By Cathy Keim
So who needs Martin O’Malley when Larry Hogan will carry on his work?
I was astonished to read that Governor Hogan is expanding the You’ve Earned It! mortgage assistance program from the original $20 million to an additional $70 million. (Hat tip: Gwen Cordner.)
The program is aimed at assisting potential buyers, particularly members of the so-called “Boomerang Generation,” who are employed and have good credit but are saddled with student debt that is proving a barrier to homeownership. These young people are more likely to live with their parents than were young people one or two decades ago and they are saddled with significantly more student loan debt than their predecessors.
The student loan debt in America is over $1 trillion dollars and growing. The federal government supports 95% of student loans and is making billions of dollars of profit on them. There is no incentive by the Feds or by the colleges and universities to cut the spigot. As tuition rises each year, the students borrow more money only to find out when they graduate that there are no jobs for them to earn enough to support themselves and pay their loans.
Another neat trick is that you cannot get out of paying back your student loans by going bankrupt. There is no escape. Is it any wonder that young people who are graduating with a national average of $29,000 in college loan debt must live in their parents’ basement because they cannot pay their loans and live independently on a barrista’s salary?
In a Wall Street Journal interview, Dr. Richard Vedder of the Center for College Affordability and Productivity links the tuition increases to “the 50-fold growth in federal student financial assistance programs since 1970. Former Education Secretary Bill Bennett was mostly right when he said federal aid programs enabled colleges to raise tuition fees, helping to fuel the academic arms race.”
Why do so many people need a college degree? Many of the jobs that require a college degree did not require it in the past. We can thank the government for that also. Businesses used to administer tests to see if the potential employee had the skills necessary to fill the position. The government struck down testing as unfair, so many businesses switched to a college degree requirement as a way to screen applicants without running foul of the government.
Over time the value of the bachelor’s degree was diminished and now many jobs require a master’s degree forcing more students into school longer and causing more debt.
This situation is a serious problem for all of us. We need our younger generation to be buying consumer goods, especially cars and homes, to keep the economy humming. They must do their part, even if the government has to step in to “help” them again. It helped them acquire student loan debt and now it can help them acquire mortgage debt.
But the story doesn’t end there. These mortgages must be for homes in a certified sustainable community. And who determines what is “sustainable?” This group:
Sustainable Maryland is a certification program for municipalities in Maryland that want to go green, save money and take steps to sustain their quality of life over the long term. Sustainable Maryland Certified is a collaborative effort between the Environmental Finance Center (EFC) at the University of Maryland and the Maryland Municipal League to replicate the success of theSustainable Jersey initiative throughout the Mid-Atlantic States, beginning in Maryland.
To become a certified sustainable city, the city must have a green team comprised of municipal workers, city leaders/businessmen and diverse citizens. This is a standard tactic to get leaders onboard a project and others will follow because if “Joe” is on it, then it must be ok. The city can apply for tax credits and grants to bring improvements such as bike paths or renovating old buildings. The municipal workers on the green team get paid for their efforts (it is part of their job), but the citizens are volunteers because their hearts are in the right place.
(Note: Salisbury is registered, but not certified yet. Snow Hill and Berlin are certified sustainable cities.)
(Editor’s note: one of the Sustainable Maryland “primary partners” is the Town Creek Foundation, which never met a Radical Green program it didn’t like.)
Once these debt-laden former students are ensconced in their subsidized mortgage home, they will be ready to marry and produce the next generation of liberty-loving citizens. The next generation will be taught in the fully implemented Common Core method, which will ensure that they never hear of their heritage as Americans. They will be assessed and evaluated from pre-school to the workforce. The thousands of data points gathered will ensure that they are nudged gently into the correct attitudes so that they will fit into the new world order. Teamwork and cooperation will be their strong suit while individuality and thinking deeply on any subject will be discouraged.
The water in the pot is almost to a boil. If we don’t jump this presidential election, I fear it will be too late.