US Economy thread

[21Jumpstreet]

In my opinion, forgiving student debt does not address any real problem and will not lead to any substantial change. The burden of the student loan falls wholly on the student, that I think is the problem. Colleges have no real incentive to keep costs in check and governments have no incentive to hold colleges accountable in any way. Money just keeps getting created to subsidize the colleges, costs inflate, students have no chance to pay it back. I’m not sure if the solution is to remove the government, because I think that will unintentionally affect the less well off.

I paid for my college through federal loans, grants, and work. We also paid for my wife’s education (MU as well) but her dad “paid” and we paid him back. It took between 7-10 years to pay for our debt.

We told our boys we would pay the equivalent of UW Madison, and they would pay the rest. Well, my son got into a prestigious university, and we wanted him to fulfill his dream and hard work. He was absolutely stressed about the $95K annual cost. We upped it to about $50K per year. We actually pay it all and have a running loan total that he will pay back when he graduates and gets a job. He is in STEM, so we view it as an investment. We are fortunate to be able to do this and will adjust his repayment levels as he adjusts to life on his own paying all his own bills.

My other son is going to a school that actually gives merit based and athletic scholarships and currently has an annual bill of $17K. We will pay that outright and apply the difference of our commitment to his graduate school needs. He will pay back any additional money added to “the nut” as we call it.

The issue with education should be free through college, or at least there should be public options that are free, is that not everyone feels that way. I would absolutely support a “free” Montessori education from 18 months old through 12th grade. I would also support a “free” public college option. We use air quotes around free when we discuss government spending or college “free” inclusions in tuition/costs and refer to them as fake free, but I personally think the right education system is super important. Some people prefer defense spending, for example, so “free” school won’t likely happen. So, education just becomes another political battlefield at the expense of the kids.

[jesmu84]

I agree with you, 21.

One time student loan debt relief shouldn't occur in a vacuum. It should come with associated changes/reforms to college costs.

I suppose one could argue for a one time relief as an economic stimulus. But that's not my preferred reason for use.

[MU82]

The Number, from WSJ e-newsletter:

$3.58

The average cost per gallon of regular gasoline in the U.S. last week, according to federal data, down from $3.67 about a month earlier. The recent figure is roughly in line with prices a year ago and about 5% below the typical pre-Memorial Day cost since 2000, when adjusting for inflation.

[Hards Alumni]

The Number, from WSJ e-newsletter:

$3.58

The average cost per gallon of regular gasoline in the U.S. last week, according to federal data, down from $3.67 about a month earlier. The recent figure is roughly in line with prices a year ago and about 5% below the typical pre-Memorial Day cost since 2000, when adjusting for inflation.

That's what happens when the president adds to supply from the strategic oil reserves.  Pretty soon those reserves will have to be replenished, and prices will inevitably increase.  And with hurricane season starting, and expected to be larger than normal, that should be somewhat concerning.

[4everwarriors]

In my opinion, when something is free it has little to no value. The 3 worst words in the English language are, "follow your dreams." That brings us to today's reality of government, aka as taxpayers, bailin' out kids who went to college and pursued useless majors whereby the annual salary, if they find employment, is less than a year of tuition and room and board. Pretty sure bootstraps are meant for pullin'.
Face it, its an election year and da Titanic is grabbin' any possible life preserver on da way down, hey?

[Uncle Rico]

In my opinion, when something is free it has little to no value. The 3 worst words in the English language are, "follow your dreams." That brings us to today's reality of government, aka as taxpayers, bailin' out kids who went to college and pursued useless majors whereby the annual salary, if they find employment, is less than a year of tuition and room and board. Pretty sure bootstraps are meant for pullin'.
Face it, its an election year and da Titanic is grabbin' any possible life preserver on da way down, hey?

You must hate corporate incentives then

[Lennys Tap]

My view on student loan forgiveness, is the same is my view on immigration.

I'm a capitalist. I want to make money.  I want the economy to soar. 

People make money. People move economies.  People are the life blood to capitalism.  If we let more people in, more people can buy things, more people can sell things.  If we forgive loans, more people can buy things -- more people can participate in the economy.

Stop telling me about your feelings, start thinking about the economy.

Forgive all debt, open the border and give every man, woman and child $1,000,000. Everyone would have a boatload of money to spend. Everybody’s rich and the economy soars. Why didn’t we capitalists think of this before?

[lawdog77]

In my opinion, when something is free it has little to no value. The 3 worst words in the English language are, "follow your dreams." That brings us to today's reality of government, aka as taxpayers, bailin' out kids who went to college and pursued useless majors whereby the annual salary, if they find employment, is less than a year of tuition and room and board. Pretty sure bootstraps are meant for pullin'.
Face it, its an election year and da Titanic is grabbin' any possible life preserver on da way down, hey?

Nothing wrong with following your dreams. However, I do believe the quote from Antoine de Saint-Exupery, that a goal without a plan is just a wish.

[rocket surgeon]

In my opinion, when something is free it has little to no value. The 3 worst words in the English language are, "follow your dreams." That brings us to today's reality of government, aka as taxpayers, bailin' out kids who went to college and pursued useless majors whereby the annual salary, if they find employment, is less than a year of tuition and room and board. Pretty sure bootstraps are meant for pullin'.
Face it, its an election year and da Titanic is grabbin' any possible life preserver on da way down, hey?

  not to mention our oil reserves, which are meant for EMERGENCIES are being drained to perilously low levels.  even now, to start refilling it at higher prices than before weekend took office is another big blunder by this freaking goofball.  why is he taking ANYTHING from the reserves other than to be another source of vote buying is beyond me and quite frankly an impeachable offense

  remember, if ya don't know who you're going to vote for, then you ain't black

[Hards Alumni]

  not to mention our oil reserves, which are meant for EMERGENCIES are being drained to perilously low levels.  even now, to start refilling it at higher prices than before weekend took office is another big blunder by this freaking goofball.  why is he taking ANYTHING from the reserves other than to be another source of vote buying is beyond me and quite frankly an impeachable offense

  remember, if ya don't know who you're going to vote for, then you ain't black

They've been used by every administration for plenty of non-emergency situations.  You're falling into your same partisan silliness again.

[jesmu84]

In my opinion, when something is free it has little to no value. The 3 worst words in the English language are, "follow your dreams." That brings us to today's reality of government, aka as taxpayers, bailin' out kids who went to college and pursued useless majors whereby the annual salary, if they find employment, is less than a year of tuition and room and board. Pretty sure bootstraps are meant for pullin'.
Face it, its an election year and da Titanic is grabbin' any possible life preserver on da way down, hey?

So you believe K-12 public education has "little to no value"?

[ATL MU Warrior]

  not to mention our oil reserves, which are meant for EMERGENCIES are being drained to perilously low levels.  even now, to start refilling it at higher prices than before weekend took office is another big blunder by this freaking goofball.  why is he taking ANYTHING from the reserves other than to be another source of vote buying is beyond me and quite frankly an impeachable offense

  remember, if ya don't know who you're going to vote for, then you ain't black

Then I guess you must think that Trump should have been impeached as the reserve declined during his tenure as well.  Or you’re just a moron.

[The Hippie Satan of Hyperbole]

Forgive all debt, open the border and give every man, woman and child $1,000,000. Everyone would have a boatload of money to spend. Everybody’s rich and the economy soars. Why didn’t we capitalists think of this before?

No need to be hyperbolic. If its good public policy, it should be pursued regardless of how people "feel" about it.

[The Hippie Satan of Hyperbole]

  not to mention our oil reserves, which are meant for EMERGENCIES are being drained to perilously low levels.  even now, to start refilling it at higher prices than before weekend took office is another big blunder by this freaking goofball.  why is he taking ANYTHING from the reserves other than to be another source of vote buying is beyond me and quite frankly an impeachable offense

  remember, if ya don't know who you're going to vote for, then you ain't black

Why does the largest oil producer in the world need oil reserves? That's a relic from a different era.

Then I guess you must think that Trump should have been impeached as the reserve declined during his tenure as well.  Or you’re just a moron.

Yeah, I think we all know the answer here.

[The Hippie Satan of Hyperbole]

In my opinion, forgiving student debt does not address any real problem and will not lead to any substantial change. The burden of the student loan falls wholly on the student, that I think is the problem. Colleges have no real incentive to keep costs in check and governments have no incentive to hold colleges accountable in any way. Money just keeps getting created to subsidize the colleges, costs inflate, students have no chance to pay it back. I’m not sure if the solution is to remove the government, because I think that will unintentionally affect the less well off.

I paid for my college through federal loans, grants, and work. We also paid for my wife’s education (MU as well) but her dad “paid” and we paid him back. It took between 7-10 years to pay for our debt.

We told our boys we would pay the equivalent of UW Madison, and they would pay the rest. Well, my son got into a prestigious university, and we wanted him to fulfill his dream and hard work. He was absolutely stressed about the $95K annual cost. We upped it to about $50K per year. We actually pay it all and have a running loan total that he will pay back when he graduates and gets a job. He is in STEM, so we view it as an investment. We are fortunate to be able to do this and will adjust his repayment levels as he adjusts to life on his own paying all his own bills.

My other son is going to a school that actually gives merit based and athletic scholarships and currently has an annual bill of $17K. We will pay that outright and apply the difference of our commitment to his graduate school needs. He will pay back any additional money added to “the nut” as we call it.

The issue with education should be free through college, or at least there should be public options that are free, is that not everyone feels that way. I would absolutely support a “free” Montessori education from 18 months old through 12th grade. I would also support a “free” public college option. We use air quotes around free when we discuss government spending or college “free” inclusions in tuition/costs and refer to them as fake free, but I personally think the right education system is super important. Some people prefer defense spending, for example, so “free” school won’t likely happen. So, education just becomes another political battlefield at the expense of the kids.

This is well stated.

However, I would say that colleges do have a motivation for keeping costs in check. Many of those who are struggling have in part failed to do so.

[Lighthouse 84]

The Number, from WSJ e-newsletter:

$3.58

The average cost per gallon of regular gasoline in the U.S. last week, according to federal data, down from $3.67 about a month earlier. The recent figure is roughly in line with prices a year ago and about 5% below the typical pre-Memorial Day cost since 2000, when adjusting for inflation.

Seems the article is a little premature, at least in the sw burbs of Chicago. The price went from $3.98 to $4.48 yesterday at many stations in the Naperville area.

[Hards Alumni]

Seems the article is a little premature, at least in the sw burbs of Chicago. The price went from $3.98 to $4.48 yesterday at many stations in the Naperville area.

It says average cost per gallon of regular gasoline in the US, not SW burbs of Chicago.

[4everwarriors]

So you believe K-12 public education has "little to no value"?

If ya want value, spring for private education, aina?

[Lighthouse 84]

It says average cost per gallon of regular gasoline in the US, not SW burbs of Chicago.

I realize that.  The point still stands that last week is different than this week.  On the way up to Door last night, I saw the Kenosha area gas at $3.99, which is a lot higher than typical.  North of Milwaukee, I saw $3.32 (which is what the Kenosha area was last week) and paid that also when I pulled into the KT in Sturgeon Bay.  I'm curious to see what it is today, since once some stations start raising prices, most others follow suit.

[Goose]

Doc

Best money we ever spent was on private education for our kids. I have complained about the cost of college many times, but never had a problem on the K4-12th grade expense. We valued it so much that my wife made a career path change to teach at the school where all of our kids attended for grade school and one son went K4-12th grade.

[lawdog77]

It says average cost per gallon of regular gasoline in the US, not SW burbs of Chicago.

US Retail Gas price chart:
https://ycharts.com/indicators/us_gas_price#:~:text=Basic%20Info,0.32%25%20from%20one%20year%20ago.

[Hards Alumni]

I realize that.  The point still stands that last week is different than this week.  On the way up to Door last night, I saw the Kenosha area gas at $3.99, which is a lot higher than typical.  North of Milwaukee, I saw $3.32 (which is what the Kenosha area was last week) and paid that also when I pulled into the KT in Sturgeon Bay.  I'm curious to see what it is today, since once some stations start raising prices, most others follow suit.

Milwaukee and South to Illinois will always be more expensive since it is a different blend from the rest of the state.

https://www.api.org/~/media/files/policy/fuels-and-renewables/2016-oct-rfs/us-fuel-requirements/us-gasoline-requirements-map.pdf

[Lighthouse 84]

US Retail Gas price chart:
https://ycharts.com/indicators/us_gas_price#:~:text=Basic%20Info,0.32%25%20from%20one%20year%20ago.

Check it again on May 28 when the next release occurs.

[lawdog77]

They've been used by every administration for plenty of non-emergency situations.  You're falling into your same partisan silliness again.

SPR Releases:
https://www.energy.gov/ceser/history-spr-releases

[cheebs09]

Check it again on May 28 when the next release occurs.

Wouldn't it naturally go up for Memorial Day Weekend? Or is that a myth?