Obama, For-Profit Colleges and Tale of Two Cities 2.0

     This is part 2 to a piece on the President's new plan to rein in for-profit colleges. Politico seems to think this is a bad thing. 

   http://diaryofarepublicanhater.blogspot.com/2015/07/president-obama-for-profit-colleges-and.html

   Again, The best of times, the worst of times-both were the case in late 1700s Paris. 

   I mean Politico thinks this is a bad thing?

   "On Wednesday, the Obama administration will begin choking off the financial lifeline of for-profit colleges whose graduates can’t find well-paying jobs — and the move is likely to accelerate a wave of shutdowns for an industry taking assaults from all sides."

    "Reining in the multibillion-dollar industry has been the administration’s goal for most of President Barack Obama’s term in office, fueled by complaints that for-profit colleges lure students with misleading promises, then saddle them with debts they can’t pay back despite their newly granted degrees. Its latest tool is the Education Department’s long-debated “gainful employment” rule, which requires colleges to track their graduates’ performance in the workforce and eventually will cut off funding for career training programs that fall short."

    Read more: http://www.politico.com/story/2015/07/barack-obama-pushes-for-profit-colleges-to-the-brink-119613.html#ixzz3eeBpNupd

    Politico seems totally unmoved by the way in which students have been 'taking assaults on all sides.' 

    Do they deny that many students leave college with nothing to show for it accept crushing debt? Why shouldn't the colleges be held accountable. If gainful employment in a well paying job doesn't come then how do they still get all that money?

    As noted yesterday this is the difference between Republican and Democratic policy proposals. The GOP claims it can create all kinds of jobs-mostly via deregulation and tax cuts for the rich-but is silent on wages. The Dems actually concern themselves not just with jobs but jobs that people actually have a prayer supporting themselves with. 

  http://diaryofarepublicanhater.blogspot.com/2015/06/democratic-vs-republicans-on-job.html

   In yet another favorable ruling for the President he now has to green light to go forward with the gainful employment rule. 

   "The rule — upheld by a court ruling last week and set to take effect Wednesday — will trigger the closure of 1,400 programs that together enroll 840,000 students, the department has estimated. Ninety-nine percent of those students attend for-profits."

   Read more: http://www.politico.com/story/2015/07/barack-obama-pushes-for-profit-colleges-to-the-brink-119613.html#ixzz3eeDd0HGV

   Ok-840,000 and how many of those would you reasonably estimate as destined to actually find the kind of jobs their degree is alleged to offer? Hey I can agree with Rush Limbaugh when he's right:

   Finally I do have the government I've always wanted. The sorry state of the American worker has been a slow burn but finally we're just beginning to grapple with the fallout. 

    http://diaryofarepublicanhater.blogspot.com/2015/06/so-how-do-you-plan-to-celebrate.html

    http://diaryofarepublicanhater.blogspot.com/2015/06/rush-limbaugh-dont-know-much-about-law.html

    The for-profits are full of self-pity-in addition of generally being full of it. 

    "Supporters call the regulatory moves long overdue. But the industry denounces them as a witch hunt."

    “We’ve come to expect these unjust assaults,” said Gene Feichtner, president and chief operating officer of the huge for-profit chain ITT Technical Institute, which has been sued by CFPB, faces fraud charges from SEC and is under investigation by 16 state attorneys general. “Let there be no presumption here that we believe we’ll be treated fairly.”

     Read more: http://www.politico.com/story/2015/07/barack-obama-pushes-for-profit-colleges-to-the-brink-119613.html#ixzz3eeF98we8

      So how fairly have the students who have paid tens and hundreds of thousands of dollars and when the finished school were stuck in low paying service jobs they could have gotten without the 5 or 6 figure debt they are saddled with while pitiless lenders threaten to garner their meager wages?