Young people are racking up larger amounts of student debt than ever before, but fresh data suggest they are becoming warier of borrowing in general: Total debt among young adults dropped in the last decade to the lowest level in 15 years. A typical young U.S. household—defined as one led by someone under age 35—had $15,000 in total debt in 2010, down from $18,000 in 2001 and the lowest since 1995, according to a recent Pew Research Center report and government data. (Snip)In addition, fewer young adults carried credit-card balances and 22% didn´t have any debt at all in 2010
Comments: I read this as good news for conservatism!
Well,there´s lot of reasons this could be happening besides young people getting wise all of a sudden. Maybe Mommy and Daddy as co-signers had enough and cut the cards off. Maybe they´re so maxed out they can´t get new cards.A lot of them are probably using student loan disbursements to pay the credit card debt.
Bank of America is paying people a $25 bonus if you pay your card on time for 4 consecutive months. Why would they be doing that unless delinquency rates are through the roof? There was a big scandal a couple years ago about some colleges and universities getting kickbacks for student´s names and address to send them credit card offers,maybe that´s been shut down.
Agree with #3. The higher education bubble is ripe to pop. Students are loaded with massive debt and their parents bled white in the effort to get what has proven to be a useless and phony diploma. The quality of higher education, hard sciences excepted, is execrable, an embarrassment to true scholars, and national disgrace.
We´re about to see a collapse of large numbers of brick and mortar universities and colleges and a wholesale purge of the doctrinaire phonies in higher education who have ridden their snake oil wagons as far as they´re able to go. The curtain has fallen away and their Potemkin villages full of learned lumber revealed.
Remember one of obama´s presidential acts was to nationalize student loans. His motive was to create another entitlement --- free college education. He has already taken incremental steps toward forgiving these loans. Zippy is very predictable. If its bad for America and for Americans he´s all for it.
None of my 4 children used a student loan to help pay for college.
To help keep their college costs down, we required them to pay half their costs on their own -- by either (a) getting large merit scholarships or (b) earning their way through college via military service or jobs.
But I remember being propagandized that "everybody" took out loans to finance college -- that it was an inevitable part of the "package" that a school´s financial aid office would "offer" you, as a prospective student.
Thank goodness we ignored the pressure to conform.
New York-Her body weak, her voice rich and strong, Maya Angelou sang, lectured and reminisced as she accepted a lifetime achievement award Thursday night from the Norman Mailer Center. The 85-year-old author, poet, dancer and actress was honored during a benefit gala at the New York Public Library, the annual gathering organized by the Mailer Center and writers colony . Seated in a wheelchair, she was a vivid presence in dark glasses and a sparkling black dress as she marveled that a girl from a segregated Arkansas village could grow up to become a literary star. "Imagine it," she said, "a
The Affordable Care Act may give health insurance companies a virtually limitless power to tap the U.S. Treasury, thereby lifting insurers´ profits to undreamt-of heights. (Snip)The subsidy formula promises, for example, that a family of four with $30,000 in income will pay no more than 2% of that income (or $600) for its health insurance. If an insurer charges $10,000 for a family policy, then, the family will pay $600 to the exchange, and the federal government will pay the remaining $9,400. Under the medical-loss-ratio (MLR) rules, the insurer is entitled to retain 20% of the $10,000 (or $2,000) for
At a March 2012 meeting, a group of examiners at the Federal Reserve Bank of New York agreed that Goldman Sachs had inadequate procedures to guard against conflicts of interest — guidelines aimed at stopping firms from putting their pursuit of profit ahead of their clients’ best interests. The examiners voted to downgrade a confidential rating assigned by the New York Fed that could have spurred costly enforcement actions and other regulatory penalties. It is not known whether the vote in fact led to a rating change. The former examiner who pushed for a downgrade, Carmen M. Segarra, now contends
You probably don´t think about how often you say the word "I." You should. Researchers say that your usage of the pronoun says more about you than you may realize. Surprising new research from the University of Texas suggests that people who often say "I" are less powerful and less sure of themselves than those who limit their use of the word. Frequent "I" users subconsciously believe they are subordinate to the person to whom they are talking. Pronouns, in general, tell us a lot about what people are paying attention to, says James W. Pennebaker, chair of the psychology
Warren Buffett´s Berkshire Hathaway Inc (BRKa.N) will receive Goldman Sachs Inc (GS.N) stock worth nearly $2.15 billion on Tuesday through warrants acquired as part of a deal originally signed during the depths of the 2008 financial crisis. Buffett received the warrants five years ago when his investment in Goldman was seen as a vote of confidence in the bank, which was reeling from turmoil in the credit market. Under that deal, Berkshire had the right to buy about 43.5 million Goldman shares - or a roughly 9 percent stake then - at an exercise price of $115 per share, for
This is damn crazy. Isn´t it about time for President Barack Obama to say that? Or something like that? Once again, a rump group of Republican radicals in the House are throwing the US government into chaos, threatening a shutdown of federal agencies (unless Obama agrees to smother Obamacare in the crib) that could harm the economy and setting up another showdown over the debt ceiling that could cause a financial crisis that stretches from the United States to markets around the world. The president has denounced this obstructionism gone wild. On Friday, he decried House GOP "grandstanding," noting that
After Senator Elizabeth Warren spoke at a luncheon in Beverly Hills, Calif., last month, women from the audience swarmed around her, many of them asking the same question: will you run for president? (Snip) Ms. Warren, a Massachusetts Democrat, said in an interview that she was not interested in seeking the presidency. And despite talk of a draft movement among some activists, it is difficult to imagine her taking on former Secretary of State Hillary Rodham Clinton. But in seizing on issues animating her party’s base — the influence of big banks, soaring student loan debt and the widening gulf
A Pulitzer Prize-winning journalist says that the official account of the raid which killed Osama Bin Laden in 2011 is ‘one big lie’. Seymour Hersh, 76, said that ‘not one word’ of the Obama administration’s narrative on what happened is true. (Snip)Hersh said the American press spends ‘so much more time carrying water for Obama than I ever thought they would’. In his opinion, the solution would be to shut down news networks like NBC and ABC and fire 90 per cent of mainstream editors and replace them with ‘real’ journalists who are not afraid to speak truth to power. ‘The
“Disgusting!” “Raunchy!” “Desperate!” So went the scathing reviews that poured in after once wholesome Disney star Miley Cyrus’ recent bizarre performance at the MTV Video Music Awards. (Snip) But the real scandal was how atrocious Cyrus’ performance was in artistic terms. She was clumsy, flat-footed and cringingly unsexy, an effect heightened by her manic grin. How could American pop have gotten this bad? Sex has been a crucial component of the entertainment industry since the seductive vamps of silent film and the bawdy big mamas of roadhouse blues. Elvis Presley, James Brown and Mick Jagger brought sizzling heat to rock,
The fact that United Nations weapons inspectors came under fire today in Syria as they attempted to visit the site of last week’s chemical weapons attacks didn’t do much to enhance the credibility of a mission that never had a chance of success. (Snip)Count me among those who believe that the U.S. cannot afford to make threats such as those made by Obama and let them slide. But if the U.S. attacks and Assad survives, America’s credibility—and that of the president—will be hurt, not enhanced. At this stage, mere gestures won’t be enough. To the contrary, once the West enters
President Obama urged law schools on Friday to consider cutting a year of classroom instruction, wading into a hotly debated issue inside the beleaguered legal academy. “This is probably controversial to say, but what the heck. I am in my second term, so I can say it,” Mr. Obama said at a town hall-style meeting at Binghamton University in New York. “I believe that law schools would probably be wise to think about being two years instead of three years.” The president’s surprising remarks, made while discussing how to make education more affordable, come at a time of crisis for
A little boy´s prayer for President Barack Obama has sparked the ire of conservatives after his mother videoed her son on his knees and uploaded it to YouTube. Much of the controversy revolves around the fact that like many young boys he seems to muddle his words up making it seem he is praying directly to the president. Thanking the commander in chief for his courage and bravery, the boy, known as Stephen, even thanks God for endowing the president with ´a special power´.
Sen. John McCain’s daughter says that her father is “depressed” and “frustrated” with the impact the “hyper-conservative wing of the party” is having on national politics, including on the recent government shutdown. “We’re both frustrated with the idea that only the hyper-conservative wing of the party is going to represent the masses,” Meghan McCain said in a joint interview with ABC and Yahoo News. Ms. McCain, who has her own reality show “Raising McCain,” said the last time she can remember her father was so depressed about the state of politics was after his failed 2008 presidential bid. “He is
First Lady Michelle Obama’s Princeton classmate is a top executive at the company that earned the no-bid contract to build the failed Obamacare website. Toni Townes-Whitley, Princeton class of ’85, is senior vice president at CGI Federal, which earned the no-bid contract to build the $678 million Obamacare enrollment website at Healthcare.gov. CGI Federal is the U.S. arm of a Canadian company. Townes-Whitley and her Princeton classmate Michelle Obama are both members of the Association of Black Princeton Alumni.
Senate majority leader Harry Reid says that "Everybody" is "willing to pay more" taxes. He said so in an interview with a Nevada Public Radio host. “The only people who feel there shouldn’t be more coming in to the federal government from the rich people are the Republicans in the Congress,” Reid told the radio host, according to Roll Call. “Everybody else, including the rich people, are willing to pay more. They want to pay more.” Reid rebuked the Nevada Public Radio host when he was asked what Republicans would have to concede to get Medicare and Social Security cuts
The Healthcare.gov debacle has been thoroughly dissected so far by America´s best health journalists and policy analysts. To be sure, every major rollout of a new or changed social policy, including Medicare itself, is rough and takes weeks or months to resolve. (Snip) It is the larger failure of public administration that has been endemic in the Obama White House, and is probably the president´s most significant weakness. The first clues to this problem came during the transition in 2008. George W. Bush and his chief of staff, Josh Bolten, offered exemplary assistance to the incoming Obama team—but many of the
Just how bad was the shutdown for America´s image on the world stage? So bad, says Secretary of State John Kerry, that foreign officials joked about buying him meals. "I have seen how our allies, our partners and those who wish to challenge us or to do us harm are all sizing us up every day," Kerry said at an event hosted by Center for American Progress, a liberal think tank. "What we do in Washington matters deeply…that´s why a self-inflicted wound like the shutdown can never happen again." Kerry added that the shutdown delayed security aid to Israel. "The dysfunction and
HOUSTON, — President Obama’s legacy may include a stake in the heart of a cherished dream of the progressive left: complete government control of healthcare in America. Obama has always wanted a single-payer, government-run healthcare system, and he set out a complicated but achievable path to get to that goal through Obamacare. The eventual failure of Obamacare would set the stage for single-payer healthcare. Unfortunately for him, he designed Obamacare to fail in the wrong ways at the wrong times, making it harder, not easier to achieve his goal of completely socialized healthcare. If Obamacare dies an early and spectacular failure, it will
Shepard Smith, the endlessly endearing (and easily angered) Fox News anchor, has likened the right-wing channel to a “family,” with president Roger Ailes as its domineering father. Which makes it only slightly awkward that in early 2012, the 49-year-old anchor started courting an attractive young production assistant who worked under him on Fox Report With Shepard Smith. Now they are a couple. Gawker has learned that Smith is dating a 26-year-old Penn State grad and Fox Business producer named Giovanni “Gio” Graziano. According to multiple sources with knowledge of their relationship, the couple met sometime after Graziano started working at Fox
It took a tea-party insurrection that disabled the federal government and wrecked the Republican brand, but after months of handwringing, establishment Republicans are preparing to attack ultraconservative ideologues across red America. (Snip) "Hopefully we´ll go into eight to 10 races and beat the snot out of them," said former Rep. Steve LaTourette of Ohio, whose new political group, Defending Main Street, aims to raise $8 million to fend off tea-party challenges against more mainstream Republican incumbents. "We´re going to be very aggressive and we´re going to get in their faces." The caterwauling over the GOP brand ramped up after President Obama´s
We´re hearing for the first time from a security officer who witnessed the terrorist attack on the U.S. diplomatic mission in Benghazi, Libya, last year. U.S. Ambassador Christopher Stevens and three other Americans were killed in the attack on the mission and a nearby annex. In an interview for "60 Minutes," correspondent Lara Logan spoke with a British citizen, who had been hired to train the Libyan guards at the U.S. mission. He calls himself Morgan Jones, a pseudonym to protect his safety.Jones says he was annoyed that the State Department wouldn´t allow his guards to carry guns. As the
President Barack Obama--who oversees both the Department of Justice and the Department of Homeland Security--said in a speech at the White House on Thursday that it does not make sense to have 11 million people in the United States “illegally.” The president said that the people "illegally" in the United States need to be given an “incentive” to stay here and become what he called “legalized citizens.” “It doesn’t make sense to have 11 million people who are in this country illegally without any incentive or any way for them to come out of the shadows, get right with the law,
You know what´s relatively easy? Fixing a website. You know what´s really hard? Ensuring access to affordable, quality health insurance for every single American and improving our broken health care system in the process. In the back-and-forth about the Obamacare exchange websites, let´s not lose sight of the ultimate goal of health care reform -- a goal that, even with the exchanges problems, we are steadily achieving. Less than 17 days into the signup period, the State of Oregon had already enrolled 56,000 people under the Medicaid expansion in Obamacare -- and reduced the state´s percentage of uninsured by 10%. In
McDonalds will end its 40-year, ketchup-based relationship with Heinz, the company announced on Friday, because Heinz´s new CEO, Bernardo Hees, is the former CEO of Burger King. He´s also still on Burger King´s board of directors. Now McDonalds is currently looking for a new ketchup maker to partner with once it phases Heinz out of its stores. Heinz supplies ketchup to both McDonalds (for now!) and Burger King, and to Wendy’s and Chick-fil-A. For McDonalds, at least, it seems that the new Burger King connection at Heinz was one step too far. McDonalds has taken a stand on ketchup. Except most