Suckers R Us, Tuition Paying Parents

What a scam!

Biden and the leftist cadres are calling for immediate student debt forgiveness. Can I expect a rebate from other taxpayers for the four hundred thousand dollars I spent on my three children’s college tuition? I suspect not. What a sucker was I for forgoing consumption for more than 20 years and saving for the express purpose of providing my children with an education entirely at my expense? One son was a stellar student, a recipient (not a finalist, he actually got it) of a National Merit Scholarship. Big honor. Small payment = $2K per year for 4 years. Hardly a dent. What a sucker, indeed.

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Author: civil westman

Driven to achieve outward and visible things, I became a pilot, a doctor and a lawyer. Eventually, I noticed the world had still not beat a path to my door with raves. Now, as a septuagenarian I still work anesthesia part-time, fly my flight simulator to keep my brain sparking and try to elude that nagging, intrusive reminder that my clock is running out. Before it does, I am trying, earnestly, to find a theory of everything - to have even a brief "God's-eye" view of it all before the "peace which passeth all understanding."

41 thoughts on “Suckers R Us, Tuition Paying Parents”

  1. This is just more sad evidence that America is so over. Millions of “oppressed victims studies” graduates turned into mindless SJW’s all at our expense. They’ll probably burn down the banks before the federal government can print the money (or rearrange the electrons in the correct computers) to make their friends, the bankers, whole. Actually, they may burn down the government buildings at the same time. I sincerely hope they start in the swamp. I doubt their dem overlords of the moment will even try to stop them.

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  2. We  paid massive amounts, full freight, so that some other bozos’ kids could go to Penn for free.  Higher education is already completely socialized.  And yet, it’s the scholarship kids who seem to resent the system most.  They are smart, and they got what they, ah, merited.  So why are they so resentful?
    26 years ago when I was nursing my newborn , I used to laugh when people mentioned her going off to college.  I couldn’t believe this obviously outmoded and increasingly non-productive system would still be going strong by the time she was 18.   But it only got bigger and stronger and more unproductive, nothing more than a social marker—but one you really had no choice but to purchase.  If this pandemic brings it down, it won’t have been all bad. 

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  3. I feel just as foolish for paying decades of personal health insurance with absolutely no medical problems; now people buy it for the first time with “pre-existing conditions.”

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  4. This is just further evidence (as if any were needed) that the Democrat party has written off the “working people” with whom it traditionally identified.  Funny, I didn’t hear anything about “forgiving” loans taken out by tradesmen to start their independent businesses, trucking owner/operators to buy their vehicles, or convenience store operators to start their business.

    Those people no longer fit: they are not dependent upon the state for their livelihood, and hence are unreliable in the sham elections they stage to provide an illusion of legitimacy to their oh-so-polite tyranny.  Heck, a lot of them voted for Orange Man.  Now it’s time to favour the reliable masses at their expense.

    Torches, pitchforks.

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  5. civil westman:
    What a sucker was I for forgoing consumption for more than 20 years and saving for the express purpose of providing my children with an education entirely at my expense?

    Aren’t you glad that you helped subsidize all those slackers who got useless gender studies degrees?

    The world is upside down. This is the stuff of rebellion.

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  6. My daughter,by my first wife, still owes an arm and a leg for her PHD from Penn State. My son, even though he had a pretty good scholarship at the University of Scranton, is paid up.

    Me, I’m an uneducated high-school grad with numerous technical school diplomas that I don’t know what bathroom wall to paste them on.

    It would be good for my daughter to get her student debt to be reduced or eliminated, but what would that prove?

    Why don’t they just say everybody has a PHD and eliminate the need for colleges?

    Then we wouldn’t have student debt.

    (sorry five rum and cokes talking, LOL)

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  7. Aren’t we all glad that a mere 4 years ago, when there was a Republican President and Republican-controlled Senate & House, that those guys got together and reformed student loan programs?  Oh wait!  That was in a parallel universe.

    Many years ago, Ben Stein (yes, that Ben Stein) wrote a book on the Never-Never Land of mass long duration retirement.  (It never happened before in human history;  it will never happen again).  One of the hypotheticals Stein posed was what would a parent saving for retirement say to an offspring who came asking for say $250k cash so that he could buy an income-producing asset like a building or a big rig truck and live off the revenues.  Naturally, Stein imagined the parent explaining to the offspring the meaning of the word “No”.  But the same parent would feel obliged to pay roughly the same amount for an over-priced education for that offspring.  It seems like a cultural thing.

    But looking forward, if past student loans are to be forgiven, does that mean that future students will simply be given free money?  If so, will all the older guys left with no work by the Political Class’s offshoring industries and regulating businesses out of existence chose to become mature students instead of unemployed workers?

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  8. In many respects K-12 public schools, i.e., “free,” made basic education available to everyone. Yet in many urban areas you would be hard pressed to find anyone willing to send their children there. The university will rapidly devolve into that once we make it “free” and compulsory. Those same kids who drop out and populate our prisons will be offered a choice to continue doing that or terrorize and destroy the university. It’s okay though because the “richest” nation in the world will have made it possible to destroy the university without incurring huge debt.

    What an insane world. “Damn them father, for they know exactly what they do.”

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  9. Gavin Longmuir:
    But looking forward, if past student loans are to be forgiven, does that mean that future students will simply be given free money?

    Just wait….  According to Politco (2020-11-07):

    President-elect Joe Biden wants to eliminate tuition for all students at community college and for families earning under $125,000 at four-year public colleges and universities. He’s also proposed doubling funding on Pell Grants, tripling federal spending on low-income school districts and boosting the money the government spends on special education.

    Here is a Forbes article from 2020-09-04 about how much all of this may cost: oh, somewhere between US$ 750 billion and US$ 2.92 trillion.  Chump change, when you have those magical treasure chests in the White House basement!

    As libertarians are wont to say, “If you think whatever is expensive now, wait until it’s ‘free’ ”.

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  10. Gerardsays:
    #6 2020-11-18 at 04:35 UTC  [Quote]

    “Why don’t they just say everybody has a PHD and eliminate the need for colleges?”

    [caption id="attachment_45206" align="alignnone" width="300"]transforemre impoveish Basic AC energy  – undergrad EE.[/caption]

    A PhD suggests an eldritch creativity and conveyance of art. (0bsolete), a Brobdingnagian capacity to generate grandiloquent BS (secure grant funding), or a hole in which to plant feminist/Socialist dialectic.  If you want a hot code poet, look for an autist.  Hell – if you want anything to be impaled on a hot ice pick of inquiry, look for an autist.

    “Dr.” Jill Biden bought, er, was granted an Ed.D.  She demonstrated a positive statistical incidence of knowing which end of a chalk stick to use on a blackboard, at least in the opinion of her Committee.  It was a near thing.

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  11. Student debt, ~$(USD)1.5 trillion with no collateral.
    Credit card debt, ~$(USD)1.0 trillion.

    Forgive all credit card debt and make a $500 billion profit doing it – AOCenomics.

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  12. Robert A. McReynolds:
    The university will rapidly devolve into that once we make it “free” and compulsory. Those same kids who drop out and populate our prisons will be offered a choice to continue doing that or terrorize and destroy the university. It’s okay though because the “richest” nation in the world will have made it possible to destroy the university without incurring huge debt.

    This is good news. Anything that further debases these corrupt institutions is all to the good. Their degrees will become even more worthless than they already are. Besides, Starbucks is always looking for baristas, right? Well, until the robots take over those jobs. Then we’ll have the most highly credentialed homeless population in the world.

    “We had to destroy the university in order to save it.”

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  13. Robert A. McReynolds:
    It’s okay though because the “richest” nation in the world will have made it possible to destroy the university without incurring huge debt.

    You must be kidding. We’re 27 trillion dollars in debt and our good friend Xi Jinping is holding all the paper.

    What I find incomprehensible is that his Covid scheme will most certainly inhibit any pay back on that debt. Suppose power is more important than financial considerations which is about the most inane concept I have ever heard and could only be understood by a Communist who separates prosperity from power. Our pols are just as stupid except the one who just lost the election.

    Can’t wait to see the wasteland Hong Kong will become in five years.

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  14. Suppose power is more important than financial considerations which is about the most inane concept I have ever heard …

    There are many things more important than financial considerations — make your own list.  But that aside, let’s take the leadership of the Chinese Communist Party at their word:  They say they are focused on making sure the “Century of Humiliation” China suffered at the hands of English opium dealers and Japanese militarists will never happen again.  They are making China the strongest nation in the world — a country that no-one will risk crossing.  Since Europe is a busted flush and Japan is even more indebted than the US, undercutting the US clearly has to be one of China’s prime objectives.

    Suppose that Chairman Xi has to write off the debt which the US has run up with China;  that would still be a whole lot cheaper than fighting a war with the US — and probably more effective in reaching China’s goal.  Does anyone really imagine that China ever expects the US to repay that debt?  A US which has offshored so much of its former productive capacity to China that it is now incapable of running the trade surplus which would be required to pay off the debt?

    True wealth is not a stock certificate in Apple denoted in fiat dollars.  True wealth is a factory and trained workforce which can manufacture millions of iPhones — and that factory is in China, along with most of its supply chain.

    Trust not in pieces of paper!

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  15. Gavin Longmuir:
    True wealth is not a stock certificate in Apple denoted in fiat dollars.

    It certainly is. It’s an investment in factories that produce iPhones.

    And I don’t believe China can afford that kind of debt as its economy is a lop-sided one at best. Industrial growth is overwhelmingly supported by debt-fueled investment rather than by consumer spending (which is flat).

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  16. ET:  “[China’s] Industrial growth is overwhelmingly supported by debt-fueled investment rather than by consumer spending (which is flat).

    Stop and think about that statement.

    First, China has genuine industrial growth — most of the West does not.  Advantage China.  It means many Chinese citizens are productive.

    Second, where do consumers get the resources to support their spending?  The obvious answer is — by first producing goods & services for which other people are prepared to trade things they themselves have produced.  Of course, foolish politicians can pervert this temporarily by printing “money” and handing it out to people who are not producing.  However, this has been tried before and we know it leads to tears over the longer term.

    One of the traps we all have to be careful about is assuming that things will stay the same.  China will always be willing to trade the iPhones only they can make for dubious Western fiat IOUs.  Apple will always be able to find a Chinese company willing to do the hard work of actually manufacturing an iPhone.  Those statements will be true — until the day they are not.  And then the person holding an Apple stock certificate may find it difficult to trade it for anything of value.

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  17. Gavin Longmuir:
    First, China has genuine industrial growth — most of the West does not.

    I do not consider it to be particularly stable in the sense that, as mentioned, it is fueled by debt. Secondly, the U.S. has progressed to an economy fueled by technological breakthroughs. As you said, not all things stay the same.

    The biggest challenge I foresee is to protect ourselves from intellectual theft.

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  18. King-elect:

    Robert A. McReynolds:
    The university will rapidly devolve into that once we make it “free” and compulsory. Those same kids who drop out and populate our prisons will be offered a choice to continue doing that or terrorize and destroy the university. It’s okay though because the “richest” nation in the world will have made it possible to destroy the university without incurring huge debt.

    This is good news. Anything that further debases these corrupt institutions is all to the good. Their degrees will become even more worthless than they already are. Besides, Starbucks is always looking for baristas, right? Well, until the robots take over those jobs. Then we’ll have the most highly credentialed homeless population in the world.

    “We had to destroy the university in order to save it.”

    No you are right on this. The current make-up of 99.9999999999% of US universities is based on Leftwing indoctrination and not education, so the diplomas received are as useless as overly inflated stocks as a measure of wealth. I just suppose I still have some nostalgic, romantic view of the university as a place to receive a classical education–we all know that is not what it is. So, let the demolition begin.

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  19. EThompson:

    Robert A. McReynolds:
    It’s okay though because the “richest” nation in the world will have made it possible to destroy the university without incurring huge debt.

    You must be kidding. We’re 27 trillion dollars in debt and our good friend Xi Jinping is holding all the paper.

    What I find incomprehensible is that his Covid scheme will most certainly inhibit any pay back on that debt. Suppose power is more important than financial considerations which is about the most inane concept I have ever heard and could only be understood by a Communist who separates prosperity from power. Our pols are just as stupid except the one who just lost the election.

    Can’t wait to see the wasteland Hong Kong will become in five years.

    I think you took my sentence there a little too literal or maybe my sarcasm didn’t translate in the written word. I certainly was not saying that this scheme of Biden’s will be painless and debt-free. As John above noted, you have no idea how expensive a thing is until you make it free. I would add until you make it free and compulsory.

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  20. EThompson:

    Gavin Longmuir:
    True wealth is not a stock certificate in Apple denoted in fiat dollars.

    It certainly is. It’s an investment in factories that produce iPhones.

    And I don’t believe China can afford that kind of debt as its economy is a lop-sided one at best. Industrial growth is overwhelmingly supported by debt-fueled investment rather than by consumer spending (which is flat).

    The problem with financial inflation is that investment decisions by entrepreneurs are based on relative prices.  When relative prices are disrupted, as by financial inflation, the entire productive structure of the economy is distorted.  The movement of real savings into real investment is stymied…The “financialization” of the economy—the expansion of the financial sector relative to mining, agriculture, manufacturing, transportation, energy, transportation, and retail—is but one example of these distortions.

    This comes from this book review by Robert Blumen of the Mises Institute. Mr. Blumen is a software engineer with a background in financial applications–meaning he knows something about markets. The book is Peter Warburton’s Debt and Delusion: Central Bank Follies that Threaten Economic Disaster. The quote basically says that when financial markets are perverted by fiat money, the false expansion of the financial sector occurs at the expense of being able to create tangible capital. Our massive debt, particularly through QE type measures, created a massive distortion in the financial market compared to the rest. The evidence is demonstrable by looking at the stock market under Obama compared to the rest of the economy. The stock market grew a much fast rate than the overall GDP, and much of that GDP growth was due to government expansion and healthcare expansion after Obamacare and growth in shale oil extraction. And finally, during this economic “expansion” in the Obama years, “The economy was in a liquidity trap. Borrowing was easy, but borrowers were scarce. Those who did take out loans didn’t build factories; many just bought shares.”

    Finance capitalism does not create wealth for anyone except those who already have wealth. Wealth is created through saving (killed by low interest rates), prudent acquisition of capital good (factories), and smart investing with an eye to longterm gains. Increasingly our financial markets have a zero-risk component through the fiat money created by the FED and general government bailouts. This only helps the stock jobbers and only hurts the middle class wage earners. The numbers on this speak for themselves. To Trump’s credit, he wanted to reverse this, but sadly he ran out of time.

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  21. EThompson:

    Gavin Longmuir:
    First, China has genuine industrial growth — most of the West does not.

    I do not consider it to be particularly stable in the sense that, as mentioned, it is fueled by debt. Secondly, the U.S. has progressed to an economy fueled by technological breakthroughs. As you said, not all things stay the same.

    The biggest challenge I foresee is to protect ourselves from intellectual theft.

    This is true, but look at the whole health of the economy of the United States. During this shift from producing to thinking (which is a very dumbed down way to describe what you accurately described above), our hard capital industries have all but disappeared and created a society–as detailed by Charles Murray in Coming Apart–where more and more parts of our society are addicted to drugs, suicidal, and dependent on government subsidization. An economy based on thinking alone does not generate enough wealth for all to advance and the past 40 years in this country proves that. If we were thinking of new things AND producing those things in this country, imagine how far ahead the US would be of the entirety of the globe. Instead we have financed ourselves to oblivion and will continue to do so under Biden and beyond.

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