On Monday, two millionaires showed off their latest inequality talking points as Obama used Elizabeth Warren’s student loan bill to bash congressional Republicans.
Good luck indeed. Warren’s bill cynically piggybacks on a lower interest rate plan from last year that the House passed 392 to 31. The Republicans, who only care about oil companies, unlike Obama who doled out billions in Green Energy loans to the companies of his donors, voted for it almost en masse.
Unlike it, Warren’s bill isn’t really about student loans and isn’t meant to pass. Like her Bank on Students Loan Fairness Act, it’s political theater by a lifelong fraud who began her career as a fake Indian, was a fake Republican and is now a fake Socialist. It would be easier to find a garden spot on Mars than a single honest moment in the long career of Elizabeth Ann Herring.
Warren’s bill is cynical manufactured outrage trying to link two unconnected things, supposed tax breaks for the rich to student loans, so that her equally corrupt colleagues can hold on to their fiefdom in the Senate by dragging out the overexploited youth vote for the midterm elections.
Elizabeth Warren, a tenured celebrity professor who jumped into politics, and Barack Obama, an untenured law school instructor, who made it big in politics, know exactly why student loan debt is so high and why their measures do nothing to address its real causes.
Harvard Law paid Warren $350,000 to teach a single course. When Scott Brown brought it up during a debate about student loans, she protested. “I want to talk about the issues. Senator Brown wants to launch attacks.”
But Warren’s outrageous compensation is the issue. Harvard pays the adjuncts who teach many of its undergraduate classes an average of $11,037. Elizabeth Warren, who likes comparing the salary of a company’s employees to its CEO’s, isn’t comparing the $429,981 that Harvard paid her before she ran for office to an adjunct’s salary. And unlike a CEO, all Warren did was show up for a little bit and then go back to her real business as a lawyer and government consultant.
The untenured Obama was making a more modest $69,287 for teaching three courses. He was politically connected, but had yet to become a celebrity. After leaving the White House, he can expect to easily pull down a small fortune for showing up to teach a brief seminar at any college.
The price of celebrity professors is paid for by student loans. The successful celebrity professors go on to a career in politics condemning Republicans for not caring enough about student loans.
But while it’s easy to blame Warren’s ridiculous salary for the student loan problem, we didn’t get to a trillion in student loan debt because of her or Clinton’s former Labor Secretary turned inequality campaigner Robert Reich who pulls in $235,791 a year from a public university at UC-Berkeley to teach a course on “Wealth and Poverty” making him one of the highest paid state employees.