There is over a trillion dollars in outstanding Student Loans, guaranteed by the federal government, much of which will never be repaid. In fact, Socialist Emperor Pinocchio Veto Obama is going to make sure that the taxpayers of America, you know the 50% of us that pay all the income taxes in our country and most of the other taxes and fees as well, get stiffed. Matter of fact, Obamanistas announced that they are forgiving billions of dollars of these loans for kids that went to fly by night schools because they either never got a degree, or got a worthless degree. This is all going to get worse because Obama took over the Student Loan business when he became President taking it out of the private sector. So now, students borrow directly from the federal government, rather than borrowing from banks or other institutions with a federal government guarantee. This is just another redistribution of income Socialist Scheme.
The federal government has made it far too easy for kids to borrow thousands of dollars leaving them with loads of debt after graduation. These loans should have been conditioned on work study programs and given only to students going to properly certified public or private institutions. And, no loans should have been given to kids coming from families that could afford to pay for their schooling. Apparently, there has been no certification program related to determining which community colleges, or universities would be eligible for student loan funding, which allowed for the development of fly by night schools attempting to get in on the gravy train. Naturally, crooks will always go where the money is, right? And, since federal government student loans are easy to get with little restrictions, naturally there would be waste, fraud and abuse. And as usual, like in all Socialist Schemes that fail, the American taxpayer ends up footing the bill.
This is just one more reason, this Blogger opposes all tax increases at the local, state and federal level. There is just so much waste, fraud, abuse, redundancy and failure at all levels of government, that to feed the beast any more of our hard earned money is just crazy. Further, throwing all this free money at legitimate colleges and universities has allowed them to pay outrageous salaries and benefits to professors and others that teach very few classes. This has all lead to tuition inflation way beyond real inflation. And, who would care if the taxpayer was not on the hook; but we are on the hook. Ultimately, there will be defaults and or forgiveness of many of these Student Loans at taxpayer expense. This is just another example of good intentions turning into another Big Government Failure.