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Another Epic Failure From the Worst Congress in History

Posted By Barry Ritholtz On July 2, 2014 @ 8:30 am In Politics,Really, really bad calls | Comments Disabled

This will be a short rant, as we prepare to head off to celebrate the birth of our nation with fireworks, barbeques, and the usual trappings [1] of summer.

I spite of the celebratory mood, I am troubled by the unrelenting incompetence of the U.S. Congress. Its inability to pass even the most basic legislation is beyond baffling.

Case in point: College students who use new Stafford loans to pay for the 2014-2015 school year will see borrowing costs rise 21 percent. As of July 1, interest on new student loans rises to 4.66 percent from 3.86 percent last year, with future rates potentially increasing even more. This comes as interest rates on mortgages and other consumer credit hovered near record lows. For a comparison, the rate on the 10-year Treasury is 2.6 percent. Congress could have imposed lower limits on student-loan rates, but chose not to.

This is but one example out of thousands of an inability to perform the basic duties, which includes helping to educate the next generation of leaders and productive citizens. It goes far beyond partisanship; it is a matter of lack of will, intelligence and ability. Continues here [2]


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URL to article: http://www.ritholtz.com/blog/2014/07/another-epic-failure-from-the-worst-congress-in-history/

URLs in this post:

[1] usual trappings: http://www.washingtonpost.com/blogs/wonkblog/wp/2014/07/01/what-we-know-about-americas-annual-tradition-of-injuring-ourselves-with-fireworks/

[2] Continues here: http://www.bloombergview.com/articles/2014-07-02/is-this-the-worst-congress-ever

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