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>>> FOLLOWING DEVELOPING NEWS
TAKING YOU TO THE UNIVERSITY OF
IOWA WHERE THE PRESIDENT HAS HIS
LAST BEG OF THE TWO-DAY
THREE-STOP TOUR OF COLLEGES IN
SWING STATES.
LET'S LISTEN IN.
>> WHEN YOUR FOOTBALL TEAM KICKS
OFF ITS SEASON AT SOLDIER FIELD.
I WANT TO THANK A COUPLE OF
GUESTS.
FIRST OF ALL, YOUR CONGRESSMAN
IS HERE AND ATTORNEY GENERAL TOM
MILLER, AND STATE TREASURER MIKE
FITZGERALD, AND YOUR MAYOR, MATT
HECHT, THE PRESIDENT OF THE
UNIVERSITY OF IOWA, SALLY MASON.
SO I HAVE COME TO THE UNIVERSITY
OF IOWA TO TALK A LITTLE BIT
ABOUT YOU, AND SOME OF THE
ISSUES YOU GUYS ARE DEALING WITH
EVERY SINGLE DAY.
I BELIEVE THAT COLLEGE ISN'T
JUST THE BEST INVESTMENT THAT
YOU CAN MAKE IN YOUR FUTURE, IT
IS THE BEST INVESTMENT YOU CAN
MAKE IN YOUR COUNTRY'S FUTURE.
I AM PROUD OF ALL OF YOU FOR
MAKING THAT INVESTMENT BECAUSE
IT HAS NEVER BEEN MORE
IMPORTANT.
IN TODAY'S ECONOMY THERE IS NO
GREATER PREDICTOR OF INDIVIDUAL
SUCCESS THAN A GOOD EDUCATION.
THAT'S AT THE TOP.
RIGHT NOW THE UNEMPLOYMENT RATE
FOR AMERICANS WITH A COLLEGE
DEGREE OR MORE IS ABOUT HALF THE
NATIONAL AVERAGE.
THEIR INCOMES ARE TWICE AS HIGH
AS THOSE WHO DON'T HAVE A HIGH
SCHOOL DIPLOMA.
A HIGHER EDUCATION IS THE
SINGLE, CLEAREST PATH TO THE
MIDDLE CLASS.
I KNOW THAT THOSE OF YOU WHO ARE
ABOUT TO GRADUATE ARE WONDERING
WHAT'S IN STORE FOR YOUR FUTURE
BECAUSE NOT EVEN FOUR YEARS AGO
JUST AS THE GLOBAL ECONOMY WAS
ABOUT TO ENTER INTO A FREE FALL
YOU WERE STILL TRYING TO FIND
YOUR WAY AROUND CAMPUS AND NOW
FOUR YEARS LATER YOU'RE LOOKING
AT WHAT IT MEANS WHEN YOU LEAVE
THIS CAMPUS.
THE GOOD NEWS IS TODAY OUR
ECONOMY IS RECOVERING.
THAT'S THE GOOD NEWS.
I WILL BE HONEST WITH YOU, IT IS
NOT YET FULLY HEALED FROM THE
WORST ECONOMIC CRISIS SINCE THE
GREAT DEPRESSION.
OUR BUSINESSES HAVE ADDED MORE
THAN 4 MILLION JOBS OVER THE
PAST TWO YEARS.
THERE IS STILL A LOT OF
AMERICANS OUT THERE LOOKING FOR
A JOB OR AT LEAST FINDING A JOB
THAT PAYS THE BILL AND HELPS
COVER THE MORTGAGE.
THERE ARE STILL TOO MANY
FAMILIES WHO DON'T HAVE THAT
SECURITY, THAT BASIC MIDDLE
CLASS SECURITY THAT STARTS
SLIPPING AWAY EVEN BEFORE THIS
CRISIS HIT.
WHAT I WANT ALL OF YOU TO KNOW
IS THE DEGREE YOU EARN FROM IOWA
WILL NOT BEST TOOL YOU HAVE TO
ACHIEVE THAT BASIC AMERICAN
PROMISE, THE IDEA THAT IF YOU
WORK HARD, IF YOU GIVE IT YOUR
ALL, IF YOU'RE RESPONSIBLE, THEN
YOU CAN DO WELL ENOUGH TO RAISE
A FAMILY AND OWN A HOME AND SEND
YOUR OWN KIDS TO COLLEGE, PUT A
LITTLE AWAY WITH FOR RETIREMENT.
IT IS THE IDEA THAT EACH
GENERATION IS GOING TO HAVE A
LITTLE MORE OPPORTUNITY THAN THE
LAST.
THAT'S AT THE HEART OF THE
AMERICAN DREAM.
I CAN TELL YOU AS A PARENT NOW
THAT WHEN I SEE MALEAH AND SASHA
DOING WELL, THERE IS NOTHING
MORE IMPORTANT TO ME AND THAT'S
TRUE FOR AMERICAN FAMILIES
EVERYWHERE.
IT IS THE HOPE YOUR PARENTS HAVE
FOR YOU.
THAT'S THE HOPE YOU WILL HAVE
SOME DAY FOR YOUR OWN KIDS.
KEEPING THAT PROMISE ALIVE IS
THE DEFINING ISSUE OF OUR TIME.
I DON'T WANT THIS A COUNTRY -- I
DON'T WANT THIS TO BE A COUNTRY
WHERE A SHRINKING NUMBER OF
PEOPLE ARE DOING REALLY, REALLY
WELL AND THEN A GROWING NUMBER
ARE BARELY ABLE TO GET BY.
I DON'T WANT THAT FUTURE FOR
YOU.
I DON'T WANT IT FOR MY
DAUGHTERS.
I DON'T WANT IT FOR AMERICA.
I WANT THIS FOREVER TO BE A
COUNTRY WHERE EVERYBODY GETS A
FAIR SHOT AND EVERYBODY IS DOING
THEIR FAIR SHARE AND EVERYBODY
IS PLAYING BY THE SAME SET OF
RULES.
THAT'S THE AMERICA I KNOW.
THAT'S THE AMERICA I LOVE.
THAT'S THE AMERICA WITHIN OUR
REACH IF WE WORK FOR IT.
THIS IS PERSONAL FOR ME.
I LOVE YOU BACK.
I LOVE YOU GUYS, AND I BELIEVE
IN YOU GUYS.
THAT'S THE MOST IMPORTANT THING.
I BELIEVE IN YOU.
I BELIEVE IN YOUR FUTURE.
AND I THINK ABOUT MY OWN LIFE.
MY GRANDFATHER HAD THE CHANCE TO
GO TO COLLEGE BECAUSE THIS
COUNTRY DECIDED THAT EVERY
RETURNING VETERAN OF WORLD WAR
II SHOULD BE ABLE TO AFFORD IT
THROUGH THE G.I. BILL.
MY MOM WAS A SINGLE MOM.
MY DAD WASN'T AROUND.
SHE RAISED TWO KIDS BY HERSELF
WITH SOME HELP FROM MY
GRANDPARENTS BECAUSE SHE WAS
ABLE TO GET GRANTS AND WORK HER
WAY THROUGH SCHOOL.
I AM ONLY HERE TODAY AND
MICHELLE IS ONLY WHERE SHE IS
TODAY BECAUSE SCHOLARSHIPS AND
STUDENT LOANS GAVE US A SHOT AT
A GREAT EDUCATION.
THAT'S HOW WE SUCCEEDED.
THIS COUNTRY HAS ALWAYS MADE A
COMMITMENT TO PUT A GOOD
EDUCATION WITHIN THE REACH OF
EVERYBODY WHO IS WILLING TO WORK
FOR IT.
THAT'S PART OF WHAT MADE US
SPECIAL.
THAT'S WHAT KEPT US IN THE
FOREFRONT OF BUSINESS AND
SCIENCE AND TECHNOLOGY AND
MEDICINE.
THAT'S A COMMITMENT THAT WE NEED
TO REAFFIRM TODAY.
NOW, HERE IS THE CHALLENGE WE
GOT.
SINCE MOST OF YOU WERE BORN
TUITION AND FEES IN AMERICA'S
COLLEGES HAVE MORE THAN DOUBLED,
AND THAT FORCES STUDENTS LIKE
YOU TO TAKE OUT MORE LOANS AND
RACK UP MORE DEBT.
THE AVERAGE STUDENT WHO BORROWS
TO PAY FOR COLLEGE NOW GRADUATES
WITH ABOUT $25,000 IN STUDENT
LOAN DEBT.
IN THIS STATE IT IS EVEN HIGHER.
AMERICANS NOW OWE MORE ON THEIR
STUDENT LOANS THAN THEY OWE ON
CREDIT CARDS.
LIVING WITH THAT DEBT MEANS YOU
HAVE TO MAKE PRETTY TOUGH
CHOICES.
IT MAY MEAN PUTTING OFF BUYING A
FIRST HOME OR CHASING THAT GREAT
STARTUP IDEA YOU'VE GOT OR MAYBE
YOU WILL HAVE TO WAIT A LITTLE
BIT LONGER TO START A FAMILY OR
SAVE FOR RETIREMENT.
WHEN A BIG CHUNK OF EVERY
PAYCHECK GOES TOWARDS LOAN DEBT,
THAT'S NOT JUST TOUGH ON YOU.
THAT'S NOT JUST TOUGH ON MIDDLE
CLASS FAMILIES.
THAT'S NOT GOOD FOR OUR ECONOMY.
THAT MONEY THAT COULD BE GOING
INTO BUSINESSES IS GOING JUST TO
SERVICE DEBT.
AS I SAID, THIS IS PERSONAL FOR
ME.
I KNOW SOMETHING ABOUT THIS
BECAUSE MICHELLE AND I, WE WENT
THROUGH IT.
IT WASN'T THAT LONG AGO.
WE HAVE BEEN IN YOUR SHOES.
WE DIDN'T COME FROM WEALTHY
FAMILIES.
WE NEEDED LOANS AND WE NEEDED
GRANTS TO GET OUR WAY THROUGH.
THAT MEANT THAT WHEN MICHELLE
AND I GRADUATED FROM COLLEGE AND
LAW SCHOOL WE HAD A MOUNTAIN OF
DEBT.
WHEN WE GOT MARRIED, WE GOT POOR
TOGETHER.
WE COMBINED OUR ASSETS AND THEY
WERE ZERO.
THEN WE COMBINED OUR LIABILITIES
AND THEY WERE A LOT.
WE ENDED UP PAYING MORE FOR OUR
STUDENT LOANS IN THE FIRST FEW
YEARS THAT WE WERE MARRIED THAN
WE PAID ON OUR MORTGAGE EACH
MONTH WHEN WE FINALLY BOUGHT A
SMALL CONDO.
WE WERE LUCKY TO LAND GOOD JOBS
WITH A STEADY INCOME, BUT WE
ONLY FINISHED PAYING OFF OUR
STUDENT LOANS ABOUT EIGHT YEARS
AGO.
THINK ABOUT THAT.
I AM PRESIDENT OF THE UNITED
STATES.
IT WAS ONLY ABOUT EIGHT YEARS
AGO THAT WE FINISHED PAYING OFF
OUR STUDENT LOANS.
SO LET ME TELL YOU, IT WASN'T
EASY MAKING THOSE PAYMENTS.
ONCE WE HAD MALEAH AND SASHA,
WE'RE TRYING TO SAVE FOR THEIR
COLLEGE EDUCATION EVEN AS WE'RE
PAYING OFF OUR OWN COLLEGE
EDUCATION.
SO THIS IS PERSONAL.
THIS IS AT THE HEART OF WHO WE
ARE.
WE HAVE TO MAKE COLLEGE MORE
AFFORDABLE FOR MORE YOUNG
PEOPLE.
WE CAN'T PUT THE MIDDLE CLASS AT
A DISADVANTAGE.
WE CAN'T PRICE OUT FOLKS WHO ARE
TRYING TO MAKE SURE THAT THEY
NOT ONLY SUCCEED FOR THEMSELVES
BUT HELP THE COUNTRY SUCCEED.
WE CAN'T PRICE THE MIDDLE CLASS
OUT OF A COLLEGE EDUCATION.
WE CAN'T DO IT.
ESPECIALLY WHEN MOST NEW JOBS IN
AMERICA WILL REQUIRE MORE THAN A
HIGH SCHOOL DIPLOMA.
HIGHER EDUCATION, WHETHER IT IS
A FOUR-YEAR INSTITUTION OR A
TWO-YEAR PRESIDENT OBAMA AAT A
COMMUNITY COLLEGE, IT CAN'T BE A
LUXURY.
IT IS AN ECONOMIC IMPERATIVE
EVERY FAMILY IN AMERICA SHOULD
BE ABLE TO AFFORD.
BEFORE I CAME OUT HERE, I HAD A
CHANCE TO MEET NOT JUST WITH
BLAKE BUT WITH A NUMBER OF OTHER
STUDENTS AND WE HAD A ROUND
TABLE, AND THE STORIES THEY TOLD
ME WERE SO FAMILIAR.
ONE YOUNG MAN, SINGLE MOM, LOST
HER JOB, HE WAS ALREADY ABOUT
$30,000 IN DEBT.
HE WAS ONLY HALFWAY THROUGH HERE
AT UNIVERSITY OF IOWA.
ANOTHER YOUNG WOMAN, HER DAD WAS
LAID OFF AT MAYTAG.
THEY WERE TRYING TO FIGURE OUT
HOW TO MAKE ENDS MEET AND SHE IS
ABOUT TO GRADUATE.
NOW, WHAT I TOLD THEM IS YOU'RE
MAKING THE RIGHT DECISION
BECAUSE OVER THE LIFETIME OF
EARNINGS, YOU WILL MORE THAN
EARN BACK THIS INVESTMENT YOU'RE
MAKING, BUT MAKING IT MORE
AFFORDABLE WOULD SURE HELP.
IT WOULD SURE HELP.
NOW, I AM GOING TO HAVE A
SPECIFIC REQUEST FOR YOU.
I AM GOING TO NEED YOUR HELP,
IOWA, BUT LET ME BRIEFLY TELL
YOU WHAT WE HAVE ALREADY DONE TO
TRY TO MAKE COLLEGE MORE
AFFORDABLE BECAUSE I AM NOT JUST
INTERESTED IN TALKING THE TALK.
I WANT TO WALK THE WALK.
BEFORE I TOOK OFFICE, WE HAD A
STUDENT LOAN SYSTEM WHERE TENS
OF BILLIONS OF TAXPAYER DOLLARS
WERE GOING TO BANKS WHO WERE THE
MIDDLEMAN ON THE FEDERAL STUDENT
LOAN PROGRAM.
SO THEY WERE GETTING BILLIONS OF
DOLLARS IN PROFITS MANAGING A
LOAN PROGRAM WHERE THEY HAD NO
RISK BECAUSE IT WAS ALL
FEDERALLY GUARANTEED LOANS.
WE CHANGED THAT.
THERE WERE FOLKS IN WASHINGTO
WHO FOUGHT TOOTH AND NAIL TO
PROTECT THE STATUS QUO.
ONE SAID IT WAS AN OUTRAGE TO
CHANGE THE SYSTEM WHERE BANKS
ARE MANAGING THIS THING AND THE
REAL OUTRAGE OF THE LETTING THEM
SERVE AS MIDDLE MEN AND SIPHON
OFF PROFITS WHILE STUDENTS WERE
WORKING TWO OR THREE JOBS TO GET
BY.
WE KEPT AT IT AND FOUGHT AND
FOUGHT AND TODAY WE DON'T HAVE
MIDDLE MEN.
THAT MONEY IS GOING DIRECTLY
WHERE IT SHOULD IN THE FIRST
PLACE, GOING TO HELP MORE YOUNG
PEOPLE AFFORD COLLEGE.
THEN LAST FALL I ACTED THE
PAYMENTS FASTER SO THAT NEARLY
1.6 MILLION STUDENTS WHO THAT I
CAN THEIR PAYMENTS ON TIME ONLY
HAVE TO PAY 10% OF THEIR MONTHLY
INCOME TOWARDS LOANS ONCE THEY
GRADUATE WHICH MEANS IF YOU
DECIDE TO BECOME A TEACHER OR A
SOCIAL WORKER OR A GUIDANCE
COUNSELOR, SOMETHING THAT
DOESN'T PAY A LOT OF MONEY, YOU
CAN STILL AFFORD TO DO IT
BECAUSE YOU WILL NEVER HAVE TO
PAY MORE THAN 10% OF YOUR INCOME
IN ORDER TO STAY CURRENT ON YOUR
LOAN.
THEN WE DECIDED, YOU KNOW WHAT,
YOU NEED MORE INFORMATION ABOUT
THIS WHOLE PROCESS.
WE WANT STUDENTS TO HAVE ACCESS
TO A SIMPLE FACT SHEET ON
STUDENT LOANS AND FINANCIAL AID
SO YOU CAN HAVE ALL THE
INFORMATION YOU NEED TO MAKE
YOUR OWN CHOICES ABOUT HOW TO
PAY FOR COLLEGE.
SOME OF YOU KNOW WE SET UP THIS
NEW CONSUMER FINANCE PROTECTION
BUREAU TO LOOK OUT FOR CONSUMERS
AND SO THEY'RE NOW PUTTING OUT A
FACT SHEET CALLED KNOW BEFORE
YOU OWE.
KNOW BEFORE YOU OWE.
THAT IS SOMETHING MICHELLE AND I
COULD HAVE USED WHEN WE WERE IN
YOUR SHOES.
THEN WHAT WE SAID IS IT IS NOT
ENOUGH JUST TO INCREASE STUDENT
AID.
WE ALSO HAVE TO STOP SUBSIDIZING
SKY ROCKETING TUITION OR WE'LL
RUN OUT OF MONEY SO THE SCHOOLS
THEMSELVES HAVE TO KEEP THEIR
TUITION LOW.
WE CHALLENGED -- SO PE PUT OUT
THE CHALLENGE TO COLLEGES AND
UNIVERSITIES.
I TOLD CONGRESS ATMOSPHERE
FEDERAL AID TO THE SCHOOLS THAT
ARE PROVIDING GOOD VALUE AND
SERVING STUDENTS WELL AND PUT
COLLEGES ON NOTICE IF YOU CAN'T
STOP TU FRIGS SKY ROCKETING, THE
FRUNDING YOU GET FROM TAXPAYERS
IS GOING TO GO DOWN.
WE'RE GOING TO PUT MONEY INTO
THE SCHOOLS DOING A BETTER JOB.
WE'RE GOING TO HOLD SCHOOLS
ACCOUNTABLE.
OF COURSE PUBLIC UNIVERSITIES
LIKE THIS KNOW STATES AND STATE
LEGISLATORS ALSO HAVE TO DO
THEIR PART BY MAKING HIGHER
EDUCATION A HIGHER PRIORITY IN
THEIR BUDGETS.
LAST YEAR OVER 40 STATES CUT
THEIR HIGHER EDUCATION SPENDING.
YEAH, THAT'S NOT GOOD.
THESE BUDGET CUTS ARE ONE OF THE
BIGGEST REASONS WHY TUITION GOES
UP AT PUBLIC COLLEGES AND HAVE
BEEN OVER THE LAST DECADE, SO
WE'RE CHALLENGING STATES, TAKE
RESPONSIBILITY.
IF YOU CAN FIND NEW WAYS TO
BRING DOWN COSTS ON COLLEGE,
MAKE IT EASIER FOR STUDENTS TO
GRADUATE, WE'LL HELP YOU DO IT
AT THE FEDERAL LEVEL.
THAT'S WHAT WE HAVE ALREADY
DONE, HELP MORE FAMILIES, MONTH
MORE YOUNG PEOPLE AFFORD A
HIGHER EDUCATION, OFFER INTENT I
HAVES TO STATES, COLLEGES AND
UNIVERSITIES TO KEEP COSTS DOWN.
THAT'S WHAT WE HAVE BEEN DOING
NOW AND COMES THE TRICKY PART.
WE ARE HAVE TO GET CONGRESS TO
DO THEIR PART.
THAT'S WHERE YOU COME IN.
THERE ARE A COUPLE OF THINGS I
WOULD LIKE CONGRESS TO BE DOING
THIS YEAR.
FIRST, THEY NEED TO EXTEND THE
TUITION TAX CREDIT THAT WE PUT
IN PLACE WHEN I FIRST CAME INTO
OFFICE BECAUSE IT IS SAVING
MIDDLE CLASS FAMILIES THOUSANDS
OF DOLLARS.
THEY GET A TAX BREAK WHEN THEY
ARE HELPING THEIR KIDS GO TO
COLLEGE.
THAT'S IMPORTANT.
SECOND, WE NEED CONGRESS TO SAFE
GUARD AID FOR LOW INCOME
STUDENTS SO THAT TODAY'S
FRESHMAN AND SOPHOMORES KNOW
THEY'RE GOING TO BE ABLE TO
COUNT ON IT.
WE HAVE TO MAKE SURE THE PELL
GRANTS ARE THERE FOR PEOPLE WHO
NEED THEM.
NUMBER THREE, WE HAVE TO GIVE
MORE YOUNG PEOPLE THE CHANCE TO
EARN THEIR WAY THROUGH COLLEGE
BY DOUBLING THE NUMBER OF WORK
STUDY JOBS OVER THE NEXT FIVE
YEARS.
THAT'S AN ACHIEVABLE GOAL.
THEN MOST IMMEDIATELY AND THIS
IS WHERE I REALLY NEED YOU GUYS.
CONGRESS NEEDS TO ACT RIGHT NOW
TO PREVENT INTEREST RATES ON
FEDERAL STUDENT LOANS FROM
SHOOTING UP AND SHAKING YOU
DOWN.
THAT'S WHERE YOU COME IN.
YOU SEE, FIVE YEARS AGO CONGRESS
CUT THE RATES ON FEDERAL STUDENT
LOANS IN HALF.
THAT WAS A GOOD THING TO DO.
BUT ON JULY 1st OF THIS YEAR
WHICH MEANS TWO MONTHS FROM NOW,
THAT RATE CUT WILL EXPIRE.
IF IT EXPIRES, INTEREST RATES ON
THESE LOANS WILL DOUBLE OVER
NIGHT.
FOR EACH YEAR THAT CONGRESS
DOESN'T ACT, THE AVERAGE STUDENT
WITH THESE LOANS WILL RACK UP AN
ADDITIONAL THOUSAND DOLLARS IN
DEBT.
THAT'S BASICALLY $1,000 TAX HIKE
ON 7 MILLION STUDENTS AROUND
AMERICA INCLUDING 250,000
STUDENTS HERE IN IOWA.
LET ME SEE IF I WILL DO A QUICK
POLL.
THIS MAY BE UNSCIENTIFIC.
HOW MANY PEOPLE CAN AFFORD TO
PAY AN EXTRA $1,000 RIGHT NOW?
>> NO.
>> NO.
>> I DON'T THINK SO.
STOPPING THIS FROM HAPPENING
SHOULD BE A NO-BRAINER.
IT MAKES ME SICK JUST THINKING
ABOUT IT.
HELPING MORE YOUNG PEOPLE,
HELPING MORE YOUNG PEOPLE AFFORD
COLLEGE SHOULD BE AT THE FOEFR
FONT OF AMERICA'S AGENDA AND IT
SHOULDN'T BE A REPUBLICAN OR
DEMOCRATIC ISSUE.
THIS IS AN AMERICAN ISSUE.
THE STAFFORD LOANS WE'RE TALKING
ABOUT WERE NAMED AFTER A
REPUBLICAN SENATOR, PELL GRANTS
NAMED AFTER A DEMOCRATIC
SENATOR.
WHEN CONGRESS CUT THESE RATES
FIVE YEARS AGO, THE MAJORITY OF
DEMOCRATS VOTED FOR IT AND 77
REPUBLICANS IN THE HOUSE OF
REPRESENTATIVES VOTED FOR IT,
TOO.
NOW, THE GOOD NEWS IS THE SENATE
INTRODUCED A BILL LAST NIGHT
THAT WOULD KEEP STUDENT LOAN
RATES FROM DOUBLING.
THAT'S THE GOOD NEWS.
WHAT'S ALSO GOOD NEWS IS SOME
REPUBLICANS SENATORS LOOK LIKE
THEY MIGHT SUPPORT IT AND I AM
READY TO WORK WITH THEM TO MAKE
IT HAPPEN.
THAT'S GOOD.
I HAVE GOT TO TELL YOU, THE
REPUBLICANS WHO RUN THE HOUSE OF
REPRESENTATIVES HAVE NOT YET
SAID WHETHER OR NOT THEY WILL
STOP YOUR RATES FROM DOUBLING.
THEY HAVE HINTED THAT THE ONLY
WAY TO DO IT IS IF THEY CUT
THINGS LIKE AID FOR LOW INCOME
STUDENTS.
LET MANY HE SCRATCH MY HEAD
THERE FOR A SECOND.
THINK ABOUT THAT.
WE'RE GOING TO HELP SOME
STUDENTS BY MESSING WITH OTHER
STUDENTS.
THAT'S NOT A GOOD ANSWER.
HOW MANY PEOPLE THINK THAT'S A
GOOD ANSWER?
NO, I DIDN'T THINK SO.
ONE OF THESE MEMBERS OF
CONGRESS, SOMETIMES I LIKE JUST
GETTING THESE QUOTES BECAUSE I
AM ALWAYS INTERESTED IN HOW
FOLKS TALK ABOUT THIS ISSUE.
YOU HAVE GOT ONE MEMBER OF
CONGRESS WHO COMPARED THESE
STUDENT LOANS, I AM NOT KIDDING
HERE, TO A STAGE 3 CANCER OF
SOCIALISM.
STAGE 3 CANCER.
I DON'T KNOW WHERE TO START.
WHAT DO YOU MEAN?
WHAT ARE YOU TALKING ABOUT?
COME ON.
JUST WHEN YOU THINK YOU HEARD IT
ALL IN WASHINGTON, SOMEBODY
COMES UP WITH A NEW WAY TO GO
OFF THE DEEP END.
THEN YOU HAVE THE SPOKESMAN FOR
THE SPEAKER OF THE HOUSE WHO
SAYS WE'RE, MEANING ME, MY
ADMINISTRATION, WE'RE JUST
TALKING ABOUT STUDENT LOANS TO
DISTRACT PEOPLE FROM THE
ECONOMY.
NOW, THINK ABOUT THAT FOR A
SECOND.
THESE GUYS DON'T GET IT.
THIS IS THE ECONOMY.
THIS IS THE ECONOMY.
THIS IS ABOUT YOUR JOB SECURITY.
THIS IS ABOUT YOUR FUTURE.
IF YOU DO WELL, THE ECONOMY DOES
WELL.
THIS IS ABOUT THE ECONOMY.
WHAT ECONOMY ARE THEY TALKING
ABOUT?
YOU ARE THE ECONOMY.
IF YOU HAVE SKILLS, IF YOU HAVE
TALENTS, IF YOU'RE STARTING A
BUSINESS, IF COMPANIES ARE
LOCATING HERE IN IOWA BECAUSE IT
HAS A WELL TRAINED WORKFORCE,
THAT'S THE ECONOMY.
THAT'S HOW WE'RE GOING TO
COMPETE.
MAKING SURE OUR NEXT GENERATION
EARNS THE BEST EDUCATION
POSSIBLE IS EXACTLY AMERICA'S
BUSINESS.
MAKING SURE THAT EDUCATION IS
AVAILABLE TO EVERYBODY AND NOT
JUST THE FEW, THAT IS AMERICA'S
BUSINESS.
OUR FUTURE DEPENDS ON IT.
THEN SOME OF THEM SUGGEST THAT
STUDENTS LIKE YOU HAVE TO PAY
MORE SO WE CAN HELP BRING DOWN
THE DEFICIT.
THINK ABOUT THAT.
THESE ARE THE SAME FOLKS WHO RAN
UP THE DEFICITS FOR THE LAST
DECADE.
THEY VOTED TO KEEP GIVING
BILLIONS OF DOLLARS IN TAXPAYER
SUBSIDIES TO BIG OIL COMPANIES
WHO ARE RAKING IN RECORD
PROFITS.
THEY VOTED TO LET MILLIONAIRES
AND BILLIONAIRES KEEP PAYING
LOWER CLASSES THAN MIDDLE CLASS
WORKERS.
THEY VOTED TO GIVE FOLKS LIKE
ME, THE WEALTHIEST AMERICANS,
AVERAGE TAX CUT OF AT LEAST
$150,000 AND THAT TAX CUT WOULD
BE PAID FOR BY CUTTING THINGS
LIKE EDUCATION AND JOB TRAINING
PROGRAMS THAT GIVE STUDENTS AND
WORKERS OPPORTUNITIES TO GET
WHAT THEY NEED TO SUCCEED.
DOES THAT MAKE ANY SENSE?
DOES THAT SOUND LIKE FOLKS
REALLY CONCERNED WITH THE
DEFICIT?
>> NO.
>> HOW CAN WE WANT TO MAINTAIN
TAX CUTS FOR THE WEALTHIEST
AMERICANS WHO DON'T NEED THEM
AND WEREN'T ASKING FOR THEM?
I DON'T NEED ONE.
I NEEDED HELP BACK WHEN I WAS
YOUR AGE.
I DON'T NEED HELP NOW.
I DON'T NEED THAT EXTRA THOUSAND
DOLLARS OR FEW THOUSAND DOLLARS.
YOU DO.
WE NEED TO MAKE SURE EVERYBODY
PAYS THEIR FAIR SHARE.
HOW CAN WE CONTINUE TO SUBSIDIZE
AN OIL INDUSTRY MAKING RECORD
PROFITS AND INSTEAD OF INVESTING
IN THINGS LIKE CLEAN ENERGY THAT
WILL HELP SHAPE OUR FUTURE?
DO WE WANT TO JACK UP INTEREST
RATES ON MILLIONS OF STUDENTS OR
DO WE WANT TO KEEP INVESTING IN
THE THINGS THAT HELP US IN THE
LONG-TERM, THINGS LIKE EDUCATION
AND SCIENCE AND A STRONG
MILITARY AND CARE FOR OUR
VETERANS BECAUSE WE CAN'T HAVE
IT BOTH WAYS.
WE CAN'T DO ALL THINGS ON THE
CHEAP.
YOU KNOW, ONE THING I WANT TO BE
CLEAR ABOUT.
WHEN I TALK LIKE THIS SOMETIMES
THE OTHER SIDE, THEY GET ALL HOT
AND BOTHERED AND SAY HE IS
GETTING ENGAGING IN CLASS
WARFARE.
THIS ISN'T ABOUT CLASS WARFARE.
WE WANT EVERY AMERICAN TO
SUCCEED.
THAT'S THE POINT.
I WANT ALL OF YOU TO BE RICH.
I WANT ALL OF YOU TO BE
SUCCESSFUL.
WE ASPIRE TO IT.
THAT'S WHAT AMERICANS DO.
WE WORK AND WE HUSTLE.
WE STUDY.
WE TAKE RISKS TO SUCCEED, AND WE
DON'T EXPECT A HANDOUT.
WE ALSO UNDERSTAND WE'RE IN THIS
THING TOGETHER AND AMERICA IS
NOT ABOUT JUST A FEW PEOPLE
DOING WELL.
IT IS ABOUT EVERYBODY HAVING A
CHAN TO DO WELL.
THAT'S WHAT THE AMERICAN DREAM
IS ALL ABOUT.
YOU LOOK AT THIS AUDITORIUM,
EVERYBODY WHO IS HERE.
YOU ARE HERE BECAUSE SOMEBODY
MADE A COMMITMENT TO YOU.
FIRST YOUR PARENTS.
IT WASN'T JUST YOUR PARENTS.
IT WAS THE FOLKS WHO DECIDED,
YOU KNOW WHAT, WE'RE GOING TO
SET UP A PUBLIC UNIVERSITY.
IT WAS THE FOLKS THAT MADE A
DECISION EARLY ON IN THIS
REPUBLIC THAT SAID WE BELIEVE
THAT ALL MEN ARE CREATED EQUAL,
THAT EVERYBODY IS ENDOWED BY
THEIR CREATOR WITH CERTAIN
INALIENABLE RIGHTS.
THOSE WERE COMMITMENTS MADE BY
PREVIOUS GENERATIONS TO FUTURE
GENERATIONS.
SO SOMEBODY HERE HAD A PARENT OR
GRAND PARENT WHO SAID MAYBE I
CAN'T GO TO COLLEGE AND SOME DAY
MY SON CAN.
MAYBE I CAN'T START MY OWN
BUSINESS BUT SOME DAY I CAN
PICTURE MY DAUGHTER STARTING HER
OWN BUSINESS.
MAYBE I AM AN IMMIGRANT, BUT I
BELIEVE THIS IS THE COUNTRY,
THIS IS THE PLACE WHERE NO
MATTER WHO ARE YOU ARE, NO
MATTER WHAT YOU LOOK LIKE, NO
MATTER WHERE YOU COME FROM, NO
MATTER WHAT YOUR LAST NAME IS
YOU CAN MAKE IT IF YOU TRY.
THAT'S WHAT WE BELIEVE.
THAT IS WHAT WE BELIEVE.
YOU AND ME, ALL OF US.
WE'RE ONLY HERE BECAUSE SOMEONE
SOMEWHERE FELT A RESPONSIBILITY
NOT JUST TO THEMSELVES BUT TO
THIS COUNTRY'S FUTURE, AND NOW
IT IS OUR TURN TO BE
RESPONSIBLE.
NOW IT IS OUR TURN TO KEEP THAT
PROMISE ALIVE.
THAT'S WHERE I NEED YOUR HELP.
I AM ASKING EVERYBODY HERE,
ANYBODY WHO IS WATCHING, ANYBODY
WHO IS FOLLOWING ONLINE, SEND
YOUR MEMBER OF CONGRESS A
MESSAGE.
TELL THEM YOU'RE NOT GOING TO
SET YOUR SIGHTS LOWER.
TELL THEM YOU WON'T SETTLE FOR
SOMETHING LESS.
CALL THEM.
E-MAIL THEM.
WRITE ON THEIR FACEBOOK PAGE.
TWEET.
WE HAVE A HASH TAG.
DON'T DOUBLE MY RATE.
DON'T DOUBLE MY RATE.
#DON'TDOUBLEMYRATE.
WE HAVE STUDENTS AT NORTH
CAROLINA AND THEN AT UNIVERSITY
OF COLORADO TO DO THIS
YESTERDAY.
THEY GOT A TRENDING WORLDWIDE
FOR A WHILE.
SEE IF YOU CAN DO EVEN BETTER.
SEE HOW THE CLASS CAN DO.
WE HAVE TO KEEP THE HEAT ON
CONGRESS UNTIL THIS GETS DONE.
I NEED YOUR HELP TO DO IT.
I NEED YOU TO BE HEARD.
I NEED YOU TO BE COUNTED.
NOW IS NOT THE TIME TO DOUBLE
THE INTEREST RATES ON OUR
STUDENT LOANS.
NOW IS NOT THE TIME TO DOUBLE
THE INTEREST RATES.
NOW IS THE TIME TO DOUBLEDOWN
ON STARTING INVESTMENTS THAT
BUILD A STRONG MIDDLE CLASS AND
BUILDING AN AMERICA THAT'S BUILT
TO LAST.
IF WE WORK TOGETHER WITH CLEAR
EYES AND A COMMON PURPOSE, I
GUARANTEE YOU WE WILL MEET OUR
CHALLENGES.
WE WILL RISE TO THIS MOMENT, AND
THE REASON I KNOW THAT IS
BECAUSE I BELIEVE IN YOU.
I BELIEVE IN YOU.
IT IS BECAUSE OF YOU THAT WE
WILL REMIND EVERYBODY JUST WHY
IT IS THAT THIS IS THE GREATEST
NATION ON EFFORT.
THANK YOU, IOWA.
GOD BLESS YOU.