One of the biggest gripes I have with the American Education System is the college centric mindset. The government has been pushing that everyone should go to College. I am no way knocking a college education but it’s not for everyone. Just like the housing bubble a college bubble has occurred. Now many graduates are realizing that their education won’t necessarily get them a good paying job. One factor is the bad economy. Another factor is the fact that many are graduating with paper degrees. As we see from Charles Johnson’s Little Green Footballs, many students are getting Sociology degrees or Diversity Studies degrees. How will this help anyone get a real job? They would have been better off becoming mechanics or plumbers.
So here we have another government created crisis like Housing. Amazing. Now many graduates are straddled with debt and not making enough income to justify this investment. They are underwater like home owners. Just like housing, many have called for government intervention. Never fear President Hussein is here for another government rescue!
In keeping with his new campaign theme of “we can’t wait,” President Obama today will roll out a plan to put more money in the pockets of some of the nation’s 36 million student loan recipients.
Obama has broad latitude in this area – certainly broader than the first two parts of his western campaign trip, underwater mortgages and subsidies for hiring veterans – because one of his early legislative initiatives was to have the federal government take over the student lending business in America.
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.
But Obama is now seeking to use that new power to obtain a taxpayer-financed stimulus that Congress won’t approve. The idea is to cap student loan repayment rates at 10 percent of a debtor’s income that goes above the poverty line, and then limiting the life of a loan to 20 years.
Read the Rest: Obama Taps Taxpayers For Student Stimulus
So the government encourages people to go to college. The government then guarantees loans and in 2009 actually took them over. Now graduates are in debt and many can’t get a good job. Another crisis brought to you by Progressive economic engineering and needing the government to step in.
College is not for everyone and the government needs to stop this college for all policy. College is for certain high end skills. Most can get by with trade schools and Community Colleges. This will create the workforce the economy needs. What good is a Sociology Major for? Just commenting on a some washed up Jazz Guitarist’s blog.
Tags: Colle Loans, stimulus
