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Yep a wake up call, United States. "The Economist reported in June 2014 that U.S. student loan debt exceeded $1.2 trillion, with over 7 million debtors in default. Public universities increased their fees by a total of 27% over the five years ending in 2012, or 20% adjusted for inflation." Could be the reason they can't leave home? Do you realize that students cannot renegotiate the interest rate on their loan, can't have any student loans discharged in bankruptcy court, the Federal Government acts as the collector for the banks that loaned them $$$, that a large percentage of student debt is from "for profit" scam universities....
That your Doctor no matter what age is probably still paying his student loans, and if he is under the age of 40 his debt is more than likely $300 to $500 thousand. That the Federal government will doc your social security till your debt is paid off....
He would have been better off opening a casino and filing bankruptcy....
These are your kids and grandkids, but think about this.....most of us are over 65, and plan to sell off our homes, downsize, move to a warmer climate.... who you gonna sell to?
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While Paul makes a good point on student debt, especially about med students, let's put it in perspective. I got the following from collegescholarship.org:
•The current average student loan debt for graduates from a four year college or university stands at $26,600. That figure can rise significantly for students attending a private, for-profit college or university. These are students who have received a Bachelor’s or baccalaureate degree.
When I graduated from St Ambrose College in 1968 and went immediately to AOCS and flight school, I had accumulated about $3,500 in debt from the old National Defense Student Loan program, the predecessor to today's Pell Grant program. Multiply that $3,500 by the Bureau of Labor Statistics inflation rates and today, that number would be just over $24,000 or roughly at 10% increase since my college days.
Now averages are just that and here in the DC area, many students attending the very expensive private universities have debt level well in excess of $100,000. One young woman who worked for us while attending Geo Washington U said she would be paying her debt off at $1,000 per month for 20 years.
The fact is that colleges and universities have been raising costs at a rate higher than the standard inflation rates for decades. For example, in 1946, the original GI Bill paid $500 for tuition per year which covered nearly every college in the nation. Using the same BLS inflation rates, that should be $6,130 per year. Consider that the average state college tuition and fees today is about $8,500 per year. Tuition at St Ambrose in 1968 was $2,000 per year. Today, it is $28,870. But the average net tuition and fees is about $18,000 after various grants and scholarships are deducted.
This all begs the question of why is it now so much more expensive? To start with, schools compete for your dollars by expanding the number of course offerings and campus amenities. They also pay their teachers more and many hire teachers who do no teaching but rather either do research or write academic and professional articles for a living thereby enhancing the school's reputation. More staff, more facilities = more cost. And the old supply vs. demand is always a player. The data is clear from the Dept of Labor that more education = higher wages and lower unemployment rates.
So, it is a very mixed bag. A student who insists on attending a very expensive private school or attending a public institution at out of state rates can likely look forward to significant debt. On the up side, student aid is much more available from many sources, including today's veterans being able to transfer their GI Bill benefits to their children.
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Just something to think about!
545 vs. 300,000,000 People- by Charlie Reese
Politicians are the only people in the world who create problems and then campaign against them.
Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?
Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?
You and I don't propose a federal budget. The President does.
You and I don't have the Constitutional authority to vote on appropriations.
The House of Representatives does.
You and I don't write the tax code, Congress does.
You and I don't set fiscal policy, Congress does.
You and I don't control monetary policy, the Federal Reserve Bank does.
One hundred senators, 435 congressmen, one President, and nine Supreme Court justices equates to 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.
I excluded the members of the Federal Reserve Board because that problem was created by the Congress.
In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.
I excluded all the special interests and lobbyists for a sound reason. They have no legal authority.
They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash.
The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes.
Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.
What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The President can only propose a budget. He cannot force the Congress to accept it.
The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes.
Who is the speaker of the House now? He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. If the President vetoes it, they can pass it over his veto if they agree to.
It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted -- by present facts -- of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people.
When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.
If the tax code is unfair, it's because they want it unfair.
If the budget is in the red, it's because they want it in the red.
If the Army & Marines are in Iraq and Afghanistan it's because they want them in Iraq and Afghanistan ...
If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way.
There are no insoluble government problems.
Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power.
Above all, do not let them con you into the belief that there exists disembodied mystical forces like "the economy," "inflation," or "politics" that prevent them from doing what they take an oath to do.
Those 545 people, and they alone, are responsible.
They, and they alone, have the power.
They, and they alone, should be held accountable by the people who are their bosses, provided the voters have the gumption to manage their own employees...
We should vote all of them out of office and clean up their mess!
What you do with this article now that you have read it... is up to you.
This might be funny if it weren't so true.
Be sure to read all the way to the end:
Tax his land,
Tax his bed,
Tax the table,
at which he's fed.
Tax his tractor,
Tax his mule,
Teach him taxes
are the rule.
Tax his work,
Tax his pay,
he works for
peanuts anyway!
Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat.
Tax his ties,
Tax his shirt,
Tax his work,
Tax his dirt.
Tax his tobacco,
Tax his drink,
Tax him if he
tries to think.
Tax his cigars,
Tax his beers,
If he cries
tax his tears.
Tax his car,
Tax his gas,
Find other ways
to tax his ass.
Tax all he has,
then let him know
that you won't be done
till he has no dough.
When he screams and hollers;
then tax him some more,
tax him till
he's good and sore.
Then tax his coffin,
Tax his grave,
Tax the sod into
which he's laid...
Put these words
upon his tomb,
"Taxes drove me
to my doom..."
When he's gone,
do not relax,
it’s time to apply
the Inheritance tax.
Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (currently 44.75 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Recreational Vehicle Tax
Sales Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax
STILL THINK THIS IS FUNNY?
Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world.
We had absolutely no national debt, had the largest middle class in the world, and Mom, if agreed, stayed home to raise the kids
What in the heck happened? Can you spell 'politicians?'
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Rod, from the American Association of Medical schools....in 2014 average Medical school graduates were $180,000 in debt, and have given 8 years of their adult earning years, and still needed 1 year of internship, 4 year of residency with an average salary of $50,000....and the clock continues to roll on their student loan interest rates...which accumulates to about $300,000 by the end of residency... totally agree that there are some "expensive" schools, they are rated as top tier...they pay their instructorsite a considerable sum, and receive tax free "charitable" contributions from extremely wealthy individuals...who simply want their name on a building and alumni football tickets....every other college must compete for students and that takes $$$....
Is it charity if you're expecting an offsetting tax deduction per your accountant....so the government I would like to eliminate is the tax code that allow deducations for "charitable deductions"....the biggest scam in the tax code
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Locked
