Colleges aren't failing our kids: ______________________________ Laughing my ass off. I don't know you but you sound like a Liberal, just from that one statement. Colleges for the most part are a joke. There are a few private institutions that educate using the "Great Books Track", building upon a solid foundation of "Western Ideas and philosophies, including mathematics, physics, and language. (Jesuit Universities, University of Chicago, Etc). Then there are the 99.% State run institutions that are nothing but re-education camps for the Liberal Scum who can do nothing but "Teach". This includes those state schools ranked in the top 20. Pure shit. Idiots are being graduated from these institutions. Morons, leftist fools who have very little skills. Both Parents, Colleges and Society harve failed our kids. GAME OVER. To late to try and correct the system controlled by Liberal Scum. You have to tear it down to the core and rebuild. The US does not have the balls to do this. So, we shall have armies of kids graduating, without jobs. Living off the Gov. Tit and becoming soldiers for Socialism, blaming Capitalism for their lack of living wages and unemployment. I have no Hope for this country. It is going down fast. There will be pockets worth living in but over all, we are falling. The Dallas Fed Chair may think that we can turn the economic tide around, I do not. I do not believe we can turn the "Academic" Leftist controlled ideology around either.
http://www.amazon.com/How-Be-Rich-Paul-Getty/dp/0515087378 This is a pretty good book on "how to be rich" and touches on cultural as well as business (Thinking like a capitalist/producer) issues. Written by a legend.
I understand your frustration, but imo the way you come across, I don't know if you intended it, but it sounds like you are an elitist : "Gattaca" http://www.imdb.com/title/tt0119177/plotsummary There is no reason why every (wo)man can't be educated. I am not saying that this education will lead to any particular job, and in that sense you are right: if you spend a fortune getting an education, but then have to work for meager wages, it is a financial death sentence. The argument then isn't that these people shouldn't go to school, it is that an education should be free to those that are reasonably smart (as someone pointed out in this thread that is the way it is in Europe), and perhaps close to free for those that are not so smart. But an uneducated population costs a society far more over time than the alternative, as we see with all the extremism around the world as a result of religion being the only voice in an uneducated persons head.
nitro, i recommend the book "real education" by Charles Murray. He makes a convincing case that One of the great disservices done to young people is the overemphasis put on the Bachelor's degree. We have noted that you are an intelligent individual. In fact (in spite of the frequent attitude problems) I would guess most people here are substantially above average, most likely with few people not in the top 10% or 15%. Murray makes the point that most above average people have spent most of their lives secluded from genuinely average people, and to an even much greater degree, below average people. There are allot of people out there who in terms of raw ability struggle with basic arithmetic. Many, even most people have never read a work of literature (or simply sophisticated reading of any kind, never mind the technical and scientific texts many geeky traders seem to enjoy) on their own free will. What we have today is an economy where some skill sets are irrationally favored over others, because the people with those skills are inordinately good at manipulating the system to their advantage. (Law is the perfect example, banking/finance is another, as is the Education industrial/government complex itself). Education: The system has grown to seek its own ends rather than that of its customers, and government sponsored debt has made it possible.
Murray makes the point that most above average people have spent most of their lives secluded from genuinely average people, and to an even much greater degree, below average people. ------------ I have a few personal rules. "When I'm the smartest guy in the room, I leave." Although as I get older I've become somewhat more curious, what makes these dummies tick.
My in laws currently have about 2 million in investments and have been retired for 8 years. Their high year so far is 7% return or $140K and their low year has been 4% or $80K. They don't come close to spending what is returned on their investments. A lot of it is returned to the kitty. They live in a nice middle class rural area where this income level is average. Their TWO new homes are paid for (2nd in Florida), they each drive new cars that are paid for and they have zero long term debt. They are extremely comfortable and travel extensively. Most importantly they are extremely happy. Seems like a nice goal and not a third world scenerio.
There are things you are not seeing. I will lay a few potential ones out for you. -This couples net worth is WELL OVER 2m. They could not re-create their lifestyle if someone handed them 2m and they had nothing. -What is the present value of any pension plans/Social security payments/old folks medical subsidies? This must be factored in as well (Present value here alone would significantly increase their net worth). -paid off real estate = add to net worth. Also look at potential for grandfathered in property tax assessment. (EDit: added) These things all make it "easier" for an elderly retired couple to be well off. -This is a hidden one: Many oldsters value their fixed income portfolios at the face value of the bonds they purchased (such as Munis). Well, rates have been in relatively steady decline for what, 30 years? The actual value of the bonds they purchased 10, 15, 20 years ago are often quite a bit higher than they realize, in other words they are wealthier than they think. So, in conclusion: This couple lives a very comfortable middle class lifestyle by being significantly wealthier than what at first meets the eye. No surprises here. edit- one additional thing: Oldsters often are "grandfathered" in to expensive lifestyle things at much lower rates than people currently pay. (Similar to the situation in real estate/home values) For example an oldster that initiated a city and country club member ship 50-60 years ago is often paying dues on a much lower fee schedule, and of course the initial fee is a pittance compared to what current members pay. There are quite a few things like this.
-This couples net worth is WELL OVER 2m. They could not re-create their lifestyle if someone handed them 2m and they had nothing. Considering where they live, their retirement property, the state of real estate prices currently, they absolutely could recreate their lifestyle. -What is the present value of any pension plans/Social security payments/old folks medical subsidies? This must be factored in as well (Present value here alone would significantly increase their net worth).] One was self employed and the other worked for the school system. The small pension they receive from the educational system goes to the church each month. Their social security checks go to charities. So you are right but if they had to redirect those funds it wouldn't make a huge difference to their lifestyle. -This is a hidden one: Many oldsters value their fixed income portfolios at the face value of the bonds they purchased (such as Munis). Well, rates have been in relatively steady decline for what, 30 years? The actual value of the bonds they purchased 10, 15, 20 years ago are often quite a bit higher than they realize, in other words they are wealthier than they think. They own no municipal bonds. A majority of their investments are in real estate (apartments and single family homes in the area where their annual occupancy rate is 90% and considering the current real estate market, this is a good buying opportunity for those. Currently, in their area, these properties are being picked up and are immediately generating income) and very smart directional stock funds. - one additional thing: Oldsters often are "grandfathered" in to expensive lifestyle things at much lower rates than people currently pay. (Similar to the situation in real estate/home values). For example an oldster that initiated a city and country club member ship 50-60 years ago is often paying dues on a much lower fee schedule, and of course the initial fee is a pittance compared to what current members pay. There are quite a few things like this. They belong to two country clubs where their dues are progressive and equal to new members. The two homes they own are new (both in the last 8 years) and both worth less than what they paid for them due to the real estate bubble. They recently switched their health care supplemental insurance and are currently paying less than they had in last 20 year. This is due to military insurance they were unaware they were eligible for. They pride themselves on having lived a very conservative lifestyle so they can live comfortably today.