Oops!… Department of Education Miscalculates Budget by a Few Billion Dollars
This isn’t exactly a vote of confidence for the education system in this country when the Department of Education is committing billion dollar math errors.
The Biz at Yahoo reported:
ALL Student Loan‘s CEO Says “Math Error” in U.S. Department of Education Student Loan Proposal Requires Trillion-Dollar Increase in National Debt
Quentin Wilson, President and CEO of ALL Student, issued the following statement regarding the U.S. Department of Education budget proposal:
“I strongly support President Obama’s goal of increasing the completion rate of education beyond high school in the United States. Unfortunately, in conflict with budget language promising ‘rigorous evaluation’ to ‘learn from what works,’ the President’s FY2010 budget proposal recommends an ineffective and costly nationalization of student lending under the authority of the U.S. Department of Education.
“Ironically, the weakest part of this Education Department plan involves a serious ‘math error:’
** The proposal fails to account for the cost of expanding government borrowing by nearly one trillion dollars over the next ten years to finance the plan. The plan suggests this borrowing – up to $100 billion per year – will cost the government nothing, as if the overseas governments and investors lending the money will not expect interest to be paid.
What’s a few billion dollars?
…Maybe they were just rounding it off?