President Obama's 'We Can't Wait' Campaign By The Numbers
1 year ago
A breakdown of who stands to benefit from Obama's latest plan
When all else fails, come up with a slogan. With his jobs bill getting shot down and the country slowly losing faith in him (and the entire government for that matter), President Obama has returned with a new plan and catch phrase as he attempts win back the hearts and votes of the American people, "We Can't Wait."
As "Occupy" protest continue to spread across the country, people struggling with unemployment, student loan debt and home foreclosures are getting angrier and louder by the minute. With his new "We Can't Wait" plan, President Obama is hoping to match their urgency by providing almost immediate relief. But this dance is not for everybody, only the sexy people. Here is a brief break down of who stands to benefit from Obama's latest push.
If you need some money and were really smart, you'd already be printing up "We Can't Wait" t-shirts. Just a thought.
Starting in 2014, and based upon a law that President Obama signed last year, borrowers will be able pay no more than 10% of their discretionary income for their monthly student loan payment. For those who need help now, the new program will enable approximately 1.6 million students to cap their loans at 10% starting next year.
The "We Can't Wait" plan will also help borrowers out by offering a consolidation of Direct Loans and Federal Family Education Loans. Those who consolidate will see their interest rate drop by 0.5%.
Future college students in California may be the ones who benefit the most from the "We Can't Wait" plan. In a growing trend the state hiked tuition by 21%, the highest in the nation. We can only imagine what tuition will look like in 2014.
"We Can't Wait" is also designed to help people struggling with their mortgages. According to real estate research firm Corelogic, 22.7 percent of all residential properties with a mortgage "were in negative equity at the end of the first quarter of 2011."
Unemployed war veterans are also included in the list of people that "We Can't Wait" is meant to help. As of September the unemployment rate among veterans of all generations rose to 8.1%. Included in that number is an 11.7% rate for those who joined the service after the September 11th attacks. "We Can't Wait" features a plan to hire 8,000 veterans at health clinics across America over the next three years.