spend wisely on those things that are going to help ordinary people succeed. All right? Good.
Let’s see. It is a gentleman’s turn. This gentleman right here. He’s had his hand up for a while.
AUDIENCE MEMBER: Yay! (Laughter.)
THE PRESIDENT: Well, that settles it. You have a little cheering section there. (Laughter.)
Q Hello, Mr. President. I’m a faculty member of the computer science department. I’m very excited and encouraged by your plan on the affordability reform. My question is related about the quality of future higher education. As you know, many universities are trying their best to provide the best value by doing better with less. But the challenges are real, and they’re getting tougher and tougher as the budget cuts are getting tougher and tougher. So my question is what your administration will do to ensure the best American universities remain to be the best in the world in the 21st century? Thank you.
THE PRESIDENT: Well, first of all, what’s really important is to make sure that we’re supporting great teachers. And since you got an applause line, you must be a pretty good one. (Laughter.) And I don’t think that there is a conflict between quality and paying attention to costs as it’s affecting students.
Now, I mentioned earlier, one of the big problems that we’ve seen in public universities is a diminished level of support from states, state legislatures. And part of what we’re going to try to do is to provide more incentives to states to boost the support that they’re giving to colleges and universities.
Traditionally, when you think of the great state university systems, it was because those states understood if we invest in our people we’ll have a better-trained workforce, which means companies will want to locate here, which creates a virtuous cycle and everybody benefits.
But starting, let’s say, 15 years ago, 20 years ago, you saw a trend in which state legislatures who were trying to balance their budgets kept on cutting support to state education. What happened was that — and I don’t know whether this is true, Mr. President, for SUNY, but around the country, on average, what you’ve seen is a drop from about 46 percent of the revenues of a public college coming from states down to about 25 percent. It’s almost been cut in half. And essentially, the only way these schools have figured to make it up is to charge higher tuition.
So states have to do their jobs. But what is true also, though, is that universities and faculty need to come up with ways to also cut costs while maintaining quality — because that’s what we’re having to do throughout our economy. And sometimes when I talk to college professors — and, keep in mind, I taught in a law school for 10 years, so I’m very sympathetic to the spirit of inquiry and the importance of not just looking at X’s and O’s and numbers when it comes to measuring colleges. But what I also know is, is that there are ways we can save money that would not diminish quality.
This is probably controversial to say, but what the heck, I’m in my second term so I can say it. (Laughter.) I believe, for example, that law schools would probably be wise to think about being two years instead of three years — because by the third year — in the first two years young people are learning in the classroom. The third year they’d be better off clerking or practicing in a firm, even if they weren’t getting paid that much. But that step alone would reduce the cost for the student.
Now, the question is can law schools maintain quality and keep good professors and sustain themselves without that third year. My suspicion is, is that if they thought creatively about it, they probably could. Now, if that’s true at a graduate level, there are probably some things that we could do at the undergraduate level as well.
That’s not to suggest that there aren’t some real problems. Colleges, for example, they’ve got health care costs like everybody else. Personnel is one of the most important — it’s the biggest cost you’ve got. And if health care costs to provide insurance for your employees is going up as fast as it’s been going up, that affects folks.
So our idea is not to just have some cookie-cutter approach that doesn’t take quality into account. The idea is, understanding we’ve got to maintain high quality, are there ways that we can reorganize schools, use technology, think about what works so that, overall, we’re creating a better value for the student.
And one of the best things that we could do for students is to make sure that they graduate in a more timely fashion. And unfortunately, too many young people go to schools where they’re not getting the kind of support and advice on the front end that they need and they drift, and four years, five years, six years into it, they’ve got a bunch of credits but it all doesn’t result in actual graduation. And then they get discouraged. And that’s an area where we know we can be making improvement as well.
Okay? And if you’ve got any other ideas, let me know. (Applause.)
Let’s get a young person in here. Right there, yes.
Q Welcome to Binghamton, President Obama.
THE PRESIDENT: Thanks.
Q I’m a doctoral student here as well as a writing instructor at Syracuse University. And I’m interested in the giving of federal funds to students who are going to for-profit colleges — or colleges I might even call predatory. And I’m very conflicted about this issue and so I’d like to hear your insight. Thank you.
THE PRESIDENT: Well, you probably know more about it than I do since you’ve written about it. But let me describe for the audience what the challenge is.
For-profit institutions in a lot of sectors of our lives obviously is the cornerstone of our economy. And we want to encourage entrepreneurship and new ideas and new approaches and new ways of doing things. So I’m not against for-profit institutions, generally. But what you’re absolutely right about is, is that there have been some schools that are notorious for getting students in, getting a bunch of grant money, having those students take out a lot of loans, making big profits, but having really low graduation rates. Students aren’t getting what they need to be prepared for a particular field. They get out of these for-profit schools loaded down with enormous debt. They can’t find a job. They default. The taxpayer ends up holding the bag. Their credit is ruined, and the for-profit institution is making out like a bandit. That’s a problem.
I was mentioning veterans earlier. Soldiers and sailors and Marines and Coast Guardsmen, they’ve been preyed upon very badly by some of these for-profit institutions. And we actually created a special task force inside our consumer advocate protection organization that we set up just to look out for members of the armed forces who were being manipulated. Because what happened was these for-profit schools saw this Post-9/11 GI Bill, that there was a whole bunch of money that the federal government was committed to making sure that our veterans got a good education, and they started advertising to these young people, signing them up, getting them to take a bunch of loans, but they weren’t delivering a good product.
This goes to, then, the point I made earlier about how we can rate schools. We’re going to spend some time over the course of the next year talking to everybody — talking to university professors, talking to faculty members, talking to students, talking to families — but if we can define some basic parameters of what’s a good value, then it will allow us more effectively to police schools whether they’re for-profit or non-for-profit — because there are some non-for-profit schools, traditional schools that have higher default rates among their graduates than graduation rates — and be able to say to them, look, either you guys step up and improve, or you’re not going to benefit from federal dollars. (Applause.)
Because there are a bunch of schools like this one that are doing a good job, and we don’t want money being funneled to schools that aren’t doing a good job. We want to encourage students to be smart shoppers, to be good consumers.
So there are probably more problems in the for-profit sector on this than there are in the traditional non-for-profit colleges, universities and technical schools, but it’s a problem across the board. And the way to solve it is to make sure that we’ve got ways to measure what’s happening and we can weed out some of the folks that are engaging in bad practices.
All right, this corner of the room has been neglected. So the gentleman right there, right in the corner there.
Q Thank you for taking the time to visit Binghamton University. I’m a sophomore student of Binghamton University. I am from Turkey and I want to ask something about the international students. Most of my friends’ families have been facing some hardships to support them financially. For example, when we consider two Turkish lira equals one American dollar, this situation is getting more important for us. We think that the most reason of this situation is the high level of payment. What do you think, and do you have any working about the situation? Thank you.
THE PRESIDENT: Well, first of all, we’re glad you’re here and we hope you’re having a wonderful experience. One of the great things about American universities is they are magnets for talent from around the world. And that has enriched us immeasurably. It enriches us in part because students who come here and study and excel may end up staying here and working and starting businesses, and that’s always been part of the American experience, is smart, striving immigrants coming here and succeeding. And that makes everybody better off — which is part of the reason why we‘ve got to get immigration reform done so that if we’re taking the time to train a great computer scientist or engineer or entrepreneur, we’re not, then, just sending them back to their country. Let’s invite them, if they want to stay, to succeed here and start jobs here and create businesses here. (Applause.)
Now, obviously, when it comes to federal grants, loans, supports, subsidies that we provide, those are for our citizens. And a lot of Americans are having a tough time affording college, as we talked about, so we can’t spread it too thin. What we can do, though, is to make sure that if tuition is reasonable for all students who enroll, then it makes it easier for international students to come and study here as well.
So all the things that I talked about before apply to foreign students as well as American students. We need to make sure that college is affordable, that it’s a good value. The good news is that there are schools out there that are doing a great job already. And we just need to make sure that we’re duplicating some of those best practices across the country.
All right, who’s next? Let’s see, it’s a young lady’s turn, isn’t it? Okay. Go ahead, right there in the red — or orange.
Q My name is Anne Bailey, and I am a faculty member in the History and Afrikana Studies department here. And I teach African American history and African diaspora studies. And tomorrow, I’m going to the 50th anniversary of the March on Washington. And I’m going — and I’m going with my son — because I’m here, as you said, because of a good education, and that good education became possible because of that faith-inspired movement that really reached such an important milestone 50 years ago.
And I’m so grateful for the fact that I had that opportunity, and that my son and that these young people will have these opportunities. But I still kind of wonder where we are now in terms of education and civil rights. Have we — where do you think we are? What do we need to do to kind of make sure that it is education for all, including under-represented groups? That’s just my question. (Applause.)
THE PRESIDENT: Well, 50 years after the March on Washington and the “I Have a Dream Speech,” obviously we’ve made enormous strides. I’m a testament to it. You’re a testament to it. The diversity of this room and the students who are here is a testimony to it. And that impulse towards making sure everybody gets a fair shot is one that found expression in the Civil Rights Movement, but then spread to include Latinos and immigrants and gays and lesbians.
And what’s wonderful to watch is that the younger generation seems — each generation seems wiser in terms of wanting to treat people fairly and do the right thing and not discriminate. And that’s a great victory that we should all be very proud of.
On the other hand, I think what we’ve also seen is that the legacy of discrimination — slavery, Jim Crow — has meant that some of the institutional barriers for success for a lot of groups still exist. African American poverty in this country is still significantly higher than other groups. Same is true for Latinos. Same is true for Native Americans.
And even if there weren’t active discrimination taking place right now — and obviously, we know that some discrimination still exists, although nothing like what existed 50 years ago — but let’s assume that we eliminated all discrimination magically, with a wand, and everybody had goodness in their heart. You’d still have a situation in which there are a lot of folks who are poor and whose families have become dysfunctional because of a long legacy of poverty, and live in neighborhoods that are run down and schools that are underfunded and don’t have a strong property tax base. And it would still be harder for young people born into those communities to succeed than those who were born elsewhere.
So if, in fact, that’s the case — and that is what I believe — then it’s in all of our interests to make sure that we are putting in place smart policies to give those communities a lift, and to create ladders so that young people in those communities can succeed.
Well, what works? We’ve already talked about what works. Early childhood education works. We know that can make a difference. It’s not going to solve every problem, but it can help level the playing field for kids early in life so that — they’re still going to have to work hard. Not everybody is going to succeed, but they’ll have a better chance if we put those things in place.
Making college affordable — that makes a difference. Because we know, in part because of the legacy of discrimination, that communities of color have less wealth. If they have less wealth, it means that mom and dad have a more difficult time financing college. Well, we should make sure that every young person, regardless of their color, can access a college education.
I think the biggest challenge we have is not that we don’t know what policies work, it’s getting our politics right. Because part of what’s happened over the last several decades is, because times have been tough, because wages and incomes for everybody have not been going up, everybody is pretty anxious about what’s happening in their lives and what might happen for their kids, and so they get worried that, well, if we’re helping people in poverty, that must be hurting me somehow, it’s taking something away from me.
And part of what I think we have to understand is that America has always been most successful, we’ve always grown fastest, and everybody’s incomes have gone up fastest when our economic growth is broad-based, not just when a few people are doing well at the top, but when everybody is doing well.
And so if working people and folks who are struggling — whether they’re white, black, Hispanic, Asian, Native American, disabled, LGBT — if working folks join together around common principles and policies that will help lift everybody, then everybody will be better off — including, by the way, the folks at the top. Because when the economy is growing and people have jobs and people are seeing better incomes, they go out and they shop more. And that means businesses are doing better. And you buy a new iPod and Apple is happy, and shareholders are pleased.
But unfortunately, we’ve got politics sometimes that divides instead of bringing people together. And we’ve seen that over the last couple of years, the tendency to suggest somehow that government is taking something from you and giving it to somebody else, and your problems will be solved if we just ignore them or don’t help them. And, that, I think is something that we have to constantly struggle against — whether we’re black or white or whatever color we are.
All right? Thank you. (Applause.)
How much time do we got? I want to make sure that I get a couple more questions in here. Two more. We’ll make it three. (Laughter.) We’ll make it three. This gentleman right here in the front. Here, we got a mic right here.
Q Thank you, Mr. President. My name is Adam Flint. I work currently at Cooperative Extension, but I’ve been connected to this institution since 1966. And I want to tell you about the Broome Energy Conservation Corps where we are educating, training and also employing Binghamton University graduates and current students to really take the vision that, well, Kennedy and others advanced of service to the problems of the community and to the country.
And at Cooperative Extension, our energy corps students are helping people who could not benefit from energy efficiency, they’re helping getting people employed with local home performance contactors. And we could do so much more if it were possible for programs like ours across the country to be able to know that we’re going to be here in 2014, which we don’t right now.
And so I guess we’ve been in discussions with Harvey and with many of the people in this room, with Matt Ryan, with many of the senior Binghamton University folks, and we’d really like to see coming out of Washington some good news about funding for the green economy for the future and for our ability to give a future to our children that right now I’m doubtful about.
You have two girls. I’ve got two girls. And this is the last century of fossil fuels, so we’ve got to make it happen. With this energy corps, we could move to food corps and on and on and on. I’ve said enough. I’m afraid it’s one of the family business of the professoriate to say too much. And I’m going to shut up and listen to the wisdom that I hope you will bring to my question. (Applause.)
THE PRESIDENT: Well, as you indicated in your remarks, we are going to have to prepare for a different energy future than the one we have right now.
Now, we’re producing traditional energy — fossil fuels — at record levels. And we’ve actually achieved, or are on the verge of achieving about as close as you can get to energy independence as America is going to see. I mean, natural gas, oil, all that stuff is going up.
In some cases, what you’ve seen is that, for example, transitional fuels like natural gas have replaced coal, which temporarily are reducing greenhouse gases. But the bottom line is those are still finite resources. Climate change is real. The planet is getting warmer. And you’ve got several billion Chinese, Indians, Africans and others who also want cars, refrigerators, electricity. And as they go through their development cycle, the planet cannot sustain the same kinds of energy use as we have right now. So we’re going to have to make a shift.
That’s why when I came into office, we made record investments in green energy. And that’s why I think it’s critical for us to invest in research and development around clean energy. And that’s why it sounds like programs like yours need to take advantage of technologies that already exist.
We’re going to have to invent some new technologies to solve all of our energy problems. But we know, for example, the low-hanging fruit of energy efficiency. We know that if we design our schools, homes, hospitals more efficiently, that as a country we could probably cut our power usage by 20, 25, 30 percent with existing technologies, and without lowering our standard of living.
And, by the way, we can put a whole bunch of folks to work doing it right now. We could gather up a whole bunch of young people here in this community, train them for insulation, for energy-efficient construction, and redo a whole bunch of buildings and institutions right here, and eventually it would pay for itself. So it’s win-win across the board.
Unfortunately, what we’ve seen too often in Congress is that the fossil fuel industries tend to be very influential — let’s put it that way — on the energy committees in Congress. And they tend not to be particularly sympathetic to alternative energy strategies. And, in some cases, we’ve actually been criticized that it’s a socialist plot that’s restricting your freedom for us to encourage energy-efficient light bulbs, for example. I never understood that. (Laughter.) But you hear those arguments. I mean, you can go on the Web, and people will be decrying how simple stuff that we’re doing, like trying to set up regulations to make appliances more energy-efficient — which saves consumers money and is good for our environment — is somehow restricting America’s liberty and violates the Constitution.
So a lot of our job is to educate the public as to why this can be good for them — in a very narrow self-interested way. This is not pie in the sky. This is not tree-hugging, sprout-eating university professors. (Laughter.) This is a practical, hardheaded, smart, business-savvy approach to how we deal with energy. And we should be investing it and encouraging it and expanding it. And so I budgeted for it. I will fight for it.
But just as I will be advocating and fighting for Head Start or increases in our science and technology funding, the challenge is going to be that my friends in the other party right now in Congress seem less interested in actual governing and taking practical strategies, and seem more interested in trying to placate their base or scoring political points. Or they’re worried about primaries in the upcoming election.
That can’t be how we run a country. That’s not responsible leadership. (Applause.) And my hope is, is that we’ll see a different attitude when we get back. But we’ll only see a different attitude if the public pushes folks in a different direction.
Ultimately, what has an impact on politicians is votes. And that influence is not — it can’t just come from districts that are strongly Democratic. We need voices in Republican districts to say this is a smart thing to do. And we can make — and, by the way, businesses can make money doing it, and people can get jobs doing it. And it’s just sensible. And it’s good, by the way, for our national security because those countries that control the energy sources of the future, they’re the ones that are going to be in a position to succeed economically.
So, all right. I’ve got time for a couple more. Yes, right here.
Q Good afternoon, Mr. President. I’m an integrative neuroscience major –
THE PRESIDENT: That sounds very impressive. (Laughter.) What was that again?
Q Integrative neuroscience.
THE PRESIDENT: Okay, so tell me about that. Explain that to me. It has something to do with the brain and nerves and –
Q It’s a mix between psychology and biology.
THE PRESIDENT: Okay.
Q So it’s not as impressive as –
THE PRESIDENT: No, it’s very impressive. (Laughter.) Come on. Absolutely. Anyway, what’s the question?
Q Well, my question today is about financial aid. Currently, financial aid eligibility is based on — or heavily based on students’ parents’ income. Now, there are many middle-class families that send their students to state schools like Binghamton, who live in high-cost regions such as New York City. Now, do you think it’s possible for the financial aid formula to include the living costs of the region that applicants live in? (Applause.)
THE PRESIDENT: It’s an interesting question, and sounds like it’s got some sympathy. What’s absolutely true is that what it means to be middle class in New York is going to be different than what it means to be middle class in Wyoming, just in terms of how far your dollar goes. And I think it is a relevant question.
It is a challenging problem because if you start getting into calibrating cost of living just in a state like New York, a big state that has such diversity in terms of cost of living, then it might get so complicated that it would be difficult to administer. But why don’t I just say this: I think it is a important question, and I’m going to talk to Secretary Arne Duncan about it and find out what kind of research and work we’ve done on that issue to see if we can potentially make a difference.
Now, one way of handling this would not be at the federal level but potentially at the state level. So you could manage something at the state level, where people may have a better sense of the differences in cost of living in a state, and say, we’ll make some adjustments for students who are coming from higher-cost areas versus lower-cost areas. That might be easier to do than to try to administer it at the federal level from Washington for all 50 states.
But I’ll check with the Department of Education. And I’ll make sure my team gets your email so that you get a personal answer from the Secretary. (Applause.)
I’ve got one last question and I want to make sure it’s a student. Are you a student?
THE PRESIDENT: Maybe? No, that doesn’t count if he said maybe. (Laughter.)
Q I am.
THE PRESIDENT: Okay, this young man right here. (Laughter.) I just wanted to make sure. He might have been a young-looking professor. (Laughter.)
Q Mr. President, I’m Danny. I’m from here — I’m a student here. I’m from the community college. My question is — you spoke about increasing financial aid for college students. However, I feel that with the competitive job market, a bachelor’s will not be enough to secure a job. My question is will any of these funds go towards grad school programs? Or will it be strictly limited to undergraduate education?
THE PRESIDENT: Well, first of all, a good undergraduate education means you are much more employable and you’re much more likely to get a job. Each additional chunk of education that you get — if done well, if you’re getting good value — is going to enhance your marketability. And we see that in the statistics. That’s not just talk.
The fact is that the average American who has more than a college education or greater is a third less likely to be unemployed than somebody who just graduated from high school. So don’t underestimate the power of an undergraduate education. It can make a difference.
Now, what’s true is that if you, for example, in computer sciences want to get a master’s in computer science or a Ph.D. in computer science, presumably that will make you even more marketable. And we want to make sure that financial aid is also available for graduate students. And the way programs currently exist, that financial aid does exist, although typically you get fewer subsidies and a less favorable interest rate for graduate education.
We’re probably not going to be able to completely solve that, and here’s the reason why. I got a lot of scholarships and grant money for my undergraduate education, so I didn’t have a lot of debt when I got out. I then decided to go to law school. And I went to a very good law school that was very expensive. Most of my debt when I graduated was from law school; I had about $60,000 worth of debt. But the truth was I was able to — if I wanted to, at least — earn so much money coming out of law school that I really didn’t need a subsidy. I could pay it back. It took me a little longer to pay it back than some of my friends because I went into public service and I didn’t try to maximize my income. But if I had been a partner at a law firm pulling down half a million dollars a year, there’s no reason why I should necessarily have gotten a subsidy for that.
The one area where I think we can make a big difference goes back to the very first question that was asked of me when it came to schools of nursing. Across the board in graduate school, what we want to do is to provide incentives for folks who need specialized education but are willing to give back something to the community, to the country — doctors who are willing to serve in underserved communities, nurses who are willing to serve in underserved communities, lawyers who are willing to work in the State’s Attorney’s Office or as a public defender.
So the more we can do around programs for graduate studies where we say to you, if you’re willing to commit to five years working in a place that doesn’t have a doctor and you’re studying to be a doctor, we’re going to forgive you a bunch of those loans — I’d like to see more programs like that. And I’ve asked the Secretary of Education to see how we can make those more accessible to more students.
Well, listen, everybody, this has been a great conversation. (Applause.) And let me just say that you will be hearing more about this debate over the course of the next year. We will be talking to your university president. We’ll be talking to the chancellor of the entire system. We’ll be talking to faculty. We’ll be talking to students. If you have ideas or questions that were not somehow addressed, then we’d like to hear from you. And go to whitehouse.gov. There’s a whole section where we can get comments, ideas. And I promise you we actually pay attention when you guys raise questions.
And for those of you who are still sorting out student aid — if you’re still in high school, for example, and you’re thinking about going to college and you don’t know exactly what makes sense for you, we do have a website called studentaid.gov that can be very helpful to you in identifying what you should be thinking about when it comes to financing your college education.
But we’re going to do everything we can to make sure that not only are you able to succeed without being loaded up with debt, but hopefully, you’re going to be able to afford to send your kids to college as well.
Thank you for your great hospitality. I appreciate it. Thank you. (Applause.)
1:55 P.M. EDT
Posted by bonniekgoodman on August 23, 2013
Political Headlines August 23, 2013: President Barack Obama’s College Affordability Bus Tour Roundup
OBAMA PRESIDENCY & THE 113TH CONGRESS:
Regional Roundup: College Affordability Bus Tour
Source: WH, 8-23-13
President Barack Obama delivers remarks at the University at Buffalo, the State University of New York, during the college affordability bus tour in Buffalo, N.Y., Aug. 22, 2013. (Official White House Photo by Pete Souza)
Yesterday, as part of his plan to deliver a better bargain for the middle class, President Obama kicked off a two-day bus tour across New York and Pennsylvania in which he announced an ambitious agenda to tackle rising college costs, make college more affordable, and improve value for students and families.
In his first stop at the University at Buffalo, the President laid out the three key steps that we need to take to ensure that college remains affordable and a viable ladder of economic opportunity for the middle class and those working to get there. First, connect financial aid to school performance, second support academic innovation and finally, keep the cost of higher education within the reach of all young Americans….READ MORE
Posted by bonniekgoodman on August 23, 2013
Full Text Obama Presidency August 22, 2013: President Barack Obama’s Speech on College Affordability, College Cost Cutting Plan, Syracuse NY
OBAMA PRESIDENCY & THE 113TH CONGRESS:
Remarks by the President on College Affordability, Syracuse NY
Source: WH, 8-22-13
Watch the Video
Henninger High School
Syracuse, New York
6:25 P.M. EDT
THE PRESIDENT: Hello, Syracuse! (Applause.) It is good to be in Syracuse! (Applause.)
Can everybody give Emilio a big round of applause for a great introduction? (Applause.) I think Emilio’s parents are probably here. Where are Emilio’s parents? Wave your hands. There they are right there. He did pretty good, didn’t he? We’re very proud of him. We might have to run him for something.
In addition to Emilio, I want to mention a couple other people. You already heard from Secretary of Education Arne Duncan, who’s doing a great job every day. (Applause.) You’ve got Mayor Stephanie Miner here. (Applause.) There she is. Attorney General Eric Schneiderman is here. (Applause.) Your Congressman, Dan Maffei, is here. (Applause.) The superintendent of the Syracuse City School District, Sharon Contreras, is here. (Applause.) Your principal, Robert DiFlorio, is here. (Applause.) And most importantly, a bunch of students are here. (Applause.)
My understanding is there are students from all five Syracuse high schools here. You got Corcoran in the house. (Applause.) You got Fowler in the house. (Applause.) Nottingham. (Applause.) The Institute of Technology. (Applause.) And our host, Henninger, is here. (Applause.) We’re all one family.
Now, I especially want to thank the students because I know that you’re still on summer vacation. You’ve got a few more days. So taking the time to be here when you’ve still got a little bit, that last little bit of summer break, that’s a big deal, and I’m very honored to be here with you.
I am on a road trip — by the way, if people have seats, feel free to take a seat. I’m going to be talking for a while. If you’ve got no seats, then don’t sit down — (laughter) — because you will fall down. (Laughter.)
AUDIENCE MEMBER: We love you!
THE PRESIDENT: I love you back. (Applause.)
So I’m here on a road trip through New York into Pennsylvania. This morning, I was at the University at Buffalo. Tomorrow, I’ll be at Binghamton University and Lackawanna College in Scranton. But I wanted to come to Syracuse — (applause) — because you’re doing something fantastic here, with programs like “Say Yes” — (applause) — Smart Scholars Early College High School — these are programs that are helping Syracuse kids get ready for college, and making sure that they can afford to go.
And this is a community effort. All of you are coming together and you have declared that no child in the city of Syracuse should miss out on a college education because they can’t pay for it. (Applause.) And so we’re hoping more cities follow your example, because what you’re doing is critical not just to Syracuse’s future, but to America’s future. And that’s what I want to talk about briefly here today.
Over the past month, I’ve been visiting towns across the country, talking about what we need to do to secure a better bargain for the middle class and everybody who’s working hard to get into the middle class — to make sure everybody who works hard has a chance to succeed in the 21st century economy.
And we all understand that for the past four and a half years, we had to fight our way back from a brutal recession, and millions of Americans lost their jobs and their homes and their savings. But what the recession also did was it showed this emerging gap in terms of the life prospects of a lot of Americans.
What used to be taken for granted — middle-class security
– has slipped away from too many people. So, yes, we saved the auto industry. We took on a broken health care system. (Applause.) We reversed our addiction to foreign oil. We changed our tax code that was tilted too far in favor of the wealthy at the expense of working families. And so we’ve made progress. Our businesses have created 7.3 million new jobs over the last 41 months. (Applause.) We’ve got more renewable energy than ever. We are importing less oil than in a very long time.
We sell more goods made in America to the rest of the world than ever before. Health care costs are growing at the slowest rate in 50 years. Our deficits are falling at the fastest rate in 60 years.
So there’s good news out there. And thanks to the grit and the resilience of the American people, we’ve been able to clear away the rubble from the financial crisis, and start laying the foundation for a better economy. But as any middle-class family will tell you, we are not –
AUDIENCE MEMBER: (Inaudible.)
THE PRESIDENT: I hear you. I got you.
AUDIENCE: Booo –
THE PRESIDENT: No, no, no, that’s fine. Wait, wait, wait, wait, wait. We’re okay. We’re okay. That’s okay. Hold on a second. Hold on. Hold on. Hello, everybody, hello. Hold on. Hold on a minute. Hold on a minute. Hold on. So, now — hold on a second. (Applause.) Can I just say that as hecklers go, that young lady was very polite. (Laughter.) She was. And she brought up an issue of importance, and that’s part of what America is all about. (Applause.)
But what America is also all about is making sure that middle-class families succeed, and that people who work hard can get into the middle class. And what I was saying was is that we’re not where we need to be yet. We’ve still got more work to do. Because even before the most recent financial crisis, we had gone through a decade where folks at the top were doing better and better; most families were working harder and harder just to get by. And we’ve seen growing inequality in our society and less upward mobility in our society.
The idea used to be that here in America anybody could make it. But part of that was because we put these ladders of opportunity for people. And, unfortunately, what’s happened is it’s gotten tougher for a lot of folks. So we’ve got to reverse these trends. This has to be Washington’s highest priority — how do we make sure everybody gets a fair shake. That’s got to be our priority. (Applause.)
Unfortunately, you may have noticed that in Washington, rather than focusing on a growing economy and creating good, middle-class jobs, there’s a certain faction of my good friends in the other party who’ve been talking about not paying the bills that they’ve already run up; who’ve been talking about shutting down the government if they can’t take away health care that we’re putting in place for millions of Americans.
Those are not ideas that will grow our economy. They’re not going to create good jobs. They’re not going to strengthen the middle class — they’ll weaken the middle class. So we can’t afford the usual Washington circus of distractions and political posturing. We don’t need that. What we’ve got to do is to build on the cornerstones of what it means to be middle class in America — a good job, good wages, a good education, a home, affordable health care, a secure retirement. That’s what we need to focus on. (Applause.)
And we’ve got to create as many pathways as possible for people to succeed as long as they’re willing to work hard. That’s what’s always made America great. We don’t judge ourselves just by how many billionaires we produce. We’ve got to focus on our ability to make sure that everybody who works hard has a chance to pursue their own measure of happiness.
And in that project, in that work, there aren’t a lot of things that are more important than making sure people get a good education. That is key to upward mobility. That is key to a growing economy. That is key to a strong middle class. (Applause.)
AUDIENCE MEMBER: We love you!
THE PRESIDENT: Love you back. (Laughter.)
Now, everybody here knows that. That’s why you’re here. That’s why a lot of your families are making big sacrifices to send kids to college. You understand that in the face of global competition, a great education is more important than ever. A higher education is the single best investment you can make in your future. (Applause.) Single best. And I’m proud of all of the students who are working toward that goal.
And in case any of you are wondering whether it’s a good investment, think about these statistics: The unemployment rate for Americans with at least a college degree is about a third lower than the national average. The incomes of people with at least a college degree are more than twice what the incomes are of Americans who don’t have a high school diploma. So more than ever before, some form of higher education — two year, four year, technical college — that’s the path into the middle class.
But the main reason I’m here is to talk about the fact that we’ve seen a barrier and a burden to too many American families, and that’s the soaring cost of higher education. (Applause.) The fact is, college has never been more necessary, but it’s also never been more expensive.
Think about this: Over the past three decades, the average tuition at a four-year public college has risen by more than 250 percent. The typical family income has gone up 16 percent. So I wasn’t a math major, but let’s just think about it — college costs, 250 percent; incomes, 16 percent. What that means is, is that more and more, it’s getting harder and harder for students to be able to afford that college education. And families are making bigger and bigger sacrifices — including a lot of parents who are putting off their own retirement, their own savings, because they’re trying to help their kids afford a college education.
In the meantime, over the past few years, you’ve got too many states that have been cutting back on their higher education budgets. Colleges have not been cutting back on their costs, and so what you end up with is taxpayers putting in more money, students and families picking up the tab, but young people are still ending up with more debt.
The average student who borrows for college now graduates owing more than $26,000. And a lot of young people owe a lot more than that. I’ve heard from a lot of these young people, and they’re frustrated because they’re saying to themselves, we’ve done everything our society told us we were supposed to do, but crushing debt is crippling our ability to get started in our lives after we graduate. It’s crippling our self-reliance and the dreams that we had.
At a time when higher education has never been more important or more expensive, too many students face a choice they should not have to make: Either they say no to college, or they pay the price of going to college and ending up with debt that they’re not sure will pay off. And that’s not a choice that we should ask young people to make. That’s not a choice we should accept.
If you think about what built this country, this is a country that’s always been at the cutting edge of making a good education available to more people. My grandfather, when he came back from World War II, he went — he had the chance to go to college on the GI Bill. My mother got through school while raising two kids because she got some help. (Applause.)
Michelle and I, we didn’t come from rich folks. We did not come from privileged backgrounds. So we’re only where we are today because scholarships and student loans gave us a shot at a good education. And we know a little bit about paying back student loans, because we each graduated from college and law school with a mountain of debt. And even with good jobs, I didn’t pay it off and she didn’t pay off her loans until I was almost a U.S. senator. I was in my 40s.
So over the past four years, what we’ve done is to try to take some steps to make college more affordable. First thing we did — we enacted historic reforms to the student loan system. What was happening was student loans were going through banks; banks were making billions of dollars. We said why don’t we just give the loans directly to the students, cut out the banks, then we can help more students. (Applause.)
Then we set up a consumer watchdog that’s already helping families and students sort through all the financial options so they really understand them and they’re not ripped off by shady lenders. And we’re providing more tools and resources for students and families trying to finance college. And, by the way, high school seniors, you guys want to start figuring this stuff out — go to studentaid.gov. That’s a website — studentaid.gov. And it will give you a sense of what’s available out there.
We took action to cap loan repayments at 10 percent of monthly income for a lot of borrowers who are trying to pay their debt but do so in a responsible way. (Applause.)
So, overall, we’ve made college more affordable for millions of students and families through tax credits and grants and student loans. And just a few weeks ago, Democrats and Republicans worked together to keep student loan rates from doubling, and that saves a typical undergraduate more than $1,500 for this year’s loans. (Applause.)
So, now, that’s all a good start. But it’s not enough. The system we have right now is unsustainable, because if it keeps on going up 250 percent a year, your incomes are only going up 16 percent — not 250 percent a year — over a decade — but your incomes are only going up 16 percent, it’s just at a certain point, it will break the bank. There won’t be enough federal aid to make up for the difference. And families, at a certain point, aren’t going to be able to send their kids to school.
And state legislatures, they can’t just keep cutting support for public college and universities. Colleges can’t just keep raising tuition year after year, and pushing these state cutbacks on to students and families, and federal taxpayers are not going to be able to make up all the difference.
Our economy can’t afford the trillion dollars — $1 trillion in outstanding student loan debt. Because when young people have that much debt, that means they can’t buy a home. It means they can’t start the business that maybe they’ve got a great idea for. And we can’t price the middle class and everybody working to get into the middle class out of a college education. (Applause.) It will put our young generation of workers at a competitive disadvantage for years.
So if a higher education is still the best ticket to upward mobility in America — and it is — then we’ve got to make sure it’s within reach. We’ve got to make sure that we are improving economic mobility, not making it worse. Higher education should not be a luxury. It is a necessity, an economic imperative that every family in America should be able to afford. (Applause.)
So what are we going to do about it? Today what I’ve done is propose major new reforms that will shake up the current system. We want to create better incentives for colleges to do more with less and to deliver better value for our students and their families.
And some of these reforms will require action from Congress, which is always difficult. (Laughter.) Some of these changes, though, I can make on my own. (Applause.) And we want to work with colleges to keep costs down. States are going to need to make higher education a higher priority in their budgets. And by the way, we’re going to ask more from students as well if they’re receiving federal aid.
And some of these reforms won’t be popular for every — with everybody, because some folks are making out just fine under the status quo. But my concern is not to look out just for the institutions; I want to look out for the students who these institutions exist to serve. (Applause.) And I think — I’ve got confidence that our country’s colleges and universities will step up to the plate if they’re given the right incentives. They, too, should want to do the right thing for students.
So let me be specific. Here are three things we’re going to do. Number one, I’m directing my administration to come up with a new ratings system for colleges that will score colleges on opportunity -– whether they’re helping students from all kinds of backgrounds succeed; and on outcomes — whether students are graduating with manageable debt; whether they’re actually graduating in the first place; whether they have strong career potential when they graduate. That’s the kind of information that will help students and parents figure out how much value a particular college truly offers.
Right now all these ranking systems, they rank you higher if you charge more and you let in fewer students. But you should have a better sense of who’s actually graduating students and giving you a good deal. (Applause.)
So down the road we’re going to use these ratings, we hope by working with Congress, to change how we allocate federal aid for colleges. And we’re going to deliver on a promise that I made last year — colleges that keep their tuition down are the ones that will see their taxpayer funding go up. We’ve got to stop subsidizing schools that are not getting good results, start rewarding schools that deliver for the students and deliver for America’s future. That’s our goal. (Applause.)
Our second goal: We want to encourage more colleges to embrace innovation, to try new ways of providing a great education without breaking the bank. A growing number of colleges across the country are testing some new approaches, so they’re finding new ways, for example, to use online education to save time and money.
Some are trying what you’re doing right here in Syracuse -– creating partnerships between high schools and colleges, so students can get an early jump on their degree. They can graduate faster. That means they’re paying less in tuition. I want to see more schools and states get in the game, so more students can get an education that costs less but still maintains high quality. And we know it can be done. It’s just we got to get everybody doing it, not just a few schools or a few cities around the country. That’s the second goal. (Applause.)
Somebody screamed, and I thought somebody fell, but they were just excited. (Laughter.)
Number three: We’re going to make sure that if you’ve taken on debt to earn your degree that you can manage and afford it. Nobody wants to take on debt, but even if we do a good job controlling tuition costs, some young people are still going to have to take out some loans. But we think of that as a good investment because it pays off in time -– as long as it stays manageable, as long as you can pay it back.
And remember, again, Michelle and I, we went through this. It took us a long time to pay off our student loans. But we could always manage it. It didn’t get out of hand. And I don’t want debt to keep young people — some of who are here today — from going into professions like teaching, for example, that may not pay as much money, but are of huge value to the country. (Applause.)
And I sure don’t want young people not being able to buy a home, or get married, or start a business because they’re so loaded down with debt. So what we’ve done is two years ago, I capped loan repayments at 10 percent of a student’s income after college. We called it “pay as you earn.” And so far this, along with a few other programs, has helped more than 2.5 million students.
But right now, a lot of current and former students aren’t eligible, so we want to work with Congress to fix that so that we got a lot more people who are eligible for this program. And then the problem is a lot of young people don’t know this program exists. So we’re going to do a better job advertising this program so that you will never have to pay more than 10 percent of your yearly income in servicing your debt.
And if you’re involved in public service or non-for-profits, then at some point that debt gets forgiven because you’re giving back to society in other ways. (Applause.) So we’re going to launch a campaign to help borrowers learn more about their options. We want every student to have the chance to pay back their loans in a way that doesn’t stop them from pursuing their dreams.
So if we move forward on these three points — increasing value, making sure that young people and their parents know what they’re getting when they go to college; encouraging innovation so that more colleges are giving better value; and then helping people responsibly manage their debt — then we’re going to help more students afford college. We’re going to help more students graduate from college. We’ll help more students get rid of their debt so they can get started on their lives. (Applause.)
And it’s going to take some hard work. But the people of Syracuse know something about hard work. (Applause.) The American people know something about hard work. (Applause.)
And we’ve come a long way together over these past four years. I intend to keep us moving forward on this and every other issue. We’re going to keep pushing to build a better bargain for the middle class and everybody who’s fighting to join the middle class. And we’re going to keep fighting to make sure that this country remains a country where hard work and studying and responsibility are rewarded. We’re going to make sure that no matter who you are, or where you come from, or who you love, or what your last name is — (applause) — in the United States you can make it if you try. (Applause.)
Thank you, Syracuse! God bless you, and God bless America.
6:50 P.M. EDT
Posted by bonniekgoodman on August 22, 2013
Full Text Obama Presidency August 22, 2013: President Barack Obama’s Speech on College Affordability, College Cost Cutting Plan, Buffalo, NY
OBAMA PRESIDENCY & THE 113TH CONGRESS:
Remarks by the President on College Affordability — Buffalo, NY
Source: WH, 8-22-13
Watch the Video
State University of New York Buffalo
Buffalo, New York
11:23 A.M. EDT
THE PRESIDENT: Hello, Buffalo! (Applause.) Hello, Bulls! (Applause.) Well, it is good to be back in Buffalo, good to be back in the north. (Applause.)
I want to begin by making sure we all thank Silvana for the wonderful introduction. Give her a big round of applause. (Applause.) Her mom and dad are here somewhere. Where are they? I know they’re pretty proud. There they are right there. Give mom and dad a big round of applause. (Applause.)
A number of other people I want to acknowledge here — first of all, our Secretary of Education, Arne Duncan, who’s doing a great job. (Applause.) One of the finest governors in the country, your Governor, Andrew Cuomo, is here. (Applause.) Your outstanding Mayor, Brian Higgins, is here. Give him a big round of applause.
THE PRESIDENT: What?
AUDIENCE: The Mayor is Byron Brown!
THE PRESIDENT: Byron Brown. That’s — I’m sorry, Byron. (Applause.) What I meant was — your Congressman, Brian Higgins, is here. (Applause.) Your Mayor, Byron Brown, is here. (Applause.) This is what happens when you get to be 52 years old. (Laughter.) When I was 51 everything was smooth. (Laughter.) But your Congressman and your Mayor are doing outstanding work. We just rode on the bus over from the airport, and they were telling me that Buffalo is on the move. That was the story. (Applause.)
A couple other people I want to acknowledge — SUNY Chancellor Nancy Zimpher, is here, doing a great job. (Applause.) University president Satish Tripathi is here. (Applause.) And we’ve got all the students in the house. Thank all the students for being here. (Applause.)
Now, today is a check-in day at the dorms. So I want to thank all the students for taking a few minutes from setting up your futons and — (laughter) — your mini-fridges just to come out here. I hear that the last sitting President to speak here was Millard Fillmore. (Applause.) And he was actually chancellor of the university at the same time — which sounds fun, but I’ve got enough on my plate. (Laughter.)
This is our first stop on a two-day road trip through New York and Pennsylvania. (Applause.) And after this I head to Syracuse — (applause) — yay, Syracuse — to speak with some high schoolers. Tomorrow I’m going to visit SUNY Binghamton and Lackawanna College in Scranton. But I wanted to start here at University at Buffalo. (Applause.)
And I wanted to do it for a couple reasons. First, I know you’re focused on the future. As I said, talking to the Mayor, he was describing a new medical school — (applause) — and new opportunities for the high-tech jobs of tomorrow. So there’s great work being done at this institution. I also know that everybody here must be fearless because the football team kicks off against Number 2, Ohio State, next weekend. (Applause.) Good luck, guys. (Laughter.) It’s going to be a great experience. (Laughter.) It’s going to be a great experience. It could be an upset. (Applause.)
And third, and most importantly, I know that the young people here are committed to earning your degree, to helping this university to make sure that every one of you “Finishes in Four” — (applause) — makes sure that you’re prepared for whatever comes next. And that’s what I want to talk about here today.
Over the last month, I’ve been visiting towns across the country, talking about — yes, feel free to sit down. Get comfortable. (Laughter.)
AUDIENCE MEMBER: We love you!
THE PRESIDENT: Thank you. I love you, too. (Applause.)
Over the last month I’ve been out there talking about what we need to do as a country to make sure that we’ve got a better bargain for the middle class and everybody who’s working hard to get into the middle class -– a national strategy to make sure that everybody who works hard has a chance to succeed in this 21st century economy. (Applause.)
Now, I think all of us here know that for the past four and a half years, we’ve been fighting back from a brutal recession that cost millions of Americans their jobs and their homes and their savings. But what the recession also did was it showed that for too long we’ve seen an erosion of middle-class security.
So, together, we saved the auto industry. Together, we took on a broken health care system. (Applause.) We invested in new technologies. We started reversing our addiction to foreign oil. We changed a tax code that was tilted to far in favor of the wealthy at the expense of working families. (Applause.)
And add it all up, today our businesses have created 7.3 million new jobs over the last 41 months. (Applause.) We now generate more renewable energy than ever before. We sell more goods made in America to the rest of the world than ever. (Applause.) Health care costs are growing at the slowest rate in 50 years. Our deficits are falling at the fastest rate in 60 years. (Applause.)
Here in Buffalo, the Governor and the Mayor were describing over a billion dollars in investment, riverfront being changed, construction booming — signs of progress. (Applause.)
So thanks to the grit and the resilience of the American people, we’ve cleared away the rubble from the financial crisis. We’ve started to lay the foundation for a stronger, more durable economic growth.
But as any middle-class family will tell you, as folks here in Buffalo will tell you, we’re not where we need to be yet. Because even before the crisis hit — and it sounds like Buffalo knows something about this — we were living through a decade where a few at the top were doing better and better, most families were working harder and harder just to get by. Manufacturing was leaving, jobs moving overseas, losing our competitive edge. And it’s a struggle for a lot of folks.
So reversing this trend should be, must be, Washington’s highest priority. It’s my highest priority. (Applause.) I’ve got to say it’s not always Washington’s highest priority. Because rather than keeping focus on a growing economy that creates good middle-class jobs, we’ve seen a faction of Republicans in Congress suggest that maybe America shouldn’t pay its bills that have already been run up, that we shut down government if they can’t shut down Obamacare.
AUDIENCE: Booo –
THE PRESIDENT: That won’t grow our economy. That won’t create jobs. That won’t help our middle class. We can’t afford in Washington the usual circus of distractions and political posturing. We can’t afford that right now.
What we need is to build on the cornerstones of what it means to be middle class in America, focus on that — a good job with good wages, a good education, a home of your own, affordable health care, a secure retirement. (Applause.) Bread-and-butter, pocketbook issues that you care about every single day; that you’re thinking about every single day. And we’ve got to create more pathways into the middle class for folks who are willing to work for it. That’s what’s always made America great. It’s not just how many billionaires we produce, but our ability to give everybody who works hard the chance to pursue their own measure of happiness. That’s what America is all about. (Applause.)
Now, there aren’t many things that are more important to that idea of economic mobility -– the idea that you can make it if you try –- than a good education. All the students here know that. That’s why you’re here. (Applause.) That’s why your families have made big sacrifices -– because we understand that in the face of greater and greater global competition, in a knowledge-based economy, a great education is more important than ever.
A higher education is the single best investment you can make in your future. And I’m proud of all the students who are making that investment. (Applause.) And that’s not just me saying it. Look, right now, the unemployment rate for Americans with at least a college degree is about one-third lower than the national average. The incomes of folks who have at least a college degree are more than twice those of Americans without a high school diploma. So more than ever before, some form of higher education is the surest path into the middle class.
But what I want to talk about today is what’s become a barrier and a burden for too many American families -– and that is the soaring cost of higher education. (Applause.)
This is something that everybody knows you need — a college education. On the other hand, college has never been more expensive. Over the past three decades, the average tuition at a public four-year college has gone up by more than 250 percent — 250 percent. Now, a typical family’s income has only gone up 16 percent. So think about that — tuition has gone up 250 percent; income gone up 16 percent. That’s a big gap.
Now, it’s true that a lot of universities have tried to provide financial aid and work-study programs. And so not every student — in fact, most students are probably not paying the sticker price of tuition. We understand that. But what we also understand is that if it’s going up 250 [percent] and your incomes are only going up 16 [percent], at some point, families are having to make up some of the difference, or students are having to make up some of the difference with debt.
And meanwhile, over the past few years, states have been cutting back on their higher education budgets. New York has done better than a lot of states, but the fact is that we’ve been spending more money on prisons, less money on college. (Applause.) And meanwhile, not enough colleges have been working to figure out how do we control costs, how do we cut back on costs. So all this sticks it to students, sticks it to families, but also, taxpayers end up paying a bigger price.
The average student who borrows for college now graduates owing more than $26,000. Some owe a lot more than that. And I’ve heard from a lot of these young people who are frustrated that they’ve done everything they’re supposed to do –- got good grades in high school, applied to college, did well in school — but now they come out, they’ve got this crushing debt that’s crippling their sense of self-reliance and their dreams. It becomes hard to start a family and buy a home if you’re servicing $1,000 worth of debt every month. It becomes harder to start a business if you are servicing $1,000 worth of debt every month, right? (Applause.)
And meanwhile, parents, you’re having to make sacrifices, which means you may be dipping into savings that should be going to your retirement to pay for your son or daughter’s — or to help pay for your son or daughter’s education.
So at a time when a higher education has never been more important or more expensive, too many students are facing a choice that they should never have to make: Either they say no to college and pay the price for not getting a degree — and that’s a price that lasts a lifetime — or you do what it takes to go to college, but then you run the risk that you won’t be able to pay it off because you’ve got so much debt.
Now, that’s a choice we shouldn’t accept. And, by the way, that’s a choice that previous generations didn’t have to accept. This is a country that early on made a commitment to put a good education within the reach of all who are willing to work for it. And we were ahead of the curve compared to other countries when it came to helping young people go to school. (Applause.)
The folks in Buffalo understand this. Mayor Brown was talking about the city of Buffalo and the great work that is being done through the program called “Say Yes,” to make sure that no child in Buffalo has to miss out on a college education because they can’t pay for it. (Applause.)
But even though there’s a great program in this city, in a lot of places that program doesn’t exist. But a generation ago, two generations ago, we made a bigger commitment. This is the country that gave my grandfather the chance to go to college on the GI Bill after he came back from World War II. (Applause.) This is the country that helped my mother get through school while raising two kids. (Applause.) Michelle and I, we’re only where we are today because scholarships and student loans gave us a shot at a great education. (Applause.)
And we know a little bit about trying to pay back student loans, too, because we didn’t come from a wealthy family. So we each graduated from college and law school with a mountain of debt. And even though we got good jobs, we barely finished paying it off just before I was elected to the U.S. Senate.
THE PRESIDENT: Right? I mean, I was in my 40s when we finished paying off our debt. And we should have been saving for Malia and Sasha by that time. But we were still paying off what we had gotten — and we were luckier because most of the debt was from law school. Our undergraduate debt was not as great because tuition had not started shooting up as high.
So the bottom line is this — we’ve got a crisis in terms of college affordability and student debt. And over the past four years, what we’ve tried to do is to take some steps to make college more affordable. So we enacted historic reforms to the student loan system, so taxpayer dollars stop padding the pockets of big banks and instead help more kids afford college. (Applause.)
Because what was happening was the old system, the student loan programs were going through banks; they didn’t have any risk because the federal government guaranteed the loans, but they were still taking billions of dollars out of the program. We said, well, let’s just give the loans directly to the students and we can put more money to helping students.
Then we set up a consumer watchdog. And that consumer watchdog is already helping students and families navigate the financial options that are out there to pay for college without getting ripped off by shady lenders. (Applause.) And we’re providing more tools and resources for students and families to try to finance college. And if any of you are still trying to figure out how to finance college, check it out at StudentAid.gov. StudentAid.gov.
Then, we took action to cap loan repayments at 10 percent of monthly income for many borrowers who are trying to responsibly manage their federal student loan debt. (Applause.) So overall, we’ve made college more affordable for millions of students and families through tax credits and grants and student loans that go farther than they did before. And then, just a few weeks ago, Democrats and Republicans worked together to keep student loan rates from doubling. (Applause.) And that saves typical undergraduates more than $1,500 for this year’s loans.
So that’s all a good start, but it’s not enough. The problem is, is that even if the federal government keeps on putting more and more money in the system, if the cost is going up by 250 percent, tax revenues aren’t going up 250 percent — and so some point, the government will run out of money, which means more and more costs are being loaded on to students and their families.
The system’s current trajectory is not sustainable. And what that means is state legislatures are going to have to step up. They can’t just keep cutting support for public colleges and universities. (Applause.) That’s just the truth. Colleges are not going to be able to just keep on increasing tuition year after year, and then passing it on to students and families and taxpayers. (Applause.) Our economy can’t afford the trillion dollars in outstanding student loan debt, much of which may not get repaid because students don’t have the capacity to pay it. We can’t price the middle class and everybody working to get into the middle class out of a college education. We’re going to have to do things differently. We can’t go about business as usual.
Because if we do, that will put our younger generation, our workers, our country at a competitive disadvantage for years. Higher education is still the best ticket to upward mobility in America, and if we don’t do something about keeping it within reach, it will create problems for economic mobility for generations to come. And that’s not acceptable. (Applause.)
So whether we’re talking about a two-year program, a four-year program, a technical certificate, bottom line is higher education cannot be a luxury. It’s an economic imperative: Every family in America should be able to afford to get it. (Applause.)
So that’s the problem. Now, what are we going to do about it? Today, I’m proposing major new reforms that will shake up the current system, create better incentives for colleges to do more with less, and deliver better value for students and their families. (Applause.)
And some of these reforms will require action from Congress, so we’re going to have to work on that. (Laughter.) Some of these changes I can make on my own. (Applause.) We are going to have to — we’re going to be partnering with colleges to do more to keep costs down, and we’re going to work with states to make higher education a higher priority in their budgets. (Applause.)
And one last thing — we’re going to have to ask more of students who are receiving federal aid, as well. And I’ve got to tell you ahead of time, these reforms won’t be popular with everybody, especially those who are making out just fine under the current system. But my main concern is not with those institutions; my main concern is the students those institutions are there to serve -– because this country is only going to be as strong as our next generation. (Applause.)
And I have confidence that our country’s colleges and universities will step up — just like Chancellor Zimpher and the folks at SUNY are trying to step up — and lead the way to do the right thing for students.
So let me be specific. My plan comes down to three main goals. First, we’re going to start rating colleges not just by which college is the most selective, not just by which college is the most expensive, not just by which college has the nicest facilities — you can get all of that on the existing rating systems. What we want to do is rate them on who’s offering the best value so students and taxpayers get a bigger bang for their buck. (Applause.)
Number two, we’re going to jumpstart new competition between colleges –- not just on the field or on the court, but in terms of innovation that encourages affordability, and encourages student success, and doesn’t sacrifice educational quality. (Applause.) That’s going to be the second component of it.
And the third is, we’re going to make sure that if you have to take on debt to earn your college degree that you have ways to manage and afford it. (Applause.)
So let me just talk about each of these briefly.
Our first priority is aimed at providing better value for students — making sure that families and taxpayers are getting what we pay for. Today, I’m directing Arne Duncan, our Secretary of Education, to lead an effort to develop a new rating system for America’s colleges before the 2015 college year. Right now, private rankings like U.S. News and World Report puts out each year their rankings, and it encourages a lot of colleges to focus on ways to — how do we game the numbers, and it actually rewards them, in some cases, for raising costs. I think we should rate colleges based on opportunity. Are they helping students from all kinds of backgrounds succeed — (applause) — and on outcomes, on their value to students and parents.
So that means metrics like: How much debt does the average student leave with? How easy it is to pay off? How many students graduate on time? How well do those graduates do in the workforce? Because the answers will help parents and students figure out how much value a college truly offers.
There are schools out there who are terrific values. But there are also schools out there that have higher default rates than graduation rates. And taxpayers shouldn’t be subsidizing students to go to schools where the kids aren’t graduating. That doesn’t do anybody any good. (Applause.)
And our ratings will also measure how successful colleges are at enrolling and graduating students who are on Pell grants. And it will be my firm principle that our ratings have to be carefully designed to increase, not decrease, the opportunities for higher education for students who face economic or other disadvantages. (Applause.)
So this is going to take a little time, but we think this can empower students and families to make good choices. And it will give any college the chance to show that it’s making serious and consistent improvement. So a college may not be where it needs to be right now on value, but they’ll have time to try to get better.
And we want all the stakeholders in higher education — students, parents, businesses, college administrators, professors — to work with Secretary Duncan on this process. And over the next few months, he’s going to host a series of public forums around the country to make sure we get these measures right. And then, over the next few years, we’re going to work with Congress to use those ratings to change how we allocate federal aid for colleges. (Applause.)
We are going to deliver on a promise we made last year, which is colleges that keep their tuition down and are providing high-quality education are the ones that are going to see their taxpayer funding go up. It is time to stop subsidizing schools that are not producing good results, and reward schools that deliver for American students and our future. (Applause.)
And we’re also going to encourage states to follow the same principle. Right now, most states fund colleges based on how many students they enroll, not based on how well those students do or even if they graduate. Now, some states are trying a better approach. You got Tennessee, Indiana, Ohio — they’re offering more funding to colleges that do a better job of preparing students for graduation and a job. Michigan is rewarding schools that keep tuition increases low. So they’re changing the incentive structure.
And I’m challenging all states to come up with new and innovative ways to fund their colleges in a way that drives better results. (Applause.)
Now, for the young people here, I just want to say that just as we’re expecting more from our schools that get funding from taxpayers, we’re going to have to expect more from students who get subsidies and grants from taxpayers. (Applause.) So we’re going to make sure students who receive federal financial aid complete their courses before receiving grants for the next semester. (Applause.)
We’ll make sure to build in flexibility so we’re not penalizing disadvantaged students, or students who are holding down jobs to pay for school. Things happen. But the bottom line is we need to make sure that if you’re getting financial aid you’re doing your part to make progress towards a degree. And, by the way, that’s good for you, too, because if you take out debt and you don’t get that degree, you are not going to be able to pay off that debt and you’ll be in a bind. (Applause.)
All right, second goal: We want to encourage more –
AUDIENCE MEMBER: We love you, Obama!
THE PRESIDENT: (Laughter.) Thank you.
The second thing we want to do is to encourage more colleges to embrace innovative new ways to prepare our students for a 21st century economy and maintain a high level of quality without breaking the bank.
So let me talk about some alternatives that are already out there. Southern New Hampshire University gives course credit based on how well students master the material, not just on how many hours they spend in the classroom. So the idea would be if you’re learning the material faster, you can finish faster, which means you pay less and you save money. (Applause.) The University of Wisconsin is getting ready to do the same thing.
You’ve got Central Missouri University — I went there, and they’ve partnered with local high schools and community colleges so that their students can show up at college and graduate in half the time because they’re already starting to get college credits while they’re in high school or while they’re in a two-year college, so by the time they get to a four-year college they’re saving money. (Applause.)
Universities like Carnegie Mellon, Arizona State, they’re starting to show that online learning can help students master the same material in less time and often at lower cost. Georgia Tech, which is a national leader in computer science, just announced it will begin offering an online master’s degree in computer science at a fraction of the cost of a traditional class, but it’s just as rigorous and it’s producing engineers who are just as good.
So a lot of other schools are experimenting with these ideas to keep tuition down. They’ve got other ways to help students graduate in less time, at less cost, while still maintaining high quality. The point is it’s possible. And it’s time for more colleges to step up with even better ways to do it. And we’re going to provide additional assistance to states and universities that are coming up with good ideas.
Third thing, even as we work to bring down costs for current and future students, we’ve got to offer students who already have debt the chance to actually repay it. (Applause.) Nobody wants to take on debt — especially after what we’ve seen and families have gone through during this financial crisis. But taking on debt in order to earn a college education has always been viewed as something that will pay off over time. We’ve got to make sure, though, that it’s manageable.
As I said before, even with good jobs, it took Michelle and me a long time to pay off our student loans — while we should have been saving for Malia and Sasha’s college educations, we were still paying off our own. So we know how important it is to make sure debt is manageable, so that it doesn’t keep you from taking a job that you really care about, or getting married, or buying that first home.
There are some folks who have been talking out there recently about whether the federal student loan program should make or cost the government money. Here’s the bottom line — government shouldn’t see student loans as a way to make money; it should be a way to help students. (Applause.)
So we need to ask ourselves: How much does a federal student loan cost students? How can we help students manage those costs better? Our national mission is not to profit off student loans; our national mission must be to profit off having the best-educated workforce in the world. That should be our focus. (Applause.)
So, as I mentioned a little bit earlier, two years ago, I capped loan repayments at 10 percent of a student’s post-college income. We called it Pay-As-You-Earn. And it, along with some other income-driven repayment plans, have helped more than 2.5 million students so far.
But there are two obstacles that are preventing more students from taking advantage of it. One is that too many current and former students aren’t eligible, which means we’ve got to get Congress to open up the program for more students. (Applause.) And we’re going to be pushing them to do that.
The other obstacle is that a lot of students don’t even know they’re eligible for the program. So starting this year, we’re going to launch a campaign to help more borrowers learn about their repayment options and we’ll help more student borrowers enroll in Pay-As-You-Earn. So if you went to college, you took out debt, you want to be a teacher, and starting salary for a teacher is, let’s say, $35,000, well, only 10 percent of that amount is what your loan repayment is. Now, if you’re making more money, you should be paying more back. But that way, everybody has a chance to go to college; everybody has a chance to pursue their dreams.
And that program is already in place. We want more students to take advantage of it. We’re really going to be advertising it heavily.
Now, if we move forward on these three fronts –- increasing value, encouraging innovation, helping people responsibly manage their debt –- I guarantee you we will help more students afford college. We’ll help more students graduate from college. We’ll help more students get rid of that debt so they can a good start in their careers. (Applause.)
But it’s going to take a lot of hard work. The good news is, from what I hear, folks in Buffalo know something about hard work. (Applause.) Folks in America know something about hard work. And we’ve come a long way together these past four years. We’re going to keep moving forward on this issue and on every other issue that’s going to help make sure that we continue to have the strongest, most thriving middle class in the world. We’re going to keep pushing to build a better bargain for everybody in this country who works hard, and everybody who’s trying to get into that middle class. (Applause.)
And we’re going to keep fighting to make sure that this remains a country where, if you work hard and study hard and are responsible, you are rewarded, so that no matter what you look like and where you come from, what your last name is, here in America you can make it if you try. (Applause.)
Thank you very much, everybody. God bless you. God bless America. (Applause.)
11:54 A.M. EDT
Posted by bonniekgoodman on August 22, 2013
Political Headlines August 7, 2013: President Obama’s Talks Housing & Mortgage Reform at Town Hall on Real Estate Site Zillow
OBAMA PRESIDENCY & THE 113TH CONGRESS:
Obama ‘Would Save Some Money’ by Refinancing Chicago Home
MLADEN ANTONOV/AFP/Getty Images
President Obama personalized the promotion of his housing agenda Wednesday, saying he would save money by refinancing his family’s home in Chicago.
“I would probably benefit from refinancing right now. I would save some money,” the president said in an online forum hosted by real estate website Zillow….READ MORE
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