The Big Cat Posted January 30, 2015 Share Posted January 30, 2015 Well actually the next bubble to burst is going to be the student loan debt. That will crush the housing market too. Try to get a loan when you're carrying $250k in student loans. But fear not your BB parents will bail you out......again. Right, but as the student loan debt bubble bursts, then with it the dollars available for students, then with those the institutions that rely on them. Link to comment Share on other sites More sharing options...
plenzmd1 Posted January 30, 2015 Share Posted January 30, 2015 Oh, I've never complained about job shortages. But wage stagnation and crippling student debt, these are definitely crushing people my age. I don't care how much money people make, and I don't to turn this into an income inequality debate, but I did think this was a pretty cool illustration: http://www.npr.org/blogs/money/2015/01/22/377470959/how-much-more-or-less-would-you-make-if-we-rolled-back-inequality?utm_source=facebook.com&utm_medium=social&utm_campaign=npr&utm_term=nprnews&utm_content=20150122 To your point: I think it's becoming more and more clear that the next bubble to burst will be the higher ed bubble. Is it safe to say that colleges may soon start to go out of business? It's just not worth the debt anymore, and it's only getting worse. I feel for you on the student debt...and agree with Jim and you the model is not sustainable much longer. My daughter in 10th grade, and we have already begun talking about if she was lucky enough to be accepted at a prestigious private school that does not mean she should go there..and prolly will not. http://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/18/private-colleges-are-a-waste-of-money-for-white-middle-class-kids/ ( we do not to have such conversations with my son LOL) Link to comment Share on other sites More sharing options...
The Big Cat Posted January 30, 2015 Share Posted January 30, 2015 I feel for you on the student debt...and agree with Jim and you the model is not sustainable much longer. My daughter in 10th grade, and we have already begun talking about if she was lucky enough to be accepted at a prestigious private school that does not mean she should go there..and prolly will not. http://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/18/private-colleges-are-a-waste-of-money-for-white-middle-class-kids/ ( we do not to have such conversations with my son LOL) If/when I have a kid of my own to discuss this with, I'm sure things will have changed quite a bit. But for his/her sake AND for mine, I think an appropriate conversation is one that ensures he/she is deliberate about what they plan to achieve in college. Quite frankly, I'm very grateful to have received a bona fide college experience. But I'll be damned if my kid takes on heaps of debt to have it for him/herself. Just not worth it, as great as it was. Link to comment Share on other sites More sharing options...
Chef Jim Posted January 30, 2015 Share Posted January 30, 2015 If/when I have a kid of my own to discuss this with, I'm sure things will have changed quite a bit. But for his/her sake AND for mine, I think an appropriate conversation is one that ensures he/she is deliberate about what they plan to achieve in college. Quite frankly, I'm very grateful to have received a bona fide college experience. But I'll be damned if my kid takes on heaps of debt to have it for him/herself. Just not worth it, as great as it was. The conversation you should have with your child is what they plan to achieve in life and get the college degree that will give them the best chance of getting it. It amazes me some of the worthless degrees people go after these days. Personally I've done real well for myself with an Associate's Degree in Culinary Arts. It doesn't make me money anymore but it sure makes for some tasty dinners around the Chef Jim household. Link to comment Share on other sites More sharing options...
The Big Cat Posted January 30, 2015 Share Posted January 30, 2015 The conversation you should have with your child is what they plan to achieve in life and get the college degree that will give them the best chance of getting it. It amazes me some of the worthless degrees people go after these days. Personally I've done real well for myself with an Associate's Degree in Culinary Arts. It doesn't make me money anymore but it sure makes for some tasty dinners around the Chef Jim household. Exactly. When I was 18, I was light years from answering that question. I'm 30, pretty much still am. Link to comment Share on other sites More sharing options...
Chef Jim Posted January 30, 2015 Share Posted January 30, 2015 Exactly. When I was 18, I was light years from answering that question. I'm 30, pretty much still am. That's the hard part. It's almost if going to work first to see what you like to do then get an education in that field. Unfortunately our system pushes you right to college at 18 Link to comment Share on other sites More sharing options...
The Big Cat Posted January 30, 2015 Share Posted January 30, 2015 That's the hard part. It's almost if going to work first to see what you like to do then get an education in that field. Unfortunately our system pushes you right to college at 18 *cough cough* mandatory year or two of service to your country *cough cough* dig ditches, teach immigrants english, do data entry for government offices, plant trees Link to comment Share on other sites More sharing options...
Jauronimo Posted January 30, 2015 Share Posted January 30, 2015 Higher Ed is the biggest racket there is. Private schools can charge whatever they want. When any 18 year old can get access to $500k in debt and k-12 force feeds the idea that a top 50 education is a golden ticket to easy street, no price is too high. The institution gets paid regardless if you ever pay a single dollar of your loan. Uncle Sam and lending institutions are left with the bill. With that model why wouldn't you increase tuition 6% per year and charge $70-$80k per year? The institution bears none of the risk. The only way this thing gets under control is if Uncle Sam stops backing these loans (not happening in the foreseeable future since even mentioning something logical like this is political suicide) or if parents and students get wise and stop enrolling. When classrooms are half full we might see some attempt to control the cost of higher ed. Until then, new dorms, new gyms, tablets for all freshman, build, build, build while you can while the tap is still on full blast. Link to comment Share on other sites More sharing options...
Fadingpain Posted January 30, 2015 Share Posted January 30, 2015 Higher Ed is the biggest racket there is. Private schools can charge whatever they want. When any 18 year old can get access to $500k in debt and k-12 force feeds the idea that a top 50 education is a golden ticket to easy street, no price is too high. The institution gets paid regardless if you ever pay a single dollar of your loan. Uncle Sam and lending institutions are left with the bill. With that model why wouldn't you increase tuition 6% per year and charge $70-$80k per year? The institution bears none of the risk. The only way this thing gets under control is if Uncle Sam stops backing these loans (not happening in the foreseeable future since even mentioning something logical like this is political suicide) or if parents and students get wise and stop enrolling. When classrooms are half full we might see some attempt to control the cost of higher ed. Until then, new dorms, new gyms, tablets for all freshman, build, build, build while you can while the tap is still on full blast. I hope you realize the problem is not "higher education". Higher education is actually a really good idea for everyone. The problem is America's habit of whoring out everything in the interest of making a nickel. There are some things that shouldn't be left to the free market or a profit incentive, like education, health care, democracy, and elections. Maybe we'll figure this out some day. In the meantime, enjoy a system where the top 10% controls about 75% of the nation's wealth. Link to comment Share on other sites More sharing options...
\GoBillsInDallas/ Posted January 30, 2015 Share Posted January 30, 2015 Higher Ed is the biggest racket there is. After 5 years in the working world, nobody cares what school you went to. They only care if you have a degree. Link to comment Share on other sites More sharing options...
Jauronimo Posted January 30, 2015 Share Posted January 30, 2015 I hope you realize the problem is not "higher education". Higher education is actually a really good idea for everyone. The problem is America's habit of whoring out everything in the interest of making a nickel. There are some things that shouldn't be left to the free market or a profit incentive, like education, health care, democracy, and elections. Maybe we'll figure this out some day. In the meantime, enjoy a system where the top 10% controls about 75% of the nation's wealth. I hope you realize that you completely missed the point and demonstrated zero ability to have this conversation. After 5 years in the working world, nobody cares what school you went to. They only care if you have a degree. 5 minutes after earning your degree, the vast majority of companies don't care which school you went to. Unless you're trying to get into Goldman Sachs, a state school degree will serve you just fine. Link to comment Share on other sites More sharing options...
Captain Hindsight Posted January 30, 2015 Share Posted January 30, 2015 That's the hard part. It's almost if going to work first to see what you like to do then get an education in that field. Unfortunately our system pushes you right to college at 18 Yup. I had 20k in debt by the time I picked my major Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted January 31, 2015 Share Posted January 31, 2015 So you're saying us baby boomers are spoiled? We were raised by people who grew up during the depression. We are anything but spoiled. That is so untrue for some! My father's approach was the exact opposite. Since they had it so bad during the depression he felt that he would make it easier on everybody else, especially his children. He didn't want anybody else to go through what he went through. Heck, he didn't even have indoor plumbing till he was 10... And he grew up (and still lives) in Cheektowaga! He started working the farms as a 6 year old child... Heck, I couldn't even mow the lawn till I was 20... He vowed never to raise his children the way he was raised. You'd have to be a sadist to think otherwise. Your generation was/is a plague on America. To argue otherwise belies a complete lack of self-awareness that (guess who) only a boomer could possibly show. Ridiculous national debt? Check. Completely pillaged the best economy America's ever seen? Check. Mortgaged the future so they could live in excess in the present? Check. Don't even get me started on Obamacare, a program that your generation overwhelmingly supports because, surprise surprise, you don't have to pay for it. The cost of the ACA rests squarely on the shoulders of my generation because your generation drank and smoked and screwed and ate their way into massively expensive health problems in their 60's and 70's. Your generation has this ridiculous perception of gratitude. When they were handed the reins, they were the reins to the unparalleled, unquestionable world economic superpower. Now they're handing it off to us, acting like it's the same damn thing. In reality, it's a crumbling has-been. Everyone in the world sees that but them. And they all act like they taught the damn world to sing and we should be grateful for the house with peeled paint and four mortgages they're handing us. Most of the Boomers I know don't fit the stereotypes I tend to toss around about them, but it's really hard not to look at the size of voting blocs by age and the political changes that came and went over the last 40 years or so. Those changes have pretty clear impacts that obviously benefit those of certain ages when those changes occurred, and don't benefit other groups the same way. The mentality was all about "me me me right now" which is the epitome of spoiled. This^^^ You go Levi! Quit your whining and pay my social security....i have been paying into it for 34 years....cant wait for you fuggers to pay me And I have will be paying into it even more... And have come to the realization 30 years ago that it won't be around for me. I have been planning accordingly. I have learned to kiss it good bye a long time ago. Maybe you should too, even if you realize it later in life, unlike myself when I was barely out of my teens. Link to comment Share on other sites More sharing options...
Ted William's frozen head Posted January 31, 2015 Share Posted January 31, 2015 Your generation was/is a plague on America. To argue otherwise belies a complete lack of self-awareness that (guess who) only a boomer could possibly show. Ridiculous national debt? Check. Completely pillaged the best economy America's ever seen? Check. Mortgaged the future so they could live in excess in the present? Check. Don't even get me started on Obamacare, a program that your generation overwhelmingly supports because, surprise surprise, you don't have to pay for it. The cost of the ACA rests squarely on the shoulders of my generation because your generation drank and smoked and screwed and ate their way into massively expensive health problems in their 60's and 70's. Your generation has this ridiculous perception of gratitude. When they were handed the reins, they were the reins to the unparalleled, unquestionable world economic superpower. Now they're handing it off to us, acting like it's the same damn thing. In reality, it's a crumbling has-been. Everyone in the world sees that but them. And they all act like they taught the damn world to sing and we should be grateful for the house with peeled paint and four mortgages they're handing us. Most of the Boomers I know don't fit the stereotypes I tend to toss around about them, but it's really hard not to look at the size of voting blocs by age and the political changes that came and went over the last 40 years or so. Those changes have pretty clear impacts that obviously benefit those of certain ages when those changes occurred, and don't benefit other groups the same way. The mentality was all about "me me me right now" which is the epitome of spoiled. Somebody farted...... Link to comment Share on other sites More sharing options...
ICanSleepWhenI'mDead Posted January 31, 2015 Share Posted January 31, 2015 http://www.theonion.com/articles/study-finds-millennial-generation-stays-on-phone-w,30725/ Link to comment Share on other sites More sharing options...
Lurker Posted January 31, 2015 Share Posted January 31, 2015 Try to get a loan when you're carrying $250k in student loans. While horror stories about six-figure debt loads make for good sound bites, the vast majority of students owe less than $30,000. Still meaningful, but not a crisis given ten-year plus payback periods. http://projectonstudentdebt.org/state_by_state-data.php Link to comment Share on other sites More sharing options...
Chef Jim Posted January 31, 2015 Share Posted January 31, 2015 This^^^ You go Levi! . I was waiting for you to chime in on this. Yeah us baby boomers have really !@#$ed up this country. Shall I list all the inventions and innovations the BB have given you or shall you? Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted January 31, 2015 Share Posted January 31, 2015 I was waiting for you to chime in on this. Yeah us baby boomers have really !@#$ed up this country. Shall I list all the inventions and innovations the BB have given you or shall you? Just saying that you should put in more than you take out. Stop thinking of yourself and as a generation be more self-effacing. All the great accomplishments shouldn't lead to entitlement. But, by the looks of your post... That's not happening. And you are on the tail end of a generation just as I am @ the start of another. I can personally associate w/the Boomers. I have siblings that are also @ the tail end of that generation. Anyway, don't they also call millenials "echo boomers?" No wonder they are both insufferable. Link to comment Share on other sites More sharing options...
Observer Posted January 31, 2015 Share Posted January 31, 2015 To your point: I think it's becoming more and more clear that the next bubble to burst will be the higher ed bubble. Is it safe to say that colleges may soon start to go out of business? It's just not worth the debt anymore, and it's only getting worse. A reckoning is coming when some bolder employers and colleges start recognizing the education value and cost savings associated with online degrees. That's the coming higher ed storm. Right now, most employers look on the online degree like it's useless that won't be true in 20 years. The in-person university experience will always be the best but in a return on investment analysis, the online degree will crush the in person one. In 50 years, you will be able to get all the field house access you need. Link to comment Share on other sites More sharing options...
Chef Jim Posted January 31, 2015 Share Posted January 31, 2015 Just saying that you should put in more than you take out. Stop thinking of yourself and as a generation be more self-effacing. All the great accomplishments shouldn't lead to entitlement. But, by the looks of your post... That's not happening. And you are on the tail end of a generation just as I am @ the start of another. I can personally associate w/the Boomers. I have siblings that are also @ the tail end of that generation. Anyway, don't they also call millenials "echo boomers?" No wonder they are both insufferable. In a thread about Miilennials you're accusing a BB of entitlement? That's rich. Link to comment Share on other sites More sharing options...
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