Wednesday, August 14, 2013 • The Hammonton Gazette • Page 7
Looking for the two oldest lifelong residents
One of the greatest things about living in Hammonton is the fact that three, four and sometimes five generations of one family all live within the town’s borders. It’s very easy to know three generations (at least) of the same family, especially if you are in business — and particularly if you are in the newspaper business. Since late Saturday afternoons in the heat of August in Hammonton tend to be conducive for quiet reflection, an idea was born that requires the help of Gazette readers. The idea was simple: find the oldest lifelong male and female residents of Hammonton, one of each. The only requirements are that we find one of each gender, and that the man and woman have lived in Hammonton their entire lives. Our seniors in Hammonton have always been a vital part of the commuYou may have heard that lawmakers in Washington struck a deal recently to preserve the current low student-loan rates for at least another year. You may not have heard that for fiscal year 2013 the federal government booked $32 million in revenues-profits, if it were a private entity-for every $100 million in loans for students. The year before, it booked revenues of $4.4 billion on its $233 billion mortgage-insurance program for low-income families. These high returns make it appear that Uncle Sam is an unusually skilled lender. In reality, they are a testament to the fantasy world of government accounting. The federal government books all future interest paid by a borrower as income in the year the loan is made-and does the same for all current and future costs associated with servicing the loans. The phony accounting problem arises because Congress forces the federal government to underestimate the default rate for its loans, as well as the cost of administering them. These underestimates make it look like the loans are profitable for taxpayers. Instead, the government will ultimately lend more money to borrowers than borrowers will repay. Take student loans. By the
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Who cAMe to this coUNtry Are very PAtriotic. there WAs this excitiNG PossibiLity thAt if yoU Worked reAL hArd, ANd yoU Loved soMethiNG, yoU coULd becoMe sUccessfUL.” — Francis Ford Coppola
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Quote of the Week:
close of fiscal year 2013 (Sept. 30), the federal government’s baseline projections claimed these programs would generate $36 billion in revenues on $113 billion in student loans. Between 2013 and 2023, direct student lending is projected to raise $184 billion for the government. These revenue estimates are based on Treasury borrowing costs, which carry a much smaller risk of default than student borrowers. Yet as of 2012, about one-third of student-loan borrowers in repayment were delinquent. The Education Department has reported that 6.8 million federal student loans are now in default. That amounts to $85 billion in unpaid debt. The nonpartisan Congressional Budget Office argues that revenue estimates from federal lending programs should be based on Treasury costs plus a risk premium that reflects the likely default rates. In a March 2012 report, the CBO concluded that fully incorporating market risks of default “would provide a more comprehensive way to measure the costs of federal credit programs.” However, federal budget estimates must follow procedures that Congress laid out in the Federal Credit Reform Act of 1990-which underesti-
PersPective/GoverNMeNt AccoUNtiNG
mate the amount of loans that will go bad. The CBO estimates that federal direct lending will actually cost the federal budget $95 billion over the next decadeinstead of raising revenues as the current accounting system implies. That’s a swing of nearly $280 billion in phantom revenues from its projected student loans. The illusory profits of student loans also prompt some to argue for lower interest rates on government-sponsored student loans. They believe that the government is earning too much from its lending programs. Of course, it isn’t. Any expansion of loans to students and others will simply raise the costs to taxpayers over time. Change is needed. Washington must install a more forthright accounting systemone that fairly values the obligations that taxpayers are being asked to finance. A good place for Congress to start is by requiring a “fair value” accounting standard for calculating the costs of government loan programs, which is the rule in the private sector. The fair value standard would add a cost premium above Treasury borrowing costs that reflects the actual market risks of default and the administrative costs that the government
nity. They aren’t marginalized or pushed aside, despite a culture that seems to revere youth above all else. In Hammonton, it is common to see members of the second and third generation sitting down to dinner together with the first. In some cases, they sit down to lunch as well — or gather for breakfast at a local luncheonette. Our search for the oldest lifelong male and female residents is a way to continue to honor the oldest members of all of our families, people who give guidance and unconditional love to the generations that follow them. Here’s how it’s going to work. If you have someone in your life — a family member, a friend — who you think might be the oldest male or female lifelong resident, contact The Gazette at (609) 704-1940 or e-mail Gazette Editor-in-Chief Gina Rullo at [email protected]. We would need to see a valid ID with a date of birth to confirm the age. We’d love to interview the man and woman who have seen so much of the town’s history, and talk to them about Hammonton, their families and how
they grew up in the early 20th Century. My thought is that our two oldest residents will be from longtime agricultural families. It’s just a guess, but an educated one. I once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