Another Executive Order
Please, Not Again!
Good Morning, Breakfastpoppers. Today is Wednesday, June 11, 2014. Our noisy, but delightful friend, Chiquita, is here with me at the breakfast table. She is kicking up her heels in utter frustration this morning. President Obama issued yet another executive order on Monday and it is ultimately going to cost taxpayers money. Please join Chiquita and me this morning at the table. She prepared a batch of apple muffins this morning. I'm serving them with Irish coffees, so come on over to my place.
Da Pen! Da Pen!
Thank you all for coming here this morning. President Obama told us that all he needs to govern is a pen and a phone. He hasn't picked up the phone recently, but his pen is busier than ever. On Monday, President Obama issued an executive order which will ensure that students with federal loans will be able to cap payments at 10 percent of their monthly income. Students have been defaulting on their loans at an alarming rate.
Many financial analysts are more than a little disturbed by the devil in the details. In 20 years, the student's debt vanishes even if the loan hasn't been fully repaid. The debt goes away as far as the students are concerned, but it pops right up again for the taxpayers to take care of. I guess this is the administration's way of making earning less money seem appealing. After all, both President Obama and other Democrats in Congress think it's better for you to stay at home on the couch with your kids. Work has been largely overrated. This new student loan tweak fits right in there with the now preferred way of life.
If you earn less money after graduating than you had expected, take heart. Your loan payments will be smaller and after 20 years, you won't owe a dime. This could be the deal of the century, except if you are among those American citizens who actually pay taxes.Your burden will go on forever.
A Novel Idea
Student debt is the largest area of consumer debt in the nation. Fifteen percent of student's default on their loans within the first three years of re-payment. Instead of handing over the burden of re-payment to the taxpayers after 20 years, how about job creation that actually gives these students hope for a brighter future? An overwhelming number of newly created jobs are part- time, low- paying or part-time and low-paying. It's not a pretty picture, This administration has done its level best to place a stranglehold on the creation of new business. It has given government agencies such as the EPA enormous powers to disrupt the lives of American citizens who are trying to make an honest living. Companies are scaling back the number of those they employ because of the economic burdens imposed on them by Obamacare.
We need a government that wants to foster competiton. We need a government that believes in capitalism and the free market. We haven't had either for the last six years.
This administration has enjoyed pitting the so called "rich" against the so-called "poor". There has been a lot of talk about people paying their fair share of taxes. When students leave a good deal of unpaid student loan debt on the table, the American taxpayer will now be asked to pick up the tab. The "rich" once again will be asked to pay more. Perhaps it's time for the poor to pay their fair share, as well. That isn't happening now because of personal exemptions and itemized deduction reductions. We need to change the playing field.
While we are at it, we need to find a way for students to manage their debt without washing their hands of their problems and foisting them on already beleaguered taxpayers. There are solutions out there, but we need an administration willing to make the kind of changes that are good for America. They aren't doing that now and they haven't done it for the last six years.
Make some noise and get it done!
I'm Cicada Chiquita and I'm here to say
I wish you a new administration
And a brighter day.