As Curt astutely pointed out, the US lost an additional 85,000 jobs in December bringing the yearly total of job loss to 2.5 million and increasing the unemployment rate to 17.3 nationwide.
With this news in mind, the Obama administration is pushing a 1 trillion government takeover of student loans through Democrat senator Tom Harkin’s HELP committee. This scheme will eliminate private lenders, in turn adding more citizens to the growing unemployment number and end up giving the government sole control over student loans. This will drastically impact everyone’s ability to decide how they will finance a university education. If it is anything like the healthcare bill, with politics trumping coverage, will some states benefit because their Senator held his or her vote in exchange for more goodies, leaving the other states to pick up their tab?
“My guiding principle is and always has been that consumers do better when there is choice and competition. That’s how the market works.” (Obama’s speech to Congress,9/9/09)
What happened to choice and competition? With the federalization of GM, banking institutions and healthcare, what real choices will American’s have available to them in the marketplace?
For comparison, check out GOP.com ‘The Democrats’ Job Standard “
This is just one more place to make the American public directly dependent on the federal government on a personal basis. They want every American to feel personally dependent on Uncle for everything, unable to do anything for himself, unable to work with other people to do things, always having to go to Uncle to get what we need. When we are fully dependent, we are necessarily easily controlled. It is all about control.
What is driving me mostly insane is the numbers crunching with the Tax Revenues collected from Captial Gains alone for 2005 was roughly 500 Billion dollars and during that same year only roughly 400 billion Budget was spent for the Fiscal year for the Government. So… what happened to that roughly left over 100 Billion? Wouldn’t that be considered a surplus, unless I’m unware of other forms of spending that took place in that time period. Yet here we are now with Captial Gains not even reaching 500 Billion in collection anymore and we’re inflicted with ANOTHER Federal Program that is demanding more funding and more taxation?
Once a friend who sold life insurance explained to me that the solidity of the American economy had a lot to do with the reserves that insurance companies held against possible future claims. A government in debt and running deficits is the opposite. The full faith and credit of uncle Sam is becoming more and more questionable, especially as it seeks to trade its profligacy for more conservative institutions.
Ultimately, we will see the politization of finances just like they have politized science.
He’s bailing out his banking buddies,the bankers. Student loans will be guaranteed by the US govt..How many jobs are there for graduates? In other words Obama is sticking it to the taxpayers.
What troubles me is that the VA can’t properly manage the GI Bill compensation, Social Security and MEDICARE are .gov mismanaged and now we are going to trust .gov that is broke to take over Student Loans?
That is quite frankly “Stuck on Stupid!” as Gen. Honore’ put it.
This Administrations message to the US Taxpayer is loud and clear.
BOHICA! ( Bend Over Here It Comes Again!)