Obama Administration Says Student Loan Debt Boosts Economy

Discussion in 'Politics, Religion, Social Issues' started by thermodynamic, Jul 29, 2016.

  1. thermodynamic Suspended

    thermodynamic

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    #1
    Article has more. But the last I'd read, student loan debt was preventing graduates from starting businesses.... companies have said Americans are not adequately educated and how foreign workers do it better (obviously including those we train, as schools or as employees under duress (no unemployment benefits post-training-replacements).)
     
  2. SLC Flyfishing, Jul 29, 2016
    Last edited: Jul 29, 2016

    SLC Flyfishing Suspended

    SLC Flyfishing

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    #2
    I'll be done with residency in 3 years; there's no way on earth I'll be able to start up my own practice. There's no realistic way I'll be able to afford to purchase a home. I'll be 10+ years of living like a resident (read $45-50k per year to actually live on) before I'm anywhere near being out from under the debt.

    But the govt will be getting their money back plus interest, maybe that's what Obama really means when he (his administration) implies student loans are good?
     
  3. Plutonius macrumors 603

    Plutonius

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    #3
    If you look at any situation, you can find a way of justifying it.
     
  4. Benjamin Frost Suspended

    Benjamin Frost

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    #4
    I pity students across the world who are saddled with huge debts from student loans. I think it's neither right nor sustainable.
     
  5. satcomer macrumors 603

    satcomer

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    #5
    This comes down to the student and the parents coding the best college with the cheapest price that teaches skills in today's economy! To bad most colleges just went the greedy part and teach crap courses that don't get student jobs in today's economy!
     
  6. DearthnVader macrumors regular

    DearthnVader

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    #6
    Of course student loan debt boosts the economy, money only comes from debt.

    How does anyone think new money comes into existence?

    When we take a bank loan new money is created, so when people borrow money for student debt new money is created. They then spend that money out into the economy, and the economy grows.

    Banks aren't loaning someone else's money they have on deposit, how would taking a dollar from over here and putting it over there make the money supply grow?
     
  7. Benjamin Frost Suspended

    Benjamin Frost

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    #7
    College should be wholly funded by government.

    Of course, that would be far too expensive at the moment because too many people go to college. Only 10% of the population or fewer should attend university. The rest should do another option, be it going straight into work, going to technical college, an apprenticeship, teacher training or becoming a housewife.
     
  8. DrewDaHilp1 macrumors 6502a

    DrewDaHilp1

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    #8
    Those with degrees in womyn Studies will get at least a few jobs teaching others womyn studies in 50 years when the current professors retire.
     
  9. Benjamin Frost Suspended

    Benjamin Frost

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    #9
    What about myn studies?
     
  10. DrewDaHilp1 macrumors 6502a

    DrewDaHilp1

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    #10
    Do you know how "well" our public education system is "working"? Why would you wish that curse on anyone?
    --- Post Merged, Jul 29, 2016 ---
    It's called HIStory!:D
     
  11. Benjamin Frost Suspended

    Benjamin Frost

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    #11
    A-Men!
     
  12. ActionableMango macrumors 604

    ActionableMango

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    #12
    Look, there's definitely a student debt crisis and it needs to be dealt with. Especially those crappy schools whose entire business model revolves around it.

    However, you have exceptionally high expectations. I graduated from university with no school debt whatsoever, but even so that didn't mean that I magically had a bunch of money to buy a house and start my own business. I had to move in with my mom for 6 years to save up a down payment.

    Over the years I was able to buy a house, a new car, and a new motorcycle. But that took time. I had no expectations of walking out of school right into that, like so many do now.
     
  13. SLC Flyfishing, Jul 29, 2016
    Last edited: Jul 29, 2016

    SLC Flyfishing Suspended

    SLC Flyfishing

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    #13
    I'm a physician. My first job is likely to pay around $400K. I already own a home, but will likely not qualify for another when I move away (debt:income too high).

    I thought I'd at least have capital available to buy into a private practice, but my student loan burden is such that I likely won't qualify. It didn't used to be that way. The cost of med-school has almost quadrupled in the past 10 or so years.
     
  14. zioxide macrumors 603

    zioxide

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    #14
    Free public college would have a way bigger economic impact than the money the government makes off student loan interest.
     
  15. Mousse macrumors 68000

    Mousse

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    #15
    You guys always finding the cloud in the Gub'ments silver lining.;)

    Home Economics and Shop Class should be required courses for both boys and girls. I boggles the mind how a grown (_!_) man can leave high school/college and not know how to cook an egg.:rolleyes: Or a grown woman not able to drive a nail without marring the wood 20x over. People need to know how to cook more than Mac 'n' Cheese and how to change a flat tire. Call it Life 101.:oops:
     
  16. Technarchy macrumors 603

    Technarchy

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    #16
    Probably true.

    Kids take out loans, pay for school, clothes, MacBooks and iPhones, and never pay the loan back.

    So I can see it...
     
  17. VulchR macrumors 68020

    VulchR

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    #17
    Once and for all the public has to eschew the notion that macroeconomic indicators are an indicator of the well-being the people. Sure, bad macroeconomic indicators make life even worse than normal, but the US economy is surging ahead most other nations and yet....
     
  18. thekev macrumors 604

    thekev

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    #18
    Many fields don't really require a specific degree or range of degrees. A degree is often just a gating mechanism, albeit an extremely silly one. Ideally someone completing a women's studies degree would learn more than just feminist theory, which in many cases is just a highly bastardized version of cultural anthropology.
     
  19. Herdfan macrumors 6502

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    #19
    Or that the student loan money is supporting more liberal .edu people who can do their best to indoctrinate young minds with liberal ideaology. But I guess the real point is the student loan money does go into paying wages at one of the too many colleges we have in this country full of too many college students. So in that case, it probably does help the economy some.

    The down side is as you pointed out is that when you get out of school you don't have any money to spend because you are paying off student debt. In your case, it will cycle out and you will get ahead of it. The person who takes $100K in loans to major in bitterness studies at a private university, but ends up working at Starbucks because their degree is worthless towards having a career, won't.
    --- Post Merged, Jul 29, 2016 ---
    Actually there are some banks that have programs for Dr.'s like you whose ratios are not in the norm. They are usually smaller regional banks or CU's and they use their own money (ie not packaging them for sale). Options are out there for you, but you will have to look.
     
  20. satcomer macrumors 603

    satcomer

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    #20
    Wow no the social justice generation has to pay the piper and in life there isn't a safe space! :rolleyes:
     
  21. ibookg409 Suspended

    ibookg409

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    #21
    This is the same as when Nancy Pelosi said that the government earn 2$ for every $1 they spend on unemployment.

    By that rationale they should just put everyone on unemployment and continue to earn double on their investment forever.
     
  22. thewitt macrumors 68020

    thewitt

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    #22
    The BS that politicians use to justify government spending and increased debt should really put them all in jail.

    I should go to bank and ask for a 1,000,000 loan, since that will generate more money in the end. Oh and of course there is no need to pay back the loan, because more debt is a good thing.
     
  23. thewitt macrumors 68020

    thewitt

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    #23
    Pelosi is a lunatic - as are the voters who keep putting her in Washington.
     
  24. AlliFlowers Contributor

    AlliFlowers

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    #24
    I typically disagree (vehemently) with everything you post. On this, however, we are in 100% agreement. Not everyone should be going to college. There should not be remedial courses offered in college - is not supposed to just be an extension of high school!

     
  25. 5684697 Suspended

    5684697

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    #25
    Good grief.
    --- Post Merged, Jul 30, 2016 ---
    Make liberal professors GS-9's when the government funds "free" college. You'll see the biggest revolt since 1790.

    Few talk about the real problem, which is unchecked costs due to subsidies from below market rate loans.
     

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