I think one of the most despicable and frightening features of the Obama Administration is the president’s apparent willingness to bankrupt the nation to serve his own political ends in a way I don’t think we’ve ever seen before. This week’s winner, Joshuapundit’s President Obama’s Latest Horror – A Trillion Dollar Timebomb For America’s Economy focused on a little noticed but horrendous example that will add over a trillion dollars to the national debt as well as being inflationary. Here’s a slice:
President Obama has just enacted his latest raid on the American treasury. It’s designed to benefit the president by pandering to the student vote at the expense of the American taxpayer.
President Obama has announced that he intends to issue an executive order for the federal government to reduce student loan payments to 10 % of a borrower’s income above the poverty line, and for total debt forgiveness after 20 years, regardless of the outstanding balance.
“We’re just going to do this by ourselves. We can’t wait for Congress, we’re just going to act,” said Education Secretary Arne Duncan on CNN.
And of course, the president is putting this out there at universities all over the country.
To see how insidious this really is, let’s take a look at how this works in the real world. Let’s say Jane Jones borrows $150,000 to obtain a liberal arts undergraduate degree at your typical university. Her repayment is based on what she earns, if anything. Let’s say Jane gets a job as a community organizer at $30,000 per year. Factor out the $10,800 for a single person under the federal poverty guidelines and her total annual repayment is $1,600 per year, or only $133.33 per month.
Twenty years later, she’s only repaid $32,000 on her loan. And the balance? it doesn’t ‘dissolve’ as the Obama Administration’s rhetoric suggests. It gets picked up by the rest of us and gets added to the national debt.
Yes, fellow citizens. If some of the people the president and his minions feel are more deserving than you are want to go to academia for a 4-year funfest and pick up an overpriced diploma in ethnic or womyn’s studies, you and your children are footing the bill.
The tenured radicals installed in the university system working to destroy America one mind at a time always had their six-figure lifestyles subsidized by the rest of us, but the bill just increased a hundred fold.
This week’s non-Council winner, Gates of Vienna’s Slavery and Jihad submitted by Joshuapundit is a superb and absolutely must-read essay on a frequently unmentioned topic – the relationship between Muslim theology, jihad and slavery, which still exists today in many parts of the Muslim world. Highly recommended.
Here are this week’s full results:
- *First place with 2 2/3 votes! Joshuapundit––President Obama’s Latest Horror – A Trillion Dollar Timebomb For America’s Economy
- Second place with 2 votes – VA Right!-Virginia Right! Blogger Visits Occupy Richmond and Is Shocked by What He Finds
- Third place with 1 2/3 votes – The Political Commentator-The Obama Doctrine: Is $1.5 billion in U.S. aid to Egypt funding an Islamic fundamentalist ending to the “Arab Spring”?
- Fourth place *t* with 1 1/3 votes – The Razor-The Faces Change, But the Roles Stay the Same
- Fourth place *t* with 1 1/3 votes – GrEaT sAtAn”S gIrLfRiEnD-Doing Syria
- Fifth place *t* with 2/3 vote – Bookworm Room – If I were the mayor, I wouldn’t move the Occupy protesters one inch
- Fifth place *t* with 2/3 vote – The Noisy Room – If This Were An Actual Test…
- Fifth place *t* with 2/3 vote – Right Truth – Not The Herman Cain They Know – Updates
- Fifth place *t* with 2/3 vote – The Mellow Jihadi – New York City Snow Storm Scatters Flakes on Wall Street
- Fifth place *t* with 2/3 vote – The Right Planet – Occupy Phoenix Flyer: ‘When Should You Shoot a Cop?’
- Fifth place *t* with 2/3 vote – Simply Jews – 10 Mind-Blowingly Offensive Quotes From Ron Paul Newsletters
- Sixth place *t* with 1/3 vote – The Colossus of Rhodey – I’ve argued for this for years
- Sixth place *t* with 1/3 vote – New Zeal – Socialist Trumka Backs Wall Street Protesters
- Sixth place *t* with 1/3 vote – The Glittering Eye – Fair Incomes
- First place with 2 2/3 votes! – Gates Of Vienna- Slavery And Jihad submitted byJoshuapundit
- Second place with 2 votes – Wired Danger Room – New Afghan War Plan Concedes the Surge Fell Short submitted by Right Truth
- Third place with 1 2/3 votes –Mychal Massie – Murdered border guards cry for justice from the grave submitted by The Political Commentator
- Fourth place *t* with 1 1/3 vote –Merrill Matthews/Forbes – Obama: Campaigning Like It’s 1936 submitted by The Noisy Room
- Fourth place *t* with 1 1/3 vote –Victor Davis Hanson – Obama’s Target List submitted by The Watcher
- Fourth place *t* with 1 1/3 vote –Doug Ross – Smoking Gun: Document Found That Touched Off The Mortgage Meltdown submitted by The Watcher
- Fifth place *t* with 1 vote –At War – A Complicated Close for U.S. in Iraq submitted by GrEaT sAtAn”S gIrLfRiEnD
- Fifth place *t* with 1 vote –Kenneth Anderson/The Volokh Conspiracy – The Fragmenting of the New Class Elites, or, Downward Mobility submitted by The Glittering Eye
- Fifth place *t* with 1 vote –Big Jolly Politics – One Man’s Letter to the Young Protesters submitted by Rhymes With Right
- Sixth place with 2/3 vote –Borderland BeatAttorney General in Mexico: 200 Murders Result of Operation Fast and Furious submitted by VA Right!
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