Eagle Forum Legislative Alerts

Tuesday, July 17, 2012

The Racket of College Loans

One of the ways to cut the big-spending binge engaged in by the federal government is to terminate the racket of college loans. They are counterproductive, discriminatory, and a bad investment for both taxpayers and students. College-loan debt has soared to nearly a trillion dollars, more than credit-card debt or auto-loan debt. Financial commentators are beginning to compare college-loan debt to the housing bubble that nearly brought down the banking system in 2008.

The worst effect is the burden on students. The debt requires students to keep paying for a product that lacks its advertised value either in education or employment opportunities. College education has been dumbed down to enroll more and more taxpayer-subsidized students, even if they take only remedial courses. College-loan debt is a powerful deterrent to marriage and to getting on with life. Students cannot discharge the debt in bankruptcy, can't get a job that justifies the loan, and may have had a lousy education.

For years we've heard the propaganda line that everyone should go to college and that a college degree will improve your status in life and standard of living. Not any more; in Obamaland, 53.6% of young college graduates are unemployed, or working jobs that do not require a college degree and don't pay enough to retire the debt. The whole structure of college loans is discriminatory. It forces people who don't want or are not able to go to college, or who work to pay their own way, to pay taxes to support those who go to college at other people's expense, often at pricey elite colleges. Obama is not doing you a favor when he gives you a college loan. It's hard to avoid the conclusion that college loans are part of Obama's policy to make as many people as possible dependent on government and deceiving us by keeping young people out of the Unemployment statistics.

Listen to the radio commentary here:

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