Listen up, Obama: I will not pay for Suzy Creamcheese's
$212,000 George Washington University "Education"
Here's how it works. Sad, sad Suzy Creamcheese decided to major in Art History at George Washington University, borrowing $212,000. Evidently Suzy was not conversant with the meaning of the term "borrow." Since her Art History degree makes her virtually unemployable in her field, Suzy decides to heed Big O's call for public service where she takes a service job making $25,000 a year (recall, Suzy has a debt of $212,000, which doesn't even count the credit card debt she ran up when she was living large for four years at school).
Enter Obama with his new plan to bail out the 36 million "students" with school loans. Under his plan, based on her income, Suzy's payments will be limited to $1,411 a year after the $10,890 of poverty-level income is subtracted from her total exposure. Unlike Obama and his Team (TM), and also I'm just guessing, unlike Suzy, who voluntarily took out the $212,000 loan to attend four years at college, I can do math. Since O's plan will limit the life of the loan to 20 years, and since Suzy will be paying less than $1,500 per year on the loan, that means that taxpayers (that is, you and me) will recoup from our little Suzy a grand total of $28,220 on her $212,000 loan. HEY KIDS, FREE MONEY! How cool is that?
Can I get a deal like this? I want to buy a $212,000 second home. I want to pay about $100 a month for it, and I'd really like my obligation for paying off the loan to end after 20 years, because after all, by that time I'll be up in years and I'll want to be spending my money on other things. I'll have paid off less than $30,000 on that loan, but I think that should be plenty. So what government program can I sign up for that will cut me that deal?
Now if Suzy can also get Obama to give her a plan by executive order to forgive her credit card debt, she will be in jake shape. That shouldn't be hard, since Obama's justification for the student bailout is this: since these nitwits will now have more money to spend every month (save?--are you stupid?), that money will juice the economy. So just forgive all their debt why don't you, Barry, and then our economy will burn right along.
Obama, you fracking jerk. And yet we have no one but ourselves to blame, as he told us he was going to fundamentally change this country.
h/t to Chris Stirewait for the numbers at "Obama Taps Taxpayers for Student Loans," FoxNews.com.
Update. It's all here at Michelle Obama's Mirror's Blog, the best blog in the blogosphere. Hi-larious, if you can stop crying.
Update #2. See the article A college-loan scam posted at the New York Post. The staggering inflation in the cost of higher education since the federal government got involved in lending money to Americans for college in 1965 beggars description. One federal study found that between 1982 and 2007, tuition costs rose 432 percent while family income rose only 147 percent.