https://www.nytimes.com/2017/11/18/business/student-loans-licenses.html
Neat.
Also the government: https://www.nytimes.com/2017/09/18/us/politics/senate-pentagon-spending-bill.html
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These stories are the exception not the norm. Don’t borrow money if you don’t understand the terms.
It is not in the interest of the lender to take away the borrower’s ability to pay back the debt. Why can’t they just send a couple guys over to rough her up a bit?
Also looks like it’s time for a career change to defense contracting.
He says to a country where we don’t teach personal finance at all then expect 18 year olds to understand the implications of hundreds of thousands of dollars of debt on their future. I mean it’s basically mandatory to have a college degree at this point, no? The point is we could maybe spend a bit less on pointless wars and fighter jets and help our students out a bit, but nah.
Meanwhile over in Washington Paul Ryan and the rest of the GOP are trying to increase taxes for people making under $75,000 a year while pretending they’re not.
USA: WINNING
There are tons of free resources to learn about how personal finance works. People in this country know all about sports, celebrities, entertainment, what’s going on in Netflix series but won’t go spend a few hours on internet or if they don’t have it, at the public library for free to learn about what could impact them for the rest of their lives.
I wish I understood finance better in high school. But even if I had the education, it’s really hard to know the impact of a monthly bill if you’ve never had an income and all the related living expenses.
This is a naive way to expect a 17-18 year old kid to operate when they have no prior knowledge of an extremely boring subject. There are tons of free resources to learn about French paintings too. They know all about that other stuff because it’s forced down their throats from business marketing the second they come into the world and it’s actually fun. Lenders aren’t exactly creating ads on the smart way to borrow their money. Kids don’t have a long view at that age, nor should we expect them to on their own. Stranger Things or a book on interest rates? Hmm.
My broader point is that we still continue to needlessly throw trillions of dollars into the defense department while the student loan debt in this country continues to cripple our workforce. It’s absurd.
Meanwhile over in Washington Paul Ryan and the rest of the GOP are trying to increase taxes for people making under $75,000 a year while pretending they’re not.
USA: WINNING
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Yup, how long have we been hearing about how tax increases will destroy they economy? I guess that only applied high income earners.
i think its retarded that you will prevent people from working because they cant pay their student bills. it doesnt make sense to do so. if anything you want them to work indefinitely so that they are productive, and you get more interest.
basically, i think student loan debt is an excellent way to keep people productive post education. defense department spends ~half a trillion annually which is about 10% of us govt budget. if there is anything we should cut, its the subsidies for the old people.
What
Also, Nerdy that is false per the below. Social security taxes are currently 6.2% to an employee and 6.2% to the employer (12.4% total).
https://www.nationalpriorities.org/budget-basics/federal-budget-101/spending/
look at total federal spending. Medicare and social security is 60% of 3.8 tril 2015 budget. defense spending is 15%.
anyways, we can prolly spend more on education, its only $100b, or 2.6% of govt budget.
my counter to the pictures above, how people classify mandatory and discretionary. its very subjective imo.
Yup, how long have we been hearing about how tax increases will destroy they economy? I guess that only applied high income earners.
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This isnt accurate.
A lender would have incentives to lend much differently than the federal government. I think the government should get out of the lending business
Government is a lender of last resort for those with no access to credit and I personally think education is a great investment with a high roi for society!
I think it used to be more like this. Most entities exited the market and don’t do the lending anymore post financial crisis. Private is only like 10 percent
Justify trillion $ wars.
RESPECT!
like corporations sometimes you have to reduce prices to kill competition. Similarly governments must show hard power in order to make their soft power more effective!