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Did the Obama administration commit 'the biggest accounting fraud in history' with student loans?

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dobieg

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The Wall Street Journal’s editorial board (WSJ) recently suggested that the Obama administration pulled off “the biggest accounting fraud in history” with student loans when eliminating the role of private lenders in the federal student lending market.

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In 2010, Democrats “nationalized the market to help pay for Obama Care,” WSJ asserted. “The Congressional Budget Office at the time forecast that eliminating private lenders would save taxpayers $58 billion over 10 years. This estimate was pure fantasy, and now we’re seeing how much.”

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WSJ argued that eliminating private lenders from the student loan market severely hurt Americans and that by using fair-market accounting, it becomes clear that student loans will actually cost taxpayers nearly $307 billion over the next 10 year
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Did the Obama administration commit '''the biggest accounting fraud in history''' with student loans? Experts weigh in



You mean Obama and liberals once again lied about expanding a government program they said would save taxpayers money and instead it's going to cost us hundreds of billions?



And yet stupid people still buy into the new government plans being offered by Elizabeth Warren, Bernie Sanders and the rest of the nickel head club.
 
dobieg said:
Did the Obama administration commit '''the biggest accounting fraud in history''' with student loans? Experts weigh in



You mean Obama and liberals once again lied about expanding a government program they said would save taxpayers money and instead it's going to cost us hundreds of billions?



And yet stupid people still buy into the new government plans being offered by Elizabeth Warren, Bernie Sanders and the rest of the nickel head club.
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I've always thought that the next crash would be because of this student load disaster. I really hope I'm wrong.
 
NeverTrump said:
yawn.....
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I understand those who flip burgers at Burger King and pay no taxes wouldn't care about Democrat lies that are going to cost taxpayers $300 billion. But for the rest of us who actually pay taxes, it's sort of a big deal and the reason we continually call horsh*** whenever we hear liberal weenies propose new massive government programs with no way to pay for them except their hopes and dreams.
 
Let's point out what this article is pointing to. It's an opinion piece by the Wall Street Journal, complaining about cutting out private lenders. The WSJ is controlled by Rupert Murdoch.

So, it's an opinion piece complaining that folks weren't able to do predatory loans to students.
 
RAMOSS said:
Let's point out what this article is pointing to. It's an opinion piece by the Wall Street Journal, complaining about cutting out private lenders. The WSJ is controlled by Rupert Murdoch.

So, it's an opinion piece complaining that folks weren't able to do predatory loans to students.
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That's not it at all. The Obama administration promised a $58 Billion savings if we cut out private lenders. Instead it's going to cost taxpayers over $300 billion.



Why does this all sound so familiar?
 
dobieg said:
Did the Obama administration commit '''the biggest accounting fraud in history''' with student loans? Experts weigh in



You mean Obama and liberals once again lied about expanding a government program they said would save taxpayers money and instead it's going to cost us hundreds of billions?



And yet stupid people still buy into the new government plans being offered by Elizabeth Warren, Bernie Sanders and the rest of the nickel head club.
Click to expand...


I'm no statistician, but I'd say that tuition inflation is the driving force behind student loan default rates.
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cp-2018-figure-3.webp


If Trump wasn't such a ****ing moron trying to gain a Pyrrhic victory in a trade war, he could levy a 100% fee on the Tuition of Chinese international students, use the money to subsidize low-income American students, significantly reduce tuition inflation, drastically cut the rate at which China steals American IP, all while targeting only the class of Chinese citizens who actually wield political power, rather than spreading the pain around to everyone.
 
dobieg said:
I understand those who flip burgers at Burger King and pay no taxes wouldn't care about Democrat lies that are going to cost taxpayers $300 billion. But for the rest of us who actually pay taxes, it's sort of a big deal and the reason we continually call horsh*** whenever we hear liberal weenies propose new massive government programs with no way to pay for them except their hopes and dreams.
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haha. it's cool you are flipping burgers now, I was flipping burgers 10 years ago.
 
Given that student loans in the US are nearly impossible to get rid off through bankruptcy I expect the government is not going to lose hundreds of billions of dollars, unless their is a mass forgiveness
 
NeverTrump said:
Can you please describe this?
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Gotta love spell check.

You know as well as I do there are multiple college graduates that are working at McDonalds, and multiple cars and other crap bought with student loan money.
 
Grandpappy said:
Gotta love spell check.

You know as well as I do there are multiple college graduates that are working at McDonalds, and multiple cars and other crap bought with student loan money.
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Kewl. Maybe one of them will run for President. I thought you guys liked people that beat the system.
 
NeverTrump said:
Well it's better than Trump's dick.
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Brilliant response!!

4 posts in and you've already worked in a Trump post and a vulgarity in a non Trump thread.
 
Nice misleading OP and the article cherry-picking...

Look at crafty highlighted parts below

dobieg said:
In 2010, Democrats “nationalized the market to help pay for Obama Care,” WSJ asserted. “The Congressional Budget Office at the time forecast that eliminating private lenders would save taxpayers $58 billion over 10 years. This estimate was pure fantasy, and now we’re seeing how much.”

+++++++++++++++++

WSJ argued that eliminating private lenders from the student loan market severely hurt Americans and that by using fair-market accounting, it becomes clear that student loans will actually cost taxpayers nearly $307 billion over the next 10 year
Click to expand...

(1) Note host $58 billion in savings comes from eliminating private lenders, but $307 billion is not related to eliminating private lenders - it's just total potential cost of loans to taxpayers. So comparison of apples and oranges while pretending that it's all the same is mind boggling.

It's quite possible BOTH numbers are correct at the same time. It'll cost taxpayers 307 billion AND it would have cost them 58 billion MORE if private lending were not eliminated.

(2) There is no link for 307 billion number.

(3) 10 years in first quote are 2010-to-2020 presumably. Which 10 years are being considered for 2nd number? Your guess is as good as mine.
 
Lord Tammerlain said:
Given that student loans in the US are nearly impossible to get rid off through bankruptcy I expect the government is not going to lose hundreds of billions of dollars, unless their is a mass forgiveness
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Methinks the goal is mass forgiveness.

Ironically even with the mass forgiveness the student loan program will not go away, and we'll be doing this again in 10 or so years. We never learn from our mistakes.
 
dobieg said:
That's not it at all. The Obama administration promised a $58 Billion savings if we cut out private lenders. Instead it's going to cost taxpayers over $300 billion.



Why does this all sound so familiar?
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But we'll all save $2500, and if you like your loan, you can keep your loan.
 
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