Latest posts by wags (see all)
- Human Love and Compassion Can Trump All Conflict - July 9, 2017
- Radical Leftist Shoots Republican Politicians During Baseball Practice - June 14, 2017
- More on Trump-Gate: How Deep is the Deep State - May 21, 2017
Student loan debt is now one of the Obama Administration’s biggest cash cows.
The government is poised to pocket a record $51 billion profit from federal student loan borrowers this year, according to a report by the Congressional Budget Office.
The Obama administration is forecast to turn a record $51 billion profit this year from student loan borrowers, a sum greater than the earnings of the nation’s most profitable companies and roughly equal to the combined net income of the four largest U.S. banks by assets.
Exxon Mobil Corp., the nation’s most profitable company, reported $44.9 billion in net income last year. Apple Inc. recorded a $41.7 billion profit in its 2012 fiscal year, which ended in September, while Chevron Corp. reported $26.2 billion in earnings last year. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo reported a combined $51.9 billion in profit last year.