I was listening to President Obama propose things other than a takeover of the health care industry today. If I heard him correctly, he was proposing student loan debt forgiveness for some college graduates who choose to work in public service.
The first thing to realize is that nobody in their right mind would lend money under these circumstances. So, if it hasn't happened already, the student loan business will be taken over by the government. Or, to put it another way, taxpayers will be forced to provide forgiveable loans, or grants, to the art history majors who can't cut it in the real world.
I am also bothered by the bias in favor of public service employees, by which I suppose he means government employees. Does President Obama think that government employees are the only ones that serve the public?