Friday, November 30, 2012

Here We Go...

I've no doubt that this is just an early salvo in the Obama administration's re-energized wealth redistribution campaign:
H.R. 4170 would forgive student loan debt for those who have paid 10 percent of their discretionary income toward their loans for 10 years and would cap interest on federal student loans at the current rate of 3.4 percent. Individuals who go into teaching, public service or practice medicine in underserved areas would have their debt forgiven after only five years.
Because over 90% of student loans are made directly by the Federal government, to “forgive” them simply means that future taxpayers will pay them – the debt doesn't simply disappear; instead it's due date is moved to the future and interest accumulates.

This is one example of precisely what Greece et al are fighting the consequences of right now.  Not that we'd learn any lessons from that – it will be different for us, bleat the Progressive politicians.

I have no idea what the chances are for passage of this bill.  It doesn't really matter, though.  Things have progressed too far when a Congressman can even introduce such a bill without the rest of the House shouting him down.  All I hear is...crickets...

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