Skip to comments.Patty Murray: ‘Crushing’ college costs hurt students, entire economy
Posted on 06/04/2014 4:01:44 PM PDT by Oldeconomybuyer
The nations $1.2 trillion and growing student debt is reshaping Americans economic lives in far-reaching ways, from slowing rates of homeownership to retirement security to choice of specialty for medical students.
The consequences of that financial burden on both borrowers and the U.S. economy were the focus of a Senate Budget Committee hearing Wednesday chaired by Sen. Patty Murray.
In her opening statement, Murray noted that nearly one-third of young households now carry student debts. Each college graduate owes an average of $30,000. Such a crushing load, Murray said, could dog students through their entire financial lives.
A college degree shouldnt drown borrowers in debt, she said.
(Excerpt) Read more at seattletimes.com ...
Oh, shut up, Patty.....you are part of the reason.
Not even in Socialist countries do the taxpayers foot the bill for college students. These people have gone MAD!
Actually, in Finland they do. It’s a fairly regular argument with my Finnish friends who proudly proclaim “free” college. They get a little animated when I ask them about their tax rates though.
Since at least 1958, the American people have been gung-ho on federal aid to “education”. They know not what they want.
Federal student loans loans led to the high costs of college.
Eliminate the federal loans, and look how fast administrative and useless programs get eliminated.
I seem to recall that Pocahantas’ base salary at Harvard was something like $370K/yr, and that’s before her speaking fees, book deals, and consulting gigs kick in.
I also seem to recall that Graham Spanier (the president of Penn State during the Sandusky Boy Lollipop scandal) was pulling down around $600K/yr, plus all kinds of sweet bennies.
All this while they rail about income inequality and the nastiness of corporations and capitalism.
Pay your damned loan. No discharge in bankruptcy!!. I paid for every damned dime of my two degrees!! I owe these people NOTHING!!
In Britain, they don’t. Nor France, etc. Scholarships are available but the college/university bound students are not a high percentage of the population. Do you know the percentage of students that go on to higher education in Finland? I know in Britain, it used to be about 5%.
PS-just fYI, when I worked in Britain in the 80’s, my tax bite was 50%. And that was the lowest tax bracket. Straight off the top, straight to the Government. Didn’t have to file.......I received a postcard once a year telling me what I had paid.
How about the millions given to college Deans?
Runup to yet another economy-crushing gaffe.
If Obama wanted deliberately to destroy the American economy, he could’t possibly be doing a better job of it.
It is 25% in Finland. The taxpayers foot the bill all the way through masters. In addition, some also go into taxpayer funded vocational training, but I don’t know that percentage.
The Scandinavians have much more of a welfare state than Britain or France. Smaller populations, and have been socialist for much longer I guess.
Now hand over ~70% of your income to the government, and you too can have “free” university and healthcare.
To fricking bad Dogface. No complaining from the County Pound until College Professors / Teachers work a full 40, and tenure is eliminated. And how about a 20% across the board pay cut to boot.
I think Nokia either purchased a university or started its own, back in its heyday (which was about six years ago).
Then it stumbled, and I wouldn't be surprised if all that came to a screeching halt.
“Student Loans. The 2014 election year Bailout. I figure around Oct 5th.”
Can someone explain to me, after I spent so much more putting them through school than was spent on me (YES, INCLUDING INFLATION), and then going into debt,borrowing money from the taxpayers (i.e., me) and THEN getting it “forgiven”...not by me, but FOR me...why these f%T^$% are so stupid?
Yeah, when we get that down to 40K plus a free apartment in a Soviet-style faculty dorm, we will be on the right track. :)
Not that I know of (and may be completely wrong), but I worked for Nokia for 13 years, until it came to a screeching halt. All universities, public and private, have to follow a similar curriculum anyway, and be staffed by union teachers and professors. Nokia did invest heavily in doctoral research programs at state universities, which is not included in the taxpayer bill.
I know someone who finished public school in England (and that was it) in the mid-70’s. I assure you that she was and is more literate and knowledgeable in history, current affairs, finance, and practical matters than 80% of present-day college graduates.
Maybe they shouldn’t have chosen to take the loans.
Yeah, I guess you’re right. I should have checked first. I do recall hearing something outrageous about Nokia and Finnish universities, like that they were hiring 90% of their computer engineering graduates.
BTW, what brought it to a screeching halt? It seemed that at one time Nokia was going to take over the world.
Then again, at one time it seemed that Blackberry/RIM was going to take over the world.
‘Crushing college costs hurt students, entire economy’
Government is not and will not be the solution.
I’m sorry, no one put a gun to their heads to force them to take out these loans. Now Patty Murray and the other bleeding hearts want to shield them from the consequences of their actions by making lower and middle class taxpayers bail them out? Bad optics here.
That much is true, we were hiring a boatload of Finns. I guess when the company makes up 40% of the value of the local stock exchange, they end up hiring the majority of tech people.
What brought it to a screeching halt has been a matter of much wailing and gnashing of teeth, and numerous post-mortems in the Finnish press. From my perspective, having worked in their strategy office, it was a case of a company not being able to change its DNA, coupled with some good old-fashioned arrogance. When phones were hardware, they were the best, with a superb supply chain, and then they couldn’t, or wouldn’t, change to become a good software company when smartphones became the most wanted product.
I can share some stories from inside the boardroom, but it wouldn’t be prudent to do so in public, and don’t want to hijack the thread any further.
“From 2009 to 2012, executive compensation at public research universities increased 14% to an average of $544,554, while compensation for presidents at the highest-paying universities increased by a third, to $974,006.”
From FY 2006 to FY 2012, spending on nonacademic administration rose 65%, much faster than spending on scholarships in the top 25, says the report.
“Not even in Socialist countries do the taxpayers foot the bill for college students.”
Who pushed student loans?
NO, it’s just the RAT’s that vote for her have gone mad.
I would like to return to a society where people didnt need a college degree for every dang calling in life. But I think everybody here has heard that rant.
"A true Zen saying."---Frank Zappa...may he rest in peace.
everything must be free!
Both education and medical care are a mess. Both are threatening to eat the whole economy, because they are far out pacing inflation. Both are paid for via a complex web of government financing. You're right--she's part of the problem because she's for increased regulation and support, which artificially stimulates demand and raises prices.
I agree. Pass a federal law requiring the reduction of professor salaries by 50%, requiring professors to work minimum 40 hour weeks (clocking in & out), outlawing paying any ex-politicians (not a full professor) to teach any course, paying invuited speakers only transportation, room and meals (only if they claim poverty and so sign), require colleges to live up to the same standards as commercial colleges regarding job attainment percentages, and make colleges give a detailed cost breakdown up front before the student signs up.