The President has announced that young people who made poor decisions with regard to financing college degrees now have a savior:
On a day on which the College Board reported the cost of public colleges rose 8% — about twice the inflation rate — Obama unveiled a student loan forgiveness plan.
Under his plan, loan recipients would repay at just 10% of their income instead of the current 15%. And the government forgives what’s left after 20 years.
For more than 1.5 million Americans, the president suggests, more money would be available for things like — you guessed it — buying homes. Many, in fact, would end up paying back only a tiny fraction of the hundreds of thousands of dollars borrowed from U.S. taxpayers.
This decision comes on top of one to provide a way out (on the taxpayer’s dime) for people who have made poor decisions with regard to financing their homes:
I’m here to say that we can’t wait for an increasingly dysfunctional Congress to do its job,” the president declared outside a family home in Las Vegas, the epicenter of foreclosures and joblessness. “Where they won’t act, I will.”
The revamped Home Affordable Refinance Program, or HARP, which aims to avert foreclosures, would allow homeowners who are still current on their mortgages to refinance no matter how much their home value has dropped below what they still owe.
While the White House tried to avoid predicting how many homeowners would benefit from the revamped refinancing program, the Federal Housing Finance Administration estimated an additional 1 million people would qualify. Moody’s Analytics say the figure could be as high as 1.6 million.
Lovely, isn’t it? 1.5 million helped w/student loan forgiveness and 1.6 million helped w/home refinancing–that’s more than 3 million people who would owe the President quite directly. Between these endeavors and other things, how is it not patently obvious that Obama is seeking to buy enough votes to keep him in the White House?
It would seem that someone has been reading the Gospel of Luke:
1He also said to the disciples,”There was a rich man who had a manager, and charges were brought to him that this man was wasting his possessions. 2And he called him and said to him, ‘What is this that I hear about you? Turn in the account of your management, for you can no longer be manager.’ 3And the manager said to himself, ‘What shall I do, since my master is taking the management away from me? I am not strong enough to dig, and I am ashamed to beg. 4I have decided what to do, so that when I am removed from management, people may receive me into their houses.’ 5So, summoning his master’s debtors one by one, he said to the first, ‘How much do you owe my master?’ 6He said, ‘A hundred measures of oil.’ He said to him, ‘Take your bill, and sit down quickly and write fifty.’ 7Then he said to another, ‘And how much do you owe?’ He said, ‘A hundred measures of wheat.’ He said to him, ‘Take your bill, and write eighty.’ 8The master commended the dishonest manager for his shrewdness. For the sons of this world are more shrewd in dealing with their own generation than the sons of light. (ESV)
We have a dishonest manager in the White House. He is doing everything in his power to ensure that his current employer (the taxpayers) pay for things which benefit him but not the taxpayers as a whole.
Indeed, there is nothing new under the sun.