So, here we are -- with a majority of Americans feeling distinctly un-American as a partisan takeover of health care was engineered last weekend. But do Americans realize that Congress just took over student loans as well? Unlikely.So, there's goes another part of private enterprise - the banks and lending institutions that made student loans. At least one firm will be laying off 2,500 employees as a result and now students will have only one place to go should they need to access the student loan system. The studentsbetter hope they stay on the good side of Uncle Sam.
Now, not only will government increasingly be making decisions about individuals' health care, but students will also have to deal exclusively with the government to get the financing they need for college. The government will be in charge of the delivery of $1 trillion in federal student loans over the next 10 years. That means 19 million students will have no where to call but to 1-800-DEPT-OF-ED. -- I'm sure the calls will be handled in the order in which they were received. Good luck with that. Competition and choice have been taken away in the student loan market. Let's face it, this experiment can only end badly.
It's frustrating that a law this sweeping was swept under the Obamacare rug. The Senate never introduced a student loan reform bill. It never held a hearing. And proposed changes to the student loan program were never even considered by lawmakers at the committee level.
"Schoolhouse Rock's" Bill is red faced with shame. What's worse is that The Wall Street Journal editorial page and The Washington Times reported on Thursday about certain Democratic Congressmen giving certain non-profit companies in their states non-competitive carve outs...And these are companies that already didn't pay taxes. And there was even a special "carve out" for Democratic Sen. Kent Conrad of North Dakota. But it was taken out at the last minute because it was just too unseemly. At least we know they have standards!
If the tables were turned, Democrats would be crying foul and demanding an ethics investigation. The American people -- and its students -- deserve to know what really happened.
Monday, March 29, 2010
Where's the Outrage Over the Takeover of Student Loans?
There are just so many things to be outraged over regarding the Obama administration and his cohorts in the Dem party it's easy to skip over some important stuff. Dana Perino, former Press Secretary to President Bush, reminds us that not only did we lose freedom when Obamacare was passed, but an additional outrage was enacted in the reconciliation bill when Obama took over the student loan program and essentially put several institutions out of business:
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The takeover of student loans will encourage college tuition to rise, indeed tuition evolves into a hidden tax. Recall Obama said that people won't see their taxes rise one dime (taxes will rise behind the scenes in all sorts of hidden ways and the increase will be a lot more than a dime!).
I've already got plans for my kid to avoid college. There's more than one way to skin a cat, and increasingly college becomes a bad investment: a very, very expensive sortie through four years of vacuous propaganda.
People will find ways to educate their young adult children without making ridiculous expenditures. You could purchase an entire library of serious books, more than a person could read in a lifetime with the cost of a current typical 4-year degree.
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