The Money Hole

Anyone who is looking, has seen this one coming;  It is increasingly likely that the Federal Government (read, the U.S. taxpayer) will shoulder the additional burden of defaulting student loans.  According to Citigroup: 

America’s now-nationalized student loan industry just reached a value of $1 trillion,  growing at a 20 percent-per-year pace. Since President Obama nationalized the industry (a tacked-on provision of the Obamacare bill), tuition has gone up 25 percent and the three-year default rate is at a record 13.4 percent.
 

See this disturbing story at: Kudlow Interview  The amount of student loans currently in default is $74 billion.  Were our President, in his increasingly autocratic role, to forgive this total indebtedness, he would further ingratiate himself to young voters with this fiscal slight-of-hand … since such debt really doesn’t disappear.  It just changes hands … and makes it even more likely that the United States will eventually disappear down the money hole of unsustainable federal debts … something for which our higher educational system has not prepared our young’ins.