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My mom went to what was then one of the most expensive colleges around. My grandfather paid half of the tuition as part of a divorce settlement, but my mom was on her own for books, fees, and the other half of tuition. She was able to do this - as well as save enough money to put a downpayment on a condo and pay for my parents' wedding two weeks after graduation - by working part time in an accountant's office with full time hours over the summer and on breaks. That job today pays LESS given inflation and requires a college degree.
The college now costs $38K just in tuition and required fees, plus $1000 for books and whatever living expenses cost. How many high school grads will be able to make at least $20K a year part time? My mom was able to live at home for free, but rent is at least $600 (and in this area, that would be with a bunch of roommates), food is at least $150-$200 a month, transportation costs are high since many areas don't have public transit... this list goes on.
The cost of everything has gone up while the barriers of entry are higher and salaries are lower. One can't compare how they got through college 20 or 30 years ago with today.
PS - I say this as someone who earned $200K worth of merit scholarships and graduated from one of the most expensive schools in the country debt free. But my story is rarer today than it was in 2006 when I started college due to sharp drop-offs in alumni giving and much greater demonstrated need from students.
My mom went to what was then one of the most expensive colleges around. My grandfather paid half of the tuition as part of a divorce settlement, but my mom was on her own for books, fees, and the other half of tuition. She was able to do this - as well as save enough money to put a downpayment on a condo and pay for my parents' wedding two weeks after graduation - by working part time in an accountant's office with full time hours over the summer and on breaks. That job today pays LESS given inflation and requires a college degree.
The college now costs $38K just in tuition and required fees, plus $1000 for books and whatever living expenses cost. How many high school grads will be able to make at least $20K a year part time? My mom was able to live at home for free, but rent is at least $600 (and in this area, that would be with a bunch of roommates), food is at least $150-$200 a month, transportation costs are high since many areas don't have public transit... this list goes on.
The cost of everything has gone up while the barriers of entry are higher and salaries are lower. One can't compare how they got through college 20 or 30 years ago with today.
PS - I say this as someone who earned $200K worth of merit scholarships and graduated from one of the most expensive schools in the country debt free. But my story is rarer today than it was in 2006 when I started college due to sharp drop-offs in alumni giving and much greater demonstrated need from students.
I hate to be rude, but what did you get your degree in? What do you do now?
I am fine with getting rid of red lining, that is a racist thing to do, but how exactly was Obama a "pioneering contributor?"
African Americans were also hit the hardest with layoffs during the recession in 2008, so it isn't a surprise that many of them had to foreclose on their homes.
If Bush waited until 2008 to warn people, then he was already too late. Warning someone that their house is on fire after it burned down isn't a warning.
But nice try blaming it on a guy who wasn't even president when the recession happened.
Obama’s lawsuit against Citibank was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities.
Government polices, supported by then Senator Obama was intended to help low-skilled Americans especially African-Americans and Hispanic immigrants gain housing wealth by pushing down mortgage requirements, such as down-payments.
But the government policy had the reverse effect, and the housing collapse eliminated much of the wealth held by African-American and Hispanic families.
Want to buy a home? You're in luck! President Obama is ramping up the country for housing bubble 2.0 as he urges banks to loan to people with poor credit so they can purchase a home. What could go wrong? Oh just about everything. And don't worry, the government is going to promise banks everything will be just fine.
And, yes, Bush continued Clinton’s policies — but did try to rein in Fannie and Freddie in his later years, before the meltdown. But Democratic barons in Congress like Rep. Barney Frank balked at stopping the train before the wreck.
Barack Obama was a pioneering contributor to the national subprime real estate bubble—the attack dog that terrorized banks to make mortgage loans that they did not want to make.
According to research by TheDailyCaller, about half of the 186 African-American clients in President Obama’s landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices. As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which
Obama and other progressives pushed banks to provide “booby trap” adjustable rate mortgages to poor African Americans.
The housing bubble and later collapse was caused by government interference in the marketplace. Bad loans were made to people who had no business getting loans.
“Insanity is doing the same thing over and over again and expecting different results” (Albert Einstein). 2013, Obama to loosen lending standards to boost home ownership. What could go wrong?
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