Posted on 04/24/2019 4:28:17 AM PDT by Kaslin
Presidential contender Elizabeth Warren's strategy is to win the Democratic nomination by promising the most free stuff. Monday, she upped the ante. She's offering a whopping $50,000 student loan forgiveness for nearly everyone who borrowed for college or graduate school. That's old-fashioned Tammany Hall-style bribery -- handing out dollars to buy votes.
Warren's proposal is designed to buy a lot of them. One in 6 American adults are saddled with college debt. It's bigger than credit card debt or auto loans. Magically erasing student debt is Warren's ploy to win over college students, adults in their 20s and 30s struggling with their loans and millions of parents left holding the bag.
Warren's giveaway will cost taxpayers $640 billion. It's a poke in the eye of every assembly line worker, waitress, truck driver and other taxpayer who never got to college because they went to work instead of going into debt. Why should they now have to pay someone else's college loans?
Sure, families swamped with college debts deserve sympathy. But Democrats aren't leveling with them or the public about what's causing this problem.
House Financial Services Chair Maxine Waters tries to pin the blame on the banking industry. When Waters had several banking CEOs appearing before her committee, including JPMorgan Chase's Jamie Dimon and Citigroup's Michael Corbat, she demanded their plan to fix the student loan crisis. After an embarrassing silence, they had to remind her that banks no longer make student loans. The Obama administration took over student lending entirely in 2010.
In Monday's announcement, Warren tried to vilify the federal government for "pushing families that can't afford to pay the outrageous costs of higher education towards taking out loans." There's a sliver of truth to that, because Uncle Sam makes loans to virtually all comers, regardless of their ability to repay the money. But Warren leaves out the biggest culprits, the colleges themselves.
Colleges hike their tuition every year because they can. The feds have been willing to increase loan amounts to match whatever colleges charge. The result? Every dollar loaned inflates tuition by another 60 cents, according to Federal Reserve research.
In this heartless scheme, students are mules, carrying dollars from Washington, D.C., to campuses nationwide. Never mind if they ever graduate or land jobs to pay back their loans.
The more money colleges rake in, the more extravagantly they spend. Federal loans help bankroll exorbitant salaries for college presidents. The University of Louisville's president takes in nearly $4.3 million, while Columbia University's president gets $3.9 million. Awash with money, colleges spend way more on nonteaching staff than on teachers. Six-figure salaries for diversity officers, admissions and financial aid managers and layers on layers of other administrators, all on the gravy train.
Yet these high-priced administrators can't manage to get students to graduate. A shocking 34% of public college students can't make it through a four-year program in six years. They fail, still saddled with loans to repay.
Warren wants taxpayers to forgive up to $50,000 in loans for anyone earning under $100,000 a year, with smaller loan forgiveness for higher earners. That's the wrong idea.
Looking ahead, it would be fairer to require colleges to refund a portion of the loan money to Uncle Sam when a student doesn't make it to graduation. Colleges need to have skin in the game so they'll try harder to get students through the course of study and into the working world.
But don't expect to hear that kind of idea from Warren, herself a college professor and member of the ivory tower establishment. Instead, she's proposing more freebies. She's offering free tuition in all public colleges and universities, partly paid for by federal tax dollars and partly by the states -- a huge unfunded mandate that will hit state taxpayers hard.
Finally, Warren warns that under her free college plan, all public institutions must admit students regardless of their immigration status or criminal record. Democrats are redefining themselves as the party of ex-cons, illegals and voters who want free stuff.
The ‘Rats don’t have a Sanity Clause?
Using her scheme, I (being debt free right now and age 60) could go and take a $50k college loan....spend the money on Vegas or a new RV...and the government would let me off the hook for paying the money back. A lot of people who’ve paid their money back (even Democrats) are going to get furious if they have to finance this government scheme via taxes.
Taxpayer money is just monopoly money to these jackasses.
romney stole health care money/pensions through bain
and expected/deemed citizens to pay up for his theft.
warren is the same. stole the money claiming to be
an indian her family massacred, and then expects
citizens to pay for her evil, too.
And, an MS degree for More of the Same, and.. a Piled Higher and Deeper PHD as well.
Graduate school???
Sounds pretty elitist to me...
> The ‘Rats don’t have a Sanity Clause? <
You can’t fool me. There ain’t no Santity Claus.
Chico Marx
She's old, she's white and boringly corrupt.
Even her own constituents do not favor her in this race of the clowns.
https://www.realclearpolitics.com/epolls/2020/president/ma/massachusetts_democratic_presidential_primary-6786.html
She's in third place behind Biden and Sanders in her own home state, hehehehehe....
Everyone should have to pay for their own edumication just like it used to be. Others should not have to subsidize it.
What about A students that can not afford college, or their parents can not afford to send them to college. Shouldn’t they get some help?
And, already, the (R)N(C) is on the ‘defense’ instead of offense by asking (Whoa, boy, did I step in it now):
By WHAT authority?
Damn, I’m SOooo glad the (R) had the majority to roll back all those ex-Pres Zero illegal edicts\Federalizations /HEAVY-s
I can’t *wait* to hear the laundry-list of promises the (R)N(C) is going to roll out to make ‘em the majority again.
My daughter and her husband paid off $60,000 in student debt in three years. They lived on the bare minimum (rice and beans) to do it. They’ll be pissed if this happens.
Why is NO ONE pointing out that this is a free gift to college students - the more affluent among us - and there is no equivalent free gift to minorities?!?!?!
WHO DON’T/CAN’T GO TO COLLEGE???????
Do community college first. In my county, Dean’s list students get refunded. (Didn’t know that until my kid was on the dean’s List and got a check back)
Scholarships. Billions in scholarships go untapped. One of my sons was on a high school competitive robotics team. The college he ended up going to gave a $20,000 scholarship just for being on a team. He also earned several others.
Get a job. Same son got a job in his field when he was a Junior. It paid his last two years of school. He’s pretty well compensated and is almost debt free in under a year. He shares a rental house with several other guys, drives a 2004 Chevrolet and lives on Mac and Cheese, just like in college.
In all fairness, it was an engineering job and was pretty well compensated.
Get a job, defer school and live cheap for a couple years. Live really cheap.
One of my daughters is taking classes through Unbound.com. They are an online school class aggregator. She’s enrolled through a known university but the classes themselves are through many schools. The cost is dirt cheap.
Most importantly, Don’t go to college looking for a career path or for “the experience”. College should be for people going into hard science type careers.
Explore apprenticeships. The skilled trades pay extremely well and generally have no debt involved. The everyone is going to college scam is a lie and has destroyed the value and honor of skilled trades jobs.
The average tradesman is over 50 and every trade is screaming for technicians.
One of my kids skipped college and got his Commercial Drivers License. He’s on a highway somewhere in Michigan right now. At 19, he’s independent and debt free.
“A” Students with a 28+ ACT or 1300+ SAT scores to back it up can receive scholarships of at least full tuition at many colleges. The higher the scores, the more options out there and the more money out there from the schools themselves.
It’s not particularly original to her.
Many of us have long predicted that the Dems would used a student loan forgiveness scheme to buy ONE election when they needed it most.
The conspiracy theorists among us even think that they may have created the current crushing levels of student debt on purpose for exactly this reason.
Anyone dumb enough to vote for her should be mailed an EW degree for free immediately.
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