Get Ready For The Trillion Dollar Student Loan Bailout

The bankrupting of the United States of America continues apace. Make bad decisions, that’s okay, someone else will pay for it. Buy more house than you can afford, that’s okay, someone else will pay for it. Buy iPads and other goodies with your student loan money, that’s okay, someone else will pay for it. Many of those people who will pay for it are now too young to vote, but that’s okay, since they can’t vote.

The latest is the trillion dollar student loan bailout.

So let’s get this straight:

  1. go to some “everyone who applies is admitted” community college
  2. take on the biggest Federal loan one can get
  3. use the proceeds for everything besides the tuition (of course)
  4. be unable to find a job after graduation (naturally)
  5. plead poverty, accusing evil employers who don’t hire those who majored in Foosball, and make “zero” payments while remaining in “compliance”
  6. get a job working for the government, wait ten years, and have the entire loan magically disappear.

And there it is: incentives for the common, and very much broke, man in the New Normal.

If there is anyone out there who thinks this will not result in a “charge it” feeding frenzy and that the Federal student loan total will not go absolutely parabolic going forward, please raise your hand.

Of course, what is not discussed, is who is on the other side of all those forgiven loans. And the answer, dear taxpaying US readers, is starting at you in the mirror. Because all the Federal government will do is transfer the unfunded obligation, which has already been used to satisfy the purchase of goods and services, from one individual to the whole group.

But when one is dealing with the government of a country that is no longer even fit to be defined as “banana”, what is adding one more trillion between already insolvent counterparties.

Please be sure to read the whole thing. It’s enough to make your head explode, but burying your head in the sand is not an option. We all might as well know what they’re doing to us, even if it’s only to somehow find a way to be prepared. Think about those photos of life in the Soviet Union and how you will adjust to that way of life. Sooner or later, it’s coming. Oh, and if you’ve been putting off buying a gun, you might want to do something about that soon.