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Unlike most millennials, Norway's are rich

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Re: Unlike most millennials, Norway's are rich

#41

As a Spaniard who has discussed this in lenght with many other Europeans[1], it really seems like the US is the main country with the University debt issue. I also really believe that "score inflation" is a big issue mainly in the US. If everyone can finish University, then having a university title becomes pointless! [2] In Spain, Germany, France, Italy, etc if you get a degree in STEM it means you put a lot of effo…

> [1] oddly enough I have never discussed this with british people Over recent decades tuition fees have been rising, but they've been covered by a special loan. Paying back this loan is taken out of your pay cheque (via PAYE) based on how much you earn. If you don't pay it back within a certain number of years it gets wiped. Before the last major increase it was viewed by most of my peers (I graduated in 2013) as re…

Thanks! Seems like a step between the US system and the Spanish system. What happens if you lose your job for example for a couple of months? Do you have to pay as a normal loan or is it more like taxes where you only pay relative to your earnings?

Re: Unlike most millennials, Norway's are rich

#42

Norway is a very special case. A small country with lots of oil, fish, and a small population (just 5.2 million). They would have to go really wrong to be poor.

IMO it's the other way around. There are other other small oil rich countries; for instance in the Gulf. None of them seem to be going anywhere near as well as Norway. So, empirically, Norway's prosperity as a society is an indication that it's doing some things really well.

Re: Unlike most millennials, Norway's are rich

#43
> Aarnes’ hourly pay starts at 164 Norwegian kroner (around $20), increasing for weekend and evening shifts. After taxes (which are comparatively high in Scandinavia) he’s left with around 14,000 kroner ($1700) a month, of which he sets aside half for rent, travel and bills and uses the rest for “whatever else” he likes.

The likely reason why he can earn this much with a supermarket job is because everyone else has more disposable income, which means it's easier to make products more expensive and to afford to pay higher salaries for such jobs.

I think there have been at least a few studies in the past few years that show just how important it is for an economy for everyone to have decent amounts of disposable income. It means there are more consumers who can afford more types of products = a healthier economy.

A healthier economy with more spread-out rather than consolidated companies, means the companies are also more willing to pay higher/more competitive salaries, as opposed to if only a handful of companies dominated the economy.

In the U.S., the middle-class has been drained out of disposable income. Recent reports have shown that something like 60% of the country can't afford a "$500 emergency".

That is likely due to several reasons:

1) the crazy situation with student debt that the U.S. has gotten itself into (I believe it's because the government guaranteed the loans, which made it easier for universities to keep increasing the prices, but what's important is that the situation exists and must be fixed/ended)

2) the crazy healthcare system that leaves almost everyone financially bankrupt if they have a more significant health issue, or they just can't afford to pay for full coverage. Again, U.S. is just about the only country that has this problem.

3) the rising (negotiation) power of mega-corporations, who are allowed to become ever larger, and the fact that they can outsource workers from abroad almost at will.

They have just about obliterated any negotiation power workers have in the U.S., which also means most workers get little pay and they can't hope for too many salary increases over the years (even to cover for the real inflation, not the "low" inflation the government keeps talking about but doesn't jive with how fast product prices are rising in the economy).

There are also studies showing that basically since the 70's the real salary has stayed the same and hasn't increased with productivity at all. The salaries of CEOs and the payout to shareholders on the other hand have skyrocketed.

Re: Unlike most millennials, Norway's are rich

#44
post #16

Earlier quoted context omitted.

In most cities in western / northern Europe, it's completely impossible by now to get a mortgage for a home remotely large enough for a family, even with two factory drone salaries and even if you pay all of your life.

Not really, the problem is that the average standard in a home is quite high and makes the average housing very expensive.

What is “the average standard”?

Re: Unlike most millennials, Norway's are rich

#45

Earlier quoted context omitted.

No problem, since I'm learning Japanese while living in Tokyo I've lost quite a bit of English. Repetition is your friend here as it's the only way to be able to speak with 90+% of the people and for them to understand. Thanks for the tips, improved it a bit :)

Thanks for being so open, I know I shouldn't give suggestions but watch out for karoshi culture, overwork and burnout, surely you should be able to cope with all that.

I typed that from the beach, that's why it was so badly worded; so don't worry about karoshi :)

I don't mind and take everything with a grain of salt, but you are right, it'd not be good for most people.

Re: Unlike most millennials, Norway's are rich

#46
post #26

Earlier quoted context omitted.

> If everyone can finish University, then having a university title becomes pointless! Only if the value of a degree is having an edge over others, not if it's value is learning - primary school isn't pointless even though most people master it. This feels like it links back to the same problem as everything else - as time goes on automation removes less skilled jobs, and more and more people will need to do more ski…

Sorry if I wasn't clear, I'm not talking about zero-sum (which should be similar everywhere), I'm talking about Universities becoming easier in USA much faster than in Europe. Example: https://www.theatlantic.com/education/archive/2015/01/same-p...

How do European professors and universities avoid grade inflation? Are their incentives very different?

Re: Unlike most millennials, Norway's are rich

#47
post #16

Earlier quoted context omitted.

In most cities in western / northern Europe, it's completely impossible by now to get a mortgage for a home remotely large enough for a family, even with two factory drone salaries and even if you pay all of your life.

Not really, the problem is that the average standard in a home is quite high and makes the average housing very expensive.

[deleted]

Re: Unlike most millennials, Norway's are rich

#49

Earlier quoted context omitted.

> [1] oddly enough I have never discussed this with british people Over recent decades tuition fees have been rising, but they've been covered by a special loan. Paying back this loan is taken out of your pay cheque (via PAYE) based on how much you earn. If you don't pay it back within a certain number of years it gets wiped. Before the last major increase it was viewed by most of my peers (I graduated in 2013) as re…

Thanks! Seems like a step between the US system and the Spanish system. What happens if you lose your job for example for a couple of months? Do you have to pay as a normal loan or is it more like taxes where you only pay relative to your earnings?

The latter, you won't have to pay whilst you aren't earning. Additionally you will only start paying when you are earning over £21,000 a year. After that, you'll pay back 9% of anything you earn over £21,000.

Re: Unlike most millennials, Norway's are rich

#50

Earlier quoted context omitted.

> In the US, kids are seen at worst a nuisance and at best a personal luxury. Please, if you may, explain why you think this is so.

I think so mainly because of the near total lack of societal support of bringing them up to be educated, responsible adults with opportunities. If you want to have them, fine. But then, you better be prepared to be able to pay for health care, child care and college. Without maternal / paternal leave, having kids also puts their parents at a financial and career disadvantage to non-parents, so they are indeed a luxur…

https://data.oecd.org/eduresource/education-spending.htm US might be doing it wrong, but it does spend a lot of money on children
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