Tuesday, August 14, 2012

Quote of the day

This is why the housing market -- and by extension, the economy -- isn't going to get better anytime soon:
Today our young people fall into two classes -- those who are qualified to pull coffees at Starbucks and those who have college degrees but also come with $50,000 or more in college debt.  Neither is capable of taking on a $1,000/mo house payment, say much less a $2,000 one.
As I constantly tell the Musketeers, "debt equals slavery."  A large portion of our population has sold itself into that state.  I realize those who take on student loans have been conditioned to do so by the promise of better earnings potential, but as we're seeing, that 'guarantee' is being punctured.  Loudly.

Some have begun to muse whether it would be better in the long run for prospective college students (many of whom don't want to be there, but have been told it's necessary) to get entrepreneurial grants/loans, and attempt to start a business.  The idea is that running such an enterprise--even if it fails--provides more useful life experience than, say, a degree in Feminist Studies.

I'd tend to agree, if not for the fact that the government intrusion today makes it difficult for ANY start-up to succeed, much less one as risky as the project of a 20-year old.  In other words, today's rising generation has dimmer prospects--financial, career, and education--than the generations before them.

That's not how America is supposed to work...

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