[From New York Post editorial]
Behind both the Warren bill and the executive order the president signed earlier this week is the same philosophy that created a mountain of student debt that is $1 trillion and climbing.
This is a federal aid regime that encourages ever-more student borrowing, which in turn fuels university spending that then drives up tuition faster than general inflation.
If President Obama and Sen. Warren were right, the explosion in federal aid over the past decades would have made college more affordable. The reality is otherwise.
http://nypost.com/2014/06/13/obamas-old-college-try/
Obama’s old college try
By Post Editorial Board
June 13, 2014 | 10:15pm
* * *
[From Cambridge Chronicle editorial]
Most of America’s college grads are in a deep hole because of money they borrowed and invested in their educations. Outstanding student loans now total more than $1.2 trillion. One borrower out of seven defaults on student loans within three years of beginning payments.
This isn’t just a burden on graduates and their families, it’s a drag on the economy as a whole. Young people saddled with debt don’t buy furniture or cars. They linger in their parents’ homes rather than start families and households of their own. Their inability to spend is one of the factors that has kept the economic recovery from gaining momentum.
[. . .]
While it might be an easier pill for Republicans to swallow if the student loan bill’s costs were offset by a provision that was less a partisan lightning rod than a tax hike, Warren defends it. Given the state of the economy, she argues, which is a more worthy investment: college education for America’s young adults, or tax loopholes for its wealthiest earners?
[. . .]
Consider it a graduation present to the Class of 2014.
[From Cambridge Chronicle editorial]
Most of America’s college grads are in a deep hole because of money they borrowed and invested in their educations. Outstanding student loans now total more than $1.2 trillion. One borrower out of seven defaults on student loans within three years of beginning payments.
This isn’t just a burden on graduates and their families, it’s a drag on the economy as a whole. Young people saddled with debt don’t buy furniture or cars. They linger in their parents’ homes rather than start families and households of their own. Their inability to spend is one of the factors that has kept the economic recovery from gaining momentum.
[. . .]
While it might be an easier pill for Republicans to swallow if the student loan bill’s costs were offset by a provision that was less a partisan lightning rod than a tax hike, Warren defends it. Given the state of the economy, she argues, which is a more worthy investment: college education for America’s young adults, or tax loopholes for its wealthiest earners?
[. . .]
Consider it a graduation present to the Class of 2014.
Clearly 215 miles from New York City there is no concern for logic or for wasting taxpayer funds. The Cambridge Massachusetts weakly paper appears to be a cheerleader for the Spending Other People's Money Society.
http://cambridge.wickedlocal.com/article/20140614/NEWS/140618406
EDITORIAL: A better deal on student debt
Posted Jun. 14, 2014 @ 8:25 am
CAMBRIDGE Chronicle
http://cambridge.wickedlocal.com/article/20140614/NEWS/140618406
EDITORIAL: A better deal on student debt
Posted Jun. 14, 2014 @ 8:25 am
CAMBRIDGE Chronicle
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