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Obama To Shift Student Debt Burden To Taxpayers
Investors.com ^ | June 10, 2014 | IBD Editorial

Posted on 06/10/2014 4:18:33 PM PDT by jazusamo

Entitlements: President Obama's working feverishly with Senate Democrats to build political pressure to force taxpayers to pay for mounting student debt with loan forgiveness schemes. Hold on to your wallets.

This week, Obama signed an executive order capping the payments that millions of student borrowers make on their school debt at 10% of their income, no matter how much they owe. After 10 years, their debts are entirely forgiven if they work for the government or a nonprofit.

The plan would cost more than $7 billion in the first year alone. And later this week, Senate Majority Leader Harry Reid plans to hold a vote on an Obama-endorsed bill that could shift to taxpayers the burden of hundreds of billions more in federal and private student debt.

Sponsored by Sen. Elizabeth Warren, D-Leningrad, the student-debt refinancing scheme amounts to a $58 billion subsidy of student loan debt over a decade.

Naturally, Obama endorses the bill, arguing it would be paid for with a "millionaire's tax." In true class-warrior form, he called on voters to watch how those millionaire-loving Republicans vote on the bill.

"I want Americans to pay attention to see where their lawmakers' priorities lie here: lower tax bills for millionaires or lower student-loan bills for the middle class?" Obama said. "This should be a no-brainer."

He's right about that — it certainly lacks intelligence.

(Excerpt) Read more at news.investors.com ...


TOPICS: Crime/Corruption; Culture/Society; News/Current Events
KEYWORDS: freetuition; obama; studentloans; warren
0bama and Warren's giveaway should make Dreamers (illegal aliens) ecstatic if passed.
1 posted on 06/10/2014 4:18:33 PM PDT by jazusamo
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To: jazusamo

Professional educators have already padded their nest with the money.


2 posted on 06/10/2014 4:23:19 PM PDT by freerepublicchat
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To: jazusamo

Yes, the taxpayers.

The real beneficiaries are the anti-Americans in academia.

College is free!


3 posted on 06/10/2014 4:23:38 PM PDT by IncPen (None of this would be happening if John Boehner were alive...)
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To: jazusamo

Just add it to the tab, geez.

The people who are really screwed are those who choose not to go to college because they could not afford it and could not afford to go into debt.

Many young people would have taken that deal if it had been offered to them up front, but instead they did the honorable thing and didn’t go into debt, or took much smaller loans + pay-as-you-go when meant they spent years longer getting their degree. Some of them probably gave up because the financial struggle was too great ... but they could have taken the loans and basically had them forgiven.


4 posted on 06/10/2014 4:24:57 PM PDT by Lorianne (fedgov, taxporkmoney)
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To: jazusamo
Tax increases of some sort are inevitable.

Let's make sure they hit democrats hardest: higher taxes on the entertainment industry, no deductions for state and local taxes, and no tax exemptions for public universities.

5 posted on 06/10/2014 4:25:17 PM PDT by freerepublicchat
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To: jazusamo

As I’ve said before, one thing I’ll remember about the Obama years will be feeling stupid for working and paying my bills.


6 posted on 06/10/2014 4:26:17 PM PDT by TwelveOfTwenty (See my home page for some of my answers to the left's talking points.)
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To: Lorianne

Exactly, and (gasp) actually worked while going to college.


7 posted on 06/10/2014 4:30:21 PM PDT by jazusamo (Sometimes I think that this is an era when sanity has become controversial: Thomas Sowell)
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To: jazusamo
the angry lesbian transsexual gender studies things must be ecstatic...
8 posted on 06/10/2014 4:33:20 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -vvv- NO Pity for the LAZY - 86-44)
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To: jazusamo

(executive order capping payments at 10% of their income, no matter how much they owe. After 10 years, their debts are entirely forgiven if they work for the government or a nonprofit.)

I thought this was already the case


9 posted on 06/10/2014 4:35:42 PM PDT by Java4Jay (The evils of government are directly proportional to the tolerance of the people.)
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To: jazusamo

I paid off my student loan ... it took me 6 years! But it was paid off in full when I was 6 years out of college. A proud day for me. I paid mine, why do I have to pay somebody else’s?


10 posted on 06/10/2014 4:36:25 PM PDT by ThePatriotsFlag ("There never was a democracy yet that did not commit suicide." - Thomas Jefferson)
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To: Chode

Yep, them and most any liberal arts do nothing degree seekers are in hog heaven.


11 posted on 06/10/2014 4:38:46 PM PDT by jazusamo (Sometimes I think that this is an era when sanity has become controversial: Thomas Sowell)
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To: ThePatriotsFlag
why do I have to pay somebody else’s?

So they can sit outside a tent on a public lawn and beat on a drum.

12 posted on 06/10/2014 4:39:09 PM PDT by UCANSEE2 (Lost my tagline on Flight MH370. Sorry for the inconvenience.)
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To: Java4Jay

That’s the executive order 0bummer just signed.


13 posted on 06/10/2014 4:39:56 PM PDT by jazusamo (Sometimes I think that this is an era when sanity has become controversial: Thomas Sowell)
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To: jazusamo

I NEVER got a job from a poor person or college student?


14 posted on 06/10/2014 4:41:24 PM PDT by bicyclerepair (The zombies here elected alcee hastings. TERM LIMITS ... TERM LIMITS)
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To: Java4Jay

Dang, you’re right, I missed your sarcasm.


15 posted on 06/10/2014 4:41:35 PM PDT by jazusamo (Sometimes I think that this is an era when sanity has become controversial: Thomas Sowell)
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To: jazusamo

Extorting money from taxpayers to give liberals a free ride.


16 posted on 06/10/2014 4:43:30 PM PDT by Iron Munro (The Obamas' Black skin has morphed into Teflon thanks to the Obama Media)
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To: jazusamo

All he has to do is add free condoms, booze, and drugs and he has them for life.


17 posted on 06/10/2014 4:44:53 PM PDT by Blood of Tyrants (Haven't you lost enough freedoms? Support an end to the WOD now.)
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To: jazusamo

As if there aren’t enough non-profits already, expect to see a boom in that sector. Hell, I could found one, hire kids at internship income rates to keep down their loan repayments.


18 posted on 06/10/2014 4:47:10 PM PDT by EDINVA
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To: jazusamo

This action is legal for him to undertake where in the Constitution?


19 posted on 06/10/2014 4:54:17 PM PDT by Rodentking (There is no God but Yahweh and Moses is his prophet - http://www.airpower.blogspot.com/)
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To: Rodentking

I hear you, 0bummer doesn’t give a whit about the Constitution.


20 posted on 06/10/2014 5:00:08 PM PDT by jazusamo (Sometimes I think that this is an era when sanity has become controversial: Thomas Sowell)
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To: jazusamo
Sponsored by Sen. Elizabeth Warren, D-Leningrad,

Love it! Thought the FR poster had taken some appropriate editorial liberty in correctly identifying the true domicile of this Lizzie nutjob. Actually the IBD editorial writer knocked Lie-A-watha right out of the park with the D-Leningrad!

21 posted on 06/10/2014 5:02:08 PM PDT by Prov1322 (Enjoy my wife's incredible artwork at www.watercolorARTwork.com! (This space no longer for rent))
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To: Prov1322

I love it too, you’re the first to comment, I LMAO when I read it. LOL!


22 posted on 06/10/2014 5:05:32 PM PDT by jazusamo (Sometimes I think that this is an era when sanity has become controversial: Thomas Sowell)
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To: IncPen

“College is free!”

I have a grandaughter heading off to college this fall.

Her parents will be delighted to hear this./s

.


23 posted on 06/10/2014 5:07:44 PM PDT by Mears (give me a break!)
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To: jazusamo

Obama is Kenyan for ‘Tax and Spend Liberal Marxist,’


24 posted on 06/10/2014 5:25:03 PM PDT by ExCTCitizen (I'm ExCTCitizen and I approve this reply. If it does offend Libs, I'm NOT sorry...)
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To: Lorianne

Put three kids through college and only one had any debt. (Ohio Northern University PharmD grad, there was little scholarships available after 5 years) But they’re all debt free now.
Imagine how we feel being asked to cover the costs of students who were uninformed, stupid or lazy.
I believe in helping those who are helpless. I will rail against assistance for the clueless. I am not a martyr.


25 posted on 06/10/2014 7:06:54 PM PDT by griswold3 (I was born heI're in America. I will die here in a third world country. Obama succeeded.)
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To: jazusamo

This is the same setup as the great housing bubble collapse of 2008 - hang on to your wallet....


26 posted on 06/10/2014 9:01:32 PM PDT by Intolerant in NJ
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To: ThePatriotsFlag
I paid mine, why do I have to pay somebody else’s?

Yup, I worked my way through school, too. Now I have to foot the bill for someone who got into tens of thousands of dollars into debt for a feel good degree in womyn's or homosexual studies and, surprise, can't find a job.

Of course, the students who are bailed out won't have to forfeit their degrees, so they get to have their cake and eat it too.

27 posted on 06/11/2014 3:50:06 AM PDT by TwelveOfTwenty (See my home page for some of my answers to the left's talking points.)
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