An economic tidbit on The Bern to send out this elderly year of 2015: The Bottomless Economic Ignorance of Liberalism. Excerpt:
We’ve commented before on the bottomless economic ignorance of Bernie Sanders, and only with some effort do we not make this a daily feature. But The Bern outdid himself with this recent tweet:
Apparently Bernie has never been told the difference between a secured loan and an unsecured loan, let alone the higher lending risk involved in making a student loan to a gender studies major. Maybe this parody picture (below) from our most recent Saturday picture gallery wasn’t a parody after all?
No, it’s fairly obvious that the loony old Bolshevik Sanders doesn’t know – or care – about the difference between a secured or an unsecured loan. But here’s a thought: Shouldn’t student loans, backed as they are by the Imperial government, be issued on a similar risk-based scale as other loans?
Let’s say you are pursuing a degree in electrical engineering, software design or some other field that will enable you to walk out of the school into a six-figure job. If so, you then are able to borrow against your future income (which is what student loans are, after all) at a lower rate – say, five percent.
But if you are taking a degree in Women’s Studies, LGBT Studies, or any of the other bullshit Underwater Dog Polishing degrees the universities crank out today, one that guarantees your qualification as a barista or dishwasher, then you’re stuck with a twelve percent interest rate. Higher risk, higher cost on the loan. (Image at left ganked from Ace of Spades HQ. Go read their thoughts on this particular stupidity at the link. )
What do you think, True Believers? Since the Imperial Federal government is so heavily involved in the student loan process, this is a reform that should be fairly easy to implement.