(CROSSTALK)

RILEY: immigration and before the state laws passed and before all that illegal immigration --

(CROSSTALK)

GIGOT: OK, but the restrictionists would say it's because of greater enforcement. Do you agree with that?

RILEY: I'm sure that greater enforcement has something to do with fewer illegal -- with, less illegal immigration, no doubt about that. But we also have a poor economy. And we know that most of these are economic migrants coming here in search of jobs. So I think that has also played a role, Paul.

GIGOT: What about the politics of this, Joe, going forward? Let's say the Supreme Court does agree mostly with the state of Arizona. Chuck Schumer, this week, the Democratic Senator from New York, says he would introduce a law that would overturn the Supreme Court decision in the case. What's he up to?

RAGO: Look, I think he's trying to be the majority leader here.

(LAUGHTER)

He's trying to ride this for all it's worth. But you have to understand, the people that oppose this law, they think it's a reign of terror. And they think it's a racial police state. So I think they're really going to do whatever they can to oppose this. And I think that explain the weakness of the Justice Department's argument.

GIGOT: So the Democrats, given their interest groups, feel they have no choice but to fight on this ground, even if it's a loser. Fascinating, politically.

When we come back, lowering student loan interest rates. President Obama is pushing it. Mitt Romney says he supports it. And even some Republicans in Congress are voting for it. So what's not to like? Find out next.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: This country has always made a commitment to put a good education within the reach of all who are willing to work for it. That's what makes us special. That's what made us an economic super power.

(APPLAUSE)

OBAMA: That's what kept us at the forefront of business and science and technology and medicine. And that's a commitment we have to reaffirm today in 2012.

(APPLAUSE)

(END VIDEO CLIP)

GIGOT: That was President Obama hitting the college circuit this week and pitching an idea near and dear to many student hearts. The president is calling on a freeze on interest rates for federally subsidized student loans, set to double from 3.4 to 6.8 percent on July 1st. Mitt Romney thinks it's a good idea and so do many House Republicans. So is it?

We're back with Jason Riley. Also joining the panel, assistant editorial page editor, James Freeman; and Washington columnist, Kim Strassel.

Kim, I'm a simple man.

(LAUGHTER)

Explain the politics of this to me.

KIM STRASSEL, WASHINGTON COLUMNIST: OK, so what you have here is the president basically setting the agenda. He's rolling out a very carefully orchestrated election campaign. He's targeting different groups. A few weeks ago, it was women. This week, it's students. And he's out talking about the student loan issue.

Unfortunately, Mitt Romney is allowing himself to be dragged along on this.

(LAUGHTER)

When the president said he's was for the 3.4 percent rate, Mitt Romney said, I am, too. As a result, he put pressure on House Republicans. So they're now for it, too. And the only question is how we'll pay for it.

GIGOT: Mitt Romney is doing this, why? Because thinks it's a loser if he gets on the wrong side?

STRASSEL: Well, everyone is fighting for the younger person's vote. They obviously were a key part of Barack Obama's victory in 2008. They're not a happy crowd. If you look at the numbers, about 53 percent of the people under the age of 25, with college degrees, are jobless or under employed. There's a battle is going on to see if they can get them to turn out.

GIGOT: We'll give them subsidized loans for four years --

(LAUGHTER)

JAMES FREEMAN, ASSISTANT EDITORIAL PAGE EDITOR: Right.

GIGOT: And you can pay them back with the jobs you're not going to get.

(LAUGHTER)

STRASSEL: That's right.

GIGOT: That's wonderful, wonderful.

Let's look at the substance of this, James. Is this loan idea a good idea, a good policy?

FREEMAN: As you pointed out, it's not going to help anyone who is now looking for work or who is a senior and coming out for work. It's going to offer modest help for other people. But for taxpayers--

(CROSSTALK)

GIGOT: Because it only applies to --