Dems Exploit Takeover of Student Loan Program to Reward Government Workers

As part of the ObamaCare power grab, Obama nationalized the student loan industry. Here is how well borrowing money to pay grotesquely inflated tuition rates has been working out for recent grads:

[T]he average college graduate under 40 who carries student debt currently has a median net worth of just $8,700. The Washington Post recently advised newly-minted college graduates to give up hope and go live in their parents’ basements.

Since government assistance has freed college tuition from the restraints of the free market, causing it to rocket into the stratosphere, the debt burden is crushing recent grads. Not to worry; Big Government always has a solution to the problems it creates. Senator Richard Blumenthal (D-CT) steps forward:

Eschewing efforts to create the private-sector jobs that drive economic growth and wealth creation, the progressive Senator instead proposed a new law [last] week that would generously forgive the student loans of government workers and employees at qualifying nonprofits.

Become absorbed in the government borg and your education is on the house. Choose to work in a private sector crippled by excessive taxation and malicious regulation and you get to pull the cart instead of riding in it.

You don’t actually have to work directly for the government…

Blumenthal’s bill would supercharge the existing, already-generous Public Service Loan Forgiveness program, which completely forgives the student loans incurred by qualifying government and nonprofit workers if these special workers manage to stay employed for 10 straight years and make their loan payments each month.

Nonprofit groups that qualify are tax-exempt 501(c)(3) organizations. Such organizations have included the local chapters of the now-defunct Association of Community Organizations for Reform Now (ACORN) and the Center for American Progress, which is related to the leftist blog ThinkProgress.

Workers in private-sector, for-profit industries currently enjoy no such loan forgiveness program and wouldn’t enjoy the impressive additional benefits Blumenthal proposes.

The inevitable effect: more students resigned to careers as bureauweenies and majoring in policy studies, global warming studies, victim studies, et cetera, ad nauseam, and fewer acquiring an education that would facilitate making a productive contribution to society.

Barks Blumenthal:

“We should reward public service — particularly as the need for talented and dedicated public servants grows.”

One example of “public service” is using our money to create ever more public servants.

We need more public servants like New York City subways need more rats.

Speaking of rats… Blumenthal inflicts some public service.

On a tip from Henry. Cross-posted at Moonbattery.

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