From the Politico:

"The Obama-Biden Administration will expand make student loans more affordable by limiting a borrower’s payments to 10 percent of his or her income above a basic living allowance. It will also keep the total cost of loan repayment manageable by forgiving all remaining debt after 10 years of payments for those in public service work and 20 years for all others. The monthly payment for a single borrower earning $30,000 who owes $20,000 in loans would be $115 a month, compared with $228 a month under the standard 10-year repayment plan. These steps — which build on the Income-Based Repayment plan implemented last summer — will help with the staggering burden of student loan debt and allow a generation of young adults to enter public service and other careers with historically low pay."

Essentially, what the administration is telling young adults is this: you don't have to pay back what you borrow; let the American taxpayer do that instead. Given our current economic crisis in which millions of average Americans are learning a hard lesson in managing a high debt-to-income ratio, one would think it would be wise to teach college-bound kids that borrowing more than you can afford to pay back is not the way to achieve the American Dream.

Once again the administration has it wrong. Giving hand-outs to people who carry a high debt burden does nothing to teach fiscal responsibility. But trying to explain that to a liberal administration is like trying to teach an infant not to cry. It's in their blood- it's an innate reaction to life. Anything which agitates an infant, he cries. Anything which agitates a liberal, they solve with OPM (other people's money).

The Obama administration wants to make loans more affordable to the college graduate who is living on a $30k yearly income. Our government wants to balance the checkbook of college graduates. This is not the role of government; it is yet another example of the perverted interpretation regarding the scope of power our elected officials should have.

The administration wants to forgive all outstanding debt after 10 years of anyone who goes into "public service." We don't know yet how "public service" is defined, but undoubtedly the members of ACORN, SEIU and the teacher's union are considered "public servants." The government will also waive a carrot in front of the face of any college student taking courses in entrepreneurship. No, don't study that...come over here where the debt is forgiven and the job security is infinite...to where the taxpayer pays for your health insurance and your lavish retirement plan.

This administration wants to prepare young adults for the real world by sheiding them from the real world- on the backs of those living in reality. If more and more young adults "mature" in the mentality that the government is their caretaker and will arrive at their doorstep to slap a band-aid on every elbow scratch, eventually the government will run out of band-aids.

The taxpayer will only stand for so much taxation. America has a strong history of fighting for such a reason. If college students learn American history it may not repeat itself, and it will cost far less than their loan payments.