Earlier this month, the Obama administration’s Department of Education put into place its new regulations regarding the “Pay As You Earn” modification to Income-Based Repayment (IBR) of student loans.
This Obama “reform,” supposedly a centerpiece of his program for young people, promises little and provides even less. For a small subset of students it can mean “only” 20 years of monthly payments, instead of 25, with decreased minimum payments of 10 percent of discretionary income instead of 15 percent.
As the federal “fiscal cliff” and additional cuts approach, the record shows that student aid has already been declining. According to a report released last month by the College Board, federal grants totaled $49 billion during the last academic year, down 5 percent from a year prior, after adjusting for inflation—the first drop after rising for five consecutive years. Federal work study, which allows colleges to create campus-based jobs for students, fell 4 percent to $972 million, after adjusting for inflation, the first time its has dropped below the $1 billion mark in at least a decade.
It's all a con game. And I have about had with union leaders pimping this crap about "the rich will pay their share in taxes!" F**k taxes. Protect Social Security. If the unions are worth a damn, they will stop worrying about presenting Barack as 'inspirational' and start drawing a line in the sand on Social Security.
It can not be gutted. If it is, may Barack rot in hell. FDR knew we needed it. It has lifted so many people out of extreme poverty.
With pensions on the decline, more and more people count on Social Security.
It is not going to go bankrupt. But let's play devil's advocate and presume that's possible for a moment, okay? Should it go bankrupt, the government could bail it out.
I would argue Social Security is even more "TOO BIG TO FAIL" than a bunch of crappy banks that should have gone under and didn't really serve people to begin with.
We do not need to see the retirement age raised. We do not need to see a reduction in benefits.
I support no changes to Social Security. None.
It is a program that works and there will be hell to pay for anyone who tries to screw it up.
This is C.I.'s "Iraq snapshot" for Tuesday: