Obama: Let's do an academic Cash for Clunkers

  So here we are again, about to start another huge bailout, only this time, lucky us! we're going to bail out those losers at OWS. How it's exactly going to work is not yet ascertained but it will be soon.
  Obama's going to use an executive order to pay for all of it (he says it won't cost anything!!!!!! Just like Obamacare!!!!!!) , although I sure don't understand how that works. What's balance of power for? Doesn't the Congress control the purse strings?
  Somebody needs to explain this to me because I sure don't get it.
  When Obama did the Cash for Clunkers debacle, terrible things happened. Perfectly good, some fairly new, used automobiles were destroyed for no reason other than...it's fair. CNN Money figures it cost $24,000 per car.
  Even Goolsbee, Obama economic advisor, admits Cash for Clunkers was a total waste, good for yuk-yuks like the whole "shovel ready jobs" was good for yuk-yuks.

Former Obama administration economic adviser Austan Goolsbee said Thursday that if given a second chance he would not have backed the Cash for Clunkers program or the home buyer tax credit passed in 2009 to stave off further economic distress.

  Even as we see that Obama is encouraging people to refinance their homes at more than 125% of their value, which means if you are underwater that much or MORE, you can refinance. Whoopee. And the taxpayers will guarantee it.
  It was said today that only the homeowner gets to say what he/she thinks the home is worth and that an official home evaluation will not be required.
  Now we hear that Obama is spending more of HIS money (because it's obviously not ours since we have no say in it) to buy the target demographic voter between the ages of 18-24 by giving them free money to pay off their stupid $200,000 loans for art degrees. 
  Commentary Magazine says this about the proposal:

ncreasing the number of student loans that will be forgiven without full repayment is both a moral hazard (by encouraging risky borrowers to enter the system) and an additional burden on taxpayers. It’s also another step toward total forgiveness of student loans, which is one of the top demandsfrom Occupy Wall Street activists. That idea doesn’t go over as well with most Americans, who oppose the deal by 66 percent, according to a Rasmussen poll out today.

  According to the WSJ, default rates are running at 8.8%; this will only increase motivation to get a job because no payments will be required of the unemployed or those making under $16,000 a year.Obama will move up the change in loan structuring to his election year rather than the originally planned 2014; students will be required to repay 10% of their income yearly but after 20 years the loan will be forgiven.
  Of course, if you serve in "public service," the whole thing can be forgiven. Considering that "public service" now means that you'll be paid 43% more than the private sector, have a pension and health plan that surpasses anything you'll get in the private sector, that's a pretty good deal. From Understanding Obama Student Loan Forgiveness (which is registered to some joker in Bahamas):

Individuals who spend ten years in public service positions become eligible to have their loans forgiven at that point rather than having to wait the full twenty years. This means that their debt is forgiven in half the time and their debt reduced significantly sooner.
It is also a part of the plan that monthly payments be capped at a level of 10 percent of the money that left over when all taxes are paid and basic necessities taken care of. This cap has been at 15 percent, which takes a lot more money out of the pockets of citizens and out of the economy.
There are also programs in place that allow teachers to work for just five years in elementary or high schools that have been designated as low income schools by the Dept. Of Education. This applies to FFEL loans and to Direct loans.

  AND, if you're a union rep and you want to get in on THREE pensions, especially if you only have to work ONE day as a substitute, then, HEY! It's a great deal!
  Heritage:

Increases in federal subsidies give students increased purchasing power, which incentivizes colleges to raise tuition, in turn leading students scrambling for more student loans. It’s a vicious cycle that does nothing to mitigate the cost of attending college.
Instead of increasing federal subsidies or forgiving student loans, reforms like limiting the number of years a student is eligible for federal subsidies—or even encouraging state universities to put more course content online—would go a long way in popping the higher ed “bubble.”

  Rather than putting pressure on colleges to keep tuition low rather than increase at 5 1/2% every year, by subsidizing student loans and encouraging students to take out such huge loans with no hope of repaying them because there are not enough jobs for people who write dissertations in Barbie; rather than encourage colleges to create majors that there's not only a market for but serve some practical purpose in society; rather than urging students to be realistic in life choices and not just banning potatoes from the cafeteria, this administration is making a blatant appeal to its base and all those losers Occupying Everything.
  They've been cheated, willingly, it's true, of a real education for the same Marxists who are sharing tents with them down there on OWS.
  That is, in between running back and forth to their tenured, pensioned, sinecured university jobs.
  That, indeed, is Cash for Clunkers all over again.