On the same day the Republican/Tea Party-controlled U.S. House approved a bill to maintain low interest rates for Stafford student loans by slashing funds from President’s Obama health care law, Mitt Romney had some advice for students who want to start a business: borrow money from your parents.
“We’ve always encouraged young people: take a shot, go for it, take a risk, get the education, borrow money if you have to from your parents, start a business,” Romney said today before a group of (utterly enthralled) students at Otterbein University in Ohio:
Romney told the story of his friend, Jimmy John Liautaud, who started Jimmy John’s Gourmet Sandwiches in 1983 by borrowing $20,000 (some sources cite $25,000) from his parents.
So Romney’s solution is ask your billionaire parents for money because we all have those, right?
By the way, you now need $80,000 to open a Jimmy John’s Gourmet Sandwiches franchise.
Just for fun, go ask mom and dad if you can borrow that kind of money from them and let us know what they said.
Ed will have a lot to say about this tonight on The Ed Show at 8pET on msnbc!