I am always fascinated by the Left wing and their hatred of big corporations. Now, I have my problems with corporations, such as being declared people without being held liable for crimes they commit. But it is amazing that the Left will harp on big corporations while turning a huge blind eye to the world’s largest and most evil of all corporations: the United States Federal government.
Case in point, this should serve as a small example:
The agency’s Direct Loan program delivered a $24 billion profit on loans made in 2012, and nearly $27.5 billion on 2011 loans. All told, over the last five fiscal years, the Education Department has generated $101.8 billion in profit from student borrowers, thanks to low borrowing costs for the government and fixed interest rates for students, budget documents show.
So let me get this straight: most private companies can barely make more than a few million and most of that goes to the employee salaries and benefits. Besides that fact that the Affordable Healthcare Act federalized all student loans, consider the other benefits the Federal government enjoys as the sole provider of student loans in the United States:
- All Federal student loans cannot be done away with bankruptcy. Basically, if you decide to declare bankruptcy, you cannot get rid of your student loans.
- When you are delinquent on your student loan payments, your wages will be garnished without the benefit of a court order. So if you don’t pay your student loans, you won’t be able to defend yourself in court. You’ll just have a check with less income.
- If you don’t have any traceable income, then the US Dept. of Education will have your home raided.
- Student loans are largely for poor people as the more wealthy can usually afford college for their children. So basically, the US gov’t is profiting off of the poor through exploitation.
Naturally, the Left will continue to insist that going to college is necessary and that student loans are needed for poor people. Except that when you add up the total amount of student loans that college goers, especially poorer ones, acquire, you find that all we end up doing is providing most young people mediocre skills at best and crippling debt payments. A PhD sounds less appealing when your only prospect is a barista job and a 400 dollar a month loan repayment plan.
Meanwhile, the thought never crosses the minds of our benevolent leaders to forgive most student loan debts. Of course, if they were to do so, whatever amount was forgiven would be declared as income on your next tax return (another aspect of greedy government).
And I’m supposed to believe in the system and think that more government regulation and control will protect me from big corporation greed when the US government is the greediest and most selfish corporation of them all?