Skip to comments.Obama Taps Taxpayers For Student Stimulus [ Honk if I paid for your Hispanic Transgender B.A. ]
Posted on 10/26/2011 9:01:14 AM PDT by NoLibZone
Obama Looks to Wring Stimulus From Saturated Student Loan Market
-- Estimated amount of student loan debt owed by Americans.
In keeping with his new campaign theme of we cant wait, President Obama today will roll out a plan to put more money in the pockets of some of the nations 36 million student loan recipients.
Obama has broad latitude in this area certainly broader than the first two parts of his western campaign trip, underwater mortgages and subsidies for hiring veterans because one of his early legislative initiatives was to have the federal government take over the student lending business in America.
(Excerpt) Read more at foxnews.com ...
You get the prize for the funniest add-on byline so far this week.
The circle is complete.
The union owned schools create kids who seek liberal arts degrees.
The Union Corps ensure the costs of those degrees out pace inflation by a factor of over 200%.
The Unions get the Company store owned Democrats to have taxpayers pay for those liberal arts degrees.
Absurdity to the Nth power.
The students are just an incidental political tool of convenience. This is really a full-employment program for marxist university professors and administrators at the taxpayers’ expense. Doing for surplus academics what he’s already done for the UAW.
Wiser people of other generations have told us the market stabilizes better when there isn’t so much tweaking, correcting and bumping. People start GAMING the system, anticipating what move they will make in Washington, and not watching what the market itself is doing. I wish that the politicians would leave alone, the kids SIGNED a contract, they need to pay It’s a hard lesson. But people need to know that they’ll pay for what they commit to pay, and not let them off the hook with more funny money... which hurts all.
So this is why he took over loans, so he could come back and, as Drudge says, be the Candyman?! Limit the payback amount and duration of loan. Another “chosen” group....
Take this example: If Suzy Creamcheese gets into George Washington University and borrows from the government the requisite $212,000 to obtain an undergraduate degree, her repayment schedule will be based on what she earns. If Suzy opts to heed the presidents call for public service, and takes a job as a city social worker earning $25,000, her payments would be limited to $1,411 a year after the $10,890 of poverty-level income is subtracted from her total exposure.
Twenty years at that rate would have taxpayers recoup only $28,220 of their $212,000 loan to Suzy.
The president will also allow student debtors to refinance and consolidate loans on more favorable terms, further decreasing the payoff for taxpayers.