mg height=50 src="http://img.photobucket.com/albums/v253/chode6/chode2.gif"> That's the plan.
Massive Amounts of New Debt on the poor taxpayers, all for votes with no care about what happens after re-election.
The student loan program that King Obama announced this week 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!!
She added insult to injury by telling me that in her daughter’s line of work, many times she will be paid cash or on a 1099/self-employed basis.
So, since her daughter doesn’t plan to show much income tax on her tax returns anyway, the 10% of discretionary income will be practically 0. She plans to pay back almost ZERO!!
I shudder to think that we already have $1 trillion in student loan debt. With a government give-away like this one, we could easily double that to $2 trillion. What happens when the gov’t has to start forgiving 100s of billions in dollars in student loan debt?
Who pays for it? The money was spent. Somebody expected to get paid back. Who loses and/or who pays it if not the student?
That is exactly how the system will be gamed.
Those brainwashed kids standing behind Obama and cheering in front of him have idea how quickly he is destroying their country. 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.
And the politicians won’t stop bribing the people with their own money until we are Greece on steroids.
I am profoundly sad to say that this woman was NOT an Obama-supporting liberal.
That is what happens when a country goes Socialist.
Everyone takes as much as they can, until there is nothing left to take.
As Prof. Alexander Frazer Tytler supposedely said back in the 1800’s (paraphrasing): A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largesse out of the public treasury. From that moment on the majority always vote for the candidate promising the most benefits from the treasury with the result that democracy always collpases over a loose fiscal policy, always to be followed by a dictatorship.
That describes Greece today. It could very well be America soon.
mg height=50 src="http://img.photobucket.com/albums/v253/chode6/chode2.gif">Crisis or bribe.
No, it's America's next crisis.
This is why I think Obama has ‘created’ this ‘crisis’ at OWS. He needed another one so the students would vote for him. Have you noticed his campaign stops? Universities. Even BEFORE OWS. Same with the black community, the MLK ceremony, and the hiring of Al Sharpton at PMSLSD, and the Maxine Watersssss attack on the Tea Party.
EVERYTHING is contrived. Everything.
Obama has one solution to all problems: More free sh** for people who put him in the White House.
How can this be done without a singe vote in Congress?
I wish the in house chefs would spike his food and drink with valium or some other pacifying drug.
Is there any type of loan agreement (contract) signed for these loans? If so, I can see this affecting future loans, but how can a change in policy negate a legal contract?
College is the next bubble.
Universities are overpriced luxuries that convey more bad habits than usable skills for most students. A waste of time, a waste of money.
Universities exist to provide jobs for people who cannot make a living with their hands or their heads.
The dunderhead Obama really loves to throw away taxpayer dollars, doesn’t he.
” - - - one of his early legislative initiatives was to have the federal government take over the student lending business in America. - - - “
Read more: http://www.foxnews.com/politics/2011/10/26/obama-taps-taxpayers-for-student-stimulus/#ixzz1bwQRONcK
By “taking over,” (which illegally reduced competition), Obama became a criminal for violating the 1890 Sherman Anti-Trust Law.
Impeachment of Obama at that time would have saved America from his destructive spending for then on.
The gutless RINO Congressmen and women are equally responsible for Obama’s criminal actions because Congress is the primary Check and Balance on the Presidency as designed by our Founders.
By failing to stop an arrogant, lunatic, debt-greedy, Chief Executive, the current Congressmen and women thus became, and remain so to this day, the enablers to Spendaholic Obama.
This makes me so sick. I worked my butt off during a recession to pay off my student loans, but I did it. That was MY DEBT.
First this moron pitts successful Americans against under and unemployed. Now he’s making damn sure that people who paid back their loans are resentful of younger graduates.
My niece is in grad school, and she tells me that she’s gotten so much $ from the gov’t that she’s got more in the bank than most full time adults. I know she’ll do the right thing, but I remember full well my college days when I had to choose between buying soap or food. It made me a stronger person. I eventually ran my own business successfully, because the company was never in debt.
This is what all those Occupy Wallstreet folks are yelping for because their “Remedial Macaroni Art” degree’s are worthless ...