By Ron Meyer, Young America's Foundation
Published by Townhall.com
Cutting and consolidating student loan debt is worthless action if the targeted borrowers don’t have jobs.
From the Wall Street Journal:
Existing rules allow graduates to limit their loan payments to 15% of their income, with all debt forgiven after 25 years of payments. Congress already has passed a change to that program that would allow borrowers in 2014 to pay 10% of their income, with all loans forgiven after 20 years. On Wednesday, Mr. Obama will announce that he is speeding up this program so it will affect students beginning next year instead of in 2014.
This is great for young people who have jobs, but what about the millions of young Americans with no income and no jobs. A small discount on loans does nothing for people who can’t even come close to making their payments.
Offering debt forgiveness to people that have no jobs is like handing a Band-Aid to a cancer patient.
Young Americans are miserable. 85 percent of last year’s graduates had to move back with their parents, and the youth unemployment rate is the highest it’s been since World War II. The Obama administration is losing support among young people, and rightfully so.
The Obama administration has destroyed jobs for young people. Young America’s Foundation has documented the failure of Obama’s government-centered “jobs” policies in our brochure, “10 Reasons the Obama Administration’s Policies are Killing Jobs.”
Read the rest here: *Townhall.com*
Ron Meyer is a program officer for Young America’s Foundation. He’s appeared on Fox News and GBTV, and published with Yahoo! News, the Christian Science Monitor, AOL News, the Daily Caller, Human Events, and Townhall. You can reach him for comment by calling (800) USA-1776.