Interesting.
And there you have it!
Obama is a lying sack of zhit as usual. the fools worshipp his hineyness.
“As an increasing number of Americans borrow money directly from the U.S. Treasury for finance college”
Correction - the loans don’t finance college. They finance a lifestyle. College is only the pretense for teh transfer of money.
Most students live off of the loans - rent, food, utilities, etc. Its become a tool for young single moms, to supplement their income (I’ve seen this happen).
The schools encourage this. They tell the students that paying for living expenses is part of the cost of education, so borrow to the max. (btw, I know a person who has actually maxed out the Stafford loan program...add in private loans, she’s up to $250k...unreal).
And we never get paid back. These things are subsidized right out of the gate. The woman with the $250k in loans - she’s been at it for 6 years, and hasn’t paid back a penny yet. Even if she does pay these back on schedule (highly unlikely), the interest will never cover the lost time value of that money.
Student loans are the new credit card. But there’s a twist - most students feel no guilt or shame about their debt....and many will have no reservations about not paying them back, demanding the government forgive them, etc.
This 'investment' as the kenyan marxist calls it is not an investment in creating entrepreneurs or promoting individual success and wealth creation it is an investment in collectivist bondage and government tyranny that pumps out useful idiot indentured servant 'workers' to serve the collective...
“It affords borrowers who experience prolonged periods of low income the prospect of debt forgiveness.”
You can’t get more liberal than that.Only $588.048 billion more in debt by the debt maker.
While we often call progressives “stupid” they actually are very cunning.
The big education cycle transfers huge amounts of borrowed money to colleges who pay inflated salaries to legions of admins and profs who donate heavily to Democrats.
That’s why this won’t be changing anytime soon.
big education and big labor are more dangerous than big oil and big tobacco.