In the spirit of twisting the knife which is the central theme of this blog, allow me to display exhibit A, which shows how the average person is getting screwed over in new and unrealized ways. Think getting a college degree is a good financial decision? The odds are against you:
This is, of course, not how the system should be. This is a never-ending version of indentured servitude. And let’s not forget that student debt is one of the very few types of debt out there a person cannot discharge through bankruptcy; the others being taxes owed to the IRS and child support. At the long end of one’s life given the average numbers above, the person without the degree has roughly three times the assets as the higher-earning college graduate. But hey, college isn’t about the ability to make money, right? It’s about the life experience. The $1 million life experience. That is, the life experience that costs $1 million in lost wages and accrual. And it’s worth every penny, right? Right?
Does this little chart seem preposterous? Well, check out the details. Dare I say the current educational model is unsustainable? The last time we had something so ridiculously expensive with such easy financing for something so basic to a functioning society was… the housing bubble. Hm.
Today’s article of doom: State governments all over the country on the edge of the abyss.