After departing the “Change We Need Rally with Joe Biden” in Springfield on Friday, in a rally that drew 3,000 supporters, Vice Presidential Nominee Joe Biden sat down, took a breath and explained the details of Barack Obama’s plan to keep access to higher-education available for low-income students and families.
Because of the ongoing economic crisis and the lack of liquidity foreseen by banks, Biden said, students are wondering whether they still will have access to loans with both private and government loan programs.
Biden said the immediate “rescue (bailout) package” Congress approved gave the Secretary of the Treasury the authority to put together a plan to buy equity shares in banks — essentially resulting in taxpayers owning a piece of the bank— and ultimately putting money back into the banks that are suffering from a lack of liquidity (cash).
“It’s really in the national interest — any country that out educates us is going to out compete us,” Biden said.
Additionally, Biden explained, “Barack and I have three things that we provide:
“One — making sure money is available to banking institutions that are now lending money or that have lent money to students to go to college.  Those students who worried about borrowing money from a private bank, they’re going to be OK.
“And for students with families earning less than $50,000, they are able to get a Pell Grant for up to $4,200.  We want to see the grant increased.
“Two — offer families a significant, refundable, $4,000 tax credit.  To be honest, we’re not going to be able to get that passed in time for January, but we’ll get it passed in time for the following calendar year for school, next September.
“Every single family who has a child in college will get a $4,000 refundable tax credit.  If they have a federal tax bill of $4,000, they will pay nothing.  If they owe the federal government $3,000 in taxes, they’ll get an actual check for $1,000 that they can use for tuition.
“Three — making sure alternative domestic service is available.  We’re going to take the essence of what already exists in the GI Bill — that you get education paid for if you serve so many months or years in the military, and we’re going to broaden the definition of national service that also includes serving in underserved communities, like the Teach for America Program, or working in rural America, depressed schools and senior centers.
“We’re going to make a deal with students that if you give of your time, in terms of service that’s measureable and real, and not just showing up and volunteering once in a while, but actually doing something that’s equivalent to a domestic Peace Corps, then we will pay for your college education,” Biden said.
While the main focus of Biden’s interview with the Rolla Daily News centered upon financial aid and funding for college students, he did answer a question regarding his experience and qualifications.
“One of the reasons Barack asked me to be with him is because I do have a record on foreign policy, national security issues, on issues relating to law enforcement.  He’s made it clear that I’m one of the people, when he’s making some of these tough decisions, he’s going to turn to and ask my advice.
“My record has been pretty good, particulary in my ability to reach across the aisle and actually get things done.
“I drafted the Crime Bill, which was very controversial and put 100,000 cops on the street.  I drafted the Violence Against Women Act, which was very controversial but got bi-partisan support.  Even John McCain would acknowledge I have a lot of respect from people on both sides of the aisle.
“I understand how the House and Senate work very well.  The bottom line is, whomever gets elected president next time out, regardless of what his or her policies are, they’re going to have to go up to Capitol Hill to get them passed.  I think that’s one real advantage I bring to this equation,” Biden said.