31% Of Americans Have No Retirement Savings At All (coverage, psycho, engaged)
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No way. Federally guaranteed student loans are nothing short of a perverse money making scheme that impairs job creation, not enhances it. Why? Because the interest and principle repayment of the loans represents lost 'opportunity costs' in the form of discretionary income that never gets spent and recycled throughout the economy. It creates a negative feedback loop where people have less/no discretionary income so businesses have less customers and need fewer workers, etc etc.
To say that these loans don't get paid back is false. Federally guaranteed student loan servicers are able to garnish 15% of wages without a court order, taxes are offset without a court order, and Title 4 benefits are suspended without a court order on defaulted loans. Furthermore, these loans are in general never dischargeable through bankruptcy and accrue interest for life.
As to mortgage subsidies, the same principle applies. What's worse is that both these types of loans create price inflation of the underlying product (college, housing) that essentially results in the banks making even more money and taking even more money from the circulation of the economy.
On the flip side, if the government or banks would loan to small businesses, the opposite would happen. Small businesses would buy more equipment, hire more workers, industries would be created, etc etc.
Of course I would not advocate that these loans be made via compound interest, but simple interest.
I agree with you about student loans. What is stunting job creation is uncertainty, costs due to government policy and a lack of demand for more. As you note demand is curbed because of student Loan debt amongst other things.
We could have the corporations give back the 7 trillion, distribute it to the people, and then let's see how our economy is doing in 5 years.
Give back what seven trillion? You mean the investments returns of the many of us who are share holders? I would love to see the money come back and be distributed to we the people as stock buy backs or dividends. I am sure pension funds would love it and of course government could then tax our eventual capital gains and our dividends now. That would be a fair way of doing what you want. Share holders are we the people both rich and not rich , both individually and collectively like pension funds.
so far the only factual link to credit score and type of person you may be is in the insurance industry studies
the ftc in its study and report to congress confirmed the low credit score group looked a bit funky in the size and number of claims.
number of claims could be explained since folks in better shape may tend not to report claims and eat them instead.
but that wasn't the issue. the issue was after studying millions of claims was that liability claims had no difference between high and low score , collision claims no difference
between the two.
the part that created the link was comprehensive claims ,meaning those with no witnesses had 2 to 3x the claims and the worst part was many times the claim amount in dollars then the high credit score folks.
that could be padded bills, insurance jobs on ones property and false claims.
that is why a big part of what you pay in auto insurance is determined by your credit score even if you are the most trust worthy person on earth.
right or wrong in making that connection employers carry that credit score over to the work place.
it may very well have no connection to honesty on the job and performance but with 47% of employers drawing reports there is a lot of weight put on those numbers, otherwise the employers wouldn't spend the money on them if they were not going to utilize that info .
Last edited by mathjak107; 08-09-2014 at 05:46 PM..
False dichotomy. What about those that make more than the minimum wage, but not enough to support themselves? In the industry I worked in, an industry that was touted 20 years ago as being 'recession proof', a good worker is not paid about half what they were paid 20 years ago. And a good worker in my field is most certainly in short supply as well. So forget the supply/demand nonsense that we have all been fed as well.
What are you talking about I said minimum wage not low paying
Who own these corporations? Of said in a better way, who owns the stock in these corporations? Here is a video that gives the true answer to that question:
The surprising answer to that question is collective government owns these corporations, purchased via our tax dollars. So if this is a government 'for the people and by the people', who owns those corporations?
I strongly suggest that you watch at least 30 minutes of that video.
Dang instead of a darn video let me go review my portfolio.
One of my pet peeves is my two "poorer" sisters who will use a small ZipLoc Bag is lieu of a much less expensive sandwich bag. I use ZipLoc bags sparingly. And then there is my mom who washes paper plates and reuses them - I sometimes do this but not that often.
I bought a four pack of Ziplock gallon freezer bags about 6 years ago. 152 bags -- they lasted until last year -- and I bought another four pack at Costco. I did notice there was a big change in quality. Gone down of course. These bags won't make 5 years. Which is fine -- I am developing arthritis in my thumbs and I need the ones with sliders. The motions to hold the bag and to close the bag HURTS like the dickens.
I use ziplocks all the time -- mainly to corral things. I get family pack chicken breasts, cut them up, wrap them in freezer paper and freeze singly till solid. Then I gather them up and stick them in a zip lock. No more stray mystery meats....with freezer burn.
Small ziplocks are best for chopped nuts which I buy in bulk at Costco. I chop all the nuts and portion them out in one cup portions, seal them up, taking out as much air as possible, and corral them in the large zip locks which stayed sealed until I need a nut bag.
Which sounds rude.... But double bagging does keep the nuts fresher tasting.
I can remember when Harry Chapin died, people donated to one of his favorite charities about world hunger. We looked into the charity and discovered it did NOTHING for world hunger, except tell people there's hungry people in the world.
They took in millions of dollars to do nothing but announce there's hunger in the world.
Those so-called 'awareness charities' are the biggest scam going. They help no one except the scammers who run them.
Those so-called 'awareness charities' are the biggest scam going. They help no one except the scammers who run them.
If the other poster was referring to World Hunger Year (founded by Harry Chapin), she is misinformed. The charity has high BBB ratings. Google is your friend:
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right or wrong in making that connection employers carry that credit score over to the work place.
it may very well have no connection to honesty on the job and performance but with 47% of employers drawing reports there is a lot of weight put on those numbers, otherwise the employers wouldn't spend the money on them if they were not going to utilize that info .
The above is exactly why Maryland and 9 or 10 other states severely restrict employers from pulling credit reports. In Maryland, employers must first make a firm job offer and then can only pull the report if it's substantially related to job duties, blah, blah, blah.
Also, auto insurance companies (in MD) cannot pull a credit report unless responding to a NEW application.
Another thumbs up for my home state.
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I use ZipLoc bags sparingly. And then there is my mom who washes paper plates and reuses them - I sometimes do this but not that often.
