American Opportunity or Burden?

Credit: Lawrence Jackson, White House Photo

President Barack Obama asked Congress to extend the American Opportunity Tax Credit program that assisted college students with tuition on Wednesday. The program is expiring at the end of the year, but Obama wants to make it permanent. He believes the tax break helps make college educations more affordable for American citizens. Obama also believes that an "education arms race" is taking place around the world, with many countries preparing students to compete for future jobs in the global work force. Obama feels Republicans want to cut government spending, including a 20 percent cut for education funding. However, the program will cost $58 billion over a decade, money that this country does not have.
With the current economy, Americans are already struggling. Most college students need to take out some type of loan out to pay for tuition, meaning they will have to pay it back with interest. The tax credit may help out, but students will have to still pay back a high tuition bill. The tax credit really amounts to nothing helpful in the long run, with the tuition for a four-year study being through the roof at many colleges. So, is it really worth the fuss to make this tax break permanent?

To read about the issue, read: Obama calls on Congress to extend tax break for college students