He's already given illegal alien kids free education and allowing their parents to stay in the country. He's already bailing out homeowners through HARP and PRINCIPLE FORGIVENESS ON HOME LOANS. He's given us CASH FOR CLUNKERS. CHEVY VOLTS. GOVERNMENT MOTORS. And now he's figured out a way to write down student debt incurred by students who couldn't get a job in the Obama Economy.
Ladies and Gentlemen, I give to you the student loan fail safe program. It's a program that will explode costs of college for people who DON'T take out loans and work their way through. But hey, why do that when you can take out massive student loans and just---declare bankruptcy?
Who will tell the children how unethical this is? Will it be the churches and pastors under seige by the HHS? Will it be the parents who are on the dole by the new welfare rules that don't require them to work to get it? Will it be the 99 weekers who are in the last days of their nearly two year long jobless benefits? Will it be the business owners whom the President has shown he will crush by his Obamacare manipulations? Will it be the companies that are saddled with EPA regulations and watched by drones? Will it be the companies like Solyndra and Vestas that can't survive without government subsidies?
WHO WILL TELL THE TRUTH ABOUT THIS??
WILL IT BE YOU?
Where are we getting the money? Who cares! He's looking for votes! Free education! Free loans! Free money! Hallelujah! Everybody will be paid by the "government!"
From the WSJ tonight:
The Obama administration urged Congress to make it easier for people to discharge a portion of certain student debt by filing for bankruptcy protection.Consumer bureau chief Richard Cordray said Congress should consider modifying a 2005 law that, except in rare circumstances, prohibits discharging private student loans through bankruptcy.
"It would be prudent to consider whether they wish to modify the code in light of the impact on young borrowers in challenging labor-market conditions," Mr. Cordray said. He added that the law doesn't appear to have met its objectives of bringing down borrowing costs and expanding access to private loans.
Expanding the concept to federal loans would be politically controversial given that it would likely result in taxpayer losses, and Republicans have expressed reservations.