US House Votes: No Private Student Loans

Commentators and politically active citizens have been mentioning the current trend in DC to grow government and shrink the private sector. Liberal politicians are quick to deny this, but it’s happening just the same.

The newest manifestation of this “anti-private-sector” mindset has to do with student loans. The House recently APPROVED a bill that would ban private lenders from giving student loans to college students. If the bill is signed into law, the ability to give student loans will rest solely with the government.
http://www.google.com/hostednews/ap/article/ALeqM5jVuDCHzaPCyO_KpNM1MuwzSfNLJgD9AP7VQG0

The House has voted in favor of the biggest overhaul of college aid programs since their creation in the 1960s — a bill to oust private lenders from the student loan business and put the government in charge.

This is one of the stupidest actions I can possibly imagine our government taking. But they use the same old logic that is failing with the ObamaCare bill… eliminating private loans and having the government be the exclusive provider will somehow SAVE TAXPAYER DOLLARS!

And what benefit would our students see? None.

As consumers, college students probably wouldn't notice much difference in their loans, which they would get through their schools. Broadly speaking, the bill doesn't do much to make loans cheaper or help pay them off.

So this is how our President and Congress respect our long history of freedom, individuality, and free markets… by taking over yet another part of the private sector.

Thanks a heap, PresBo.