$800 billion. Might as well put today's generation of youngin's on a slave ship and be done with it:
From November 2013 through November 2014, the aggregate balance in the federal direct student loan program–as reported by the Monthly Treasury Statement–rose from $687,149,000,000 to $806,561,000,000, a one-year jump of $119,412,000,000.
The balance on all student loans, including those from private sources, exceeded a trillion dollars as of the end of the third quarter, according to the Federal Reserve Bank of New York.
“Outstanding student loan balances reported on credit reports increased to $1.13 trillion (an increase of $8 billion) as of September 30, 2014, representing about $100 billion increase from one year ago,” the bank said in its latest report on household debt and credit.
I can't help but notice that this explosion on student loan debt really took off after the Democrats nationalized the student loan business in 2010, and it is spiraling ever upward at an almost logarithmic pace. Which means several things, none of them positive:
1) Most, if not all, of the current generation will never make it to middle class status at all because of this sword of debt Damocles hanging over their heads.
2) Most, if not all, of the current generation will be coerced into "public service" by the leverage over them provided by Barack Obama holding all their debt.
3) Most, if not all, of that debt will never be repaid, piling another trillion or more atop the eighteen trillion smackers that's already on the "official" books.
As I continue to point out with each of these posts: Still think Barack Obama is "incompetent"? Or does he in fact know precisely what he is doing, and is not everything "proceeding as he has foreseen"?
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