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Topic: In other news ...

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847badgerfan

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Re: In other news ...
« Reply #18830 on: August 25, 2022, 09:48:34 AM »
Oh hell yeah. I took all the OT I could take. 60 hour weeks were commonplace for me. Didn't travel though. That was a few years later when I took a job at a multi-national company. Then I started my companies.
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Gigem

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Re: In other news ...
« Reply #18831 on: August 25, 2022, 09:52:29 AM »
I made $21.45 in my first job out of college, working the 2nd shift at Applied Materials outside of Austin, in 2001.  I thought it was good money back then.  So I guess that would have been $44.6K per year.  This was right before 9/11 and the very beginning of the internet bubble, so things got slow fast and I ended up leaving before getting laid off.  Plus, I was looking to return to my home area. 

I graduated debt free, with help from my parents and working part time, from A&M in 2001.  I drove old vehicles, lived in cheap apartments, and in general lived as cheap as I could.  

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847badgerfan

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Re: In other news ...
« Reply #18832 on: August 25, 2022, 09:56:05 AM »
Quote from: Gigem on August 25, 2022, 09:48:12 AM
I would like to see a break-down of the debt and what types of college majors carry the most and which ones are "losers" under the current system. 
You could start with looking a the BA degrees - particularly those that don't move on to Law, etc. 

BA's account for close to 75 percent of all graduates.
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FearlessF

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Re: In other news ...
« Reply #18833 on: August 25, 2022, 09:58:31 AM »
Quote from: GopherRock on August 24, 2022, 11:31:46 PM
Actually, proper funding of public higher ed would go a long way towards dealing with the root concerns. See the linked study at the top of page 1344.

but, this loan forgiveness is not proper funding

it's just throwing money at the problem
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FearlessF

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Re: In other news ...
« Reply #18834 on: August 25, 2022, 10:03:57 AM »
Quote from: OrangeAfroMan on August 24, 2022, 11:19:46 PM
Agreed.
Let's focus on the tiny minority this doesn't affect. 
Great idea!
like Doctors???
you brought them into this
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Cincydawg

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Re: In other news ...
« Reply #18835 on: August 25, 2022, 10:05:36 AM »
This merely transfers the debt from some folks, many of whom have degrees from college, to others, many of whom do not.

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highVOLtage

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Re: In other news ...
« Reply #18836 on: August 25, 2022, 10:09:47 AM »
Quote from: bayareabadger on August 25, 2022, 08:05:14 AM
If memory serves, law school also helped exaserbate all this.

There was a stretch where we were producing a ton of lawyers in a pretty tight job market. Throw in the fact that some lawyers in important social roles aren’t paid THAT well, and it became a key source of debt.

If anyone needs a windfall from the government to be paid by someone else, it's Harvard law grads.


https://mobile.twitter.com/tribelaw/status/1562465791014215681
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FearlessF

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Re: In other news ...
« Reply #18837 on: August 25, 2022, 10:12:36 AM »
Quote from: Cincydawg on August 25, 2022, 10:05:36 AM
This merely transfers the debt from some folks, many of whom have degrees from college, to others, many of whom do not.


it transfers the debt to the taxpayers - yes, for the most part those whom have degrees pay more taxes than those w/o

this will obviously just get added to national debt
the lenders in the Caymans win again
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longhorn320

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Re: In other news ...
« Reply #18838 on: August 25, 2022, 10:37:02 AM »
Just saw Biden's student loan buyout program will be half a trillion dollars

oh joy

Im amazed this doesnt require approval by congress
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GopherRock

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Re: In other news ...
« Reply #18839 on: August 25, 2022, 10:41:28 AM »
Quote from: FearlessF on August 25, 2022, 09:58:31 AM
but, this loan forgiveness is not proper funding

it's just throwing money at the problem
Yup, and proper funding is getting this money into the front end instead of the back end.

FYI, if you need reading material for your visit to the head, the below is where I'm getting more granular information about state appropriations from: the University's annual financial reports.

Minnesota: https://controller.umn.edu/annual-reports

Wisconsin: https://www.wisconsin.edu/financial-administration/forms-and-publications/annual-financial-reports/

Iowa: https://afr.fo.uiowa.edu/annual-reports

Illinois : http://www.auditor.illinois.gov/audit-reports/U-OF-I-FINANCIAL-AUDITS.asp

Michigan State: https://ctlr.msu.edu/cofa/FinancialStatement.aspx

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bayareabadger

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Re: In other news ...
« Reply #18840 on: August 25, 2022, 10:43:22 AM »
Quote from: 847badgerfan on August 25, 2022, 08:32:16 AM
When I got out of school, my starting pay was $30K/year - which included about 10 years of experience in the field.

That was the going rate.

Now we are paying $75-80K out of school.
For what it’s worth, dollars today are worth about half what they were then. So I salute you guys for having some real entry-level growth.

out of curiosity, you finished up a full on engineering degree correct?
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Cincydawg

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Re: In other news ...
« Reply #18841 on: August 25, 2022, 10:53:50 AM »
Quote from: FearlessF on August 25, 2022, 10:12:36 AM
it transfers the debt to the taxpayers - yes, for the most part those whom have degrees pay more taxes than those w/o

this will obviously just get added to national debt
the lenders in the Caymans win again
The debt situation is added to everyone's bill, not just those who pay taxes.  
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847badgerfan

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Re: In other news ...
« Reply #18842 on: August 25, 2022, 10:55:25 AM »
Quote from: bayareabadger on August 25, 2022, 10:43:22 AM
For what it’s worth, dollars today are worth about half what they were then. So I salute you guys for having some real entry-level growth.

out of curiosity, you finished up a full on engineering degree correct?
Correct. That is the only path to become a licensed Professional Engineer.
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highVOLtage

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Re: In other news ...
« Reply #18843 on: August 25, 2022, 11:07:00 AM »
And of course, it inordinately benefits DC politicians and bureaucrats.

"There is more outstanding student debt in Washington than in any other city in the country. The average debtor in D.C., according to a 2021 breakdown by the small business analyst, AdvisorSmith, owes $54,982 in unpaid student loans. This includes many political staffers at the Department of Education, senior advisors as well as junior aides who moved to that agency from the Biden campaign.

Analysis of financial disclosures by the American Accountability Foundation found that the political staff at the agency that oversees the student loan program stand to benefit. The outstanding student loan debt balance among 41 education staffers evaluated could amount to between $2.8 and $6.5 million. According to the AAF estimate obtained by RealClearPolitics, the president may have wiped away as much as $512,646 of their debt."
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