Obama’s legislative initiatives in trouble, he is now seeking to bundle student loan reform with health care reform to pass both using the reconciliation process – under a majority vote. This marathon run to ram through legislation in a way contrary to constitutional principles is frightening to say the least.
[The student loan reform] bill would end government payments to private, commercial student lenders, leaving the government to lend directly to students. It would also redirect billions of dollars to expand the Pell grant program for low-income students, and to pay for other education initiatives.
What are the “other education initiatives”?
As in health care reform, there has been no attempt to regulate private bank oversight of these kinds of loans and no attempt to force banks who own collection agencies designed to collect delinquent loans to divest themselves of these holdings as a conflict of interest. The end result of not reforming the current setup but of incurring untold expense setting up a government agency for this takeover will be more job loss.
Face it, if you are going to set up a non-competitive government agency to run every aspect of a formerly competitive industry with many players, there will be massive job loss. The same will be true under health care reform. Even without single payer, with a cap on insurance company premium charges, many workers will lose their jobs to build in more efficiency to make up for profit losses.
In short: Obama Inc. cannot see beyond the popularity of taking from rich companies and giving to the proletariat. He cannot see consequences; He cannot see long-term.
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HotAir-Breaking: Obama delays Asia trip to work on ObamaCare
ON MY WATCH - the writings of SamHenry 
pmecabe
March 12, 2010
It’s ironic how government “reform” works – for the advancement of big government. It’s all about government power and control.
Bigger government = more waste, fraud & abuse.
Ugh…
Good post, man.
samhenry
March 12, 2010
Hey, PM – glad you liked it. When you’re among those victims of the Obama Administration programs that lead to job loss, you have fire under you believe me!