Obama Calls Out ‘Millionaires’ to Pay for Student Loans

[BMT (RIP)]

Using his pen again in “this year of action,” President Obama today signed an executive order to ease the burden of student debt at the expense of “millionaires.”

http://dailysignal.com/2014/06/09/ob..._medium=social

BMT

[craigepo]

How did this guy get re-elected?

The term "millionaire" doesn't have the same meaning as when the phrase was originally coined. Unless, of course, you voted for Obama. Then it just means, "evil rich bastard".

[NurseTim]

Since when are they responsible for my actions? I do ok paying my loans but I didn't get a masters in midevil French poetry either. You make choices in life, sometimes you make poor choices and there is a price for that poor choice. I make poor choices occasionally, the consequences can be anywhere from uncomfortable to downright painful, welcome to life.

[Lan]

If you work for the government the loan is forgiven after 10 years. If you work in the private sector the loan is forgiven after 20 years. Obama "Let's further divide the American populace by giving a middle finger to taxpayers, especially those who want to work for evil corporations or small business, that'll show those overacheivers."

Working for the government sure has its perks! I wonder how many millionaire politicians' taxes will be affected to this change? I wouldn't be surprised if there is a loophole in it for them!

[Utah Bob]

Originally Posted by craigepo

How did this guy get re-elected?

The term "millionaire" doesn't have the same meaning as when the phrase was originally coined. Unless, of course, you voted for Obama. Then it just means, "evil rich bastard".

He got elected because too many people think Socialism means Facebook and Twitter.

[JJ_BPK]

RANT

Let's fix the cause of the problem, not the symptoms of perception.

Colleges and professors of higher education think they should be millionaires. They charge outrageous prices for classes, while working 4-5 hrs a week and put millions in the college coffers.

Rather than create a monster to tax and spend,, why not give kids an education at a fair price??

Colleges have no incentive to "be cost effect". They don't have share holders that want results. They are monopolies un-fretted with ethical business practices.

Students need an education so they pay..

Case in point, I have a friend that was offered a chance to teach ONE(1) 3 hour class this summer for 4000 USD,, that's 1333 USD per hr. AND if she wanted more they had other similar offers. If she taught ONE(1) class a week, for 6 weeks, she could make 24K this summer. That's 18 hours work...

The topic does not mater, but it was an advance class in business math. The material was already written,, IN THE CAN.

Now summer courses are typically packed with kids that missed a class,, so I'm guessing there will be maybe 200 students??

Estimate that current in-state student pay around 1000 per course, including living expenses.

Those 200 kids will spend 200K for this one course..

Now tell me where the problem is???

Did you get the math??

200K USD for 3 hrs work....



RANT OFF

[Habu-MFFI 175]

Yep, wonder how many politicians and their crew will get hit with this? Along with movie stars that work so hard making millions of dollars off the warriors back. Then bitch about weapons on the open market.

Who will fill the bill for Obummers kids to go to college?

[Streck-Fu]

College costs have risen because of the government's willingness to accept any increase and still back ever increasing loans or increase Pell Grants, etc to match tuition costs.

Get the government out of the college business. Hell, get the feds out of school altogether.

[The Reaper]

Originally Posted by Streck-Fu

College costs have risen because of the government's willingness to accept any increase and still back ever increasing loans or increase Pell Grants, etc to match tuition costs.

Get the government out of the college business. Hell, get the feds out of school altogether.

Exactly.

The cost of health care and education were reasonable till the Federal government started subsidizing it.

Now look at it.

TR

[PSM]

It's funny how the professors love to pound into the heads of their students Eisenhower's "military-industrial complex" statement in his final speech. It's strange that they always leave out the paragraph that follows it":

"Akin to, and largely responsible for the sweeping changes in our industrial-military posture, has been the technological revolution during recent decades.

In this revolution, research has become central, it also becomes more formalized, complex, and costly. A steadily increasing share is conducted for, by, or at the direction of, the Federal government.

Today, the solitary inventor, tinkering in his shop, has been overshadowed by task forces of scientists in laboratories and testing fields. In the same fashion, the free university, historically the fountainhead of free ideas and scientific discovery, has experienced a revolution in the conduct of research. Partly because of the huge costs involved, a government contract becomes virtually a substitute for intellectual curiosity. For every old blackboard there are now hundreds of new electronic computers.

The prospect of domination of the nation's scholars by Federal employment, project allocations, and the power of money is ever present – and is gravely to be regarded.

Yet, in holding scientific research and discovery in respect, as we should, we must also be alert to the equal and opposite danger that public policy could itself become the captive of a scientific-technological elite."

Pat

[Flagg]

The excessive credit bubble in real estate has a lot in common with the excessive credit bubble in higher education.

Since 2006, federal backed students loans cannot be defaulted on, much like taxes.

So loaning to students(and their parents) is a sure thing.

-----

People look at used car dealers as dodgy...but while you may be buying an overpriced asset at a used car dealer....at least it's a tangible asset.

Families are making assumption that their children's lives will be transformed by a college degree.

In many cases a college degree can transform lives and families.

IF the degree comes with highly sought after tangible skillsets and provides cost effective "bang for the buck".

A college degree is not too indifferent from "purchasing" a salary.

20 years ago when I graduated the average starting salary for a college grad was something like $34k.

Fast forward 20 years and the average starting salary is still something like $34K.

But that comparison fails to include two very serious problems:

1)purchasing value of $34k is dramatically less today than 20 years ago

2)The cost of purchasing the degree has exploded 3-4X.

You're talking about negative return on investment for many degrees from many schools.

Which dramatically increases the likelihood of a self-inflicted life sentence of indentured servitude/debt slavery.

There are requirements in other industries to show total cost of ownership for consumer products such as durable goods(vehicle financing, durable good electricity useage, independently audited magazine/newspaper distribution numbers, etc.).

But where's the requirements for a school to show any basic form of "value for education dollar". THAT's the awkward fart in the room.

-----

If graduates could default on their student loans, just as people have defaulted on their home mortgages, I think you would see schools and the banks that offer financing for education quickly realign.

Schools would offer better bang for the buck(or go out of business)

Schools would drop entire programs or increase costs for the vanity degrees that have little to no tangible value to the nation's economy.

-----

I've got kids, and when the day comes for them to attend college I'm neither going to assist in paying for their education nor allow them to borrow money for a negative return on investment program.

If my kids asked me what areas they should consider going into, I'd say:

Petroleum engineering/nanotechnology

or

plumber

I remember when people used to laugh at schools like College of the Ozarks "Hardwork U", where the cost of the degree can be as little as 0$ due to school endowment and part-time work for the school covering the total cost.

Not so much now....it would appear applications have exploded in recent years as it's consistently ranked one of the best value schools in the country.

[WarriorDiplomat]

Originally Posted by Utah Bob

He got elected because too many people think Socialism means Facebook and Twitter.

LOL

[DIYPatriot]

This reads like satire – “…the administration doesn’t currently know how much the expanded payment cap will cost. “We’ll figure that out on the back end.”

[glebo]

Originally Posted by DIYPatriot

This reads like satire – “…the administration doesn’t currently know how much the expanded payment cap will cost. “We’ll figure that out on the back end.”

kinda like, "we'll know what's in it when we pass it"...

Hows that workin' out for ya...???

Originally Posted by JJ_BPK

RANT

Let's fix the cause of the problem, not the symptoms of perception.

Colleges and professors of higher education think they should be millionaires. They charge outrageous prices for classes, while working 4-5 hrs a week and put millions in the college coffers.

Rather than create a monster to tax and spend,, why not give kids an education at a fair price??

Colleges have no incentive to "be cost effect". They don't have share holders that want results. They are monopolies un-fretted with ethical business practices.

Students need an education so they pay..

Case in point, I have a friend that was offered a chance to teach ONE(1) 3 hour class this summer for 4000 USD,, that's 1333 USD per hr. AND if she wanted more they had other similar offers. If she taught ONE(1) class a week, for 6 weeks, she could make 24K this summer. That's 18 hours work...

The topic does not mater, but it was an advance class in business math. The material was already written,, IN THE CAN.

Now summer courses are typically packed with kids that missed a class,, so I'm guessing there will be maybe 200 students??

Estimate that current in-state student pay around 1000 per course, including living expenses.

Those 200 kids will spend 200K for this one course..

Now tell me where the problem is???

Did you get the math??

200K USD for 3 hrs work....



RANT OFF

I'm not going to argue the subject of college education with you, however my wife (a PhD) has been working in a very large state university for 32 years, and other colleges and universities before that, so I have had a better than average look at how the educational world turns. IMO you view is out of wack with the the real world. IE: Teaching a 3 hr credit hour course for 6 weeks does not equate to 18 hrs of work.


Monopolies!!!! LMAO!