Yesterday, to much shock and dismay, Obama revealed his latest “noble” grand vision: provide a free community college education to millions of folks. Apparently now, far too late, even the community organizer-in-chief realized that with $1.2 trillion in student loans, almost double the total outstanding credit card debt, which as the TBAC warned will rise to a mindblowing $3.3 trillion in one decade all else equal…
… and of which already one third will likely end up unrepad..
… there is simply no way the US economy can grow and absent a major overhaul of the educational system, the Millennials will never be able to take their rightful place as the dynamo of US economic growth.
What is Obama's solution? Another free lunch.
Of course, one look at Venezuela should suffice to see how the myth of free lunches ends every single time:
Socialist unicorns and Marxist rainbows aside, what will Obama's “free” plan cost taxpayers? The answer: $60 billion over 10 years, according to a White House official.
The details from the latest White House pool report:
Eric Schultz, the deputy press secretary, said that President Obama would be joined in Knoxville by Vice President Joe Biden and Dr. Jill Biden to announce his proposal to make two years of community college free for all responsible students no matter their age.
Among other things, here is what he said about the cost of the program:
How would you pay for this program:
Will release details in the budget
Said there was “intense” interest in the idea. More than 5.7 million people viewed the Facebook video by 10 am Friday, he said. 21.1 million people “have been reached” by the Facebook post. He said it was the most successful Facebook post.
Said the college program will cost “roughly $60 billion over 10 years.”
“That is a significant investment, but it's one the president believes is worthwhile because we need to make sure that America's young people are getting the skills they need to succeed in the 21st century economy.”
He said the $60 billion represents the federal share of the program.
