Obama Wants More Student Debt

Peter Schiff: Obama's Student Loans Solution Will Make It Worse

April 8, 2010

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Republican Senatorial candidate Peter Schiff criticized the current student loans program in the United States and believes the President’s latest bill will make the problem much worse.

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Hartford, United States — Peter Schiff, Senatorial candidate for the state of Connecticut and President of Euro Pacific Capital, doesn’t think it was a good idea for President Barack Obama to overhaul the student loans program, according to the Hartford Courant.

The student loans overhaul, which was included in the recently signed health care reform legislation, will remove commercial banks from providing loans to students who attend a college or university. Proponents of the measure say the bill will save $68 billion in taxpayers’ money over the next 10 years.

However, the 47-year-old author of Crash Proof 2.0 disagrees because the President’s solution, says Schiff, to the government created problem will be exacerbated and a lot worse.

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Peter Schiff is president of Euro Pacific Capital and Chairman of Euro Pacific Precious Metals. He is author of The Little Book of Bull Moves in Bear Markets and Crash Proof: How to Profit from the Coming Economic Collapse. His latest book is The Real Crash: America's Coming Bankruptcy, How to Save Yourself and Your Country.

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