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| 2006/2/9-10 [Politics/Domestic/Election, Reference/Tax] UID:41779 Activity:high |
2/9 With housing costs outstriping salaries, 40% of young people are
moving back in with their parents after college. "And with deep
cuts to education and tax breaks aimed mainly older, wealthier
Americans, government no longer has young adults back." Gosh,
I don't know whether to feel bad for these kids or laugh at
them. They should have been born in another era.
http://www.msnbc.msn.com/id/11238227/from/RS.5
\_ And why is housing so expensive?
http://www.cato.org/pubs/regulation/regv25n3/v25n3-7.pdf
\_ there's a shock, the Cato Institute thinks that government
regulation is the cause of all our problems! -tom
\_ Actually a couple of guys from Harvard and UPenn.
\_ "A college degree is mandatory for most entry-level
professional jobs, but most of today's job growth is in
low-paying, low-skill industries like retail and food
preparation."
Isn't globalization supposed to force Americans to move
up the job food chain, instead of down?
\_ It does happen, just not immediately. The Reaganists and the
Free Market theorists say that there is a short period that
people down the chain will have to make adjustments. In
practice, that short period lasts about 1/2 a person's lifetime,
and adjustments are rarely made because displaced workers
usually have no foundations and stepping stones to
which they could better themselves in order to take jobs
that require higher skill sets.
\_ "advertised to" != "supposed to"
\_ What exactly is wrong w/ this? For most of human history
people lived in extended families and it mostly worked.
\_ Nothing wrong. It's just that people want to moan louder these
days and they don't want their parents to hear it.
\_ No, I also think there is more of an expectation of
personal privacy and space. Some people moan about this
as an indication of the decline of "family values", while
others just don't feel comfortable with the idea of the
perceived intrusiveness of shared living space. Unfortunately
that costs. I feel bad for people who don't have the
possibility of their own space, although regarding the
article, I don't understand why people in a dodgy financial
situation opt to have children. -John
\_ what?! even Big Cow Wang making $1 a day in rural
china can have children. the dude in the article
is making $27000 per year. of course he can and
should have children. that's his right, and any
place where a person making $27000 can't afford
children must be seriously screwed up. what I
find really wrong is all the tax breaks rich
people get when they have children. I don't mind
subsidizing poor people for child care expenses
but why do rich people get them too? It's good
that you still don't have children. I would hate
paying tax to support your kids and your
expensive tastes. ok, just kidding.
\_ I think child care tax credits phases out as income
goes up.
\_ The world has more people now than ever before. I don't
think it is really a case of "living with family" vs not.
I think it is that when you and 500 people live in a small
village and the next village is 2 days away, you are going
to get a lot more 'personal space' than living with your
parents in a 4/3 house in the burbs.
\_ I think think the village of Long Wang, China (2 sq.
miles, 500,000 inhabitants, 3 billion chickens) is not
something by which I want any society I live in to
measure itself. And yes, by all means have children,
but don't whine if you're too poor to support them
in the manner you'd like, and don't rely on my state
to do so. -John
\_ 500k in 2 sq. miles is exactly what I'm talking
about as a "Bad Thing" that you'd only see in an
over crowded world. And no, I don't want to shell
out so someone else can have 8 kids and still live
like a prince, either.
\_ Thanks for your concern, but we manage our affairs
just fine, and we alway say "butt out" when
American hypocrites start whining about our
population control policy, etc. We also plan on
turning Tibet into a big theme park tourist
attraction. All the Tibetans are very excited
with the prospects of new tourist money. But
we still love our American friends, so when they
are in big economy trouble because their people
are lazy and love to enjoy life, and their
government is corrupt and like to spend money,
we help them by appreciating our currency and
lending lots of money to them. This, in spite
of the fact that they stole lots of our treasures
last century and acted like drug dealers.
- Big Cow Wang
\_ You personally help do this stuff eh? That's
quite the active motd poster. How's your standing
in the Party?
\_ I am member of the legislature for the
Great and Glorious Republic of China. I
led the successful "Just say no to buying
overpriced and outdated American weapons"
campaign. - Big Dog Lee
\_ Here, we'll give you back the glorious imperial
hankie that we stole in the Opium War, you have
a bit of froth right there, to the left. -John
\_ Don't tell me. Tell your museum directors.
But it's okay, you can have them for now.
May help a few of those laid off delphi
workers work as museum security guards.
- Big Cow Wang
Think of the children they have to feed.
and security guards most likely make less
than $27000 a year. - Big Cow Wang
- Big Cow Wang
\_ Hey, I don't care. As long as great
glorious Chinese mob is living in shit
and getting beaten with sticks to make room
for new factories, it's all good. -John
\_ Paddi field bad. Factory good.
More pay at factory so I take my
children to see exotic natives in
Tibet, and Americans dancing around
in funny suits in Hong Kong
Disneyland. - Big Cow Wang
\_ http://tinyurl.com/av5va -John
\_ http://tinyurl.com/9gto9 |
| www.msnbc.msn.com/id/11238227/from/RS.5 Personal Finance 'Generation Debt' is going deep into the red Young adults seen facing huge credit-card balances as incomes stagnate Young person shopping Tim Boyle / Getty Images file Nick Hehn shops for flat-panel wide screen televisions at a Best Buy store in Niles, Ill. More and more young people are reining in their spending so they can pay off credit cards and student loans. By By Vanessa Richardson MSNBC contributor Zoe Paul has made drastic changes to her former lifestyle. As a Web designer in San Francisco during the heady dot-com era, she started her mornings at Starbucks, bought her coworkers drinks during happy hour, and ate out nearly every night. Now 30, Paul works without benefits for a small ad agency in the Bay Area and worries daily about being laid off. To help pay off $10,000 in credit card debt, she routinely empties coins into a jar by her bed. When furnishing her living room, a trip to a furniture store was not an option; instead, she bought a tweed sofa bed from a thrift shop for $67. The most painful trim: Abandoning her daily Starbucks run. Many twenty- and thirtysomethings raised on MTV and InStyle magazine have tried to mimic the glamorous lives of the rich and famous through the use of credit cards. But as the 21^st century has ushered in skyrocketing housing prices, stagnant income levels and five- or six-figure student loans to pay off - a seismic shift has occurred: A growing number of young adults are reassessing their lifestyles and mimicking the frugal habits of their Depression-era grandparents. They clip coupons, organize grocery-shopping trips to Sam's Club instead of darting to Whole Foods and now consider a $4 cappuccino as an infrequent luxury. "When I was growing up, I didn't know a lot about handling money or being frugal. Buying a home isn't even in the cards since prices in many urban areas where young people go to start their careers have more than doubled. "It used to be that spending more than 30 percent of your income on housing costs was a major cost burden, but many young people are spending 40, even 50 percent," said Bruce Nissen, director of research at Florida International University's Center for Labor Research and Studies. "Housing price and rents both have tripled, way faster than income." A Boomer in his fifties, Nissen is relieved that he bought his South Florida home in 1999 and has since seen the value triple, but feels bad for his two sons, ages 25 and 27, who are priced out of the overheated market. "Some still believe the American dream is owning a home, and they'll use all their savings on it. Then there are others who believe it's forever out of reach and just giving up on it. That's why you have 40 percent of young people moving back in with their parents after college." A college degree is mandatory for most entry-level professional jobs, but most of today's job growth is in low-paying, low-skill industries like retail and food preparation. That translates into a very bad time for twentysomethings to be entering the labor force, said Nissen. "The job market is expanding but 80 percent of these new jobs don't require a college degree. So your choices are working at either Burger King or Wal-Mart where, obviously, the pay is not good," Nissen said. And with deep cuts to education and tax breaks aimed mainly older, wealthier Americans, government no longer has young adults' back. Many economic forecasters doubt that those under age 35 will be the first generation not to equal or surpass their parents' standard of living. That is a disturbing reality for a group that should be in its prime, looking toward marriage and their first home. Instead, they struggle to pay hefty student loans and credit card debt. A 25-year-old office clerk for a local government agency in Sacramento, Beeler has $20,000 in student loans for a psychology degree he may never use. With an annual salary of roughly $27,000, he and his wife Kelly struggle each month to pay rent, car insurance, utilities, student loan and credit card fees. They have no savings and they just had a baby, which now increases their household spending even more. "I'm also grateful for my son, but we're definitely going to feel the pinch even more." |
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