-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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“Free money”, gimme, gimme, gimme. Warren’s a product of SJW endorsement. She’s a proven faux Native American, a 2nd-rate academic from 3rd-tier universities, who catapulted herself into Ivy League professorship, a multi-millionaire, and US Senator elected despite her fraudulent personal history. She should win the Horatio Alger award (real thing) for self-reinvention. Warren herself can afford to subsidize her “erase student debt” policy; tax-ramifications are mere pocket-change for her own household. But for middle-income and upper-middle income seniors who actually paid full-freight for their children’s college educations, this proposal is insult upon injury. My household probably pays 40%+ of our… Read more »
I normally agree with much of you say, and what you say above, but the student loan crisis is a real problem. I could write an entire book on the negative effects that burdening our smartest, youngest and most innovative minds with debt has done to the nation, from lowering fertility rates, to creating corporate monopolies in the marketplace as risk adverse, debt laden kids take corporate jobs to pay the loans instead of taking risks to start companies. I paid off my loans, six figures of them, and it’s been a terrible experience I wouldn’t wish on anyone. I… Read more »
Debtsor, I agree that it is a serious problem. But blanket forgiveness without a serious examination of how the education establishment created the problem will only lead to the next round of forgiveness. They cannot be allowed to continue destroying the futures of young people with their indoctrination programs that result in nothing but debt. There has never been and will never be an economy that values a degree in gender studies. To encourage student borrowing for worthless degrees is criminal. Forgiveness of debt must be accompanied by steps to assign the guilt squarely where it belongs- on the university… Read more »
“To encourage student borrowing for worthless degrees is criminal.”
The system is about more than just worthless degrees. It’s every degree that is extremely expensive.
Don’t you think that the increased demand for a degree (including the worthless ones) increased the cost for all degrees? I am old enough to remember when you didn’t have to pledge your economic future to get a degree. But then they were not encouraging everyone to go to college for a degree in intersectional studies.
A significant majority of college degrees are *not* critical gender theory and queer dance. That is a myth. Everyone knows those degrees are worthless, even college graduates themselves. Most graduates try to major in things that have some usefulness in the marketplace these days. https://nces.ed.gov/programs/digest/d19/tables/dt19_322.10.asp Sure, there are some outliers like the 100k plus social science degrees, but theres 121,000 engineers and 386,000 health science majors. All of these degrees cost money, and even being an engineer earning $80k+ a year, it’s still quite a stretch to require an 18 year old student to pay $100k plus interest 6.0% for… Read more »
The student loan programs allowed colleges and universities to sharply increase their tuitions and fees. That increased revenue didn’t fund more professors and teaching positions; in fact, number of tenure-track positions have been dramatically reduced in same time-period, while number of nomadic underpaid minimum-wage adjunct “professors” have substantially increased, as teaching staff totals remained constant. Nope, many universities and colleges went on capital development construction sprees, new fancy buildings, recreational centers, luxury dorms, cafeterias, and student unions, elaborate lab and library structures, branded classroom buildings with extensive media equipment, etc. Administrative staff counts exploded, as did administrative salaries. I know… Read more »
“You really think it’s prudent investment to spend $75,000+/year to be taught by adjuncts in a Northwestern or UoC 200+ seat lecture hall?” They are selling the brand name of the university and access to other like minded students with connections. And that brand name has, for now, massive value. An Eastern Illinois University degree won’t get you a job with a large consulting firm or prestigious tech company. Well, maybe as a call rep. or at the help desk but not as a career track employee. But a U of C degree will get you in the door at… Read more »
The article said 56% of those polled favored Senator Warren’s proposal. From the comments directly after the article and the comments here, I can’ believe that number. Sponsored Polls poll for the result the sponsors want and should be ignored.
This is not a good sampling of overall public sentiment about political issues nationwide. This group is skewed to the conservative point of view. Then, we don’t know what’s mean by “those polled.” If its truly a large and random sample as one might hope that’s a better sample of public opinion at large.
We also don’t know how the question was phrased. I’m guessing if they asked “Are you in favor of cancelling student loans which would be paid for with higher taxes?” I doubt they get anywhere near that 56%. I paid for my kids, they both did two years at community college and transferred to a 4 year university. My daughter is already more successful than I was at her age and I have no doubt my son will be as well. If a student thinks he needs a degree from a particular university to succeed then that student should pay… Read more »
Unfortunately we have come to view “public opinion” as indicated by polls to be the standard for determining what is right.
The founders recognized that once the majority realized that they could vote their hands into their neighbor’s pocket, mob rules ensue. They instituted a republic form of government and put Constitutional limits on government power to avoid just this outcome.
Progressives hate the Constitution and scream about “saving democracy”. What they are endorsing is mob rule, as we can see in the blue cities across America.
I, too, paid off my six figure loans (when converted into today’s purchasing power) and am totally in agreement with the author on all but one thing: President Biden has never advocated forgiving student loans. In fact, I heard him say very forcefully that we should not do so, much to the chagrin of a questioner at a town hall style event. So please, be truthful, and don’t try to pretend that Biden is extreme left like Warren or Sanders.
Funny guy here, thinks Biden’s opinion on the matter is relevant! It doesn’t matter what Biden said or didn’t say. Biden’s not in charge Andrew!!! If that hasn’t been obvious! The guy can’t make it out of bed to meet with the Japanese PM!
How would you like to be the dad or graduate that just paid off their loans 3 months ago. Then they have to watch every deadbeat get their loans forgiven while they get no reimbursement. Id be pissed.
I paid off my six figure student loans. It really sucked. It was really hard. I don’t wish it on anyone. I had quite a few lucky breaks along the way, including a spouse with a good income and no debt, extremely low interest rates, and a spouse equally willing to live like a pauper for nearly a decade to put a dent into them. and I luckily remained employed during my repayment years. No one should have to borrow six figures so some leftist professor can earn a top 5% living. Whats worse is that they are nonchargeable in… Read more »