{"id":24016,"date":"2011-10-27T07:09:49","date_gmt":"2011-10-27T12:09:49","guid":{"rendered":"http:\/\/www.shotinthedark.info\/wp\/?p=24016"},"modified":"2011-10-27T07:09:49","modified_gmt":"2011-10-27T12:09:49","slug":"a-trillion-dollar-bribe","status":"publish","type":"post","link":"http:\/\/www.shotinthedark.info\/wp\/?p=24016","title":{"rendered":"A Trillion Dollar Bribe"},"content":{"rendered":"

Obama’s numbers are in freefall – against generic and <\/em>real Republicans.<\/p>\n

Worse – for him? \u00a0He’s falling in the demographics that put him in office. \u00a0Even students.<\/p>\n

Which must have something to do with\u00a0his ride to the rescue of all those student loan holders<\/a>:<\/p>\n

In keeping with his new campaign theme of \u201cwe can\u2019t wait,\u201d President Obama today will roll out a plan to put more money in the pockets of some of the nation\u2019s 36 million student loan recipients.<\/p>\n

Obama has broad latitude in this area \u2013 certainly broader than the first two parts of his western campaign trip, underwater mortgages and subsidies for hiring veterans \u2013 because one of his early legislative initiatives was to have the federal government take over the student lending business in America.<\/p><\/blockquote>\n

Students are apparently now “too big to fail”.<\/p>\n

Obama argued for the measure in 2009 as a cost-savings initiative, saying that the old system of privately issued, government secured loans reduced the amount of available money for needy students and also prevented the feds from making the system more efficient.<\/p><\/blockquote>\n

And we all know nobody makes systems efficient like the feds.<\/p>\n

Here’s the part that should give you pause (emphasis added)<\/p>\n

But Obama is now seeking to use that new power to obtain a taxpayer-financed stimulus that Congress won\u2019t approve<\/strong>. The idea is to cap student loan repayment rates at 10 percent of a debtor\u2019s income that goes above the poverty line, and then limiting the life of a loan to 20 years.<\/p><\/blockquote>\n

And you know what that means? \u00a0Money thrown away:<\/p>\n

Take this example: If Suzy Creamcheese gets into George Washington University and borrows from the government the requisite $212,000 to obtain an undergraduate degree, her repayment schedule will be based on what she earns. If Suzy opts to heed the president\u2019s call for public service, and takes a job as a city social worker earning $25,000, her payments would be limited to $1,411 a year after the $10,890 of poverty-level income is subtracted from her total exposure.<\/p>\n

Twenty years at that rate would have taxpayers recoup only $28,220 of their $212,000 loan to Suzy.<\/p>\n

The president will also allow student debtors to refinance and consolidate loans on more favorable terms, further decreasing the payoff for taxpayers.<\/p><\/blockquote>\n

Too bad the founding fathers said nothing about spending without representation…<\/p>\n","protected":false},"excerpt":{"rendered":"

Obama’s numbers are in freefall – against generic and real Republicans. Worse – for him? \u00a0He’s falling in the demographics that put him in office. \u00a0Even students. Which must have something to do with\u00a0his ride to the rescue of all those student loan holders: In keeping with his new campaign theme of \u201cwe can\u2019t wait,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,64,123],"tags":[],"class_list":["post-24016","post","type-post","status-publish","format-standard","hentry","category-education","category-president-obama","category-taxes"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/24016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24016"}],"version-history":[{"count":2,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/24016\/revisions"}],"predecessor-version":[{"id":24018,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/24016\/revisions\/24018"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24016"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}