tag:blogger.com,1999:blog-27946614.post602598521338702837..comments2024-03-07T14:43:21.888-08:00Comments on Whatever I want to write about: The remedy for student loan debt? Higher tuition and fees, of course!Sriram Khéhttp://www.blogger.com/profile/06907731254833435446noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-27946614.post-60264972695568236502013-07-02T06:47:10.901-07:002013-07-02T06:47:10.901-07:00hehe ... join the long line of people who have had...hehe ... join the long line of people who have had such reactions to Murray's arguments over the decades!<br /><br />The social security ponzi, er, scheme, is in a way related to the Alzheimer's post--people living longer and longer and sucking up valuable resources. We humans never planned for a scenario in which people live long lives.<br /><br />BTW, here is another take on college degrees ... more of the same, yes, but note that the author was President Obama's federal budget adviser and an accomplished budgetary policy wonk:<br />http://www.oregonlive.com/opinion/index.ssf/2013/07/why_are_so_many_college_gradua.html<br /><br />I remain convinced, unless I see overwhelming evidence otherwise, that we better adjust to this new reality soon .... well, it is already a tad late, but at least before it becomes way too late :(Sriram Khéhttps://www.blogger.com/profile/06724218458246880137noreply@blogger.comtag:blogger.com,1999:blog-27946614.post-47378147542195600552013-07-02T03:13:46.323-07:002013-07-02T03:13:46.323-07:00I read that article and went livid at Charles Murr...I read that article and went livid at Charles Murray's arguments. If there is such a heartless society that cannot even empathise with the lot of those for whom life has dealt a bad hand, then I am not sure what humanness is. This despite my being a loud votary of taking responsibility and living your own life without depending on handouts.<br /><br />In your arithmetic, the largest single deduction is $ 600 (a full 25%) for social security , Medicare, etc. Pertinent to note that this pays for somebody else. When your turn comes, it is fairly obvious that there will be no money left in the government pot. <br /><br />You guys have become completely cost uncompetitive. If you can't live a fair life with a $ 30,000 annual salary, you stand no chance in this world.Rameshhttps://www.blogger.com/profile/11782192840421019943noreply@blogger.comtag:blogger.com,1999:blog-27946614.post-644379285704643042013-07-01T22:34:15.053-07:002013-07-01T22:34:15.053-07:00Hmmmm .... college grads being underemployed and &...Hmmmm .... college grads being underemployed and "under-earning" is a big part of this problem. We aren't quite sure if this is a part of a transition in the economic structure or whether this will be the new normal. If the new normal, then we are in deep doodoo.<br /><br />An engineering major graduating with a $30K debt is not as much a hassle as a music major graduating with a $30K debt. Even if the music major is lucky enough to get a job that pays 30K a year, remember that in the US there is payroll taxes--soc. sec, Medicare, ... and then if the new employee wants to set aside for savings ... Even without savings, the net will drop from 2500 gross a month to perhaps $1900. About $250 will go towards this debt servicing. <br /><br />So, we have $1650 to work with.<br />Rental housing, depending on the cost of living, can run from 400 to 1000. Say $500. Utilities, phone, TV, will be another $200.<br /><br />Now, we are down to $950.<br />In the US, it is extremely difficult to be productive (economic and social) without a car. The cost of car and gas. Say $200.<br /><br />Down to $750. Remember that we haven't eaten yet. Nor have we set aside money for savings.<br /><br />All these, of course,if one finds a job. <br /><br />When you look at it from India, you might think "hey, what is the hassle? Millions of Indians would gladly take up those conditions." <br /><br />George Packer has a related short note on how it then depends on our own political philosophies on whether these working/living conditions are all ok, good, or bad:<br />http://t.co/rkVdZ4zRoU<br /><br />ps: oh, it is totally ok to have whatever research interests ... but, the problem is when we begin to offer them as courses for undergrads ... the number of crazy courses can be astonishing. Movies and rock-n-roll are all popular with faculty and students alike! <br /><br />pps: hahaha ;)Sriram Khéhttps://www.blogger.com/profile/06724218458246880137noreply@blogger.comtag:blogger.com,1999:blog-27946614.post-1991044621165919292013-07-01T20:42:47.251-07:002013-07-01T20:42:47.251-07:00This is an issue we have much debated on the past ...This is an issue we have much debated on the past and one I completely concur on as the worst legacy we can leave for our children.<br /><br />What caught my eye was that the mean debt amount is only $ 24,000. That's only 1.5 times the annual wage at the minimum wages in the US. And college grads can earn more than the minimum wage, which means the loan amount is one times annual wage and with a possible savings rate of 20%, extinguishable in 5 years. That's not bad - debt levels in even India, if you have to take a loan to cover your education, will be 3 or 4 times annual entry salary level. Take the other crippling debt problem that families face - housing. Again easily 4 or 5 times annual salary levels.<br /><br />That doesn't take away from the debt problem you rightly highlight and the need to bring that down, if not eliminate it. The short term cure simply has to be to create more jobs. If a grad has a reasonable chance of landing a full time job, then the problem isn't as bad.<br /><br />PS - I would like to meet the prof whose research interests are in Muslims in movies or gay and lesbian gardeners !!!<br /><br />PPS - Can I enroll for your Lovemaking according to the Kamasutra course :)Rameshhttps://www.blogger.com/profile/11782192840421019943noreply@blogger.com