American Dream is Elusive for New Generation, Or: FIRE across the generations

[ThePythonicCow]

Re: American Dream is Elusive for New Generation, Or: FIRE across the generations

Gaps of that kind on a resume have historically been a "no-no."

That depends on various factors.

Such a gap may be hardest on the applicants own mind set. You have a much better chance of getting hired if you are confident, with good reason, that you may well be the best choice for the job and provide the best value to the employer. If you start doubting yourself because you're too old or too young or too this or too that or not enough something else ... bzzzt ... you lose.

[wayiwalk]

Re: American Dream is Elusive for New Generation, Or: FIRE across the generations

One topic I would be interested in seeing receive the EJ/FRED iTulip special treatment is the economics of higher education.

..............................

To me it stinks of a desperate need for a near TARP sized bailout......but will it go to the F.I.R.E. special interests that made the loans......the education institutions that can no longer market a product with a hugely negative return on investment....or to the current/former students?

I'd like to see an iTulip opinion on this...and will post in the EJ

Amongst my family and my sister's (and we all went to private schools in the 70s and 80s) the first choice is state school unless extreme opportunity presents itself otherwise.

I suspect that the private schools (other than ivy's and top tier) are already seeing a significant decline in either applications or "quality".

[Chomsky]

Re: American Dream is Elusive for New Generation, Or: FIRE across the generations

One topic I would be interested in seeing receive the EJ/FRED iTulip special treatment is the economics of higher education.

When I received my generic undergrad from a generic university nearly 17 years ago, tuition/room/board was only approx $6-7K per annum with an average starting salary for a liberal arts degree in the mid $30's

Fast forward to today, tuition/room/board has more than TRIPLED with an average starting salary for a liberal arts degree STILL stuck in the mid $30's(like Groundhog Day Redux), and that's assuming a job can be found in this climate.

What is the current "30,000 foot view" of higher education in the US?

Is the US higher education system currently in a state similiar to the housing/mortgage industry was in 2005/6?

Surely higher education would be one of the industries MOST compromised and distored by the F.I.R.E. economy.....so how will it play out?

Certainly the US higher education systems plays into the iTulip concept of eventual US reindustrialization........potentially acting as a positive catalyst, an 800 pound boat anchor, or something in between.

Right now it certaily, looks, sounds, act, and feels like an 800 pound boat anchor.

Personally, I view the distortions in US higher education poisoning, impairing, and delaying ANY eventual recovery via reindustrialization:

*Way too much student debt which will further supress future big ticket consumer spending(less houses sold, fewer cars sold, less durable goods, and lots less next generation consumer babies)

*The risk of a higher education industry "stroke", not only resulting in considerable industry consolidation, but potentially a dramatic drop in R & D and university derived commercially viable technology, business formation, and employment creation.

*Even with legislation from approx 2005-ish preventing default of federally backed education loans.....the complete absence of collateral/value associated with that student debt is cause for considerable concern for our entire society.

To me it stinks of a desperate need for a near TARP sized bailout......but will it go to the F.I.R.E. special interests that made the loans......the education institutions that can no longer market a product with a hugely negative return on investment....or to the current/former students?

I'd like to see an iTulip opinion on this...and will post in the EJ

EJ covers this pretty thoroughly in his new book ("Postcatastrophe Economy"). I finished reading it this weekend.