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Washington´s $279 Billion Fraud
Wall Street Journal, by Editorial

Original Article

Posted By:Pluperfect, 7/2/2013 6:02:45 AM

If you think the federal student-loan program looks like a bad deal for taxpayers, imagine how it would look with honest accounting. And now you don´t need to imagine thanks to a new report that´s receiving far too little attention. Turns out that the official "savings" for taxpayers of $184 billion over the next decade really add up to $95 billion in losses. Here´s the scam: Lawmakers peddle what is a massive subsidy for universities while claiming that student loans generate a windfall for the taxpayer. This phony windfall is conjured by creative accounting that politicians mandated

      


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Reply 1 - Posted by: Trigger2, 7/2/2013 6:12:52 AM     (No. 9404694)

I swear that the maximum IQ for demonrats and RINOs is 65.

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Reply 2 - Posted by: Spidey, 7/2/2013 6:16:11 AM     (No. 9404698)

Yeah,despite the default reality,the government assumes all these loans will be paid back and generate a profit for the government.Institutional college liberals have made out like bandits since Obama took these loans over.You have the raw ignorance of a young kid who doesn´t have a clue on how much $15,000 is when paid in installments and that amount is on the low end of loans.

Nobody questions why colleges keep raising tuition despite sitting on billions in the bank from endowments and flat out giveaway grants from the government.

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Reply 3 - Posted by: Dragonslayer2, 7/2/2013 7:17:55 AM     (No. 9404766)

.

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Reply 4 - Posted by: Rumblehog, 7/2/2013 8:12:09 AM     (No. 9404844)

To paraphrase P.J. O´Rourke, if you think the banks are bad, just wait until the Federal government becomes one.

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Reply 5 - Posted by: MDConservative, 7/2/2013 8:51:10 AM     (No. 9404907)

There are lots of cars financed with this money. I know of three, and each is owned by a recent grad holding "crushing student loan debt."

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Reply 6 - Posted by: MattMusson, 7/2/2013 9:16:46 AM     (No. 9404954)

And just for a kicker - remember that much of the Student Loan Interest goes to fund ObamaCare.

http://blogs.reuters.com/great-debate/2013/07/01/student-loans-exploiting-americas-young/

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