This started as a comment in a below post, but it evolved into a post of its own. And since it’s on a topic I’m keeping a weather eye on, I’m glad to promote it. Because we’ve GOT to watch this mess.
It’s not that I don’t appreciate having you get up in my grill about the righteousness of Student Loans and how they buy virtue (a topic for another time).
It’s just that I think you miss my point.
I’m not against the Federal Student Loan program. Used properly it enriches the entire populace, and since it is largely a guarantee program with the actual money coming from banks it doesn’t ruffle as many of my libertarian feathers as you might think. I’m against the way this particular series of ads makes it appear as though it is free money straight from Your Loving Daddy Barack Obama.
You have to spend a fair amount of time on FB to have seen this whole series of ads. There is actually one that says “Pell Grants are Free Money!” Others promise that you can use your Student Loan on living expenses.
I’ve written before about how the Student Loan program is going to be the next debt bubble if we’re not careful. And this is more of the same.
What’s even worse to me about this ad–and yes, Dolphin, I KNOW the Obama team is NOT behind it–is that it portrays Obama as some sort of quasi-Robin Hood folk hero. And by extension, the Federal Government.
The more I spend in the trenches the more aware I am of a severe entitlement mentality in the generations behind mine. Coupling that mentality with ads like this is a recipe for an enslaved populace in the future.
The Federal Government is NOT remotely like a bank. These ads, at best, subtly change the thinking of people to liken the Govt. to an institution that creates revenue. Banks and businesses create revenue. The Government merely collects and redistributes it.
You can wave the flag for student loans all you like. But I promise you, we need to be very vigilant about the future of the Student Loan. Because in 5 years Student Loans will be what subprime mortgages are now–a stinking term that brings pain and bitterness.