Community Reinvestment Act - Part 2?

Obama Taps Taxpayers For Student Stimulus
http://www.foxnews.com/politics/2011/10/26/obama-taps-taxpayers-for-student-stimulus/


If Suzy Creamcheese gets into George Washington University and borrows from the government the requisite $212,000 to obtain an undergraduate degree, her repayment schedule will be based on what she earns. If Suzy opts to heed the president’s call for public service, and takes a job as a city social worker earning $25,000, her payments would be limited to $1,411 a year after the $10,890 of poverty-level income is subtracted from her total exposure.

Twenty years at that rate would have taxpayers recoup only $28,220 of their $212,000 loan to Suzy.



Take this example times millions of students - is Obama setting us up for another financial disaster?
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carsRSTAsked:
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CCSOFlagCommented:
The bottom line it it's yet another crock.  And it of course will add to the bankruptcy of the country.  Unfortuantely all thsoe people who want to get a college degree will vote for it, because they are simply voting with their emotions instead of their brains.  Of course the people who would benefit from it are going to vote for it.  The Democrats are pretty smart TBH.  They bring forth legislation that will benefit certain people who they know will support them in it.  The problem is they don't care what the cost to the others is.  Selfish and inconsiderate imo.
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leonstrykerCommented:
Hmm Suzy Creamcheese earning $25,000 as city social worker? No wonder I keep hearing about teachers and social workers moonlighting as exotic dancers. Sounds like she just got a degree in pole dancing.
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leonstrykerCommented:
I think this should be setup in the same way as ROTC scholarships. We will pay for the degrees, but in return the person serves in a civil force capacity. Term of service can vary depending on a degree, so if Suzy wants to be a Social Worker than 10 year enlistment sounds about right, assuming we need Social Workers. If we don't then she would need to choose a different major, or pay for it herself.
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CCSOFlagCommented:
While that is an acceptable compromise, I just don't agree with taxpayers paying for anyone's college degree.  The entire college degree has been watered down tot he point of worthlessness now.  It used to be college was for the cream of the crop.  The smart people.  It helped us get the smartest and brightest a better education to help propel society further into better technology and advancement.  Any more college is just continued education and isn't nearly as hard as it used to be.  It no longer a certificate of achievement, but rather a certificate saying you paid the money to go to college.  Since when did taking humanities or art classes make a better mechanic?  Or Plumber?  Or Electrician?  Carpenter?  Any more a degree is required for just about any job, which makes no sense.  Anyways, I should stop before I get too wound up.
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leonstrykerCommented:
Since when did taking humanities or art classes make a better mechanic?  Or Plumber?  Or Electrician?

Those professions do not require a college degree and are not taught in universities.
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CCSOFlagCommented:
Those professions do not require a college degree and are not taught in universities.

For the most part no those positions do not (as they shouldn't), but at times I have seen job requirements for them including associates degrees and above.
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leonstrykerCommented:
>I have seen job requirements for them including associates degrees and above.

Associate degrees are a two year programs and are fairly inexpensive, from a Community College. If one of those jobs requires a Bachelors degree, then I would assume it would be for some sort of a managerial position.  
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TlingitCommented:
According to the way it is written, it sounds like another financial disaster.  It also sounds like another way for Obama to get votes.  This guy has no morals.  He knows what damage he is doing but in the end he doesn't care as long as he gets a second term to ruin the country even more.  Students will vote for him just because of this.  I forsee him coming out with other little programs like these just to get votes.
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Mujtaba_Alam_KhanCommented:
> $212,000 to obtain an undergraduate degree <

That's crazy about of money. I say outsource students to India.

-Muj ;-|

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leonstrykerCommented:
>I say outsource students to India.

Nah, outsource teachers to India. Currently my son is taking one on one Spanish lessons with tutors in Guatemala for $10 an hour.
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carsRSTAuthor Commented:
>> It also sounds like another way for Obama to get votes.

You mean to buy votes?
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CCSOFlagCommented:
>> It also sounds like another way for Obama to get votes.

You mean to buy votes?


Um, is it buying when you are using someone else's money?
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leonstrykerCommented:
> is it buying when you are using someone else's money?

No, thats Socialism
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bergertimeCommented:
But everyone is entitled to an education, it's a right not a privilege.  Do you want everyone to be dumb?  Just remember if little Johnny can't read or write, it's your responsibility to make sure he has the lastest fashions.
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carsRSTAuthor Commented:
>>Do you want everyone to be dumb?

Beetos says these OWS idiots have college degrees.  How's that working out?

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p_davisCommented:
i would say that everyone is entitled to knowledge... but a formal education is the responsibility of the individual. i think that there is a distinction.
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CCSOFlagCommented:
Do you want everyone to be dumb?

Beetos says these OWS idiots have college degrees.  How's that working out?


Sadly I've seen just as many smart people who never went to college as dumb people you went to college.  As I've said, a college degree goes to whoever can afford it now.  That's it.  Means nothing.
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CCSOFlagCommented:
i would say that everyone is entitled to knowledge... but a formal education is the responsibility of the individual. i think that there is a distinction.

Well said
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leonstrykerCommented:
>But everyone is entitled to an education, it's a right not a privilege.

Despite all the sarcasim, I support this statement.

>Do you want everyone to be dumb?

Education does not make one smart. It just makes them informed, and gives people the ability to make stupid decisions.

>if little Johnny can't read or write, it's your responsibility to make sure he has the lastest fashions.

Hey, he was smart enough to be born here! He earned it.
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CCSOFlagCommented:
>But everyone is entitled to an education, it's a right not a privilege.

Despite all the sarcasim, I support this statement.


I disagree with both the words he used anyways.  I believe it's a good, not a right or a privilege.  We choose what we do with the goods, but it's not given to us.  Just like food.  sure food is good for us.  It makes us healthy, but we still have to pay for it.  Some people hand it out for those less fortunate and don't have as much.  Some people overindulge and get fat off of it.  In the end it should be paid for by those getting it.  Unfortunately it's not the case with food stamps and all that.  You don't see food loans, and laws saying this much food needs to be eaten to achieve a diploma of food mastery.

Education should be the same way.  We should be responsible for our own education.  We should be able to choose how much and what we want to learn.  If I don't want to learn algebra, why should I have to?  If I don't want to read novels and write reports, why should I have to?  If I want to learn to be a farmer and not a poet, why can I?  Did you ever have to take an agriculture class in school?  I sure as heck didn't.  I'd say agriculture is many many times more important and always will be.  We all need to eat don't we?  Will we not survive without math?  Won't we survive without knowing what a neutrino is?  Or what the equation is for Energy?  But yet we do not teach anyone how to grow food, or how to take care of nature, or anything along those lines.  Why not?

Whatever happened to the land of freedom?
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bergertimeCommented:
You know Leon, I was being sarcastic, but someone had to be the opposing side.  But on a more serious side let me say this.  I think everyone should have access to advanced education and I blame the dems for preventing this and also the student loan issues we have.  In order to make college access for everyone, they put out regulations requiring everyone be able to get these crazy loans, and now that we're all over 20 years old now we can look back and understand that a 18-20 has no business being able to spend that kind of money.  What would happen if the gov't got out of the student loan business?  The price of college would drop off a cliff.  It's a bubble.  
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CCSOFlagCommented:
What would happen if the gov't got out of the student loan business?  The price of college would drop off a cliff.  It's a bubble.  

Completely agree
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leonstrykerCommented:
>>The price of college would drop off a cliff.  It's a bubble.  
>Completely agree


Maybe, or maybe not. One could easily argue that most colleges would cut back, and would not offer the same level of education, while the few that did not would maintain, if not increase their price. Now you will of course argue that this is desirable and as should be be based on the Market, and basic tenets of Capitalism, but I will point out that it may not be desirable from the our goals as a Nation.
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Mujtaba_Alam_KhanCommented:
Let me say this again, spending $212,000 on any degree is a ridicules amount.
What do you think people are millionaires?
No wonder you have students in debit.

Lower education cost, don't put people in debit or else you will have same problem as you had with the Banks. So who will bail the Government out, that Banks.. HA!

-Muj ;-|
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carsRSTAuthor Commented:
>>Let me say this again, spending $212,000 on any degree is a ridicules amount.

Depends on where you go as to what it costs.  A lot of idiots spend $1000s on a degree that pays nothing.  

My guess is the most common degrees with the OWS bums are probably golf management or philosophy.  Under Obama's plan, the US tax payers will end up funding their education if the loan balance is not satisfied within 20 years.
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bergertimeCommented:
leon, so let me get this straight.  Your saying that by giveing 18 -22 year olds the ability to spend whatever they want on an education that may not pay anything does not create a bubble?  That's insane......those people with the signs saying they spent thousands on an education worth nothing remind me of the people who to out too big of home loans after the market crashed.  

Of course colleges would cut back, you wouldn't be able to get a degree in some useless study.  This is our current system, we lie to our kids.....spend as much as you want when you get out with a degree Green Studies, you get paid all kinds of money.  So start out you life after college owing as much as a house.  I just don't see how people can support this.  It's free money to the Universities, we should have an OCC (Occupy College Campus) movement, since these greedy bastards are sticking it to our kids.
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leonstrykerCommented:
>leon, so let me get this straight.  Your saying that by giveing 18 -22 year olds the ability to spend whatever they want on an education that may not pay anything does not create a bubble?

Well, the question is why does it cost so much? There has to be a return on investment. If these people do not get jobs, then they are unable to pay their loans. Which mean they default, which means the banks should not be loaning money for these degrees.
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bergertimeCommented:
I agree unless they are forced to do so by the gov't.  Isn't what you just said describe what is happening?  School costs so much because young people who have no idea in many cases take out all they can in student loans to pay for everything including pizza and beer.  They major in 'Someting useless' and get out and find there is no return on their investment.  Can they get their money back?  No, they are stuck.  So they default on their loans, since the loan is backed by the gov't, guess who gets to pay it back.  It's a bubble based on inexperience of the young.  Would I today take out a loan of say $50,000 to get a degree in Finance?  Hell no, you're not going to get any ROI.
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