Forgiving student debt causes new woes

Obamacare has failed on another front. To offset the costs of implementing Obamacare the feds took over the student loan industry in 2010. In essence the feds took profits being realized from student loans in the private sector and nationalized student loans. Gains realized from those loans, in theory, were to help fund Obamacare costs.

So how is the feds student loan program going? Student loans sky rocketed to a $1.2 trillion unsecured portfolio. That portfolio now has seen million students stiffing Uncle Sam defaulting on their loans by not making a single payment on their outstanding debt in over a year.

Now politicians are pandering to millennial voters by proposing to reduce or write off student debt. What the politicians are proposing is to institutionalize student loans as a new entitlement. Who pays ... taxpayers would bear the burden creating another cradle to grave entitlement.

Adopting such an unsustainable new entitlement on top of America's $18 trillion debt will only hasten America's decline.

Mike Tennis

Sleepy Hollow