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Saturday, February 22, 2014

No house until 36

It's hard to blame the millenials for living in their parents' basement when they were suckered into taking out student loans on which they cannot, unlike previous generations, default. Karl Denninger spells out the math:
You mean the $500 a month student loan payment is half of a decent first-time homebuyer payment -- or more?

Well, yes.  Never mind that $500 a month x 12 months = $6,000 a year saved toward a down payment, and if you put 20% down (which you should) then four years of that savings would make it possible for you to buy a $120,000 house.

Financing $96,000 @ 5% for 30 years gives you a P&I on that $120,000 house of.... $513.21, or awfully close to that student loan payment.

In other words you forego the ability to buy the house by taking the student loan debt.

And for how long do you forego it?

10 years, plus four more to build the down payment, or 14 years post-graduation.

If you graduate in four years (ha!) you're 22, so this means you're not buying a house until you're 36.
The Law of Unintended Consequences strikes again. The mortgage banks are complaining about the collapse in demand for mortgage debt because indebted graduates and non-graduates can't afford to take on the debt required to buy a house.

Everything is as my modification of the Austrian Business Cycle predicted. The limits of demand are the limits of CREDIT.

Labels:

66 Comments:

Anonymous David of One February 22, 2014 7:59 AM  

Interesting how something as simple as "higher education" has been turned into a very real form of slavery.

Age 36 assumes a high degree of maturity and personal responsibility ... more importantly it is the government, banks and "educational" institutions that are aligned in this enslavement and likely life-long dependency upon the social welfare state.

This is even before we talk about the value and content of the supposed "education".

Anonymous David of One February 22, 2014 8:03 AM  

This does cause me to wonder how long before "Financial Justice" will start to be employed to free persons of color from this debt slavery while continuing the slavery against Whites and Asians.

Blogger IM2L844 February 22, 2014 8:22 AM  

Today and for the foreseeable future, the ability of the average college graduate to accrue enough money for a down-payment in fourteen post-graduate years is a tenuous prospect at best. 20 years, barring an interim financial meltdown, is probably a more reasonable expectation.

Anonymous BluntForceTrauma February 22, 2014 8:31 AM  

Vox: "The limits of demand are the limits of CREDIT."

Yes, yes, yes!

We will live to see this chicken come home to roost. I know this from personal experience.

Blogger 8to12 February 22, 2014 8:44 AM  

Finally, a practical path to reform higher education: two groups fighting over the same pool of money.

Realtors are one of the most powerful government lobbying group in the country. If they determine that reforming the current college system will increase their housing sales, they'll do it.

You saw a similar phenomenon with health advocacy groups like the American Heart Association, when they realized the AIDS frenzy was resulting in reduced government funding for heart disease (because the funds were being allocated to AIDS research). They worked behind the scenes to not only reduce AIDS funding, but to quell the public perception that AIDS was a crisis requiring us to throw (government) money at it.

I could see Realtor associations creating a campaign extolling the virtues of not getting a college degree; an education campaign on which degrees were profitable and which weren't; or providing educational materials on the smart way to finance a college degree (night school, local school, etc...) and the dumb way (huge loans at an overpriced school).

You might also see them lobbying to make college loans bankruptable or some type of government help paying off the loans.

Anonymous Stilicho February 22, 2014 8:56 AM  

Make student loans secured debt...secured by the degree. Let students default and allow colleges to "repossess" the degree. Let hilarity ensue.

Alternatively (or additionally if you are particularly cruel) require colleges to make student loans from their own pockets. For the lulz.

Anonymous Yup February 22, 2014 9:02 AM  

Stilico, couldn't agree more!

Blogger IM2L844 February 22, 2014 9:11 AM  

Realtors are one of the most powerful government lobbying group in the country.

Yes. And since their pocketbooks are directly affected, they are among the staunchest opponents to government shutdowns. I know many and to say their wailing and gnashing of teeth at the prospect of government shutdowns is exorbitant is putting it mildly.

Anonymous Stilicho February 22, 2014 9:14 AM  

Everything is as my modification of the Austrian Business Cycle predicted. The limits of demand are the limits of CREDIT.

At some point, you should create a permanent link to the posts where you discuss the limits of demand in detail. It would help in discussions and in any refinement of the theory as events unfold.

Anonymous maniacprovost February 22, 2014 9:26 AM  

Just write an economics paper. Apparently it's pretty easy to win a pseudo-Nobel. Make sure the abstract blames credit inflation on "Inequality".

Blogger IM2L844 February 22, 2014 9:33 AM  

At some point, you should create a permanent link to the posts where you discuss the limits of demand in detail. It would help in discussions and in any refinement of the theory as events unfold.

I just happen to know of a publishing house that might entertain the idea of facilitating compilation and distribution of same. I'd buy it.

Anonymous LeeS February 22, 2014 9:35 AM  

A friend of mine sent me this easy fix to the problem - Obama introduces the SL-M Program. A new homeowner can combine his student loan with a home mortgage thus slimming down his or her monthly payments, making both affordable. To facilitate this the US government creates a new department that would buy both loans and efficiently repackage them to the free market in units called InS (Indentured Servant). The details are in the fine print which can only be read after the SL-M bill has been passed.

Anonymous Joe Doakes February 22, 2014 9:39 AM  

Democrats can't let students off the hook. The profits from student loans offset Obama-care. That's why the federal government took over all student lending - so it could pitch Obama-care as "revenue neutral." If Democrats agree to repeal the medical device tax and forgive student loan interest, they're sitting ducks for the Republicans to rip them as budget-busters; worse, it'll be true and no amount of friendly media will disguise it. They are committed to waiting for the Green Shoots of the Recovery that is Right Around The Corner, when the flying unicorns will bring everyone a bottomless wallet and the revenue coffers will overflow. There is no Plan B.

Anonymous Cryan Ryan February 22, 2014 9:43 AM  

@ 8 to 12,

Your suggestion that Realtors might lobby for changes in college admissions made me laugh. I'm not anti- Realtor. I've been one, and have used many.

But to think that Realtors as a group would do anything to improve their community, now that made me laugh out loud. Here's how a Realtor's mind works when considering any possible action....

Does it increase the chance of me making a commission?

Yes or No? If yes, do it. It is good. If no, don't do it.

All across America, Realtors are teaming up with builders and City Council Members (many of them are Realtors or teachers) to build government funded "affordable" housing projects in their communites.

You know who gets into these units after the deal is done, the commission is paid, and the papers are signed? Single mothers. Having babies. Consuming services. Drinking tons of free soda. Filling jails. And it's funny how many black single mothers suddenly show up on the scene when these housing units become available. In lily white towns.

Yes, let's depend on the Realtors to get us back on the right track.

Blogger 8to12 February 22, 2014 10:05 AM  

@Ryan,

I think you proved my point.

Relators will manipulate the government and society if it benefits them financially.

Student loan debt is damaging Relators financially. Thus, Relators are motivated to manipulate the student loan situation (using government if needed) to benefit themselves financially.

I'm not saying they would do it out of some altruistic emotion. I'm saying just the opposite. They'll attempt to manipulate government and society to "fix" the student loan crisis for purely selfish reasons--it will benefit them financially.

Anonymous Cryan Ryan February 22, 2014 10:25 AM  

Re:

Well, I do enjoy your optimism. And I'm sure you could find some Realtors who would agree they would like to improve the situation, if only someone else would put up some money.

The problem is that given a choice between a commission this month, and some vague future promise of a rosy wondrous utopia where good things may happen, it is a pretty simple choice for the Realtor.

Realtors are not long term thinkers, for the most part. Many qualify for food stamps, live in rentals, are buried in credit card debt, and drive a 10 year old car with very high mileage. If they saw a dollar on the sidewalk, most would scramble for it.

You probably shouldn't put a lot of faith in them as a group towards "fixing: the student loan crisis.

Anonymous school marm February 22, 2014 10:36 AM  

...but if you don't go to collage and get a degree, you are a nonentity; a failure; a modern day leper.

You know the saying; "A mind is a terrible thing to waste".

Walking down the street; "Unclean!...unclean!"; no wait, that should be "Uneducated!;...undegreed!

Truly a fate that we're told we should be willing to sell our souls to avoid.

Anonymous The Lord Humungus February 22, 2014 11:17 AM  

That calculation of 36 assumes they are actually paying the 500 towards the student loan until then. Other than myself and a few others, most of my peers are just not paying back the student loans and ALSO not saving for the down payment.

Anonymous Northern Observer February 22, 2014 11:26 AM  

Sorry is this is a duplicate but my first try didn't show up.

http://nypost.com/2014/02/08/thanks-to-aging-population-its-all-downhill-from-here-for-usa/

Anyway, the size of the various age groups seems to have the largest impact on the amount of spending and borrowing; including the demand for mortgage debt.

Anonymous LES February 22, 2014 11:28 AM  

My youngest son, 26, still lives at home. He earned a business degree from the local state college and has an entry level job he might have been able to get out of high school (homeschool). He has paid off his student loan.

He lives at home because he says he prefers his parents as roommates since he cannot afford an apartment on his own. We charge him room and board.

When he is not working he is playing video games online. He doesn't have a girlfriend. Doesn't want one and plans to never marry. I don't think he is atypical.
Is he?

Anonymous beerme February 22, 2014 11:35 AM  

Don't forget that government employees can get student loan forgiveness, which becomes another way to reward favored groups.

Blogger LibertyPortraits February 22, 2014 11:59 AM  

As a 29 year old turning 30 this is something I'm experiencing and have been telling to all those around me who would listen. Here in Canada the housing market is still in a bubble where the average price of any decent home one could raise several kids in regularly goes for $350k+. My student loans hit the 450 mark at minimum monthly payments, and, because I was not mature enough to succeed in college straight out of high school I flunked a few years before steeling myself to press through, thus incurring additional debt.

Now I am on the debt treadmill, and with few skills I'm trying to get a job in a saturated sector of the market because it is the only area for which I am qualified. One thing my wife has noticed is that a lot of retired baby boomers are soaking up contract positions in her professional field. Baby boomers who are already collecting a pension are still taking jobs. People who already have homes and had children are taking the spoon out of the mouth of future generations here. It is rare for me to see any of my peers on Facebook purchasing and owning a home. Usually the ones who are had always been resourceful or successful.

Teenagers today aren't as stupid as they appear, they sense the restricted opportunity cost of college and already call themselves "generation jobless." Still, I haven't seen very many parents deterred in pressing their kids into schools, you know, because they had success with it. My own mother now laments pressuring me to go to school because my shared loans are hitting her finances, gee thanks mom, but it's kind of late for that, remember brainwashing me into thinking I had no choice over going to college for all those years?

The other side of the coin that bothers me is the amount of taxes people have to pay up here. It is so crushing that even if you make a phenomenal salary you lose half of it. I keep asking boomers how they reasonably expect kids who can't even get high salaried jobs how they are going to pay off a gigantic house mortgage and student loans if even when they do get a good job they are only marginally ahead?

Don't get me wrong, I'm very interested to see how this all plays out and if my predictions come true, but the reality is I can't even help my parents out financially if they ever fall into trouble.

Anonymous Ingemar February 22, 2014 12:01 PM  

@LES

>>I don't think he is atypical.

I can't imagine what the actual percentages are, but chances are he's one of the dregs of the manosphere. I feel like one myself, on my lower days.

Remind your son that one day, you will die.

One of the ignored aspect of the "dude who stays with his parents way too late" is that the natural order of things is for children to outlive their parents. I've only heard one anecdote of a basement-dweller whose parents died... he ended up living on the streets.

Blogger Beau February 22, 2014 12:40 PM  

I feel like one myself, on my lower days.

Why not go preach the gospel?

Blogger Laguna Beach Fogey February 22, 2014 12:49 PM  

If they can't afford a house, they can't afford children, thereby worsening the white birth rate.

Realtors and builders do end-run around this problem by advocating for more immigration. Around here, much of the slack in housing demand has been taken up by imported Chinese settlers.

When he is not working he is playing video games online. He doesn't have a girlfriend. Doesn't want one and plans to never marry. I don't think he is atypical.

Encourage him to emigrate. I don't see how young American men could possibly have a future under this regime.

Anonymous Jack Amok February 22, 2014 1:03 PM  

Alternatively (or additionally if you are particularly cruel) require colleges to make student loans from their own pockets. For the lulz.

I'm curious, does anyone know offhand the total amount of college endowments, and what percentage of all student loans could be paid off by confiscating them? Seems to me, when you discover a scam, you try to recover as much of the money as possible from the scammers, then let the scamee's take their lumps for what's left.

Anonymous Luke February 22, 2014 1:26 PM  

Stilicho February 22, 2014 8:56 AM
" Make student loans secured debt...secured by the degree. Let students default and allow colleges to "repossess" the degree. Let hilarity ensue.

Alternatively (or additionally if you are particularly cruel) require colleges to make student loans from their own pockets. For the lulz."


Close, but no cigar. If the university as a whole makes student loans, the fuzzy studies departments will with certainity fiscally drag the hard physical science and engineering departments below the waves, never to be seen again. Instead, let student loans be made by department, ideally by exact major. The former would (justly) kill the art, music, drama, and all "studies" (ethnic/gender/sexual orientation) departments. The latter would nail those as well, but would also desirably act as laser-guided weapons of fiscal justice taking out the Archeology, Anthropology, Marine Biology, Oceanography, Wildlife Biology, Industrial Engineering, and other rarely acceptably-renumerative hopefully relatively rigorous majors.

Blogger RobertT February 22, 2014 1:27 PM  

The unanticipated consequences of purposive social action ... a term coined by Robert Merton in 1936.

http://www.wisegeek.com/what-is-the-law-of-unintended-consequences.htm

It strikes me that unanticipated consequences are pretty much guaranteed. It's impossible to direct the future by doing something; and it's impossible to project the future by looking at historical events. The wheel turns as the wheel turns. Very Talebian.

Anonymous Xer February 22, 2014 1:35 PM  

"I keep asking boomers how they reasonably expect kids who can't even get high salaried jobs how they are going to pay off a gigantic house mortgage and student loans if even when they do get a good job they are only marginally ahead?"

Don't waste your time, boomers can't see beyond the end of their nose. They're idiots, conditioned to follow the system,

Anonymous lozozlo February 22, 2014 1:38 PM  

@Beau

Haven't seen you commenting much around here lately, especially on tuesday night vis-a-vis prayer requests. ;-(

How's everything going?

Anonymous Sam Lively February 22, 2014 1:53 PM  

Ha! A house for $120k? Sign me up.

In Southern California, you're not finding a decent house anywhere near a major city for less than $360k. More like no house until 64.

Blogger ajw308 February 22, 2014 1:54 PM  

LibertyPortraits, as long as you blame your parents and Baby Boomers you're just going to sit there and play the victim. If Canada's taxes are oppressive, get a job in the States. Take what you've learned and seize the opportunities you know are there.

Anonymous Ingemar February 22, 2014 3:02 PM  

@Beau

>Why not preach the gospel?

I'll give you two answers, based on which (G/g)ospel you're referring to. If it's the Gospel, it's because I'm not qualified to preach it AND because I'm too mired in my own vices (Pride, Lust, Sloth and Gluttony).

If you mean the gospel of the Manosphere... would you believe in the word preached by an omega male? Also, I never fully accepted the movement. They speak some truths, but then again so do Commies and Fascists. When you have authors responding the consequences of selfishness and hedonism by advocating... MORE selfishness and hedonism, what you do not have is a winning formula.

Anonymous Cryan Ryan February 22, 2014 3:22 PM  


@ Liberty Portraits

Let me summarize your complaint....

1) you went to college and flunked a couple years
2) you ran up a huge debt and now don't like making the $450 payments
3) houses up there cost $350K
4) you have few skills
5) your wife noticed that many retired baby boomers still go to work every day (apparently in an effort to keep you from working)
6) you cannot help your parents financially, as you can't really even take care of yourself.
7) few of your friends on facebook are doing well, and those that are...always were the successful type?

Is that pretty accurate?

Perhaps you are living in a world that is not what you thought it was.

May I suggest pulling your head out of your ass?

Anonymous Molon Rouge February 22, 2014 3:22 PM  

True story!

A group of relatives was having dinner. We were discussing the older one's retirement plans. One uncle of 67 years of age with multiple health problems had already begun his social security. He is receiving about $850/month. His expenses are fairly normal but still his costs are tight. Then, he blew everyone away with his gratefulness that he was able to have his student loans of $25,000 forgiven as he was now disabled!!! These loans were not recent loans but ones from his grad school in his late 20s early 30s. He had paid off at least $40,000 over the years but the amounts compounded. The loan company had been cheerfully taking over $250/month from him until his arthritis was too much. In addition, he never was able to use the degree in Art History for any meaningful employment. I believe he retired as some type of maintenance contractor. Now he is living in his nephew's basement. Seems ironic but so sad.

Anonymous E. PERLINE February 22, 2014 3:24 PM  

Here are some basics of economics. A borrower should present (1) An expectant income to repay and amortize the loan. (2) Repay the loan with a specific interest and amortization rate. And (3) present enough collateral to cover the loan in case the borrower defaults.

Unless the borrower was your child, would you lend money on any other basis?

Blogger Bard February 22, 2014 3:32 PM  

JOIN THE MILITARY for four years! Live in the barracks and save all your money. Get out with car paid off, no bills, and a hefty amount saved. Use earned GI bill for 36 months to pay for school. Live off monthly stipend of BAH rate for E-5 with dependents which is currently around $1300 per month. Finish debt free with plenty of money saved. Or, use tuition assistance while on active duty. Get 3 years of college paid for and go green to gold and become an officer. Earn easy 6 figures. Serve commitment and use GI bill for med school. Or, apply for PA/med school while in the Army, get a $250,000 education for free and get full pay and bennies doing it. Why are people not taking advantage of this?

Blogger Bard February 22, 2014 3:53 PM  

Or move to Colorado, live in your parent's basement, smoke pot, and Facebook about how hard it is to do anything in this economy.

Blogger Beau February 22, 2014 4:09 PM  

If it's the Gospel, it's because I'm not qualified to preach it AND because I'm too mired in my own vices (Pride, Lust, Sloth and Gluttony).

Honesty regarding the condition of one's own soul is an essential qualifying step. You have this. Do you wish to remain mired? Freedom is found in repentance towards Christ. It's a wonderful life.

Anonymous Cryan Ryan February 22, 2014 4:14 PM  

@ Bard...

"Why are people not taking advantage of this?"

Could be the thousands of men coming back home missing limbs, eyes, testicles..with a colostomy bag attached.

Yep the GI bill is great if you don't git yer balls shot off.

Blogger LibertyPortraits February 22, 2014 4:16 PM  

My guess, Bard, is that because human actors are not homo economicus.

@ Cryan Ryan

You are correct, sir. I have been working hard the past few years getting the head out of there, but as you can imagine, it is difficult work with the anatomical circumferences and all. I suppose my complaint came across as cynical and bitchy, but I meant for it to be anecdotal evidence to throw onto the pile of all the stories my generation inevitably has. For example, the company I work for will gather as many documented cases of equipment malfunctioning as they can to get their vendor's attention. I suppose in my case that the only "vendor" whose attention I can try to get are would-be college kids. They are difficult to get through to, though, as most have a tendency to snowflake as I did as a lad.

Anonymous Anonymous February 22, 2014 4:18 PM  

Luke - industrial engineering is one of the highest paid engineering majors, far better than civil, biomed, etc., paid on par with EE.

Blogger Beau February 22, 2014 4:23 PM  

Haven't seen you commenting much around here lately, especially on tuesday night vis-a-vis prayer requests. ;-(

How's everything going?


Funny you ask that. My wife and I are both awaiting the arrival of a retired couple to take over our responsibilities for a month. My spouse and I are taking medical leave. The spirit is willing, but the flesh is weak. We look forward to rejuvenative rest for body and soul.

Regarding prayer on Tuesday evenings, last week Bart and I took prayer requests at the end of the Victimless Sex-Trafficking thread. It was an older but still appropriate thread.

Anonymous Uncle Sam February 22, 2014 4:59 PM  

Join the army! Kill people you don't know for reasons you don't understand and make $$$!!

Anonymous CL4P-TP February 22, 2014 5:08 PM  

by another commenter:

if only someone else would put up some money.

But since The Wanta Plan has not been implemented, the entire original $27.5 trillion (now worth about $70+ trillion) is collectable; and since so much of this money has been stolen, Ambassador Leo Wanta will wind up owning a sizeable number of large financial institutions, if the funds are not disgorged as will be required. Alternatively, sizeable banks will go to the wall, and their supervisory central banks will be obliged to pay Wanta what these banks owe him, to authorise control to be passed to Leo Wanta, or else to nationalise the banks in question.

[Portion from personal email, dated 2/20/14, sent from biographer of said future bank owner]

For now, I don't plan on doing any more radio shows. I'm very involved in some projects re Lee that are critical -- they could make payment happen.

Some say, and have written recent books on a financial reset. It will happen. Mark my words. However, it is going to happen in ways most don't want to conceive, for some bizarre reasoning. (Thank you "free press.")

* The money exists, has existed, enough to erase our national debt. The concept of Wanta’s own funds, seized by the Federal Reserve, $4.3 trillion dollars less $1.7 trillion in taxes owed, immediately put into the “General Fund” is frightening to some. This kind of money is unimaginable power, particularly in the hands of someone jailed for failing to be adequately dishonest.

** Curse those that curse the aforementioned. Your progeny will hold a special kind of hell for your silence, your insolence, and your indifference for not allowing this to happen much sooner. Many homes, jobs, and lives could have been saved, if implemented when first proposed. What is being discussed in this thread, would not be discussed as such, if things were adhered to on Sept. 7, 2006. Get mad, and start sharpening your pencils for class action against the so-called -- free press.

Blogger Outlaw X February 22, 2014 5:31 PM  

Millennials are Dumb Slaves


What do you expect from people like this. People who cannot see past the nose on their face. The mal-educated pampered generation meets the real world. No one told them the world is a harsh place.

Anonymous Luke February 22, 2014 6:08 PM  

Anonymous February 22, 2014 4:18 PM
"... industrial engineering is one of the highest paid engineering majors, far better than civil, biomed, etc., paid on par with EE."

If even true, IMO that's likely only because IE is loaded with chicks, who get shoo-in hiring in companies that HAVE to have a broad or three on their engineering staff. My sister has an IE degree (and an MBA), and doesn't know enough physics or chemistry to make me think she took either at high school level (did take physics, but forgot; NEVER took any chemistry).

Try looking online at job openings for engineers; they're largely chem Es and elec Es.

Anonymous Heh February 22, 2014 6:34 PM  

School loans, mortgage, Obamacare... man it's all adding up for the millennials. But with the rockin' economy Obama created, they'll all have great jobs so they can pay for all this, bwahahaha!

Anonymous George of the Jungle February 22, 2014 6:35 PM  

If you are going to get a degree, get one that allows you to work in foreign countries. While at school, learn a non-European language, and don't just hack around with it, get serious so that you are well on the way to being fluent.

The West is committing suicide and there is no way to save it, so don't stay there. Get out while there is still time!

Blogger mmaier2112 February 22, 2014 7:04 PM  

@ Bard: maybe because, regardless of what your recruiter says your MOS will be, you can be sent to kill and/or die for nothing?

Anonymous Luke February 22, 2014 7:21 PM  

Re the Section 8 & "affordable" housing being built in previously white middle-class areas: I predict arson (or at least repeated vandalism, esp. of utility access) in the future for many of these, up until they become rare.

Anonymous Jack Amok February 22, 2014 10:10 PM  

I suppose my complaint came across as cynical and bitchy,

Nah, it was fine, nothing wrong or whiny about it at all. Cryan Ryan isn't anybody to judge reactions on. There's a world of difference between cataloging the obstacles you have to overcome and sitting around pouting about them. I didn't get any sense you were pouting.

Carry on, and good luck.

Anonymous A Plate of Shrimp February 22, 2014 10:34 PM  

Obviously, the solution to all these problems is massively increased non-white immigration.

Blogger Bard February 22, 2014 11:00 PM  

MMairer2112: We are all going to die. Risking it for your country, your fellow soldiers, and a paycheck is not "nothing". Doing it in a cubicle 60 hours a week just takes a lot longer and you usually don't get to kill anyone you don't get along with.

Blogger James Dixon February 22, 2014 11:04 PM  

hmm... We bought our house in 94. I was born in 58. Do the math. :)

Of course, we bought a house that cost less than the rent we were paying, and paid it off in 12 years.

Blogger Bard February 22, 2014 11:07 PM  

Cryan Ryan: Still have all my parts. Just need to keep them for one more tour! Granted the Army is not for everyone, but it is a viable option for many. Mass employment for the mediocre is how I once heard it defined and I do not disagree. However, it has a lot to offer despite the potential risks.

Actually, very few of us really buy the ''for country" part anymore. It is just a sound bite.

Blogger Bard February 22, 2014 11:09 PM  

"blog bite"?

Anonymous maniacprovost February 22, 2014 11:38 PM  

Problem with the Army is they always rip you off and then claim it's your fault you didn't get your benefits. The only thing that seems to work consistently is the GI bill.

Blogger Outlaw X February 23, 2014 12:15 AM  

hmm... We bought our house in 94. I was born in 58. Do the math.

The Kids today don't stand a chance. Just look at the difference.

1) Started at a University in the Fall of 1980 My college Tuition was 400 dollars a semester plus books.
2) Health insurance was 180 dollars a year decided not to do it.
3) Doctors appointment without insurance 15 dollars
4) Bought my first house in 1990,1100 square foot 3 bedroom for $35,000. Making $7.95/hr.
5) Gas was less than a dollar a gallon.
6) Grocery bill about $100/month.
7) Car insurance was negligible
8) property taxes a little over $100 a year.
And on...

Anonymous A Plate of Shrimp February 23, 2014 12:20 AM  

"The Kids today don't stand a chance."

Yes, but even more tidal waves of immigration will fix all that. Because.... well I'm not sure how exactly, but the NYT thinks so, so I guess it's gotta be true.

Anonymous lozozlo February 23, 2014 12:47 AM  

@Beau

Enjoy your rest - you've earned it!

I guess I missed your post. Please keep persecuted Christians like Pastor Saeed Abedini in your prayers.

Blogger Paul, Dammit! February 23, 2014 4:47 AM  

I go round and round with my wife over this stuff. As a ships' captain, I needed no degree to get where I am- hard work and a mastery of regulations, math and 20 years of experience at sea provided me with a career and an ample supply of filthy lucre... that being said, I also have a master's in a STEM field and a $700 a month 20-year ball-and-chain from my first career choice. My son is looking increasingly likely to follow in my footsteps. As such, I am trying to impart in him the critical thinking skills to make a conscious cost/benefit analysis over the decision to invest in a degree when he figures out what he wants to do with himself.
And, yeah, I don't want him underfoot after 21 or so, I'll admit it. My dad was pretty clear about such things, too. My basement is my shop space, not a surrogate womb for oversized man-children.

Anonymous Cryan Ryan February 23, 2014 9:07 AM  

Bard,

Just like yer mama, I am sure you will come home safe and sound, go to college, raise a family, and enjoy your life. Good luck to you sir and be careful.

Respectfully, my answer to your question was simply that...there are reasons why a young man would not make the same admirable choice as you. It's not without risk.

OpenID cailcorishev February 23, 2014 11:26 AM  

Obviously, the solution to all these problems is massively increased non-white immigration.

There's a Homer Simpson joke in there: "Mass immigration: is there anything it can't fix?"

Anonymous Luke February 23, 2014 1:27 PM  

cailcorishev February 23, 2014 11:26 AM
Obviously, the solution to all these problems is massively increased non-white immigration.

There's a Homer Simpson joke in there: "Mass immigration: is there anything it can't fix?"


Reduced numbers of non-lower-class loyal white native borns?

I came up with a question that, if asked in front of a crowd (better yet, live TV) would make just about any politician in office run through a brick wall to avoid even a hint of answering it.

Q: "Senator RakesOffAGumbLoad, according to the Census Bureau and every reputable source, the percentage of Americans that are white keeps steadily declining. Do you support preventing this percentage from reaching zero, and if so, at what level and by what means?"

Blogger Marissa February 24, 2014 1:31 PM  

1) Started at a University in the Fall of 1980 My college Tuition was 400 dollars a semester plus books.
2) Health insurance was 180 dollars a year decided not to do it.
3) Doctors appointment without insurance 15 dollars
4) Bought my first house in 1990,1100 square foot 3 bedroom for $35,000. Making $7.95/hr.
5) Gas was less than a dollar a gallon.
6) Grocery bill about $100/month.
7) Car insurance was negligible
8) property taxes a little over $100 a year.


Your yearly salary ($7.95 * 40 hours/week * 52 weeks = $16,536) was a little less than half the cost of a house. What's crazy is how many people need two salaries just to buy a house these days.

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