Once again Obama’s mantra of Forward has been hit by the ugly reality created by his Forward policies. This time it’s the student loan bubble. Thanks to the strangled economy created by our “Lord and Savior”, 53% of newly graduated people are unemployed or underemployed, and it’s starting to show.
Per today’s NY Federal Reserve credit report, 11% of student loans, $956 billion, are now delinquent by 90+ days. However, that’s the good news. Because student loans can be deferred or have a grace period, the 11% is only half the story. The NY Fed thinks the real number of delinquent student loans is likely 22%, or about $1.9 trillion dollars.
The Fed calls this an “anomaly”, which is kind of like saying that the cancerous tumor on your neck is an “anomaly”.