Posted on 10/27/2011 7:49:37 PM PDT by South40
ST. PAUL, Minn. (AP) — Republican presidential candidates Michele Bachmann criticized a directive by President Barack Obama to ease student loan debt as an "abuse of power" that will give people incentive to dodge debt.
The candidates reacted Thursday to a decision Obama announced a day earlier to cap required payments for some college loan borrowers at a lower percentage of their income and forgive payments for others after 20 years. He used executive authority to accelerate a law that wasn't supposed to go into effect until 2014.
"I believe it is abuse of power from the executive to impose via an executive order a wholesale change in the student loan," Bachmann, a Minnesota congresswoman, said during an education forum in New York put on by The College Board and News Corp.
(Excerpt) Read more at news.yahoo.com ...
The few times that I have heard this new scam being reported, the writer or newsperson says that the remaining debt will be forgiven after 20 years. However, they never report about who pays the remaining balance.
Herman Cain on student loans
http://www.politico.com/news/stories/1011/67035.html#.TqnfwANS24U.twitter
Bachmann and Cain are correct.
Everything Obama has done has been about wealth redistribution or the shipment of wealth out of the country.
Just this morning I saw a story about a russian owned Detroit steel plant getting hundreds of millions of dollars which immediately went to russia rather than creating jobs here.
True enough. But what makes this most egregious is he did it with an EO.
At one time in my life I owed over $50k in student loans and I paid back every cent. This is just wrong.
FUBO!
It is puzzling....if the media reported this via a Wal-Mart business concept...they’d naturally explain how you borrowed $100k from Wal-Mart to buy everything you needed for your house, your farm, your vacation cottage, etc. Then they’d explain how you paid back $1500 a year. Then they’d explain how you owed $60k at the twenty year point when all debt was forgiven, and proudly proclaim Wal-Mart a business failure for losing such a huge sum of money. In this case....everyone gazes foolishly into the camera, and just can’t bear to discuss this matter.
Another thing to consider here...since this is free cash. Why don’t we all quit our jobs, run up to the government and procure $100k in student loans for a nifty education at a California or Florida university. It needs to be in a warm place, loaded with lots of pizza and beer (which we’d use the $100k to pay), and we’d live high on the hog....pretending to study for four years, and just burn the money up. At the end of four years of great wicked fun for forty and fifty year old guys....we’d return home....get a job with Piggly Wiggly loading shelves for the remainder of our life and just mark the four years as a free gift of the government. In twenty years...they’d forgive the loan, and we’d sit on the porch in our old ages....talking about those four brief and fantastic years at UCLA, with all the beer and pizza. Man, that would be a fantastic dream.....and I could actually get a degree in cow-studies or French literature.
The curious part to this entire episode....just like the health care episode....the root of the cost issue...was never discussed. Why you need to pay $100k for a college degree....has yet to be explained.
Student loans are used for more than college tuition and books. One of the reasons the size of student loans has increased so much and so quickly is that people have found out they can be used to purchase cars, pay living expenses, pay for foreign vacations, etc. and they are a better deal than other types of loans because of the lower interest rates and the longer payback periods allowed.
- And they are an even better now!
Once this Obama program goes into effect watch for the volume and amount of student loans to skyrocket. Why get a car financed when you can buy one on student loan money and never have to pay it off?
I've been thinking of this very thing. Me and some coworkers were discussing it today. The Democrats seized the student loan program as means of bailing out lefty universities. That's all this is really about. If people actually had to pay their debt, they would have eventually begun realizing what a scam most of these colleges have become - with bloated tenured professor salaries, etc. By making it a full government program, they can hand out billions upon billions of dollars for students to fork over to liberal universities - and then just forgive the debt later. Result, liberal Democrat institutions become fatter and fatter on the tax payer dime - which furthers the lefts goal of keeping their propaganda houses in operation at our expense.
It's worth watching, if you're able. I saw the stream at FoxNews.
The candidates came on one at a time, offered an opening statement and took questions from the panel on K-12 and college education.
Santorum focused on home schooling which his wife does as well the role of parents as first educators.
Bachmann focused on the numbers, LBJ's TItle 1, W's NCLB and charter schooling.
Newt focused on competition and costs as well as the impediment teacher unions are to reform; he posted a related handout online.
Cain took a more general approach of reducing federal strings and moving toward block grants. He wasn't ready to say what changes he'd make in the Dept. of Ed. but would draw ideas from local districts as to what would be most useful to them as a national-level resource.
One member of the questioning panel, Joel Klein, seemed hostile to local control. A Democrat, he was in charge of NY City schools and openly praised Obama's Education Secretary and "Race to the Top."
Maybe Obama can enlighten us about his College loan and How he managed to pay it back,to sort of inspire the Young Skulls Full of Mush
Thanx for the interesting summation in Post No 10.
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