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She lost her job in 2009 and lived off 2 years of unemployment. She lived at home and traveled a lot with that. After that, she earned two graduate degrees. She know has a lot of student debt, but she doesn’t pay much because she is on some sort of income contingent plan. She has benefited from free living with her parents and various boyfriends, but most of her income has come from the US government in the form of unemployment and government loans.
She lost her job in 2009 and lived off 2 years of unemployment. She lived at home and traveled a lot with that. After that, she earned two graduate degrees. She know has a lot of student debt, but she doesn’t pay much because she is on some sort of income contingent plan. She has benefited from free living with her parents and various boyfriends, but most of her income has come from the US government in the form of unemployment and government loans.
I read through your previous posts to get a feel for how you think.
If this sort of stuff leaves you with not much to say, you are not alone. The world is full of people who simply feel that they need not pay their own way, or earn their own keep. I have never been like that and never could be like that.
Your story reminds me of the seemingly endless "Instagram Models" who have met their fate playing at life around the edges. I prefer to take a bigger bite and chew hard. In fact, I have neither respect nor admiration for the "fluffball" you described. She is not qualified to be my friend.
I am not passing value judgements here, this is an Economics forum. I am just noting that this whole individual’s lifestyle has been funded by Chinese debt over the past few years. Things will get interesting.
She lost her job in 2009 and lived off 2 years of unemployment. She lived at home and traveled a lot with that. After that, she earned two graduate degrees. She know has a lot of student debt, but she doesn’t pay much because she is on some sort of income contingent plan. She has benefited from free living with her parents and various boyfriends, but most of her income has come from the US government in the form of unemployment and government loans.
The parents and the various boyfriends chose to support her. Now we need a system where lenders, not the taxpayers, are left holding the bag when someone doesn't pay their student loans. We'd see a lot fewer people like your friend getting them.
The parents and the various boyfriends chose to support her. Now we need a system where lenders, not the taxpayers, are on the hook when someone doesn't pay their student loans.
But that is not how it works. From the way she described it to me, she only has to pay a percentage of her income. Since she isn’t working right now, her payments are basically 0 and the government is going to be on the hook for funding part of her lifestyle (hundreds of thousands of $’s) over the past decade. If she gets married, plays housewife, and files separately, she will never have to pay anything. Interesting strategy. Have the government subsidize your single non-working Sex and the City life when you are in your 20’s and then marry into the money and leave the Chinese and federal treasury with the tab.
She lost her job in 2009 and lived off 2 years of unemployment. She lived at home and traveled a lot with that. After that, she earned two graduate degrees. She know has a lot of student debt, but she doesn’t pay much because she is on some sort of income contingent plan. She has benefited from free living with her parents and various boyfriends, but most of her income has come from the US government in the form of unemployment and government loans.
You have an interesting choice in friends. Is she ever planning to get a job? Since student loans are typically capped at 12 semesters, how did she manage two graduate degrees? Her undergrad plus a two-year graduate degree would be the maximum. Additionally, many graduate degrees require a solid work history and/or apprenticeship for a competitive edge in acceptance (in addition to three years). Jumping from one graduate program to the next with no relative work experience in-between wouldn’t be viewed favorably for acceptance, yet alone in terms of a financial aid package.
and leave the Chinese and federal treasury with the tab.
Yeah I'm wondering how this will turn out in general with low employment prospects in both countries relative to the demand for work based on the population. China is WAY overleveraged so them buying our debt doesn't mean much if their GDP is overvalued, labor productivity decreases and they sit atop mounds of fake yuan thanks to shadow banks and real estate bubbles the likes of which we cannot even fathom.
I'd be surprised if the street has priced this all in already. Seeing as how the average hedge fund manager has Tunnel vision I just don't think it is. A couple million Blood sucking leeches in USA will be the least of our concerns if both China and the EU collapse.
Your friend is going to have quite a problem when it comes time to collect Social Security
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