Half of the US government's financial assets are student loans

Post by adreamingsoul » Fri, Jan 12, 2018, 10:11 PM UTC

throwaway30yo wrote: post #110

adreamingsoul wrote: post #65

Earlier quoted context omitted.

Millennial here, thanks for the daily reminder of the future I have to deal with. Failing government systems, check. Unaffordable educational system, check. Limited housing and land, check. Degrading climate, check. Some days I believe I just may find a way out of it. But, for every day I participate in the rat race is just another lost when I should be working on building a better future for my family.

Millenial here. I think things are better then you think. Failing government systems? Have always existed. Unaffordable education? Never went, no idea. Online education still free. Limited Housing and Land? Flyover country, tons of cheap housing and land. Degrading Climate? Yes. But even the most pessimistic projections are unlikely to effect my life. Its a great time to be alive. Country not at war, unemployment is…

Post by adreamingsoul » Fri, Jan 12, 2018, 10:13 PM UTC

godelski wrote: post #131

vminkov wrote: post #93

Earlier quoted context omitted.

Come to Eastern Europe, your student loan money is enough for a whole new life here. P.s. honestly, I don't understand how ppl who are so hoplessly indebted are not migrating here. Bulgaria offers very cheap life with the opportunity of doing business with the EU and the US. Why work 24/7 when you can enjoy a good life in a place where the local people and economy need a foreigner to lead them in the business and glo…

Because 80% of people (at least Americans) live tldr: There's more to the equation than finance.

Post by krapp » Fri, Jan 12, 2018, 10:14 PM UTC

IncRnd wrote: post #112

matte_black wrote: post #13

Earlier quoted context omitted.

The banks that loaned out all that money will need massive bailouts or else shut down. Let’s be clear, students will NEVER be allowed to default these loans, nor should they. They must either pay it or take their debt to the grave and pass it down to their heirs.

1) The loans that are being discussed are not owned by private banks, so even if 100% were defaulted there would be no bailout of banks needed. 2) There are no blood debts in the US. Debts are NOT passed on to heirs like property.

Post by prepend » Fri, Jan 12, 2018, 10:16 PM UTC

jfaat wrote: post #123

SheepSlapper wrote: post #96

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> Millennials are the most educated generation in history. Yet there are record numbers of them working off student debts as waiters and bartenders, and supplementing their income on the side with ‘gigs’ (like being an Uber driver) We're the most educated in history, but many people decided to use that education to learn topics that aren't lucrative/in demand. Personal responsibility plays in a ton here, and some peo…

So you call a millennial getting a degree not ‘personally responsible’? Disclaimer: anecdotes ahead, but I know many, many millennials who grew up hearing ‘Just get a college degree and you’ll be in good shape’ who did and aren’t, respectively. Not everyone is geared toward being an engineer or mathematician or scientist. For those who aren’t, and followed the resounding conventional wisdom to get a degree, largely g…

Post by [deleted] » Fri, Jan 12, 2018, 10:16 PM UTC

jdoliner wrote: post #88

eemax wrote: post #61

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Well, it does actually solve the problem in the sense that it actually causes houses to be built and students to go to college. Probably this indicates the real problem is more about bad monetary policy and bad tax policy, not a fundamental shortage of resources. Of course, it would be better to improve monetary policy rather than just making a bunch of dumb, risky loans leading to a dramatic boom and bust. But that…

Is that really solving the problem though, or does it just give us houses no one wants to own and college graduates no one wants to employ? That's what it looks like to me at least. I don't think it's bad monetary or tax policy per-say, although those are bad, but just bad policy in general. But the badness of the policy comes from a fundamental over estimation of what the government is capable of doing for a society…