Young People are Screwed (vs, elect, states, federal)
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Yep. That's why so many understand the value in universal Healthcare, student loan reform, and increasing minimum wage.
Why should someone who went to college (or not), making a great living and saving for the future have to pay for someone else's college, healthcare and higher wages.
Remember, other people's money is only as good as it lasts
The total student loan debt in america is about 1.5 trillion. The pandemic stimili proved the government could have easily pulled this money out of their backsides at anytime to and wipe that debt clean away, and that money that people would have spent on student loans could go back into the economy into circulation and not just to the government.
[B]Most people's arguments against student loan debt forgiveness is purely out of spite. People just want to see other folks suffer. [/b]The current student loan system and the current concept of college as a way upward in society has been proven to be a gigantic joke. People are out here with degrees driving uber, selling plasma, buying bitcoin, etc....literally any and everything hoping something sticks or they get lucky.
Just because people don't want to use their tax money to pay for your debt, while you chose to loan money in fields like anthropology, fine arts, psychology, etc... and can't find a job or can't make enough money to pay for what you owe, doesn't mean they want to see you suffer. They just want justice in which people are being responsible for their own actions and decisions. You could be wiser and chose a field that was more useful, more practical ,or tried to work another job, changed majors, living with roommates, spend less to save money, etc... like many others did. Or you can work fulltime to save money, then work and study and the same time when back in school like I did, then you would have no debt. Before you sign for a loan, having an envision on how you are going to pay it back and taking on the responsibility to pay it back is necessary, if not mandatory. Nobody can force you to sign a loan if you don't want to.
Blaming others and the society for one's own shortcomings is being irresponsible and borderline unethical.
My son is 18 and just graduated high school. He has chosen to work full time for the time being because he has a good job in his field with lots of future opportunity.
Sounds like he's very fortunate! Lots of people aren't able to find work at the moment, certainly not in a field they enjoy. He has that and he's only 18. Very lucky.
Quote:
Originally Posted by calgirlinnc
His company just put him on a salary and he is getting screwed on taxes, Medicare and social security. Over $700 a month in deductions.
I would try to reframe this in your head. Your son isn't getting screwed. Your son has to pay taxes and Medicare and SS, yes. But doesn't your son want to one day receive social security when he's old? Or does he want to turn 67 and get nothing? Does he want to turn 67 and not have any sort of health care? If he should have the misfortune of one day becoming disabled (which no one likes to think about, but can happen to absolutely anyone without warning), does he want to be eligible to receive SSDI, or does he want to be starving on the street? No one likes paying taxes. But they exist for a reason, and your son rightfully should have them deducted now when he's young and healthy, so that when he isn't one day, and needs to be supported by the government, he will have paid into the system. He's not getting "screwed."
Quote:
Originally Posted by calgirlinnc
Rent for a one bedroom apartment that is not a hell hole is at least $1000 a month, and that is not even expensive for most of the country. Obviously he will need roommates to bring the cost down.
He drives an old jeep that we bought him. Insurance would eat him alive if he had to pay it without all the deductions we get.
Almost everyone still has roommates at 18, or still lives with their parents. Being able to afford his own place at that age would really make him an anomaly. If he's wise, he'll live at home for a few more years and save up money for a down payment on a house, or get a cheap place with roommates.
Same goes for driving an old car. At his age, I didn't even have a car, but took the bus and was allowed to borrow the old family clunker when I needed it. I couldn't afford my own car/insurance until I was 23.
My son is 18 and just graduated high school. He has chosen to work full time for the time being because he has a good job in his field with lots of future opportunity.
His company just put him on a salary and he is getting screwed on taxes, Medicare and social security. Over $700 a month in deductions.
Rent for a one bedroom apartment that is not a hell hole is at least $1000 a month, and that is not even expensive for most of the country. Obviously he will need roommates to bring the cost down.
He drives an old jeep that we bought him. Insurance would eat him alive if he had to pay it without all the deductions we get.
Inflation is now on pace at 4% a year, and that’s just what the government is admitting to. Anyone who grocery shops regularly knows it is much worse than that.
Meanwhile, his friends who are going to college....anywhere from $20,000 to $50,000 a year for that privilege. The fortunate ones got athletic scholarships, but those are somewhat rare.
This generation has it much harder than their parents did. The country is setting them up for financial failure and to be debt slaves. It makes me so angry!
I can't say I disagree with much of what you wrote..... eventually the free market will have to correct things though. House prices for one, can't continue to go up, and neither can college prices....not indefinitely. Eventually something has to give.
Sounds like he's very fortunate! Lots of people aren't able to find work at the moment, certainly not in a field they enjoy. He has that and he's only 18. Very lucky.
I would try to reframe this in your head. Your son isn't getting screwed. Your son has to pay taxes and Medicare and SS, yes. But doesn't your son want to one day receive social security when he's old? Or does he want to turn 67 and get nothing? Does he want to turn 67 and not have any sort of health care? If he should have the misfortune of one day becoming disabled (which no one likes to think about, but can happen to absolutely anyone without warning), does he want to be eligible to receive SSDI, or does he want to be starving on the street? No one likes paying taxes. But they exist for a reason, and your son rightfully should have them deducted now when he's young and healthy, so that when he isn't one day, and needs to be supported by the government, he will have paid into the system. He's not getting "screwed."
This is a very nice post; however, I really disagree with your take on Social Security.
First, who is to say that SS will still be viable in 50 years? It’s basically a Ponzi scheme.
Young people are paying for their grandparents. The government isn’t saving young people’s money for them; they are robbing Peter to pay Paul.
Second, it should not be up to the government to take your money from you and “save” it for you. That is YOUR responsibility—it’s YOUR money that YOU earned, and it should be yours to spend or save as you see fit. Then the government is so kind as to dole out all they have taken from you a bit at a time.
No one except those who are incapacitated should be “supported by the government.”
If my son puts the same percentage of his income a month into a 401K for the next 50 years, would he have more or less money than what the has government confiscated from him?
Someone who is good with finance can you help me out with this?
Last edited by calgirlinnc; 06-26-2021 at 02:37 PM..
My son is 18 and just graduated high school. He has chosen to work full time for the time being because he has a good job in his field with lots of future opportunity.
His company just put him on a salary and he is getting screwed on taxes, Medicare and social security. Over $700 a month in deductions.
Rent for a one bedroom apartment that is not a hell hole is at least $1000 a month, and that is not even expensive for most of the country. Obviously he will need roommates to bring the cost down.
He drives an old jeep that we bought him. Insurance would eat him alive if he had to pay it without all the deductions we get.
Inflation is now on pace at 4% a year, and that’s just what the government is admitting to. Anyone who grocery shops regularly knows it is much worse than that.
Meanwhile, his friends who are going to college....anywhere from $20,000 to $50,000 a year for that privilege. The fortunate ones got athletic scholarships, but those are somewhat rare.
This generation has it much harder than their parents did. The country is setting them up for financial failure and to be debt slaves. It makes me so angry!
Well, that's precisely why half of the Millenial Generation are still living in their moms basement.
I can't say I disagree with much of what you wrote..... eventually the free market will have to correct things though. House prices for one, can't continue to go up, and neither can college prices....not indefinitely. Eventually something has to give.
I agree, I see some kind of correction happening at some point, especially with home prices.
We bought our condo a good while back here in So Cal before things took off, 10,12 yrs ago the prices really took off here. They were rising but they really went.
Our condos are selling for literally 4 times and more in some cases than what we paid for it. It's great for us, but sad for young people coming up. Our mortgage and HOA fees are substantially lower than similar apartments down the street from us in rent costs.
Again, great for us but I just don't know how young people do it. I guess it's another reason more and more people here are leaving, you factor in a few other things besides high home costs and it's starting to make sense.
I'm a CA native born and bred but I'd love nothing more than to sell this big fat cash cow and move somewhere where real estate is reasonable with less crowding and progressive politics and be able to retire at 62 perhaps.
I'm done with all of the BS of a place like So Cal.
The total student loan debt in america is about 1.5 trillion. The pandemic stimili proved the government could have easily pulled this money out of their backsides at anytime to and wipe that debt clean away, and that money that people would have spent on student loans could go back into the economy into circulation and not just to the government.
Most people's arguments against student loan debt forgiveness is purely out of spite. People just want to see other folks suffer. The current student loan system and the current concept of college as a way upward in society has been proven to be a gigantic joke. People are out here with degrees driving uber, selling plasma, buying bitcoin, etc....literally any and everything hoping something sticks or they get lucky.
Instead of paying it off, just cancel it. The govt used to only back up the loans and guarantee them. So the people/institution who funded the loans just created the money from thin air. Money creation from thin air solely for individual profiteering, speculation, and predatory lending needs to stop. Even if the people/institution then turned around and put themselves in debt to others; well unfortunately they too made promises they cannot keep.
Until recently the govt has also been directly funding student loans thanks to provision in Obama's ACA. So of course, they can and should just cancel it.
Quote:
"As of July 8, 2016, the federal government owned approximately $1 trillion in outstanding consumer debt, per data compiled by the Federal Reserve Bank of St. Louis. That figure was up from less than $150 billion in January 2009, representing a nearly 600% increase over that time span. The main culprit is student loans, which the federal government effectively monopolized in a little-known provision of the Affordable Care Act, signed into law in 2010."
Quote:
Originally Posted by Enough_Already
This is such BS. The problem with eliminated this debt is WHO PAYS FOR IT? Answer, when government creates money out of think air we have more dollars and the same amount of goods and services. The name for that is INFLATION.
Yeh but when bankers do the same thing, its all fine and dandy.
They only started to fund the student loans recently though. Before they just made sure lendee cannot write off in bankruptcy. Previously, the bankers/private institution were creating money from thin air for predatory student lending.
His taxes should increase to pay for other people’s medical and college?
Yep, forgot to mention buying a house. We’re considering using his college money to help him with a down payment on a starter house or condo in a couple of years. We’ll see.
See above.
Nope.
You bought your kid a jeep & now you’re going to buy him a house? Why are you coddling him? No way did my parents ever buy me a car, house, nor pay for my college education. That’s all on me. Perhaps your kid should work for those things himself, learn the value of a dollar. Just my opinion. And you can thank republicans for all those problems he’s encountering. They have made zero effort in improving things in this country.
This is a very nice post; however, I really disagree with your take on Social Security.
First, who is to say that SS will still be viable in 50 years? It’s basically a Ponzi scheme.
Young people are paying for their grandparents. The government isn’t saving young people’s money for them; they are robbing Peter to pay Paul.
Second, it should not be up to the government to take your money from you and “save” it for you. That is YOUR responsibility—it’s YOUR money that YOU earned, and it should be yours to spend or save as you see fit. Then the government is so kind as to dole out all they have taken from you a bit at a time.
No one except those who are incapacitated should be “supported by the government.”
If my son puts the same percentage of his income a month into a 401K for the next 50 years, would he have more or less money than what the has government confiscated from him?
Someone who is good with finance can you help me out with this?
Since you live in California, I can understand how you think.
We ALL hat to pay SS (I did for 60 years and I'm living on it now) It has always payed for the future
While married, I was still going to college in the 60s and paid my own way (yes, tuition was less, but I was happy to get 2.00 an hour and worked evenings, holidays and summers to pay) My wife and I drove junkers for years before we bought our first new car.
You can't expect the rest of the country to pay his expenses!
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