Free Markets, Free People

More Econ 101, more lies

Have you been following the latest gambit of our president?  It’s time to pull the youth vote back to him with some candy.  Taxpayer candy of course.   In his latest “policy” swing, he’s offering a way out of student loans to … students with loans, of course.

And of course there’s the convenient lie – you can essentially get something for next to nothing.  Go borrow money and the government will help you “satisfy” the loan after so many years if you do things like “public service”.  Oh, and it will never cost you more than 10% of your salary … so go for it.

Wait, one more thing from the Candy Man as he addressed a crowd of college students at the University of Colorado’s Denver campus:

But, he added, “young guys, I need you involved, I need you active … I need you to get the word out.”

Of course that’s code for “hey, vote for me and I’ll solve all your student loan problems”.  Cronyism at its finest and all without legislation.  Wasn’t it the Democrats who said they feared the “executive President”.  But I digress.

Here’s the basic truth:

But the colleges fees have to be paid somehow, even when repayments are stopped, said Burke. Sooner or later, this “will ultimately result in tax increases — in putting this on the backs of three-quarters of Americans who did not graduate from college.”

Working-class people will end up paying for middle-class graduates’ basket-weaving and women’s studies degrees, she said.

That’s right … these are government guaranteed loans.  So they will be paid.  The creditor doesn’t care who pays it.   The student or the taxpayer. So what Obama is more than willing to do is to buy votes today, by executive order, for taxpayer bailouts of deadbeat students tomorrow.

Obama is “shifting the burden of paying for college to all of those Americans who did not graduate from college — the waitresses, construction workers, mechanics — and that should infuriate the taxpayers who worked hard to pay off their loans, who decided to live a modest lifestyle to pay off their loans,” said Lindsey Burke, an analyst at the Heritage Foundation.

Obama’s policy is also widening the class division between working-class Americans and those with college credentials, said Matthew Denhart, a researcher at the Center for College Affordability and Productivity in Washington, D.C.

In case you were wondering, Colorado is a swing state and one in which polls show the Candy Man below 50%.

Crony Capitalism isn’t the only form of cronyism in the world as Barack Obama (and politicians of all stripes) have been proving for years.  And all funded by your money.


Twitter: @McQandO

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32 Responses to More Econ 101, more lies

  • Well, give Obama his due, this is the transparency he talked about.

  • Like so much of our economy, the entire ambit of higher education shows the effect of BIG GOVERNMENT screwing with markets, and the cheapening of the academe via the design of the Frankfurt School.
    Very few things show a steeper rise in cost, with a concurrent plummet in value, than many degrees being taken by students at present as compared to a few years ago.  VD Hanson has a very fine piece addressing this at PJM.
    One of the poseurs among the Revolting Eloi is a guy who actually DOES work in Hollywood and Broadway.  He racked up $150k in student debt, and among his “credentials” is a PhD in “Critical Dance Studies”.
    Wow.  Sorta tells the tale, yes?

    • Critical dance studies ?   0.o
      Studies of ‘dances’ done by people in critical situations?
      Study of how to be critical of dancers
      or dance patterns
      or dance moves
      or dance move meanings?
      Study of how dance is critical in our daily lives?
      Study of critical dances?  Is there a minor in determining when dance is critical?
      Study of how to be critical of interpretive dance (or is that another course of study?)
      Critical “fill in your interest here”  Studies.
      Critical Pre-Imperial Roman cooking Studies
      Critical History of Lumbering tools Studies
      Critical Comedy Studies
      Critical Fart Jokes Studies
      Critical Siege Engineering Studies (no! no! no! you might learn something useful in that….)
      I know I know, this is one of those “mission statements” things that we all went through in the 90’s, right?

      • Critical Theory has a narrow and a broad meaning in philosophy and in the history of the social sciences. “Critical Theory” in the narrow sense designates several generations of German philosophers and social theorists in the Western European Marxist tradition known as the Frankfurt School. According to these theorists, a “critical” theory may be distinguished from a “traditional” theory according to a specific practical purpose: a theory is critical to the extent that it seeks human emancipation, “to liberate human beings from the circumstances that enslave them” (Horkheimer 1982, 244). Because such theories aim to explain and transform all the circumstances that enslave human beings, many “critical theories” in the broader sense have been developed. They have emerged in connection with the many social movements that identify varied dimensions of the domination of human beings in modern societies. In both the broad and the narrow senses, however, a critical theory provides the descriptive and normative bases for social inquiry aimed at decreasing domination and increasing freedom in all their forms.
        I sh!t you not…!!!

        • In other words, what people used to call lazy freeloading.
          this kind of shirt never happened in primitive cultures because they kept using the traditionalist ‘you don’t work, you don’t eat’ philosophy.  This kind of crap can ONLY happen in a society where government sanctioned redistribution of wealth is the norm.  Where you have SO much wealth laying around that you can afford to accommodate shiftless ‘idea mean’ of dubious value.
          Cripes, we’re Golgafrincham.

          • There is a concept termed “climax forests” in biology.
            I have wondered if there isn’t a corollary in economics and anthropology.  Mark Steyn and others seem to think not.  I have to agree…

          • My previous should be ‘idea men’, not ‘idea mean’
            And alas, I must agree with you I think not.
            Unless I miss my guess, we’ll be back to Jefferson’s method of slaking the thirst of the tree of Liberty.  Hopefully in a figurative sense.

        • … and here I thought that if you pass “critically heated CO2 through coffee beans” that it decaffeinate them.

      • “Critical Dance Studies” means he cannot actually dance, but he will be qualified to be a judge on Dancing With The Stars.

    • Keep in mind that the government has now taken over control of new federal loans, so there is no bank money or profits being generated.

  • Where are all the lefties who whined and cried about GWB’s “imperial presidency”?  Could it be…that they were simply taking a partisan position, with any principles whatever?  That they were all simply full of used food?  Say it ain’t so…

    • The libs wet dream is for a far left “imperial presidency”.  So yes they were and are taking a partisan position.  Just like President “I’m willing to work with anyone of either party who’s got a good idea and the commitment to see it through,”

  • If this works out the way the Democrats want, then I feel obligated to say “Thank You” to all of you guys for paying for my MBA. I really appreciate it.

  • Again, the timing on this is too soon.  My understanding is this happens in the near term by executive order, and if that is the case, these clowns will soon see their monthly “McBurger” discount from their student loan and realize it was worthless to them BEFORE the election.
    The analysis claims that this will be worth $4.50 – $7.50 a month to these people on average.
    Now if I’m wrong, and the blunderer in chief has scheduled this little bit of cronyism for say, June of next year, to take effect AFTER his re-election, when the kiddies will open their poke bag in 2013 to find their pig and realize they’ve been had, then I apologize for thinking he’s a bigger idiot than a crook, and I’ll just go back to thinking he’s a marxist crook.
    But I have to say, the One, and his staff of high dollar advisors have proven to be some of the most colossal bad timing crooks of all time.

  • Great news. Since I can’t afford to retire anyway, I will just go back to school for a few more years. I have always wanted to go to grad school. And law school.

  • On another blog, a Collectivist harpy was flapping around with her hair on fire over the Topeka city fathers and mothers electing to suspend prosecutions for domestic battery.  She called Kansas “Teahadistan” on the assumption this was the result of too low tax revenues.

    Ann Coulter shows the root of the problem…

    Finally, did Flint use any money from Obama’s last trillion-dollar stimulus bill to hire more police in order to prevent rape and murder? No, Flint spent its $2.2 million from the first stimulus bill on buying two electric buses.
    Even if what Flint really needed was buses and not cops, for $2.2 million, the city could have bought seven brand-new diesel buses and had $100,000 left over for streetlights.
    Rather than reducing the rate of rape and murder, blowing money on “green” buses is likely to increase crime, since people will be forced to spend a lot more time waiting at bus stops for those two buses.
    It’s going to be a long wait: The “green” buses were never delivered because the company went out of business — despite a $1.6 million loan from the American taxpayer.
    But if I were a liberal, I wouldn’t acknowledge these facts, or any facts. I would close my eyes, cover my ears, demand that MSNBC fire Pat Buchanan and the FCC pull the plug on Fox, and pretend to believe that taxpayer-funded “green” projects and an ever-increasing supply of public school teachers were the only things that separated us from Armageddon.

    As in Topeka, the Collective IN GENERAL lacks sanity…not enough money…in providing sound government.
    They can NEVER have enough money.
    And Obama DID make it worse.

  • A friend summarized this issue succinctly. Conservatives should bring up the following, and take it to the enemy:

    -a critique of liberal arts education (any type of cultural “studies,” an exceptionally lethal form of balkanization and racial divisiveness)
    -the university tuition game
    -1%-class university administrations (indistinguishable from the mediocre middle managers that populate our large corporations)
    -trapping the middle class into debt (not discussed when those docs are signed)
    -the low value of a college education, especially compared to the cost (a lifetime of indebtedness)
    The universities are the sworn enemy of conservatives and of the middle class in this country. They largely function as holding pens and indoctrination centers for young people while failing to deliver useful life skills. OWS is full of people taught that they should belong to the 1% but who aren’t smart enough to figure out that there’s not enough room for them.
    A smart conservative candidate (there aren’t any) would take this fight to the left . . . instead, expect to hear a lot of dithering and nothing of substance as the candidates miss an opportunity for comprehensive university reform (desperately needed, will not be addressed).

  • Sorry about all the formatting nonsense. I BLAME OBAMA! (lol)

    • I took the liberty of editing out most of the formatting grunge that crept in. The comment widget sometimes gets confused between formatting tags and content.

  • Nationalizing the student loan debt is something out of the Hugo Chavez playbook.

  • Curious how the idea of cutting college costs rather than increasing student loans and other gov’t. subsidies never seeems to come up. Probably because it would require some actual work and knowledge to accomplish rather than just a big mouth and compliant taxpayers.

    • Well, that and it would prevent those Professors and Administrators in the 5% from staying in the 5%.  OH! Move along! move along!
      Entertain yourself by reviewing the average salaries of professors at various colleges and universities through out our land, further entertainment would be found by cross referencing these against institutions that offer degrees in important civilization building majors like Critical Dance Studies.  I picked Stanford at random, but check out Harvard 🙂

  • Last night hundreds marched through the streets of NYC, chanting “New York is Oakland, Oakland is New York.” We circled City Hall, ran in the streets, refused to be kettled or have our voices silenced, marched up broadway, North on 6th Ave, circled around on Bleecker, and marched south against traffic on 6th ave, running past police barricades, running past our fear, running in solidarity with each other and #occupyoakland.

    And accomplished nothing, and benefited NOBODY.
    Yeah, Revolting Eloi…!!!

  • Good analysis.  Obama is very effective at misleading people.  Obama’s plan should infuriate people who never went to college.  Those taxpayers will get to pay for the edumacashun of people like the squatters on Wall Street.
    I support the repayment of student loans in exchange for serving enlistment terms in the military.  That program has been in place for years.  It’s a big incentive to get college grads to enlist and it benefits the military.
    Other than that borrowers should repay their own debt.