Now then, I don't know how many young people you know who have taken out student loans, are halfway through college, or have recently graduated. But I know quite a few, and it is amazing how few of them have gainful employment, or anything close to what they need to earn and achieve to live in the middle class and pay back those student loans. It's as if they've been sold a bill of goods, believed in the American dream, and took out those loans based on political rhetoric, academic propaganda, and forward-looking statements of potential future earnings with major corporations.
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Indeed, I personally know probably 10 college students who have recently graduated who are unemployed, looking for work, and I don't believe they have a chance in hell on getting anything worthy of the money they have already previously spent, and those college loans are now due. You may not realize this, but 35% of the college loans currently are 90 days past due or in default.
That's a pretty large number, and the money has to come from somewhere, and the student loans are guaranteed. Some are backed partially by the government, others are backed by investors + the government, but these college students are not allowed to get out of paying those loans no matter what, not even through bankruptcy can they discharge the money that they owe.
There was an interesting article on MSNBC on May 16, 2013 titled; "Obama's student loan profit machine," by Aimee Picchi which stated; "In his current term, the government may earn more than $110 billion from this program, more than the country's most lucrative companies."
Interestingly enough, the Congressional Budget Office actually backs up this claim that the government will make $110 billion from this program. I don't see $110 billion anywhere, what I see is another bubble burst just like we had in the mortgage crisis, only smaller, and all that potential money will evaporate. Meanwhile the Obama administration is somehow attempting to show that this money coming in the future will help them balance the budget deficit. This is just bad accounting, on top of all the previous bad accounting - meanwhile the student loan programs are headed for a cliff.
There is no honor in any of this, it's all manipulated numbers, lies in my view, and more cover up to the fact that the system is working, the student loans are in default, and things are only getting worse. Meanwhile each month the government puts out figures that more and more people are finding jobs, not the 10 college students that I know.
Many of the newest jobs created have been created as part time jobs because many companies are taking full-time employees and putting them to work as part-time workers because of ObamaCare, which opens the door up to hire still more workers part-time. This is just a number shuffling event, similar to rearranging deck chairs on the Titanic. Please consider all this and think on it.
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