What a guy! This Obama really knows how to spend my money! Unfortunately, as Prime Minister Thatcher said “he will only stop when he runs out of OUR money.”
His fabulous, idealistic, society-changing, Student Loan Program is falling apart!
But, wait a minute! The “loan” is OK! The “problem” is that the kids “forgot” one important item! We EXPECTED THEM TO PAY US BACK!!!
But, why are we so shocked? After all, didn’t the housing fiasco, with it’s totally unrealistic mortgage-backed securities teach us anything? I guess not.
So let’s review Obama’s “philanthropic” use of my money for our children.
After all, they are young !
They are students !
They have a great future!
Don’t worry! They will pay US back!
Inside Higher Education, the Obama Student Loan Program requires –
NO credit history.
NO consideration given to their ability to repay the loan.
Without consulting me, Obama has even initiated a DEBT-FORGIVENESS PROGRAM.
He started an “INCOME-BASED REPAYMENT! (how nice of him!)
He just solved everything – just educate our kids and everything will improve – everything from unemployment to keeping the family together to improving our health!
And don’t worry!
These Sociology and Anthropology majors will find a job and will definitely pay me back!!!
Well, we better think this one through again!
The new N.Y. Federal study may shed a “new” light on Obama’s “free cradle to grave” theory – 27% of the borrowers have past due balances. What a shock?
The past-due average for other types of household debt (mortgage, auto, etc.) is 10% (You mean they want their new BMW more than they want to pay me back?)
Student loan borrowers are TWICE AS LIKELY to fall behind on their payments as other consumers.
TOTAL STUDENT DEBT IS NOW $870 BILLION DOLLARS!
It is now LARGER than the total credit card balances ($693 billion) or car loans ($730 billion)!
WAKE UP AMERICA!
Nothing that Obama offers us is FREE.
IF WE DO NOT LEARN FROM HISTORY, WE ARE DOOMED TO REPEAT IT!!!
8 1/2 MONTHS TO GO!
[according to the CBO…the total federal debt, inclusive of the trust fund debt, could total more than $28.8 trillion by 2022. This debt number would exceed 117% of our annual gross domestic product (GDP) in 2022…
…With this debt load, the CBO projects that the net annual interest cost on the federal debt would skyrocket to 3.8% of GDP by 2022 (up from 1.4% in 2012) or roughly $935 billion…one out of every three dollars in income taxes paid by individuals in 2022 would be used to fund the annual interest hit on the federal debt. And, of course, with an ever-burgeoning debt load, the interest burden will continue to escalate in all future years…Article Source: Ezine Articles]