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Congress Should Proceed With Student Loan Plan

July 9, 2013

The average U.S. college student walks off campus with about $26,500 in student loan debt, much of it in government-subsidized low-interest loans....

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FedUpL8ly

Jul-09-13 5:19 AM

Barack Obama took over college student loans by claiming it would cause 60-80 billion dollars would go to the Federal Gov't.instead of those "greedy" banks. However, colleges saw an opening and are now making loans to students and net result is estimated to be 30 billion dollars going to pay for Obamacare. As if that weren't bad enough, Obama increased loan amounts to not only cover the normal cost of college but is giving tens of thousands of dollars to students for living expenses. Whatever happened to people saving and/or working to defray student debt. Now Obama wants to say students should only have to pay a small amount of their salary each year and after ten years the debt would be forgiven. AND, that's only if they get a job, if they're unemployed after college, they wouldn't have to pay anything. Another trillion for the taxpayers to owe. Redistribution at it's finest.

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imfedup

Jul-09-13 6:23 AM

Why do we increase the interest rate on education loans for our future generations when we literally give away billions to big banks and business; say nothing of the billions we send overseas to purchase our (assumed) friendship. Student loans are based on the ability of the student and family to pay for college expenses and the govt should not be making billions of dollars in interest on these loans. Run the program on a not-for-profit entity and let's see what shakes out.

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Emelye

Jul-09-13 1:12 PM

Once again the PJ comes down on the side of the tools of the 1%, the Republican Party, who are against trying to decrease the deficit on the backs of middle and working class people who are trying to go to school to get ahead. The banksters, along with the rest of the plutocracy, can borrow billions at what amounts to practically no interest at all but college graduates who are at the point of starting their lives and careers in a horrible job market (thanks to the same plutocrats) are supposed to pay double they interest they were paying before July 1st?

Tax the corporations if you want to decrease the deficits. Give the tax laws real teeth to punish those companies who use dodges and cheats to get out of paying any taxes at all (maybe a tax on the money they pay lobbyists would help?). Stop trying to blame the working and middle classes for the blatant deficit spending of the past!

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DavidVA

Jul-09-13 1:49 PM

@FedUpL8ly - Are you serious? These are the future productive members of society you want to burden, to say nothing of the obvious: what they spend to repay loans can't be used for other things, like buying homes and cars. No spending means no economy.

You do realize that most advanced countries make college available either for free or at very low cost? In return, they get people who can contribute to the economy from day one. The greater amount they pay in taxes over a life time more than pays for any sudsidies.

So instead of ranting, try running some calculations, or is this a case of envy on your part?

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DavidVA

Jul-09-13 2:09 PM

A quick comment on "repaying the Federal debt" which also got a mention as being "necessary". In the entire history of the United States, this has been accomplished only once: by Andrew Jackson in 1835. It triggered the Panic of 1837 - the most severe depression to that time.

Federal debt is not a problem, per se. Mostly, we owe the debt to ourselves. The interest paidon the debt is often used to supplement the income of retirees. Instead of lowering the debt, we should be increasing it.

Increasing the debt allows deficit spending, which is often very desirable on its own. It would be right now, helping to offset the slack in the economy from less spending by consumers and business. We need infrastructure. WHy not get some now when we need the jobs anyway?

So let's get rid of the too-much-debt bugaboo. It's nonsense. You'll know when to worry about reigning in deficit spending when inflation returns ... in about 30 years.

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Jhwinnyc

Jul-09-13 7:24 PM

Um, Washington Times, Sea? Why not just cite Fox, or better yet, the PJ?

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FedUpL8ly

Jul-10-13 3:55 AM

I agree the Govt. shouldn't be making money on the backs of students. The Govt. should NOT be making any loans at all. If college is truly important to someone, they will save and or work their way to defraying the cost and borrow as little as possible. There is a rapidly expanding amount of a student debt bubble (approaching a trillion dollars). Here's a wake-up call to the uninformed, it already is being run on a non-profit schedule. Student default rates will very soon be double the historical norm. And then we have good ol' Emelye with her persistent mantra of blaming corporations and plutocracy for any and all ills. The policies that were to cause the fiscal collapse all have their genesis by politicians. Rather than acknowledge Obama bears most of the blame for the worst recovery since FDR, Emelye blames "the blatant deficit spending of the past". Open your eyes, the deficit spending of the here and now (Obama) is greater than all of the accumulated debt of the last 20

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FedUpL8ly

Jul-10-13 4:09 AM

cont.) 200 years. DavidVA, I am not a know-it-all but I realize a lot more than you. Those other countries you praise for free college also draw the line on illegal immigration. Those countries don't provide free public education and free healthcare and social programs to an illegal population that exceeds that of most individual advanced countries. Your Keynesian economic theories have been disproved by history in their effectiveness. I find it amusing that you try to list envy on my part. After racism, xenophobia and bigotry, it seems that envy is the next adjective you liberals employ when your beliefs don't hold much water.

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DavidVA

Jul-11-13 2:45 PM

@FedUpL8ly

You seem very fixated on being 100% certain that no one is getting one dime of YOUR tax money, unless they are "qualified". OK, but how about the ridiculous payments to "contractors"? DoD and DHS pay-out Billions to these folks. Are you OK with that?

Personally, using tax money to improve the US workforce is a no brainer. They learn more; they earn more. Then, they pay taxes far in excess of what it cost us to educate them. Being tight with the buck only makes sense if the money is wasted. Education is rarely a waste.

Of course, we could use a few Million jobs. Any idea about creating those? The private sector seems to be focused on the low end, so how about good-paying ones?

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DavidVA

Jul-11-13 2:53 PM

@FedUpL8ly -

Another thing: Keynesian economics has been strongly validated by this last recession. I assume you got that misimpression from FoX or another similar source. If you believe another solution is better, which one? We're trying the Austrian school in Europe, and killing the economies of almost every country in the Euro zone. The Monatarist school is being tried here by the Fed, and that isn't working all that well either. The only thing that had any impact was the drastically underfunded stimulus, and that's all Keynes.

Maybe you can quote Greg Mankiw in rebuttal.

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FedUpL8ly

Jul-12-13 7:03 AM

DavidVA- Yeah, why don't you try studying Milton Friedman. Even John Maynard Keynes would scoff at the perversion of his economic theory. Looks like you read the NY Times and Paul Krugman. He also advocates spending money for spending's sake. Just push it out the door and everything will be better according to the aptly named Alan Blinder. Nonsense. Sure Keynes proposed spending to stimulate the economy but intended it to be effective (wisely) spent and not to be indefinite as Obama and the socialists would have you believe. Certainly I'm against government waste of any and all kinds. Unlike you, however, I know that money taken by the gov't. by higher taxes would be better spent if left in the hands of the private sector. The Stimulus had one impact. It was a trillion dollars spent mainly to prop up public sector pensions and benefits. If you care to research it, you'll find that money in the Stimulus given to states was just about equal to the drop in bond issuance by those entities

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FedUpL8ly

Jul-12-13 7:14 AM

DavidVA- I'm glad you're concerned about contractor overpayments. I share your concern. Maybe you should be more outraged by the bonuses paid to Federal employees. Year after year, these unearned bonuses grow larger and larger. Nothing I can do about ill-spent tax revenues except vote against those who keep wanting to raise taxes and try to make it part of the conversation to those who are either oblivious or indifferent, like yourself. One last thing, I get a kick out of people like yourself who bad-mouth Fox News reflexively. They're not perfect but there miles better than any other major network or cable outlet. Suppose you tell me what news sources do a better job than Fox News. 30 years ago, 60 Minutes would actually do worthy stories. What was it last week, three stories on Hollywood. Perfect example of where ABC, NBC and CBS have been for the last 15-20 years.

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FedUpL8ly

Jul-12-13 7:22 AM

DavidVA- Something else that should be mentioned. You say education is rarely wasted. Just like your spending for spending sake, you seem to think education for education sake is to be a goal no matter what the cost. Knowledge is power but the high cost of college today is not worth it when it leads to many colleges dumbing down their curricula and the rather dubious expansion of degrees in ethnic studies and public speaking that do not lead to proper preparation to enter the workforce.

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