President Obama blasted a congresswoman recently in a way that demonstrated both dishonesty and a casual disregard for the severity of the problem of massive student debt.
Here is what Rep. Virginia Foxx, R-N.C., actually said on a radio show, as reported by the liberal Huffington Post: "I have very little tolerance for people who tell me that they graduate with $200,000 of debt or even $80,000 of debt, because there's no reason for that. We live in an opportunity society, and people are forgetting that. I remind folks all the time that the Declaration of Independence says 'life, liberty, and the pursuit of happiness.' You don't sit on your butt and have it dumped in your lap."
Those are sound sentiments with which virtually everyone across the political spectrum ought to agree. It is beyond absurd that high numbers of college students needlessly are racking up debt loads that will take them many years, if not decades, to repay -- making it harder for them to save for a home or for their own children's education. Even the most frivolous academic programs can cost many tens of thousands of dollars per year at a lot of elite colleges and universities.
How weighty a problem has student debt become? Well, just last year it exceeded $1 trillion for the first time in our nation's history. And student loan debt now is greater than all that Americans owe on their credit cards.
Is taking out a loan to pursue a college degree more worthwhile than spending carelessly on a credit card? Certainly, but debt is still debt. And when a huge debt is accumulated for a degree that offers its holder few prospects for a good job, that is not a wise investment.
But the president does not seem to sense the gravity of the problem.
While claiming to be "just quoting" Rep. Foxx, Obama deleted inconvenient parts of what she said.
Remember: Foxx said she had "little tolerance" for those who accumulate $80,000 to $200,000 in student debt.
But in Obama's version -- given in a speech in North Carolina -- Foxx "said she had very little tolerance for people who tell me they graduate with debt because there's no reason for that. I'm just quoting here. I'm just quoting."
That's quite an editing job! It's as if Foxx had expressed disgust for anyone who takes out a student loan in any amount.
In fact, as Katrina Trinko of National Review Online pointed out, Foxx's comments referred only to the 6 percent or so of students who owe $80,000 or more -- certainly not to every student who borrows any amount of money.
But those facts were lost on Obama. And that is not surprising. He seems as unconcerned about student loan debt as he is about the roughly $16 trillion national debt, which has grown at a dizzying pace since he took office.
Whatever merits anyone may ascribe to the president, a reasonable understanding of the perils of big debt isn't one of them.
There are two sides to this story; both Rep. Fox and Pres. Obama were both right and wrong. Currently, about half of new college graduates are unemployed which implies that colleges, students and parents are not considering unemployable programs since several degrees have a high graduate job demand. Also, as a country we should be encouraging more college graduates in these high-demand fields with lower student loans to ensure our country's future. The GOP proposal to pay for these loans out of critical health-care money while protecting the fat-cat tax breaks is disgusting.
Excellent Article!!!!
The writer......"President Obama blasted a congresswoman recently in a way that demonstrated both dishonesty and a casual disregard for the severity of the problem of massive student debt."
What could be writen almost everday....."President Obama blasted Congress recently in a way that demonstrated both dishonesty and a casual disregard for the severity of the problem of massive national debt."
Sound sentiments? Not at all. They are a demonstration of ignorance and dishonesty, because for one thing, Virginia Foxx actually takes a considerably amount of PAC money from companies that profit off college students (and who provide poor return on the dollar). But actually many reasonable people realize that an investment in their education IS a good thing, much like an investment in a place to live IS a good thing.
But with longer term benefits.
Do you really think that Foxx is ok with 79,999.99 in Loans, or is she adamantly opposed to it at all? Does she really want to lower the cost of college on students? If so, please quote her saying so, and explain what her, or even YOUR plan for doing so would be.
Oh wait, that'd Socialist, wouldn't it?
And given that this paper, even the editorials on this page, have paraphrased people before, I don't think you should be throwing stones in your glass house.
BTW, where's your criticism of Mitt Romney's campaign add where he "quoted Obama" who was quoting John McCain?
Where?
To my opinion, student loan debt can make a huge impact on all the spheres of life. It's a huge debt, no matter if a person has $80,000 or $200,000 in debt - it's enough to make financial life much more complicated. I believe that education is very important to get. But on other hand, it's important to buy a house, car, raise children. And the student loan debt can make these things much harder to achive and make you wait for a long time. Decision to attend college shouldn't be spontaneous, it's important to decide where you want to go and how much money you need as soon as it possible and start saving, it can be a great step, because with a help of saving it's possible to avoid applying for a loan and make your financial life much better. http://ameriloansearch.com/
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