Skip to comments.Obama To Shift Student Debt Burden To Taxpayers
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 ...
Professional educators have already padded their nest with the money.
Yes, the taxpayers.
The real beneficiaries are the anti-Americans in academia.
College is free!
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.
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.
As I’ve said before, one thing I’ll remember about the Obama years will be feeling stupid for working and paying my bills.
Exactly, and (gasp) actually worked while going to college.
(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
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?
Yep, them and most any liberal arts do nothing degree seekers are in hog heaven.
So they can sit outside a tent on a public lawn and beat on a drum.
That’s the executive order 0bummer just signed.
I NEVER got a job from a poor person or college student?
Dang, you’re right, I missed your sarcasm.
Extorting money from taxpayers to give liberals a free ride.
All he has to do is add free condoms, booze, and drugs and he has them for life.
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.
This action is legal for him to undertake where in the Constitution?
I hear you, 0bummer doesn’t give a whit about the Constitution.
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!
I love it too, you’re the first to comment, I LMAO when I read it. LOL!
“College is free!”
I have a grandaughter heading off to college this fall.
Her parents will be delighted to hear this./s
Obama is Kenyan for ‘Tax and Spend Liberal Marxist,’
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.
This is the same setup as the great housing bubble collapse of 2008 - hang on to your wallet....
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.