Let's fast-forward to the imperial President and his Executive Orders. Today, it is an adjustment in student loan payments, designed to rekindle the love from young adults and thumb his nose at Congress. There are actually several narratives to this latest move, which circumvents the idea that there would be balance in governing the United States of America.
* The Imperial President
* The Freedom from Want
* The continued soaring cost of education
"Protect young people from crushing debt or protect tax breaks for millionaires."
Elizabeth Warren and President Obama are pushing a Senate bill that would relieve student loans by taxing millionaires. This seems so farfetched (on so many levels), that it would be comical if it were not so dangerous. Millionaires paying for kids that want to study basket weaving only encourages more basket weaving, underlining a central tenet of progressivism- the freedom from want (see sidebar).
By the way, not only is this idea unfair to all millionaires, but also to those that do not have a college degree.
The list of billionaires throughout history without college degrees include: Thomas Edison, Bill Gates, Richard Branson, Larry Ellison, Michael Dell, Henry Ford, Steve Jobs, Ray Kroc, and Li Ka Shing. In total, there are 55 names on a list compiled by mytopbusinessideras.com.
While the left promotes class envy, their brethren continue to hike tuition to the point that many wonder if it is even worth it anymore.
Soaring College Costs
President Obama's order to limit college loan repayment to 10% of monthly income does not stop soaring tuition costs or help college grads find jobs. It is a gimmick... and a very dangerous one. Also, it is a smokescreen for runaway college tuition, which has never been criticized by the left. Even when the topic is broached in mainstream media, there is not the kind of vitriol reserved for self-made billionaires.
Therefore, the soaring costs of colleges have a lot of smart people- with college degrees- encouraging young adults not to take on the debt. While I think this is a giant mistake not to be prepared for the knowledge economy, I understand the frustration.
Moreover, by not using constant dollars, private college tuition has climbed from $14,909 in 1981-1982 to $33,047. In another review of tuition (not adjusted for inflation), tuition has climbed from $2,107 in 1991-1992 to $8,244, for the 2011-2012 semester- a rise of 291%.
This is a new week, a new executive order, and a new way to stir up trouble in a nation desperately seeking leadership.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for August 1st, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 31st, 2014 | John Ransom