Washington Proposes $1 Trillion Bailout for Delinquent Student Loans
With many young people unable to pay their loans (average graduating debt is about $29,000), Citigroup and others are speculating that this industry might be ripe for a bailout.So what we'd be doing is just adding more debt to the debt they'll be on the hook for for the next several generations. Which will be a real trick because they won't be able to find good paying jobs in the future anyway after Obama destroys the private sector.
To pay off all the current defaults, Citigroup says it would cost taxpayers $74 billion. However, this number doesn’t include those who will default in the coming years, and, when the government rewards the defaulters, it will encourage more borrowers not to pay their debts.
And liberals in Congress have proposed forgiving all student loans via “The Student Loan Forgiveness Act 2012.” costing taxpayers $1 trillion.
I guess most out there are beyond asking the question about who, exactly, will be paying for all this?
As long as they get theirs who cares?
Re-electing Obama may get them their free shit in the short run but eventually the bill will come due and it may happen sooner than anyone thinks.