Is there a bigger phony-baloney than President Obama?
No there isn’t. Even for Washington DC, his “down is up” politicking
and never ending campaigns stand out as pure style over substance.
Today we see the president standing on the steps of the
Capital with, I imagine, college students behind him in “eyes in the headlights”
support of what gobbledygook he’s spouting and thus proving beyond doubt that a
college education isn’t worth the money these Indoctrinaires are paying these
days.
Was it not Obama’s administration that had nationalized the Student Loan Program back in
2010? Is it not this same program that will lend a student ANY AMOUNT of money
they may need for their education regardless of their means or ability to pay
it back? Has this not lead to a tremendous $ 1 Trillion plus student loan debt
of which nobody in government is speaking to? Now he’s out there trying to keep
the spigot open so more cheap money will hemorrhage out of the taxpayer guaranteed
program.
No, Mr. Obama didn’t invent the student loan program, that
was Socialist president Lyndon Baines Johnson who signed it into law back in
1965 but in true Obama fashion he streamlined the way for government to take
over the whole program and become the sole lender. Try as I might, I can’t seem
to find the article in the US Constitution that allows the Federal Government
to administer a student loan program. Just why IS the government in the student
loan business? Perhaps it’s to provide an almost unlimited supply of funds to
their most ardent supporters, the Public University System.
Under the government loan program, there is no incentive for an
institution of higher learning to scale back its operations. The local college
here in Obscurity, MA is building new athletic fields, parking lots and dorms.
Other colleges I see are also expanding and thereby removing more and more
property from the local property tax base since they are non-profit
organizations and so the property they acquire comes off of the tax rolls. The college professors are not only making crazy money for their
“teaching” but these schools also offer “special” teaching positions to local
politicians. It’s big money for not a lot of work. This all costs alotabucks!
Where does it come from? The students tuition and fees, of course.
The Student Loan Program will let the student borrow any
amount the University will charge. After all, you want your kid to have a college education, don't you? There is no point where they will not receive
the money. This is why we see bank tellers with $60,000.00 in college debt and
doctors with $150,000.00 in arrears and anything in between. How can a Liberal Arts major
be in debt for $80,000.00? They will NEVER make that back. Plus, these people’s
future borrowing power is kaput until they can whittle these amounts down. I know people ten years out of college who are still paying.
But also add to this situation the tax increases under the
present regime including the escalating costs of ObamaCare. These increased
burdens on consumers and businesses are contributing to the slowest economic growth the nation has ever
seen including the Great Depression. We are in our 6th year as of this writing after the 2007 credit crash and the nation has yet to regain half the wealth it
lost at that time and a fraction of the jobs. We have more people on food stamps than ever before, more
unemployed and under employed than ever and the highest tax burden on the
middle class that has ever been. As we stagger along this pathway of under
productivity, it’s the nation’s youth that are facing limited job prospects and
looming repayment responsibilities. Only the very rich and the very poor can afford to go to college these days. The poor go for free and the rich can just pay. It's the middle class that goes into massive debt and pays away their saving to get their kid through college. Not rich enough to afford it outright and not poor enough to qualify for government give-a-way grants.
So at what point will the costs become too much to where students can no longer afford to pay and the
college system will be forced to contract? Well, I’d say if the cost of borrowing the money went
up…oh wait, now I get it!
So to see President Obama standing on the steps of the
Capital building proclaiming yet again that it is Congress’ fault things aren't happening and that they “shouldn't aughta” raise the interest rates is a laughable event.
If anybody should be to blame for the mess today’s college
graduates are facing, it’s him.