Liberals awoke this morning, prepared their meuslix and caramel latte, then sat down, opened the morning paper and were shocked to learn student loan debt has doubled in the last five years. As with every other social program, liberals simply refuse to stop and run the numbers on a calculator before launching another mad government give away.
And, with blinders in place, liberals have refused to heed the warnings from economists over the last two years; warnings that relaxing student loan criteria will lead to irresponsible student borrowing. As recently as two years ago economists have been predicting another decade of economic malaise as the next generation of the labor force attempts to dig out of tens of thousands of dollars in student debt. Until and unless that debt is paid it will continue to be millstone hanging over workers who even dare to dream of buying a home or buying a new automobile.
Flash back five years folks. The banks were managing the student loan program and, in doing so, maintained a measure of loan discipline between student loaner and "loanee". However, hating banks so badly, and wanting to draw more suckers to the public trough, the Obama administration took over management of the student loan program.
So, Obama now had still another way to buy electoral support through his pimping government student loan dollars to kids who have not yet developed even a hint of financial discipline. So Obama pimped the hell out of the student loan program and spoke freely about his goodness, as if he personally was putting up the money.
Now folks, we saw this same liberal "pattern of sin" in the late 90's when Bill Clinton, Chris Dodd and Barney Frank ordered Freddie Mac and Fanny Mae to extend home loans to millions who clearly didn't qualify. When the bubble burst, despite Obama's brow beating the banks to write off bad loans, millions walked away from housing debt and we have yet to recover from that "grand mal" of liberal stupidity.
So did liberals learn anything? Apparently not, since they are amazed that student debt has doubled since Obama took office. The report, published in the Arizona Republic this past week, shows that 57% of college seniors have more than $25,000 dollars in student debt, with many law and medical students owing as much as $200,000 dollars!
Even more frightening is the fact that the last two years' crop of college graduates have not been able to find a job in this stagnant economy and have moved back home with mom and dad without any hope of paying off their massive student loan burdens.
And, again, economists are all in agreement that the current trillion dollars of student debt will weigh heavily against any economic recovery, at least for the next decade!
I've written about this crisis often so I was not surprised to read this "shocking" student loan report. The Republic dutifully reported that college presidents and college administrators and liberal politicians are alarmed by this highly disturbing news!
Folks, is their anyone dumber than a liberal politician that can't operate a calculator? Is there anyone dumber than a liberal who can't learn from past sins? Dumb and dumber...and we're all gonna pay for this mess.
Sad. Damned Sad.