Virginia Foxx: “During the 2006 election cycle, Democrats made student borrowers a promise they did not keep. As a result, interest…”

“During the 2006 election cycle, Democrats made student borrowers a promise they did not keep. As a result, interest rates on student loans are set to double in a matter of weeks. The Smarter Solutions for Students Act will provide student borrowers with the certainty and stability they need to finance their education. Today's graduates are facing severe economic headwinds that make finding a job, repaying student loans, and starting a family extremely difficult. These students want nothing more than the opportunity to earn their own success. That's the American Dream. But for many of them, that dream seems hopelessly out of reach. We can do better, Mr. Speaker. The overall unemployment rate is 7.5 percent. That's hardly better than the day President Obama took office. Twelve million Americans are unemployed and anxious to get back to work, and 7.9 million Americans are underemployed. According to the Joint Economic Committee, the slight decline in the unemployment rate is largely a mirage created by declining labor force participation. If the labor force participation rate had not declined since January 2009, the unemployment rate would be 10.9 percent instead of 7.5 percent. As we all know, this is well above the officially reported rate and the stimulus promise of 5.1 percent. According to the Bureau of Labor Statistics, the number of involuntary part-time workers increased in April by 278,000 to 7.9 million.…”