Socializing debt is certainly not a new concept. Who among us. who has ever bought a house, did not take advantage the mortgage interest deduction when itemizing our tax returns? What a great deal! Those who rent and the rich who buy theirs house for cash are forced by law to help us payoff our mortgages. The real estate industry lobbies hard in support of the mortgage interest deduction by arguing the housing industry is a main driver of our economy.
Now, as reported by Investors Business Daily, we learn that the paragon of progressive virtue and faux indian princess, Sen. Elizabeth Warren, has introduced a bill to have the taxpayers share the burden of paying off the mountain (over a trillion dollars) of student loans. Here is her “brilliant” argument:
Warren argues the new government entitlement will be great for the economy: Student debt is “keeping young people from buying homes, starting families, starting small businesses and growing our economy.”
Yup! The ol’ take money out of one part of the economy and stick in another part of the economy and call it growth. Pffft! If Lizzy believes that, then she must also believe that if she put a barrel full of water next to her flower garden and stood there all day taking a dipper of water from one side of barrel and putting back on the other side of the barrel that pretty soon the water will overflow the barrel and irrigate her garden. Good luck with that, Lizzy!
Of course, Barry has jumped on Lizzy’s bandwagon; just ike he did on Lizzy’s “You didn’t build that” meme. But, not because he thinks the bill will pass. He’s sure it won’t pass. But, it gives him the perfect opportunity to go into full Alinskey Class Warfare mode just in time for the coming elections. Barry says the cost of the bill can be paid with a “millionaire’s tax”. And, as usual, he dares the Republicans to vote in favor of the millionaires and against the middles class:
“I want Americans to pay attention to see where their lawmakers’ priorities lie here: lower tax bills for millionaires or lower student-loan bills for the middle class?” Obama said. “This should be a no-brainer.”
Well, we have to admit that Barry is the undisputed expert on “no brains”.
What if the bill should pass? The Republicans are not called the Stupid Party without reason. And, if it does pass, where does the nonsense end? Why not a bill to socialize the sub-prime auto loan debt? After all, getting more people to buy cars is good for the economy and supports those high paying auto-worker jobs. And, why not go for the golden ring? Consumer spending accounts for about 70% of the GDP, in America, right? So, let’s socialize credit card debt!
As Lizzy and Barry will tell you, the rainbow-colored unicorns are just over the horizon.
I wonder what unicorns do with those big screws coming out of their heads? … Ouch!
Well, that’s what I’m thinking. What are your thoughts?