Skip to comments.Obama Taps Taxpayers For Student Stimulus
Posted on 10/26/2011 6:23:41 PM PDT by magellan
In keeping with his new campaign theme of "we can't wait," President Obama today will roll out a plan to put more money in the pockets of some of the nation's 36 million student loan recipients.
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.
(Excerpt) Read more at foxnews.com ...
Ah, yes. The “I gotta go” slogan.
Cloward-Piven on overdrive.
The local mechanic, lawn guy, seamstress and retail clerk will be paying the taxes to carry the load for Ivy League college moochers.
If this happens, I’m out of here. The country, I mean.
Saw on the news tonight that those poor kids are victums, like the rest of the rats.
I'm not so sure we can unseat O in 2012, if he keeps piling up the "victums" in our "society".
The question is: Will she do a nasty on the White House lawn?
The student loan program that King Obama announced this week is typical vote-buying welfare that invites abuse and fraud.
True story. I struck up a conversation with a woman in an airport while waiting for a flight. The economy and the plight of recent college graduates came up. She openly (without a hint of shame) told to me how her daughter plans to take advantage of Sugar-Daddy Obamas generosity.
Her daughter is majoring in a graphic design program at an expensive CA university and already has $56,000 in student loans.
Realizing that the labor market is depressed, instead of graduating, she is staying in school and living off student loans as long as she can. Which is what millions of others will do too.
She has no incentive whatsoever to limit how much debt she racks-up. She knows that she will not be held accountable to pay it back. Why stop at $56,000? $100,000! $150,000! $200,000! Skys the limit when you are spending free money!
After 20 years of repaying not much if any of her student loans, her debt will be forgiven.
How neat! Like free money or something!!
She added insult to injury by telling me that in her daughters line of work, many times she will be paid cash or on a 1099/self-employed basis.
So, since her daughter doesnt plan to show much income tax on her tax returns anyway, the 10% of discretionary income will be practically 0. She plans to pay back almost ZERO!!
I shudder to think that we already have $1 trillion in student loan debt. With a government give-away like this one, we could easily double that to $2 trillion. What happens when the govt has to start forgiving 100s of billions in dollars in student loan debt?
Who pays for it? The money was spent. Somebody expected to get paid back. Who loses and/or who pays it if not the student?
That is exactly how the system will be gamed.
Those brainwashed kids standing behind Obama and cheering in front of him have idea how quickly he is destroying their country. So sad.
Easy, cheap, government-guaranteed money caused the housing bubble. Now it has caused a higher education bubble.
This is the vote-buying politicians way to keep the bubble inflated and keep the money flowing to one of their best mouth-pieces... liberal professors.
And the politicians wont stop bribing the people with their own money until we are Greece on steroids.
I am profoundly sad to say that this woman was NOT an Obama-supporting liberal.
That is what happens when a country goes Socialist.
Everyone takes as much as they can, until there is nothing left to take.
As Prof. Alexander Frazer Tytler supposedely said back in the 1800s (paraphrasing): A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largesse out of the public treasury. From that moment on the majority always vote for the candidate promising the most benefits from the treasury with the result that democracy always collpases over a loose fiscal policy, always to be followed by a dictatorship.
That describes Greece today. It could very well be America soon.
So you paid off your your student loans too? Now we both can feel like chumps
SOOOOOO, if you owe the government, for a college loan, and can pay back at 10%, why can’t a person who owes the IRS, pay 10% back. Will he bail us out too?
“The local mechanic, lawn guy, seamstress and retail clerk will be paying the taxes to carry the load for Ivy League college moochers.”
Well, that seems fair, because they themselves will all have degrees in Comparative Cultural Studies, MTV History and Womyns Studies, respectively.
It makes me sick!
A 200,000 student loan is, lately, higher than the price of a new home.
So, taking Obama’s logic for forgiveness of student loans, why not apply it to home mortgages?
Why not just pay a tiny fraction of the mortgage, and after 10 or 20 years, it’s paid for, and whatever balance was owed to the bank, is, well, a sacrifice to keep people above water.
But, why not take the whole loan(s) situation a bit further and... not even have them. Why not just give everything away, for free. Free student “loans”, free mortgages, free car loans, free food, free transportation, free cable plans, free vacations, free everything! After all, all of those have a tendency of eating into people’s earnings, and, even worse, some people won’t be able to pay for them. So, just get rid of having to pay for anything. Having to pay for anything is so... what do you call it?... evil capitalism!
” - - - one of his early legislative initiatives was to have the federal government take over the student lending business in America. - - - “
By “taking over,” (which illegally reduced competition), Obama became a criminal for violating the 1890 Sherman Anti-Trust Law.
Impeachment of Obama at that time would have saved America from his destructive spending for then on.
The gutless RINO Congressmen and women are equally responsible for Obama’s criminal actions because Congress is the primary Check and Balance on the Presidency as designed by our Founders.
By failing to stop an arrogant, lunatic, debt-greedy, Chief Executive, the current Congressmen and women thus became the enablers to Spendaholic Obama.
America will probably learn too late, that it is the constant tweaking, the constant adjusting the constant stimulating that is causing investors to GAME THE SYSTEM, so that no one wins. Just stay out of it, and let the laws of choice and consequence take their toll. People who sign contracts are bound by the law.
Same here. Paid as I went along so I didn’t take any. Boy was I silly!
The “LAW” (at this time) is defined by Eric Holder. He literly decides what the law is and is not.
Who needs a Congress when everything HE wants to do is done by Executive Order.
They are splitting the country along another line. Soon they will have us all broken down into different classes that have been "screwed by X" when the reality is we are all being screwed by a failing government.
Due to the lack of a severability clause in the Obama Care legislation everything associated with it gets nullified. Since the Student Loan legislation was a rider on that legislation, it dies along with Obama care. So the law Obama is using as a pretext to rule by decree is actually null and void because it died along with Obama Care.
He does not have the legal means to do what he is trying to do because the Legislation which would allow him to do so is no longer in effect
This is a way to pander to thw OWS crowd without overtly saying he backs them (Dem pollsters are telling Obama not to openly side with OWS).
This insane clown’s actions require he be impeached or arrested and taken to trial for attempted slaughter of our nation, corruption, and p*ssing all over our constitution every day for 3 years now! OMG God help us.
I am on strike as of this moment.
I am not going to sit idly by when I have to pay for stupid 18 year old
loan forgiveness after 10 years?, capped at 10% of income.
Using the federal government (ME) I am paying for this.
When we have 1.5 trillion in deficit, social security is blanked,
Medicare is insolvent. You already promised everyone and raped
me with the withholding taxes.
You will not rape me anymore without a fight.
I am maxing out my tax deductions (what little i have)
It’s the responsible honest people against Obama and his merry band
of freeloaders, unions, thugs and Marxists.
WHich side are you on?
” - - - Since the Student Loan legislation was a rider on that legislation, it dies along with Obama care. - - - “
Thanks for your explanation! I had forgotten that the SLP was a rider to obama”care.”
If what you say can be effected in Law by Congress, and/or THE NINE SUPREMES, then I may have to finally change my tagline.
Until then, you and I know the truth, but the truth has not yet been absorbed by our leaders in the District of Corruption.
OWS - Obamas Wealth Spreaders
This just feeds one of the problems that has lead to the OWS crap - telling everyone that not only should EVERYONE go to college, but that it is a RIGHT that should be PAID FOR by OTHERS.
BS - all of it. How come there are “jobs Americans won’t do”??? Because kids have been brainwashed that some jobs are “below them”. Further - this is supported by paying folks NOT to work...
What ever happened to going to High School, then getting out and finding a job, working your way up through hard work and showing initiative (and good judgment) - and one day “living the American Dream”? This is still completely possible - but HARD WORK is no longer part of the American vernacular... its taboo.
Obama MUST be stopped. His end-runs around the Constitution clearly represent impeachable offenses - yet the do-nothing Congress along with the Dem/Traitor-controlled Senate won’t do anything. But I would expect little more from the Republicans who don’t have the stomach for following rules, the law, and the Constitution themselves.
I had some student loans from when I works for my undergrad degree. One that was a Federally- guaranteed loan. Interest rate was fixed when I took out the loan, then I repaid the loan at a fixed, pre-determined monthly amount per $1000 borrowed. I went through some hard financial times in my early post-college years - but I darned-well had to make those payments - and I did. Now we are going to lower the bar? Borrow amounts your butt cannot repay (due to your own worthless stupidity, bad choice of majors, or you are unemployable because you are an idiot) - and the taxpayers are back on the hook?
I hear so much whining about the skyrocketing cost of a “college education” - could it be because of the sense of entitlement that comes from the lies being told to students that they “need” to go to college, plus the growing pool of grants and scholarships with little to no academic basis, and the growing sense of entitlement? When its spending other people’s money - why not everyone go to college?
Just like what happens when health care is “provided” - utilization goes way up. When people bear little or no portion of the cost, people use it more.
Better start packing and making arrangements for where you are moving to - cause it IS happening.
And even if Repubs can somehow overcome all the millions of bought votes (with taxpayer $) and get the majority in BOTH houses of CONgress plus the White House - they won't have the guts to undo this program. That's why previous Repub opportunities for REAL entitlement reforms went without action. You see - any talk (much less action) about reforming such programs = "racist", "wanna kill grandma", "unfair", and did I mention "racist"... get thrown around, and the Yellow-Spine Syndrome kicks in.
“So you paid off your your student loans too?”
No...worked through school. At the time, it was possible to do this. Because of the ridiculous inflation of tuition, this is now essentially impossible. Tuition inflation happened for the same reasons that the cost of medical care has skyrocketed - “someone else paying for it” distorted everything.
All very true.
I am surprised we didn’t see this coming. We all knew European style socialism was the model American progressives aspire to, and higher education is free in much of Europe. Student loans that will never be paid back is simply the sleazy, backdoor, OBAMA way of doing it. None of that inconvenient debate in Congress, just a simple Executive Order. If he gets away with usurping the legislative function of Congress and they don’t impeach him, the Republic is over and the Dictatorship has arrived.
So do more of it! Brilliant!
A White House official responds to Power Play, saying that the president's student loan action will "almost certainly reduce" deficit spending
Yeah, and unicorns will dance across the plains. What is this, like the thousandth time they've promised deficit reduction from their stupid plans?
It would seem to me a person like that would have to live off grid to get away with it. They aren't going to have access to any more credit unless they show supporting income. They aren't going to be able to get a house loan. If you go out and buy a new car with cash, that is reported to the credit reporting agencies and to the feds..