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Correct. And you know whose fault that is? Posters such as OP who insist on Republican or Republican lite political policies that offer young people no support to help them succeed in life. Because those policies are "entitlements." Our minimum wage is still $7.25/hour. If inflation were properly factored in, it would be over $20/hour. Student loans cannot be discharged through bankruptcy. Young people have no help paying for college, childcare, rent, healthcare, in essence, they cannot afford to live at all. Then they are blamed for not going to college, and if they do, they're blamed for not getting a good job with their college education because everyone else went to college, so there is a glut of college grads competing for the same underpaying jobs. Or they are blamed for being unable to pay off their student loans. Students can't win for losing.
so much to unpack in a compact paragraph - you managed to hit almost every talking point.
What does "Young people have no help paying for college" mean?
Why do underemployed young people need help paying for childcare?
How many HS grads get a permanent minimum wage job, but leave home to live on their own?
What is wrong with the K-12 education system and parents that so many have no clue about money?
I think I knew what Firebird meant. A 401K is not active investment. It isn't a day trade way. Often what people think of with the stock market are the day trade shares, not 401Ks. Yes most people do have 401Ks, but you aren't making much. Yes it is liquid, but most people don't touch it unless they retire or are facing financial hardship.
really, the ignorance (lack of knowledge) of you 2 is stunning.
I thought I had posted this already, but here we go ...
71% match at 50% up to your 6% contribution. What that means is the employee MAKES a 50% return, without any market appreciation.
If the employee receives 0 education on the account - be that in a company meeting or via the internet - then I suppose they could be putting their money in a low-interest completely safe money market fund. You ALWAYS weight your 401K towards equity accounts until you approach retirement.
If people don't understand these basics, they have no business "day trading". You'd have much greater success betting on sports to get your "high return" thrill.
I paid for my own education 30 something years ago. I also paid for my three kids' educations. I worked two jobs, as did my husband.
I don't feel good about forgiving student loan debts, which I think Biden will enact during his first 100 days.
I paid by debt and my dues. No one forced these students who took out so much in loans to go to college....it was a choice they made. A CHOICE.
Let's keep the bashing to a minimum. Just want to see a show of hands about who opposes this or who is for this. Let's remember that the MONEY will come out of your INCREASED TAXES....and the taxes on your kids and grandchildren's salaries....
College was considerably cheaper 30 years ago, even adjusting for inflation. When I went to a state college, over 40 years ago, I paid $200/semester for tuition, worked two jobs, and still had to take out a small amount of student loans, which I subsequently paid off. Today, it would take a lifetime for college students to pay off loans, when the same public university now charges $11,000/year (in-state; out-of-state is closer to $40,000/year) and when many of the jobs have been shipped overseas. People who want an education should be able to get one without having to sacrifice their financial stability. This is what Europe offers and what we used to offer, more or less. The dumbing-down of the American population is not a good thing. All public universities and colleges should, in my opinion, be available to qualified applicants for a minimal price. Period.
I'm as against it as I can possibly be. Here is my tale of student loan payback, with all dollars adjusted to 2020 using the official BLS inflation calculator:
I graduated in July of 1999 with $25,377.01 in student loan debt, and another $7,519.67 in credit card debt. (If you ever come across it, the book "Credit Card Nation" by Robert Manning tells the story of how Citibank in the '90s came up with the notion that they should start giving credit cards to college students because statistically they would be having careers that would allow them to pay it back and were therefore good risks, and you could potentially hook them as customers for life. I got my first Citbank card in 1994 because a cute girl I knew wanted the free t-shirt. Citibank had a table set up in the Student Union, just outside the bookstore.) My first job out of school paid $13.34 an hour but had nice benefits. It took me roughly 7 years to pay that all off.
Today's students can and should do the same. It built character, and it taught me how to handle money. I owe my financial wherewithal to this experience. You also have the moral hazard of schools that continually jack up tuition because they know that the federal government is backing the loans. Forgiving student loans will simply pave the way for doing it again, bigger and badder and build resentment in those that came before.
Correct. And you know whose fault that is? Posters such as OP who insist on Republican or Republican lite political policies that offer young people no support to help them succeed in life. Because those policies are "entitlements." Our minimum wage is still $7.25/hour. If inflation were properly factored in, it would be over $20/hour. Student loans cannot be discharged through bankruptcy. Young people have no help paying for college, childcare, rent, healthcare, in essence, they cannot afford to live at all. Then they are blamed for not going to college, and if they do, they're blamed for not getting a good job with their college education because everyone else went to college, so there is a glut of college grads competing for the same underpaying jobs. Or they are blamed for being unable to pay off their student loans. Students can't win for losing.
You are incorrect. The $20 an hour figure you're quoting is an estimate based on "labor productivity growth" which is largely a factor of technology increasing the productivity of individuals over time. The peak purchasing power of the US minimum wage was in 1968 at $1.60 an hour. Running that figure through the BLS inflation calculator yields $11.80 an hour. As a Republican, I'd support raising the minimum wage to this figure, setting it to adjust for inflation every January 1st and then forgetting about it because I'm tired of hearing arguments around it.
Since that is a reasonable solution that no Democrat would ever support, I take comfort in the fact that THE MARKET WORKS, as evidenced by the number of states and localities that have set a higher minimum wage that the Federal Government. 29 states have currently enacted such legislation.
On top of that THE MARKET WORKS because where the labor market is tight, employers often have to pay well above the minimum to attract the labor they want. My southern state has a minimum wage of $9.25 an hour. However, even the lowest fast food jobs around here are paying $10-$11 an hour and constantly hiring. The best fast food jobs are advertising $13 an hour. Retail jobs for large chains are easily in the $13-$14 range and sometimes higher, all without the heavy hand of government mandating it.
I'm as against it as I can possibly be. Here is my tale of student loan payback, with all dollars adjusted to 2020 using the official BLS inflation calculator:
I graduated in July of 1999 with $25,377.01 in student loan debt, and another $7,519.67 in credit card debt. (If you ever come across it, the book "Credit Card Nation" by Robert Manning tells the story of how Citibank in the '90s came up with the notion that they should start giving credit cards to college students because statistically they would be having careers that would allow them to pay it back and were therefore good risks, and you could potentially hook them as customers for life. I got my first Citbank card in 1994 because a cute girl I knew wanted the free t-shirt. Citibank had a table set up in the Student Union, just outside the bookstore.) My first job out of school paid $13.34 an hour but had nice benefits. It took me roughly 7 years to pay that all off.
Today's students can and should do the same. It built character, and it taught me how to handle money. I owe my financial wherewithal to this experience. You also have the moral hazard of schools that continually jack up tuition because they know that the federal government is backing the loans. Forgiving student loans will simply pave the way for doing it again, bigger and badder and build resentment in those that came before.
That credit card pushing started many years earlier. My mom, DD and I were walking in the mall. A person hawking credit cards approached. I told her no thanks, mom was on SS and DD was a student. She said she was paid per application, could we fill out the form. Both mom, who was lived with us and had only SS and DD who had no income got a credit card. I later learned that's exactly the people credit card companies want. Those who don't pay it off every month.
I finally read the fine print and saw the amount of interest charged to those who are behind on their 35 bucks a month. Looks to me like only arithmetic impaired people pay credit card interest.
I'm as against it as I can possibly be. Here is my tale of student loan payback, with all dollars adjusted to 2020 using the official BLS inflation calculator:
I graduated in July of 1999 with $25,377.01 in student loan debt, and another $7,519.67 in credit card debt. (If you ever come across it, the book "Credit Card Nation" by Robert Manning tells the story of how Citibank in the '90s came up with the notion that they should start giving credit cards to college students because statistically they would be having careers that would allow them to pay it back and were therefore good risks, and you could potentially hook them as customers for life. I got my first Citbank card in 1994 because a cute girl I knew wanted the free t-shirt. Citibank had a table set up in the Student Union, just outside the bookstore.) My first job out of school paid $13.34 an hour but had nice benefits. It took me roughly 7 years to pay that all off.
Today's students can and should do the same. It built character, and it taught me how to handle money. I owe my financial wherewithal to this experience. You also have the moral hazard of schools that continually jack up tuition because they know that the federal government is backing the loans. Forgiving student loans will simply pave the way for doing it again, bigger and badder and build resentment in those that came before.
I wouldn't feel "resentment" at all if students had access to affordable public higher education. I did, so why shouldn't they? The main problem is administrative bloat at colleges and universities, where administrators today typically make $200,000/year or more, and presidents routinely make close to $1 million/year, and where there are far too many administrative roles. Public institutions of higher learning should not be run like businesses, but rather like the publicly-supported academic institutions that they are.
When I took out my loans in the 80s, the interest rate was 9%. I was paying that debt off in my 40s. Was it worth it? Absolutely. I understand that these days tuition is insanely out of control BUT, if you take out a loan, you are saying you understand the debt and the terms so no, I do not support eliminating student loan debt. Until something is done about ludicrously high tuition, it would serve many financially strapped young people to do their first 2 years at a community college. I did that to save money and decades later I still believe the professors at the community college were far superior to many I had in graduate school. But the idea that the federal government foot the bill for college students is unrealistic.
I'll go for free college classes. If its free, no reason why only the young or financially disadvantaged should benefit.
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