The Keen Business Sense of Barack Hussein Obama

Barack as business man. That's a scary thought, isn't it? If Barack had to actually go out and earn a living by the sweat of his brow, disconnected from the government teat? How would he do as a banker???

To make college more affordable, this bill will finally end the unwarranted taxpayer-subsidies that go to banks for student loans.

That's right. Weaselly, but right! With the government putting itself in charge of student loans, the money will no longer go to the bank, it will go straight down the rat hole!

And let's tell another one million students that when they graduate, they will be required to pay only ten percent of their income on student loans, and all of their debt will be forgiven after twenty years – and forgiven after ten years if they choose a career in public service.

Aside from being the Bureaucrat Employment Act of 2010, is it really a good idea to tell everyone that borrows from you, that if they don't pay you back in ten or twenty years that it's "no harm, no foul"? So the taxpayer subsidies that he hinted were a bad thing at the beginning of his speech are still there, there's just not some nasty bank in the way, insisting that people who take out loans should pay them back! Oh, yeah! That's change we can believe in!
Obama and the Democrats are big on asking how much any tax break is going to "cost", anybody figure out what the cost to the taxpayer is going to be in forgiving these loans? Anybody?? Beuller? Beuller??

That's not to say that banks don't write off a certain percentage of student loans. They build that into the interest rates as a cost of doing business. What Obama has done, aside from usurping authority over making these loans, is to remove the profit incentive from the process. Meanwhile, telling the people who receive the money that it's "Okay if you don't pay it all back"!

That's the spirit that built our country! /sarcasm

Sleep tight, America! The President who spends money like a drunken sailor to eliminate debt has got a handle on student loans!

We are so screwed!

Cross posted at Say Anything