Posted on 02/13/2018 10:15:29 AM PST by Oldeconomybuyer
The GOP tax bill is providing a $1.5 trillion windfall, which will mostly be enjoyed by the rich and corporations. But what if there were another way to spend that money that could benefit more middle-income Americans while eliminating some of the country's inequalities?
Look no further than getting rid of America's student debt, argue researchers at Bard College's Levy Economics Institute. They examined the potential impact of canceling the $1.4 trillion in student debt that 44 million Americans are carrying. Erasing it would be a "radical" solution to the student debt crisis, but it would pay off in bountiful dividends to the U.S. economy, noted one of the paper's authors, Marshall Steinbaum.
Because 44 million Americans wouldn't need to repay their loans each month, those households would have greater discretionary spending. That would unlock their ability to buy homes or start a family, given that some economists theorize that millennials are more likely to hold off on both because of their student loan burdens.
Higher spending would stimulate demand for jobs and would lower unemployment, also contributing to economic growth.
Criticism overlooks the fact that minorities and the poor are often hurt the most by student debt. The Federal Reserve Bank found that blacks and Hispanics who earned college degrees have ended up worse off than they were before the recession. That's partially because they often come from poorer families and take on more debt, but the job market also comes into play.
"The crucial difference is simply that white graduates are likely to find a job and start paying down their debt, more-or-less as the system is designed, but black graduates are not," Steinbaum wrote.
(Excerpt) Read more at cbsnews.com ...
The old car with the floor mostly rusted out
Heater fried your leg, though
The only reason college tuition rose at 10 times the rate of inflation was because the colleges knew that their dumb 18-year old customers would borrow whatever the colleges decided to charge.
Add federal goverment loan guarantees, and we are off to the races.
The GOP tax bill is providing a $1.5 trillion windfall,”
Now I remember why I haven’t watched CBS in over 30 years, they believe My Money belongs to the Government and I am receiving a Windfall by Not having to PAY AS MUCH???
Erasing student debt would deprive those students and former students of an important life lesson - the need to judge cost v. benefits.
——
It would, in relieving pain from those former students, enhance schools abilities to charge exorbitant - and in many cases outright frivolous - fees and tuition rates.
Which HP-41CX app would you recommend?
The economy grows as businesses spend more and invest, not by “consumer spending”. GDP is a false statistic. GO (Gross output) shows it is a better gauge of the economy, as well as showing how business spending is more growth oriented than consumer spending.
That’s the really evil part about off shorng. When the factory is in Mexico it is real hard to invest in the USA economy. Buying in a new machine press made in Germany and delivered to a factory in Mexico which stamps out product destined for the USA carried in a Mexican truck is not going to grow the US economy one nickel.
The one I have is i41CX+
Now that I look at it closely, it appears that this particular one is only available for Apple products.
In any event, I’ve had for about three years, and while there were a few bugs at first, periodic well-constructed updates have resulted in it running pretty much flawlessly. It really is a remarkable app.
The phone screen simulates the look of the original, and since the width and length (but fortunately not the thickness) of my iPhone 8 are similar to the dimensions of an HP-41C, the scale and spacing of the “buttons” is quite similar to the real thing. It even has a setting that provides a “click” with each keystroke, just like a brand new 41c.
not that bad. it was a 1961 ford fairlane 3 on the column. 2 door. what a sorry car. It finally just blew up. Then I got a 63 Plymouth with 92,000 miles for $550 Financed at $ 38 per month. Why would I pay for free college for someone else’s kid? I will not do so.
PS - there is also a very nice HP-42S emulator called Free 42. As its name implies, it is free,so it’s got that going for it. It is also definitely available for non-Apple devices.
I don’t know how familiar you are with the 42S but it was released during the mid-1980s as a sort of updated but simplified versions of the 41C. It has essentially the same basic capabilities as the 41C but does not have any plug-in modules. It does have a good deal more memory than the older calculator. It also has a two-line display. It’s a pretty powerful scientific programmable calculator, and it’s programming “language” is essentially identical to that of the 41C.
As with the 41CX emulator, it was a little buggy on initial release, but it’s been around a couple of years, and the developer appears dedicated to eliminating an/all bugs and quirks. I get an update about once a week, and they are worthwhile. As of now, ‘Free 42’ works almost as well as i41CX+.
It’s nice to know I’m not the onlt RPN geek left in the world.
By the way, I just found these guys last night:
They make HP “clones” that actually look pretty nice. I may take a chance on buying one.
I have 20+ different HP RPN calculators and a few Soviet made RPNs as well; but the newest one is about 20 years old. I’m not sure I want to subject any of them to the rigors of a daily ride in my briefcase.
So, white kids in debt have to pay it off. But, black kids get that tougher debt—so we should give them a break.
Am I summarizing that correctly?
Because I am a fat guy. And us fat guys have trouble doing everything. So, I want a break on my mortgage for that. OK?
//sarc
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