Sunday, 4 November 2012

The student loan cliff is coming...

An article this weekend appeared in the WP, citing the plight of a  young woman. She was teary eyed and in rapture in the evening listening to Barack Obama's acceptance speech in Grant Park, back in 2008. She was a college student then and felt a new world was opening up for her with Obama in the White House. 
Today she is still, if somewhat disillusioned , believer in the magic of Obama and liberalism. Having graduated since then, she has found the real world less than Utopian , unable to find a job, she has applied for more student loans to continue with graduate studies.

Where did young people learn today that if a college degree does not get you a job , the next best thing to do is to take more student loans and keep on studying? Is this the same mentality that is spawned by Obama and his party that economic setbacks   can be resolved by borrowing more and spending that borrowed money? This is what they see from today's Administration. Economic ills, social ills have a simple solution: money. And if that money is not available, it is borrowed. But it's not the government's money and it's not government of the moment  that is responsible for repaying that money.

Student loans have escalated to unprecedented heights, and repayment of the these taxpayer "advances" are increasingly in  jeopardy. Of the threatening fiscal cliffs, the student-loan-cliff is going to be cataclysmic in  the not too distant future.      

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