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

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

#271

Post by krsdcbl »

This might be a bit idealistic and not align with US principles - but doesn't this actually show it would be much smarter to keep education free for everyone and just straight up pay for it with a higher taxation?

These numbers look to me a bit as if gov is paying anyway, but with the current model it gets the money back only (eventually) after the citizens education, and pushes a lot of people into debt.

All of that for essentially avoiding that one person might add a few $$$ to the pot that could benefit another...

I know US policy sees the self-responsibility of the individual completely differently, but having grown up in Austria and profited from top education that is _naturally_ free for everyone, all of this student debt stuff looks like madness to me.

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

#272

Post by Analog24 »

fineng123 wrote: post #105
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 they don't understand. A common refrain about the story in the U.S. of LaVar Ball, the impetuously famous basketball dad, is that it was a huge mistake to send his kids to play in Lithuania. It's a classic example of "worldly" Americans going to the Louvre and being "cultured" but not having the depth of understanding that Eastern Europe is a wonderful, beautiful place. It's just not as well-kept and poorer s…

That's quite a sweeping, derogatory generalization

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

#273

Post by mlevental »

yuhong wrote: post #238
bkanber wrote: post #167

Earlier quoted context omitted.

Not disagreeing with you, just adding: Debt is not inherently bad. If the concept of debt didn't exist our society would hardly have advanced in the last 2000 years. We owe a ton of our society's development to the fact that bankers exist, otherwise only a handful of people throughout history would have had the resources to build ships, open new businesses, build factories, new technologies, etc, and there would be z…

The problem is that we have been running trade deficits for decades now, mean that most of the debt is spent on imported goods. This led to businesses with high profit margins that are designed to exploit debt, and the economy ended up being based on stocks going up for things like retirement (partly because other governments ended up buying US bonds). This is the main cause of things like Corinthian Colleges and ITT…

the article you're commenting on (this very article) makes the point that much of the debt has actually been spent on education so...

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

#274

Post by fineng123 »

ultraluminous wrote: post #251
lotsofpulp wrote: post #226

Earlier quoted context omitted.

I don't see why financial organizations need a middle ground. It doesn't seem like our society (USA) wants to give individuals a middle ground so that they're not completely hosed, why should the rich have one?

Though I agree with you that bankers should face many many more personal repercussions to engaging in improper risk management, but stabilizing banks is not about bailing the rich. The financial system holds not only main street's deposits, but also future paychecks, loan re-payments, home mortgages and, well, basically anything to do with money. When that system stops working the world stops turning, so to speak. On…

Very well said. Thanks for the anecdote

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

#275

Post by fineng123 »

Analog24 wrote: post #272
fineng123 wrote: post #105

Earlier quoted context omitted.

Because they don't understand. A common refrain about the story in the U.S. of LaVar Ball, the impetuously famous basketball dad, is that it was a huge mistake to send his kids to play in Lithuania. It's a classic example of "worldly" Americans going to the Louvre and being "cultured" but not having the depth of understanding that Eastern Europe is a wonderful, beautiful place. It's just not as well-kept and poorer s…

That's quite a sweeping, derogatory generalization

The horrible thing about generalizations is that they are so painstakingly accurate sometimes, and they hit so close to home that people hate them. Americans are hilariously uncultured. Do software engineers tend to be socially awkward? Yes. Try to understand the world for what it is or live in perpetual cognitive dissonance, your choice.

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

#276

Post by hedonistbot »

Turing_Machine wrote: post #175
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…

What happens if Mr. Putin (or one of his successors) suddenly decides that he wants Bulgaria back under Russian control?

Bulgaria is a NATO member and hosts 4 joint military facilities with NATO forces (https://en.wikipedia.org/wiki/Bulgarian%E2%80%93American_Joi...). The NATO pact treats a military attack on one of its members as an attack on all of them (including the US).

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

#277

Post by SheepSlapper »

dreamcompiler wrote: post #257
SheepSlapper wrote: post #199

Earlier quoted context omitted.

It depends on the degree. I'm a Millennial and got my CS degree for $15k, which was a smart investment (and make no mistakes, degrees ARE investments). At the same time I have a friend who is going into a few hundred thousand dollars worth of debt to get a PHD in History. That's not a good investment, when you look at time + money vs return. "Just get a degree" is bad advice. I know electricians that make more money…

> I know electricians that make more money than me, and work shorter hours. I don't know what you do for a living, but I'm guessing it doesn't involve contorting yourself into a pretzel inside a hot attic and twisting wires together all day. Electricians work hard and come home sore.

I sit at a desk getting carpal tunnel and fat. I've got respect for my buddies doing what they do, and being successful without a college degree. That's more or less my point, college isn't a good investment for everyone.

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

#278

Post by taylodl »

candiodari wrote: post #266
dmm wrote: post #244

Earlier quoted context omitted.

Once the trust fund is exhausted, unless the law is changed, SS payouts are made equal to SS payroll taxes. This is projected to settle out to payments being ~70% of what has been promised.

Ok so the next question is whether that should be considered failure or not. Also they'll go below that (because some of their "investments" are government bonds which they won't be allowed to unload, as it would affect the government too much). For current or future recipients of said benefits, the answer is pretty clear : yes. And, frankly, the government has promised these people compensation in terms of years or…

It wasn't just a promise: they took 15% of my salary for it against my will. If I don't get it back, then it's a tax, and not only that, but it makes the tax on the middle class significantly higher than on the uber rich. The Boston Tea Party ain't nothing compared to what's going to happen in this country if they mess with Social Security.

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

#279

Post by Dangissuchacunt »

tunesmith wrote: post #218
mobilefriendly wrote: post #217

Earlier quoted context omitted.

Since 2014 Social Security has run out of money, and the shortfall is being financed by general federal borrowing. It just isn't in the headlines these days.

Another right wing frame... Social Security was in surplus for several years, and it will be several more years before the surplus is exhausted, if ever. The right wing frame is that the surplus "doesn't exist" or is full of "IOUs" or something. It's hogwash. Here's how it really works. When Social Security is in surplus, more money comes in from payroll taxes than is paid out in benefits. Payroll taxes come from peo…

What is up with this cunt?

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

#280

Post by Dangissuchacunt »

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.

Deal with it cunt. Just don't complain then and enjoy your debt ridden life.
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