Of course we understand that college is largely inflated in value and benefit. This is yet another example of how the federal government creates inflation and lowers quality in any market they touch.
Flemming Rose is a senior fellow at the Cato Institute. Jacob Mchangama is director of the Copenhagen-based think tank Justitia.
Remember George Orwell’s Ministry of Truth? In his dystopian novel “1984,” its purpose was to dictate and protect the government’s version of reality. During the Cold War, Orwell’s book was banned behind the Iron Curtain, because readers perceived the novel as an allegory for their own repressive regimes.
It was a serious crime to distribute information defaming the Soviet social and political system. Such criminal laws were widely used by the Kremlin to silence dissidents, human rights activists, religious movements and groups fighting for independence in the Soviet republics. Similar laws were on the books in East Germany, Poland and other Eastern bloc countries.
Thankfully, today this landscape is much changed, but increasingly there are disturbing echoes of the past. Amid a debate about the rising influence of fake news and the danger it poses to the political and social order in the West, democratic politicians in Europe have proposed sanctions — and even prison terms — for those found responsible for distributing false information.
Surprise, Politifact says Donald Trump made a FALSE statement when he tweeted that Bernie was cut off for using the term “fake news” on CNN.
Politifact tells us, he was cut off because of technical difficulties!
Thank you Poltifact, “winner of the Pulitzer Prize,” what would we do without you?
The BLS considers someone working 2 hours a week just as employed as someone working 40 hours a week. The employees certainly wouldn’t consider these jobs equivalent, but they are equivalent for purposes of the official unemployment rate.
By Andy Puzder – February 12, 2015
Since December of 2012, I’ve written a number of articles on how the Bureau of Labor Statistics’ (“BLS”) official unemployment rate is a poor barometer for measuring labor market health principally because of how the BLS determines who is in the labor force. The BLS removes people from the labor force unless they’ve looked for a job in the past 30 days. This is like looking at a professional baseball player’s batting average but ignoring the at bats where he didn’t get a hit unless they happened in the last 30 days. Doing so might tell you something, but it wouldn’t tell you what kind of season he’s having. This is part of the reason why Gallup Chairman Jim Clifton recently wrote in an excellent article that the official unemployment rate is “extremely misleading.”
New data “revealed that the Department previously had inflated the repayment rates for 99.8% of all colleges and trade schools in the country.
With the media’s focus on the Inauguration and the new president’s first week in office, a recent Wall Street Journal report has gone little noticed. According to the report, on January 13 (just one week before the outgoing administration up and went), the Obama Department of Education dropped a memorandum confessing that it had “overstated student loan repayment rates at most colleges and trade schools.” The “updated numbers” provided by the Department were analyzed by the Journal’s staff, who found that the new data “revealed that the Department previously had inflated the repayment rates for 99.8% of all colleges and trade schools in the country.”
This number (99.8 percent) is about as close as you can get to being completely wrong in measuring the extent of a crisis that higher education reformers have been warning us about for some time. In short, for the last eight years, the American people have not been told the whole story about just how bad the student-loan default crisis really is.
At least half the students had defaulted… or failed to pay at least $1 on their debt within seven years.
An analysis of revised figures from the Education Department shows many more students are failing to pay back their loans than thought.
1) The federal government failed its own audit. Again.
2) The government’s single biggest asset is $1 trillion in student debt
3) US government’s 2016 net loss “more than doubled” to NEGATIVE $1 trillion…
Source: Annual Treasury Report
While US consumers may have stepped back from a credit-card funded splurge in the last month of 2016, the far more troubling trend in student and auto loans remains, and as the following chart shows, as of Q4, both car and student debt hit all time highs of $1.407 trillion and $1.11 trillion, respectively.