Well THAT didn’t take long. The confetti thrown on college campuses has barely been swept up after Barack Obama’s reelection, and reality has smacked more of his children in the face. This is happened faster than any of these fools could have imagined. You will recall that Obama’s union children at Hostess found out what real life is about last week. This week, his college student children got their dose of cold truth.
The stroke across the student loan crowd’s face is the news that in the 3rd quarter, the number of student loans in default has skyrocketed.
Student loans that are now delinquent by at least 90+ days and 30+ days have risen dramatically.
The amount of outstanding student loan debt has reached $956 billion, having climbed $42 billion in just the last quarter alone. Obviously, the effects of a 53% underemployed/unemployed rate among those graduating from college last May is taking hold of these young fools. Fully eleven percent of all student loans are delinquent for more than 90 days.
Probably very few of Obama’s college children, who have outstanding school loans, understand that they can NEVER walk away from their debt because it is NOT dischargeable in a bankruptcy; but they will soon find out. How they expect to live a life of their own in a country that offers them no jobs but demands repayment for their useless degree is a mystery.
Worse still is that this report is “likely to understate actual delinquency rates because almost half of these loans are currently in deferment, in grace periods or in forbearance and therefore temporarily not in the repayment cycle” according to Zerohedge.com. The explanation goes on to say: “This implies that among loans in repayment cycle delinquency rate are roughly TWICE as high.”
The rate of delinquent student loans jumped by 2% in just the three months following last May, and the total amount of outstanding student loans is now pressing $ 1 trillion. Since trying to tell these foolish children this was coming made no impression, maybe the demand letters the hounds at the IRS will be sending them will make an impression.
They can hide in Mom’s basement for now, but sooner or later they will have to come up for a beer and smokes. Until then, children, keep plenty of gas in your cars so you can try to outrun the revenuers. Maybe you’ll get work in your own reality show; ‘Two broke Students” sounds about right. Oh, and look up the meaning of the word “Schadenfreude” – it might be an eye-opener.
Photo credit: SS&SS (Creative Commons)
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Granted Student loan is yet another too big to fail government spread the wealth stratagem. But I don’t get where you are enjoying the pain of others. I think it sad for everyone. Our immigration problem is because of the Federal government’s refusal to obey its own laws and baiting people into the country with entitlement’s that they are not legally entitled to. I find no pleasure in all of the pain that our De Facto government is causing and will continue to cause as long as We The People let them. Good points in the story.
He enjoys the pain of others because he is a Right Winger. No compassion. Absolutely none. And no truth either, as in his skewed reporting of the Hostess Twinkie debacle. It wasn’t the unions that did to to the bakery. It was a group of speculators called Ripplewood. Here’s their story:
Remember the horrible murders in 1978 of San Francisco Mayor George Moscone and Supervisor Harvey Milk? At the killer’s trial, his lawyer argued for leniency on the grounds that his client subsisted on a steady diet of junk food, which had addled his brain. This claim entered the annals of American jurisprudence as the “Twinkie Defense.”
Even less defensible is the campaign by Ripplewood financial manipulators to lay the death of Hostess at the feet of loyal, longtime employees who, after all, need the jobs. In fact, far from greedy, Hostess workers and their unions have been both modest and faithful. Their wages are decent but not at all excessive — only middle class. And the charge that unions would not make sacrifices to help the company is a flat-out lie, for they had previously given back $100 million in annual wages and benefits to help it survive.
The true perfidy in this drama is not in the union, but inside Ripplewood’s towering castle of high finance in New York City. After buying Hostess in a bankruptcy sale, these equity hucksters proceeded to feather their own nests, rather than modernize Hostess’s equipment and upgrade its products, as the unions had urged. For starters, these profiteers piled an unbearable debt load of $860 million on Hostess, thus diverting its revenues into nonproductive interest payments made to rich, absentee speculators. Also, they siphoned millions of dollars out of Hostess directly into their corporate pockets by charging “consulting and management fees” that did nothing to improve the snack-makers financial health.
But it was not until this year that their rank managerial incompetence and raw ethical depravity fully surfaced. While the Ripplewood honchos in charge of Hostess were demanding a new round of deep cuts in worker’s pay, health care, and pensions, they quietly jacked up their own pay. By a lot! The CEO’s paycheck, for example, rocketed from $750,000 a year to $2.5 million.
Like a character in a bad Agatha Christie whodunit, Ripplewood — the one so insistently pointing the finger of blame at others — turns out to be the one who killed the Twinkie. Along with the livelihoods of 18,500 workers
We the people tried to educate these people to the problems associated with some obama policies and these people laughed in our collective faces.
Excuse me but i did not create the problem, these people voted for the policies of Obama not me.
I know better
I have said and posted many times talk is cheap. A politician stand in front of the people and make all kinds of promises. Then when they are elected and asked why they are not keeping their promices they blame the other party. Have you ever confronted a young girl who got pregnant asking her How did you let this happen.? You should have know he was lying to you. She replies..But he said what I wanted to hear. I am sure there are women reading this post who have themselves or know someone that has happened to.
It seems to me there are far too many people who only listen to what they want to hear and filter out what the rest. That is the only reason I can think of for people to believe what this unqualified, illegal, phony, lying, racist, bigot, half breed, foreign national, Muslim POTUS says. He lies to their face and yet they will make excuses for him and defend him, because he says what they want to hear and they so much want to belive him. There are far too many people who will suppprt him no matter what he says as long as he give them a hug and bag of treats. Only to cry themselves to sleep in the future pounding their pillows screaming ..HOW COULD I HAVE BEEN SOOO STUPID?!?!?!?
This unqualified, illegal, phony, lying, racist, bigot, half breed, foreign national, Muslim POTUS blew smoke up college students butt, they fell for it hook line and sinker and now they are starting to see his true side. I hate to admit it, but he has the money and power backing him to keep him in office for a long time.
After january you will see him hasten in keeping his promise to fundamemtally change America. We aint seen nothing yet!!! Blood WILL flow in the streets of America in time!!!
SHAME, BILLS, BILLS & MORE BILLS, NO JOBS, NO JOBS & MORE OF NO JOBS, BUT LOOK AT THIS
WAY…….ILLEGALS WILL GET AWAY WITH NOT PAYING, AND GET THE JOBS.
Some college “graduates” go to school because of the easy money available thru student loans. I told my two boys that if they don’t have money to pay for college, I’ll help them some but they should join the military and then take advantage of the G I Bill. Anyway, they owe their country at least four years of service. Both are now degreed, proud veterans,one is an engineer and the other a nurse, thinking of going after an MD but now with Obamacare he is just waiting to see what happens. But there are schools that grant mickey mouse degrees – like the school in Georgia or Alabama, I forget which, that grants degrees in GOLF! Thats right. And anyone who thinks they can get a good job by majoring in black studies or hispanic studies, or even social work, better think twice about how they are going to pay back any loans they get, because any job they get won’t pay much. I worked two jobs to pay for college, and did not owe a penny when I got out. With a tech degree and an MBA, I had no problem getting an excellect job with a Fortune 500 company, in charge of all manufacturing and distribution in the Caribbean. Now, my wife and I are enjoying an excellent retirement that includes a lot of travel.
I would not have ever even dreamed of borrowing money to go to college. It just was not something I thought of doing. Granted I was older 42, but to have to borrow? We paid every dime of my college fees, and earned a full scholarship if I wanted to use it. I chose not to because whole thing was just to get my degree and then teach. I did, now retired, and getting a small pension but hey it was a great life then.
We need a third party to stop this damn bickering and to stop this he said, she said B.S.! Be Men and do the right thing FOR this country! Don’t keep trying to hurt it! Obama cannot be President, because he was NEVER vetted! We Must demand we see his records! Period!Even IF he were a real President, he’d be removed because of TREASON,! He has committed more hell on this country in the history of America! Everyone knows he is not a legal sitting President! We must stop Soro’s from having ANY INPUT into our country, WHATSOEVER!, or have the man arrested, for interferring with the Federal Government!