Okay, a third of the economy might be out of reach now (healthcare) but let’s go ahead and bit off as much as we before people start to notice. A billion here, a hundred billion there… pretty soon the Government owns most of the economy… almost there.
Now with the stroke of a pen, Obama wants to control who gets school loans. And make no mistake friends, this is about CONTROL first, and money is a nice byproduct. You can bet that Obama Buddies will handsome profitably as the nationalized education loan business starts magically going to people who vote liberal Democrat.
When paybacks result in government control and paying back people who voted for you… that’s a WIN/WIN… unless you are a hard working American taxpayer.
Obama to Nationalize Student Lending with Pending Budget Bill
Wednesday, January 20, 2010
By Matt Cover, Staff Writer
(CNSNews.com) – A bill currently before the Senate would empower the Obama administration to nationalize the student lending industry, eliminating the federally subsidized private loans millions of university students rely on to finance their educations.
The Student Aid and Fiscal Responsibility Act – currently being considered by the Senate Health, Education, Labor, and Pensions (HELP) Committee – would eliminate the Federal Family Education Loan (FFEL) program. FFEL loans are federally subsidized and make up approximately 80 percent of the student lending industry.
According to the Department of Education, 14.3 million of the 17.5 million student loans were federally subsidized for the 2009-2010 fiscal year. Under Obama’s plan, the government would consume the entirety of this industry – a total of $103 billion in 2009-2010.
