This 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 Obama’s 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! Sky’s 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!!
That is exactly how the system will be gamed.
And the politicians won’t stop bribing the people with their own money until we are Greece on steroids.
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.
“This is typical vote-buying welfare that invites abuse and fraud”
Stupid vote-buying, more like it, since young people, especially college-educated young people, already vote Democrat. Oh, and they don’t vote.
One of the saddest parts about this, is that it is luring a whole new demographic into the dependency/entitlement populations. People who otherwise would have made their way in life with some self-respect, without the bribery to vote dem.