Posted on 06/08/2011 2:58:16 AM PDT by Kaslin
That's sick. The average debt burden taken on by students and parents to get a collage education in 2010 is $34,400.
A lot of recent graduates simply can not find decent jobs and are earning under $30K a year. Starting salaries for college graduates dropped 5% between 2002 and 2007 (inflation adjusted), and are likely to have fallen MUCH further since the economic distress of the last three years.
Today about 70% of college graduates graduate in debt. One in seven student loan holders have defaulted and are in collections. Many are in garnishment, and up to 25% of disposable income may be garnished -- although anecdotal reports are heard that claim higher garnishments. The law limits it to 25% but some collectors are aggressive, and the persons in default are shy and beaten.
There are nearly two million young folks who have borrowed for college. One in four is delinquent, but not yet in default.
An graduate in default, is in default because they have a poor paying job. Say $12 an hour -- that's typical. Take home is $10, take away 25% garnishment, and those debt trapped youths are taking home $300 a week. The indentured slave class that supports the nearly $600,000 yearly income of Obama's economic Professor Egghead.
That's disgusting and sick.
Sources:
- http://www.coloradodaily.com/ci_18076249
- http://online.wsj.com/article/SB124181970915002009.html
- http://www.latimes.com/business/la-fi-student-loan-20110423,0,3353776.story
Also I’m sourcing my own recollections of data and cases I saw when I worked for a major debt collection company.
You want to fix the US economy via an “aggressive audit”??? You sound like an incumbent congressman — you are FAR too timid. We can only save the nation via a huge rollback of government and complete abolition of about 2/3 of the agencies of fedzilla.
Goolsbee should be the poster boy of just what roams around in our universities.
A highly paid “professor” with absolutely NO real world experience and transferring his “no real world” knowledge to his students.
Hell! This guy would not know the difference between a P&L report and a balance sheet. Worse yet, he could not run a profitable lemonade stand.
What exactly is his pay based upon? I don’t think there is an answer...only “that’s the way it’s always been.”
You are correct in your statements. However you should add item #4 to the statements.
Item #4 should be to review and immediately identify and end “OVERLAP.” ALL governmental offices strive to do the work and obtain the responsibility of some other governmental agency’s chartered functions so that they can “empire build” and grow larger.
Government overlap is tremendous and you might have 150 agencies doing at least some of the duties that duplicate the original chartered agency’s founding duties.
On top of that, the CFR (Code of Federal Regulations) has grown to the point that it is almost impossible to actually pin down any SINGLE agency’s regulations that don’t conflict with some other agency that has encroached upon their founding charter.
What all of this amounts to is a massive expenditure of taxpayer money to pay for governmental functions that only need ONE agency to run...not hundreds of them.
White House aides have lamented that the economic team is "exhausted." Apparently, Obama is tired of hearing from them, too. The Hill newspaper reports that he has stopped receiving daily economic briefings that were once treated with the same emergency status as national security briefings. So, the central planners continue to be paid to fail -- while their boss looks the other way at the destruction, whistling into what he calls America's temporary "head winds."
Nice non-work if you can get it.
those that can....do......those who can't.... teach
But I saw that second picture and the name of the website. I thought if I have to get this angry, this early, everybody else should too.
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