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Thursday, April 26, 2012

How tough it must have been for the Obamas to pay off their student loans

Hmmm. ABC News looks at Obama tax returns in the context of of his claim that the Obamas just paid off their student loans eight years ago and notes that they were earning enough to qualify for higher taxes under Obama's tax plan in some of those years when they still owed money on those loans.
But according to their tax returns, which are available on the White House website, the Obamas had a healthy, six-figure income by the year 2000 (the earliest return available). And for at least two years before his loans were paid off, Obama, by his own definition, made so much they were wealthy enough to pay higher taxes.

Here’s a rundown of the president’s income, according to his tax returns, in the years before he paid off his student loans:

2004: $207,647

2003: $238,327

2002: $259,394

2001: $272,759

2000: $240,505

In 2001 and 2002, the Obamas would have met the $250,000 standard the president has set for those wealthy enough to afford to pay more taxes.
Of course, earning over $200,000 a year doesn't mean that a family doesn't have expenses to pay. Remember this comment from 2008 when Michelle Obama was talking to struggling Ohio workers about the tough time the Obamas have making ends meet.
“I know we’re spending — I added it up for the first time — we spend between the two kids, on extracurriculars outside the classroom, we’re spending about $10,000 a year on piano and dance and sports supplements and so on and so forth,” Mrs. Obama tells the women. “And summer programs. That’s the other huge cost. Barack is saying, ‘Whyyyyyy are we spending that?’ And I’m saying, ‘Do you know what summer camp costs?’”
So you can see why it was so very hard for them to pay off those college loans. And for sure the federal government should be subsidizing interest rates for college grads who have these overhanging loans to pay back while they're struggling to make ends meet while providing their children with extracurriculars and summer camp. What type of selfish citizens would we be if we didn't help those future grads out with their interest payments so they could get by like the Obamas did?

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