President Joe Biden today signed the continuing resolution that will keep the government operating into March. Meanwhile, the stock market roared as two of the three major indexes hit new record highs. The S&P 500, which measures the value of 500 of the largest companies in the country, and the Dow Jones Industrial Average, which does the same for 30 companies considered to be industry leaders, both rose to all-time highs. The third major index, the Nasdaq Composite, which is weighted toward technology stocks, did not hit a record high, although its 1.7% jump was higher than that of the S&P 500 (1.2%) or the Dow (1.1%).
More good news as Biden and Dems work to protect our freedoms—foremost of which is the freedom to earn a fair return on our work and not be forced to chose between affording to pay for rent, food, medicine or debts, because a handful of giant corporations price gouge us at the pump, grocery store and bank.
Curious though—we don’t describe mortgages as “homeowner debt” nor do we call car loans “driver debt”—so, why do we use the term “student debt” for a loan that pays for an education?
Doing so falsely stigmatizes the learner and emphasizes the student's obligation to repay, rather than the debt’s function or its outsized cost...food for thought.
I think we desperately need to tackle the high cost of college education in the US. In Europe it is free in many countries. Now which system is superior?
Matt, I worked for 40+ years in a Univ fin aid office—a generally affordable state college—assisting students/families in accessing the means to attend. I also had the opportunity to talk w/ students from other countries & while their college costs are WAY more affordable than ours, they also, generally, having a sort of aptitude testing that happens and steers folks into trades or into higher ed. We don’t have the same sort of system here, tho comm colleges can offer technical certificates/AA degrees. Over my years in the career, I’ve seen (in CA at least, starting w/ Reagan as governor) the shrinking of public dollars supporting affordable college.
Said it before, but I'm saying it again, dammit: Ronnie Ray-gun was an unmitigated disaster six ways to Sunday, first in California and later in our White House. We are still suffering the effects of his handlers' philosophy (he never had a philosophy - didn't have the brains for it - but was an apparently attractive face to put on the beginnings of American populist fascism) decades later, and their heirs are STILL trying with all their might and main to destroy American representative democracy. What a legacy!
Yes! Reagan was a tool of big business. First in California, then the nation. They just wanted someone who would read their script and who better than an actor?! There was the added bonus of a lack of integrity. Mega jerk.
Image, image, image. not much different than chump. He had Peggy Noonan to write scripts, and Michael Deaver to wrap him in a flag (great PR, but phony from the git go). Two of his kids were on to him. Chump had idiots and his kids were part of the schitt show. Legacy that I hope repubs acknowledge someday. I won't live long enough for that though...
When I saw the films of the farm workers being beaten while Reagan was governor of CA, I knew who he really was. And that attitude toward the people who harvest so much of our food is despicable and continues to this day.
Wait until trumpers have no fresh fruit or vegetables or if available the price would be prohibitive. Who did hurricane repairs in FL when no American would work? They've paid over billion dollars in taxes. I am sure that they do not have cemetery in a golf course as a deduction. Trumpers should love undocumented workers since their hero has used them repeatedly.
Even Democrats seem to hesitate at throwing stones at him. That would seem to suggest something special regarding entertainers as politicians, wouldnt it? As with sports stars, entertainers (I know a reach for tfg) appear to be above reproach? And on top of that think of the millions we throw at them. The comparison between those salaries (and bonuses) and the earnings of everyday workers? Somehow - a bit out of balance?
When I started at UC Santa Barbara in 1969, there was no tuition. My BA degree conferred in 1973 cost me only room, board and books (which were also vastly less expensive than today). A college education was essentially free. Reagan was elected governor at the same time prop 13? was passed limiting how the state calculated property taxes. First thing Ron did was cut the budget for the universities. Tuition had to be instituted almost immediately thereafter. If I recall Reagan’s argument correctly, it went something like this - why should people without kids in college subsidize those that do? Students and their parents should save more and borrow the rest. That might have been ok in 1974 when tuition was $300 per year, but today it is nearly $20,000. Not sure how graduating students can be productive members of a consumption based economy when they start out owing a the equivalent of a small mortgage payment on their student loans before they even start a job....
Once upon a time people could pay for college with part time jobs and summer employment. Now costs are way up and the minimum wage jobs students can get just can’t cover college even with full- time work.
Carol, I had a handout for students to share with their parents about why it was becoming impossible to work your way thru college anymore & like they may have done. It crunched the numbers to show how many hours a student would have to work to support themselves & pay educational expenses….there would be little time to attend class, let alone college extracurricular activities (which can be an important part of a fulsome education). I would often be the “bad guy” by carefully crunching the numbers—sometimes in an appointment w/ both the student & parents—and suggest they live at home (this got the most groans) & attend a comm college, on the transfer-track (good academic advising is crucial here) & complete all the lower div GE courses before applying to a 4-yr college. It would save at least two years of potential borrowing & urged students in any case not to dilly dally (while still expanding their horizons while attending). Sometimes if a student didn’t seem motivated or “ready” & I’d suggest a gap year or two….try out the working world, see where your interest lay…..attending college if you’re not primed for it is a really expensive place to spin your wheels! Of course these were just suggestions, but I wanted them to consider all the issues and angles & make the best informed choice for them.
Even with a decently paying job after college, it is really tough. Two things drag the younger generation down now: rents are very high, even in Low Cost of Living areas, and the student debt, which didn't really exist for the older boomers. Taking care of those two things will lift the burden off our next generation, and I'm very happy to see Biden taking care of this, as best he can.
Minimum wage jobs won’t buy anything more than food or rent. Time to pay $30 per hour plus vacations and sick leave. If Americans could see how the French with free undergraduate tuition, 5-week vacations, excellent medical care, and farmers markets everywhere live, they might rethink Trump’s tax cuts for the wealthy.
How time marches on! Back in the late 60’s as a student doing stoop labor in the fields and picking crab at the fishery on the bay part time to make some money, I was making $1.65 an hour!
My first FT job after getting married (3 days after I turned 18 in late ‘67) was in the FAO (fin aid office) @ UCSB in early 1968 (my mom was head secretary in the Theater Arts Dept & suggested I apply). I worked the front desk in an old Quonset hut bldg where the FAO was located….just me alone in a room with a desk & with all the students lining up & 4 phone lines to answer—as a result I learned great skills at multi-tasking & “customer-positive” interactions (having to do a LOT of explaining & defusing of upset & often confused students). It was training by fire! I lasted a year before my hubby and I headed to Humboldt State to attend college; the FAO Dean wrote me a very nice letter of rec & I submitted it along with my fin aid app……LOL….I got a call from them asking me to interview….so my first position @ the (then) HSC was on Fed Work-Study helping students on the frontline, then shortly later on staff as frontline services supervisor while still a student (part time)…then it became my career, a true right livelihood!
Barbara, I remember the Quonset huts! They were close by the dorm I lived in. We vacationed in Santa Barbara a couple of years go and some of the Quonsets are still there!
We have many messed up policies. You can still attend a public university within your state fairly affordably, and if said state has "reciprocity" maybe even neighboring state universities. But just 2 states over you are out of luck. And of course unsubsidized colleges which are these days going for $50,000+ per year.
Matt, once in the early 90’s my then husband and I hosted a business owner (same field of outdoor adventure as my spouse) for a month to learn “capitalist ways” from the former USSR. I took him to work with me one day & he was looking at a “Cost of Attendance” (includes fees/tuition, books & supplies & living costs) I’d posted on the bulletin board. I don’t think I’d ever seen the color drain from someone’s face before. He was horrified; we then had an interesting convo about the education system in Russia & how most of the cost was covered.
I ended up attending school at the northern most campus in CA…as we used to say: “as far away as you could get and still pay in-state fees”!
I was lucky to go to Concordia College, Moorhead, MN on the "Fulkerson Family Scholarship", and tuition there was just $14,000 in 1992. Yet that was a large increase from $8000 when my sister attended 5 years earlier. There I studied physics and math and played tuba in the band and orchestra.
Then I went on to Ohio State for physics and got my tuition paid for for being a teaching assistant or else the rest of the time a graduate research assistant.
That is all pretty cheap, but not so much any more!
I think University of Wisconsin-Milwaukee was$375.00/ 12 credit semester After 12 credits, full time additional 3 credit courses were no cost. So I tried to do 15 credits per semester although Chemistry was 3x per week lecture, 1 3 hr lab and on hour discussion ( TA) so really kind of hard to do more than the 12 credit full time week.
Laughable now to think this was the cost. I had a double major Art & Chemistry/ Life sciences and my student loans balance was $15k.
I can't imagine coming out of college with $60k or the additional grad school loans. I was on the "eat rice, live in the dark and walk to school program". You could hang meat in the drafty duplex rental. Ah, yes the good old days, fun times!
My daughters came through Canadian universities almost debt free thanks to broadly available grants to higher educational accomplishment, term teaching, and of course, a more generous public support of post secondary education in general. Many a Canadian now works in the US economy.
Colleges kept raising costs while students felt they had to take on debt to attend. In general repubs felt tax dollars going to support state universities was a waste; they needed those dollars for tax reductions.
You're showing your age....when I went to school, tuition was $250 a semester and you could support yourself with a part-time job. That was when college was truly affordable.
Matt, I did a breakdown on comparing the minimum wage to college tuition at the state college (now a university, gods help us) we both attended. I graduated from there in 1981 with a degree in Criminology, a letterman in two sports for four years, and played in the symphonic wind ensemble for five years (forgive me, I played horn then; I have since seen the light and play tuba now). Between working in a small grocery store part to full time (part time during fall and spring around practice schedules for field hockey and softball, between 35-40 hours a week the rest of the time), scholarships for sports, I ended up with about 10K in student loans at interest rates of 3% on a bank lone and 2% on a National Direct Student Loan (which would let me adjust my payments, or give me an "abeyance" period for the two times I was without a job where I could pay as little as $20 a month). Tuition was just under $1,000 a year, which I could pay in $100 a month installments. For my nephew who graduated in 2018 it was over 10K. The minimum wage did not rise anywhere close to that rate.
Ohio State is still pretty affordable. In-state tuition for both undergrad and grad school is below $13k. Two of our three kids went there. Between the scholarships they earned and our 50% faculty discount, their tuition was close to zero. Our youngest got into his dream school (Cornell) and U of Michigan (where we both went). The cost difference was astronomical - $55k vs $36? He went to OSU. Room and board at OSU costs more than in-state tuition.
Regarding foreign universities, yes, they are much much less expensive. Children are tracked into college prep programs at a pretty young age, and into vocational programs otherwise. And in Italy at least, most kids go to the university in their hometown and live at home. It’s a different experience.
I am old enough to be truly lucky and have never had student debt. My father paid for my undergrad degree which would probably not pay for a full term now. He invested some money for me in the stock market and that made enough for me and my husband to go to grad school. Then I won a library school fellowship. I am truly grateful even after all this time. We were also very lucky with our house and we have been debt free for a very long time. Our neighbor is an ex-banker and he has some interesting tales to tell. I think he dealt mainly with business loans and so we have had an inside look at how some businesses or whole business fields operate.
I'm not sure which states you are referring to where you can go to a neighboring state and be treated as a resident. I do know that my niece paid $35k/year to go to Iowa State and she was a NE resident. And 45 years earlier I paid $4k/year at the same Uni non-resident from NE. It cost her nine times as much as I paid for the same University.
And I doubt if the quality of her education or the opportunities gained due to her education were substantially better than mine.
The Pacific Northwest has that "neighbor" program. Alaska, Washington, Oregon have a program where it is more like greatly reduced out of state tuition (my niece, an Oregon resident, got to go to Central Washington for a greatly reduced rate.)
It utterly disgusting that here in US that "we the people i.e government) do not educate all our children thru college. We are not anymore the best educated and are colleges the most respected which means we do not anymore contribute as much to new innovation which brought us the respect of the world and dominance thinking. I am not sure why immigrants want to come to this country and be treated horribly.
Exactly, a fact that is conveniently omitted from the discussion of why college costs now fall on students and families. Slowly, but increasingly through the past several decades, Federal funding for all levels of education has dropped, but particularly for post high school institutions. Thus, students and families are forced to borrow. And which segment of our society feels the heaviest burden from this policy? The answer is obvious.
Nancy MacLean's Democracy in Chains digs into how this shift occurred, and the ideaology behind the move to shift college costs onto individuals. An enlightening, albeit sickening book.
Not quite the same but I knew a man who retired from the USAF and while stationed in Germany learned to repair Volkswagens. Upon retirement, he worked for every VW dealership in Houston, Texas as a mechanic, parts dept., and service mgr. He became an auto mechanics teacher in a local HS although having only a HS education because he was able to certify with a vocational certification in Auto Mechanics at a local University. There needs to be more HS and colleges that provide programs that teach young people how to be electricians, plumbers and a variety of trades that can be very rewarding, without a person having to accrue a lifetime of debt…a person can always go back to school, especially with more online programs available.
I just replaced two bathroom facets. It took me 2 hours for the first one, and 1 half hour for the second when I knew what I was doing. Hiring a plumber would have been pretty costly, but they are typically solving much more difficult problems! Being a plumber or electrician or in HVAC are very good trades.
The college I attended & eventually had a career at until I retired, at one time had an Industrial Arts (later renamed Industrial Tech) that taught what might be considered “upper division” trade/tech skills as well as some entry level “exposure” classes. As a student I took a Power & Transportation class that taught automobile maintenance (did oil & filter changes, adjusted valves & did tune up’s& learned the “systems” of autos), also took wordworking skills classes and a metal/welding class. Sadly, that dept was phased out…as were the Speech & Hearing (Audiology) classes, the Home Economics courses and finally—stupidly—the Nursing BS program. Recently, having figured out they’d shot the selves in the foot, they have reintroduced a Nursing Program. Personally I like the blend of liberal arts, sciences and tech/trade offerings….seems more well rounded to me.
This country needs to go back to celebrating blue collar workers. Community College and learning a trade that is needed (mechanical engineering, hvac, plumbing, electrical, etc) should be raised to be a proud career choice once again.
HVAC to replace natural gas heating (being kept for backup) with heat pump heating, hopefully powered by wind and solar, is a huge clean tech opportunity.
Not just celebrating, but actively supporting & making eligible for state/fed aid to cover the cost. The electrician I prefer to hire taught trade classes @ the local comm college & his student would apprenticeship (with pay) with him on his professional jobs. I told him, the owner of the company, that I’d overheard what his apprentices had to say: they were so grateful at the broad range of tasks he’d give them (and oversee) and how much they were learning….they weren’t reduced to glorified “go-fers” on the job, but given reals tasks. I liked that he was teaching by example to bring the new generation of tradespersons into the future.
Under the puppet of the Calif. far right ( Reagan), things definitely started to unravel . I was teaching in Calif. when Reagan started dismantling a fair society .
I decided to see the world, not domestic travel, international travel with an Airline that trained us and demanded excellence because they could hire the best( many teachers, lawyers, nurses, even veterinarians ) suddenly competed with one another. The airlines had to compete with other international carriers that were owned nationally . We had to speak at least one other language.
We saw that the rest of the world also had great transportation, great food, fine medical care, great schools…. All the things we were told we had the best of.
We can do this again.. we can regulate and give support to those businesses that have to compete to be the best.
We can only learn how to be the best by observing what has worked, what is working in other countries, and what is resulting in a calm and secure citizenry. Let’s get busy being “the best”!
Now THERE'S a direction we could pursue with a HUGE benefit for both individuals as well as government and the entire economy; the further development of technical and trade schools.
I spoke with a lady from Finland. The impression I got was that an exam was given and the best students went onto college. The rest went to trade school. Push came to shove, I would rather have a mechanic or a handyman in my corner.
Yeah, I guess you are marked at an early age and given a map to follow. Wish we had more full-on trade schools for students to choose from. That said, I recall one fellow I’d counseled over his time at my Univ & he gave off a real “biker” vibe (well, he was a biker, nut not gang related type…just rugged individual open road kinda guy). Well, he came in for his loan exit interview & when we finished he thanked me & our office for helping him get his education. Then he told me that a teacher in high school told him—in front of the whole class—that he’d amount to nothing….he paused a beat and then told me with a wide grin that he’d just been accepted into a graduate program the next year!!! Ha, did a happy dance right there sitting in my desk chair!
Reagan did so much harm to all of us, from gutting affordable housing, to defunding mental healthcare and treatment, to stigmatizing blacks in poverty, and giving ascendency to the NRA. We are living with so many of the disastrous and deadly results of his anti-freedoms, and self-entitled world-view.
Yeah, Natalie, and the only time he WAS for gun control was after seeing Black people with guns (they weren’t threatening anyone with them, they were pictured just holding them) & he freaked out. Personally, I freak out at the pistol-packin’ family portrait holiday cards….yikes, so many guns in a household with young kids!
Though a pretty narrow view of aptitude, and I think of education. we are seduced into reliance on its ease of use and the fact that produces a number. A simplistic one, but one that comforts our desire for simplicity. Einstein is often credited with saying " “Everything should be made as simple as possible, but no simpler”, though its provenance is probably someone's paraphrasing of Einstein's “It can scarcely be denied that the supreme goal of all theory is to make the irreducible basic elements as simple and as few as possible without having to surrender the adequate representation of a single datum of experience.” No matter, for this purpose, the gist of both may apply here. It applies to liberty and justice as well.
But they serve their purpose of eliminating people who don't have those particular sets of aptitudes. My ACT scores said I'd be a C student in college....yet I graduated with 149 (took a lot of extra classes to gain deeper knowledge) credits and a gpa of 3.67. So we have a double whammy in the US. We get to be eliminated by tests that assess for only a certain kind of knowledge and by over the top tuition, fees, and living expenses.
Matt, I agree, the need to tackle the high cost of college here in the U.S. needs to be on the front burner. I went through 12 years of college, grad school and law school for what 1/4 of a year now costs at Harvard Law. Two years at Odessa College, $50 a semester; 2 years at Whitter College, $1085 per year; two years at USC, $1500 per year; three years at Harvard Grad, $1750 per year; three years at Harvard Law, $2100 per year. It all adds up to less than $17,000. I had no money yet finished it all with no debt. We need to change this drastically. Trump and the Republicans gave a $2 trillion tax break to the wealthy and large corps, but Biden couldn't forgive the debt of $1.6 trillion in student debt owed by 40,000,000, i.e., $40,000 on average per person. Unlike Trump's and Reagan's false theory of supply side economics, forgiving that debt would have stimulated the economy, an example of demand side economics.
In the ‘60s I attended a state college in Michigan. My parents paid $600 a semester for room and board in a dormitory, tuition and books, and spending money. It’s shocking to me the cost for college degree these days. Also it’s very apparent that public schools, k-12, have been starved for funding to make way for privatizing what should be public schools. This seems to be the republicans long-term plan to ensure that an uneducated general public is easier to rule.
I did 10 years. Because a physics PHD these days now takes 6+ years, since you have to learn about all and understand all of the contributions of all of the giants in the field before you can make any new progress. The giants being for example Newton, Einstein, Faraday, Feynman, Maxwell, Schrodinger.
Great going, Matt. You're probably in my generation because if you spent ten years in college recently, that ten years could easily have cost upwards of $700,000, which is $683,000 more than what I paid for twelve years. True, yesterday's dollar was worth more than today's, but the disparity is still real.
They seem to have backed off of it some (the phrase not the message" but GOPers used to be fond of calling billionaires "Job Creators"., even though the abandonment of labor laws and anti-trust has blatantly had the opposite effect on "living wage" jobs, especially for those without college diplomas. I'm exercising some restraint here by not listing the ways that Reagan Revolution" has screwed the preponderance of workers. I indulge by saying once again that consumer with money to spend are the genuine job creators, and that most of our adult citizens are workers/consumers wrapped in one. Lucky prospectors who succeeded in collecting gold attracted vendors of many sorts to the perilous Yukon, not vice versa. No one hires for a hobby, or because we shower them with money; they hire to service a MARKET, and therefore profit. And who IS the market?
Greedy monopolies of money and public power is exactly what a democratic republic is supposed to remedy. Sans a legal obligation to the common good, they tend to result in so called "Third World" countries, were the rich, at least compared to average, are few, but very rich indeed, amid oppression.
Well, that is a great question. I very much think the 1% will benefit from an educated work force. But once the work force is educated, they will most likely vote out the system that gives Elon Musk $200 billion and now asking for even more when Tesla is underperforming.
Education is a must if we are to be a successful self-governing society. Self governing cannot just be channel surfing and sitting back to watch. We simply cannot adequately self-govern unless we adequately grasp what is going on. Those who benefit from corruption don't really want the general public to know what's going on. It would definitely cramp their style.
16 million new business applications under Biden. It's difficult to navigate starting and running a business if you lack basic reading and math skills.
I've worked with almost a dozen start-ups since 2000 and I have been approached by several others that I walked away from. You're right J L, without an education it is almost impossible to successfully start-up and run a business.
I have a high school buddy (Class of 1958) who has bought, hook, line and sinker, the BS argument made by Goldwater, Buckley and Reagan that there are "Makers and Takers," and that the Takers are principally black and brown-skinned persons and that the Democrats are Socialists. He has two principal problems: 1) lack of critical thinking skills, and 2) racism.
As much as I appreciate paying around 300 euros per semester for my son to study law here in Cologne, one can’t overlook the higher tax burden when living in Germany, nor the education system that tracks kids when they move from 4th to 5th grade. Upward mobility to the college prep track is possible, but difficult. The education level of your parents play a disproportionate role in which track is recommended. Children of foreigners, particularly of recent immigrants are often underestimated due simply to their language skills.
Unless US tax payers are willing to shoulder a larger burden and the US suddenly develops a robust system of white collar apprenticeships alongside trade apprenticeships, Germany’s system would be untenable there.
We know in the USA that people hate the word tax....they love when a candidate campaigns to cut taxes. I am hearing more and more about the "Flat Tax". That will work for the wealthy. That will hurt the poor!
It is interesting the burdens that U.S. taxpayers are willing to take on. Education? Not so much, obviously. Lining the pockets of billionaires to the tune of a $34 billion federal debt - apparently so. How stupid can we get? Of course, Thomas Frank addresses this in his 2004 book, "What's the Matter Kansas," how the oligarchs and right-wing think tanks have manipulated the white evangelicals into supporting them. Brilliant on their part, devastating to the Middle Class.
But Richard! Those tax breaks are gonna trickle down to us. Taxes for edumuhcation take money out of my pocket and give it to people I don’t like so they can go to Commie College and study wokeism. (I think I covered the major MAGA talking points there.)
"You can fool some of the people all of the time, and those are the ones you want to concentrate on." Pres. G.W. Bush, White House Correspondents' Dinner, 3/31/2001
College, healthcare, social networks, individual rights, environment, etc. Superior to who? We lost that superior status long ago. Military YES!!!! Thanks to big money that owns the Congress with the help of the SCOTUS. If there are problems in this country look no further than the money in politics. Politicians need to satisfy their donors, not their constituents. They just BS their constituents and appeal to their fear and hatred.
Among the reasons higher ed costs have risen so astronomically is the growth of administrative positions. Some of that makes sense, e.g. offering support services for learning disabilities like ADHD. But imposing business models on higher ed (I remember LEAN training as part of required faculty workshop), seeing students as customers/clients to whom a "product" (i.e. a degree) is offered has not really improved the quality of education while ballooning costs.
You are right. The ease of accessing student loans in high amounts allowed colleges to raise tuition and fee amounts exorbitantly and irresponsibly. I graduated from college in 1971 and still remember hearing our college president speak about controlling costs to make college affordable to many.
If we just forgive debt and not gain control over rising costs and easy credit, we will be forgiving debt every ten years.
Students became a commodity. Their debt became a ‘capital opportunity’ for investment.
One would think this would be good for the students and good for society. However, how good is a lifetime of being saddled with debt they may never resolve?
We would do well to think in terms of “ investment “ not hand out, not entitlement, not welfare, not charity. I can tell you personal stories of people I grew up with of all races, ethnic groups, and religions who struggled financially and who did get help from the government and these people have given back tenfold as productive citizens, neighbors and workers. People want to feel that they are giving back.
Thank you for bringing this up--US universities behave like robber barons! My daughter received an excellent education and two masters degrees in two years from an esteemed French university specializing in public health policy. Tuition cost $15,000.
Matt, if the US was truly a meritocracy it would most certainly more generously finance higher education. But we can hardly get it to finance primary schools because the uneducated get forced to work for $7.25/hr and the nepo babies get to stay at the top.
Of course we must! My generation went to college , graduated and became citizens with hope. We were proud and eager to become the best that we could. We also had wonderful training by corporations that had to compete for not only the best employees but also for the business brought because they cared to be “the best”!
Tragic that we do not have equal opportunity in this country. An outlier in Kentucky is Berea College with no charge tuition. Higher education in Georgia is also no charge for in state students with a 3.00 grade point average.
Think of the entire VC industry that makes investments in startups—start ups never have to pay back a cent of those dollars if they don’t turn a profit.
No matter how much a person earns after they get an education loan, they’re on the hook—and with usurious debts.
Our economic system offers so many perverse incentives. Today’s rising tide too often capsizes the life rafts to which most working families are barely clinging and just keeps lifting the yachts of the wealthy, well-connected few ever higher.
I learned from a friend that someone we know, a social worker for many years until she retired and started volunteering, had her student debt forgiven outright. She's in her eighties, so at least she won't carry it to her grave.
Language is a powerful force, more powerful than most of us realize/recognize.
But you know who gets it? The arch-Conservative messaging gurus that have morphed the GOP into today's MAGA Repubs--people like Frank Luntz and before him Lee Atwater.
In addition to accurately calling the loans people take out to invest in their future earning potential (i.e., the means to pursue the American Dream) "education debt," we should also more critically consider the term loan “forgiveness.”
NOTE: When we (the taxpayers) gave Wall Street and the banks responsible for the Great Recession a loan, it wasn't called "forgiveness;" it was called a "bailout" -- by definition a rescue from distress. Who would be against saving someone, implicitly a victim, from disaster?
But, we use "forgiveness" whenever we talk about individuals -- homeowners who default on their mortgage, or students who can't afford their education debt. Using "forgiveness" relies on what's called a metaphor or linguistic frame.
In this case, it is a frame created by the right/Republicans (this was pointed out to me by an amazing messaging diva, Anat Shenker-Osorio).
Why? Because the right personifies the economy over working people, whom it objectifies. E.g., consider "free hand" of the market, or discussions around whether our economy is "healthy," or if an industry/industries need "reviving" etc.
The right asserts that the economy is like God, and therefore, debt "forgiveness" implies a person who can't pay back their loan has sinned. So, rather than language that reminds listeners/readers how working people have been forced into crippling debt because of the need to attain a ludicrously expensive degree to thrive and succeed in today's workplace, where educational provenance and social networks predetermine success for a wealthy, well-connected few, even as we (Biden/Dems) advocate to lift this crushing debt, we also end up casting those student debtors as sinners.
Cognitive research/experiments consistently show that the linguistic metaphors we use prime people and directly impact their beliefs about an abstract concept (i.e., a law, regulation or policy), AND it subconsciously shapes their preferences.
Sadly, the most of us (certainly politicians on the left/Dems), too often simply repeat the right's language, without questioning it. Another prime example, "tax relief."
I rely on cognitive linguist George Lakoff for information on framing, etc. His SubStack is called FrameLab. I depended on him during the four years of Trump.
Student debt and medical debt cannot be discharged under current bankruptcy law. This is likely to product of some adroit (feel free to replace 'adroit' with whatever descriptive you deem fit here) lobbying from those groups. Though why an accident/disease or trying to better yourself could mean crippling debt for a lifetime while buying a home, starting a business, or buying a yacht does not, I really don't understand.
In fact, our economic system offers so many perverse incentives. Today’s rising tide too often capsizes the life-rafts to which most working families are barely clinging and just keeps lifting the yachts of the wealthy, well-connected few.
Consider the entirety of the VC industry, which makes untold investments in startups—start ups that never have to pay back a cent of those dollars, if they don’t turn a profit.
No matter how much a person earns after the get an education loan, they’re on the hook—and with usurious debts. Hardly equitable. But then, student borrowers don't have an army of lobbyists advocating for them on Capitol Hill.
When people have been paying loans for 20+ years they have more than paid what they borrowed, and they continue to pay. Please reread the bit about mismanaged loans and about promised forgiveness that was never granted. Further, no one, including HCR, ever seems to point out that borrowers are taxed on the amount of the loan forgiven.
I posted this in reply to someone else who wrote about "forgiveness," so apologies for the repost, but chances are you won't see my other reply:
In addition to accurately calling the loans people take out to invest in their future earning potential (i.e., the means to pursue the American Dream) "education debt," we should also more critically consider the term loan “forgiveness.”
NOTE: When we (the taxpayers) gave Wall Street and the banks responsible for the Great Recession a loan, it wasn't called "forgiveness;" it was called a "bailout" -- by definition a rescue from distress. Who would be against saving someone, implicitly a victim, from disaster?
But, we use "forgiveness" whenever we talk about individuals -- homeowners who default on their mortgage, or students who can't afford their education debt. Using "forgiveness" relies on what's called a metaphor or linguistic frame.
In this case, it is a frame created by the right/Republicans (this was pointed out to me by an amazing messaging diva, Anat Shenker-Osorio).
Why? Because the right personifies the economy over working people, whom it objectifies. E.g., consider "free hand" of the market, or discussions around whether our economy is "healthy," or if an industry/industries need "reviving" etc.
The right asserts that the economy is like God, and therefore, debt "forgiveness" implies a person who can't pay back their loan has sinned. So, rather than language that reminds listeners/readers how working people have been forced into crippling debt because of the need to attain an ludicrously expensive degree to thrive and succeed in today's workplace, where educational provenance and social networks predetermine success for a wealthy, well-connected few, even as we (Biden/Dems) advocate to lift this crushing debt, we also end up casting those student debtors as sinners.
Cognitive research/experiments consistently show that the linguistic metaphors we use prime people and directly impact their beliefs about an abstract concept (i.e., a law, regulation or policy), AND it subconsciously shapes their preferences.
Language is a powerful force, more powerful than most of us realize/recognize.
But you know who gets it? The arch-Conservative messaging gurus that have morphed the GOP into today's MAGA Repubs--people like Frank Luntz and before him Lee Atwater.
Sadly, the most of us (certainly politicians on the left/Dems), too often simply repeat the right's research-tested language, without questioning it and end up amplifying the right's talking points and more importantly, value system. Another prime example, "tax relief."
Their way of saying a pox on education. May have started out as a way to describe low-interest loans to deserving borrowers. Boy, that ship sailed and instead of the bankers yacht being named “overdraft,” it would be named, “smart sucker”
We also usually fail to recognize the mortgage interest tax deduction as welfare for the rich, even though it costs exponentially more than the earned income tax deduction, which is always identified as welfare for the poor.
The “rich enough to buy a house” includes a lot of us who don’t consider ourselves rich, but are getting that subsidy because we could make a down payment and qualify for a mortgage.
Natalie Burdick wrote: “Curious though--we don’t describe mortgages as “homeowner debt” nor do we call car loans “driver debt”—so, why do we use the term “student debt” for a loan that pays for an education”
Mortgages and Auto loans have an actual physical asset that can be repossessed. Student loans do not. I suspect that drives the difference in terminology.
Perhaps, but it doesn't change the impact/influence on the reader/listener.
If you're not familiar with the field of cognitive science and linguistics, this was really the source behind my concern, and the genesis for raising a discussion on the language that surrounds this issue, as it does have a material (albeit subconscious) impact on how we perceive (support or don't support) a given policy.
That may be, but the terms have defined meaning legally and in business. Let's not split hairs here. Loans of the education variety are loans for something that is not easily (if at all) repossesed hence the use of different terms. I personally think one, any one of us really, should take the effort to learn and understand the terms governing our agreements. That's the whole point behind the injunction to read/understand contracts and agreements before signing them.
Happy to agree to disagree -- it's not about 'splitting' hairs.
For me, it's about the moral frameworks that shape discourse and reinforce our value systems and influence what we support and don't support in terms of candidates and policies.
Natalie, I suspect that unlike home mortgages and cars, we call student loans "debt" because the lenders can't readily repossess the "property" that was funded in the first place to compensate them for the supposed remaining value that remained unpaid. Our capitalist system remains quite willing to fund start-ups, even pretty far-fetched "businesses" (think crypto-currencies and crypto-currency exchanges) when there's the possibility of a huge profit for both the business and the lender which is missing from the student loan business.
Natalie, love the way you highlighted what we call debt and what we don’t!! I think “health care debt” is another major dread for so many in our society. It’d be interesting to find out the data on the number of folks who cannot afford their need for continued medical treatment and the role the health insurance companies play. For an example, I’m an octogenarian and I’ve been trying to obtain a much needed medication for months only to run into one excuse after another from the insurance company as to why the medication is “on hold”.
I agree with much of what you say. But I am puzzled by your last paragraph. Students who borrow to finance their education are obligated to repay the loan. As it happens, the Biden Administration has realized the the students are/were caught between schools reckless and often needless raising of costs and lenders irresponsible granting of incredible amounts of debt (a combination which fed on each other—why care about how much you raise costs when there’s a far-too-easy and endless supply of credit).
And so Biden has been working to forgive the debt obligation for many. But that effort in no way erases the students’ original obligation to repay. Without Biden’s efforts, the real, legal obligation would remain.
There are two distinct points I'm trying to highlight here:
1) the discrepancy between how we talk about lifting a debt -- forgiveness for individuals vs. relief or bailout for businesses. I posted a more detailed thread about that below:
2) there are fundamental 'systemic' issues with the cost of higher education; Biden's student loan efforts are trying to ameliorate those -- but are really (as we too often do) just bandages to address the symptoms of that dysfunction, rather than a longterm cure for the disease/source/underlying causes.
This article will do far more justice to point 2) than I can :)
Oh, I agree completely with you on point 2. As soon as Biden started talking about student debt, I shared my thoughts that it should wait for a package of relief and reform — the relief of most student debt along with reform of tuition cost increases. Otherwise the debt forgiveness itself exacerbates the problem. Because colleges will then think, oh we have a free pass to raise tuition, because they’ll forgive it all a decade from now.
I put my three kids through school, finishing up 12 years ago. $600,000 over 7 years. When I would visit campuses I would grit my teeth at the waste of money on underused frivolous facilities and ridiculous majors taught by vapid professors. No loans, thankfully. I would certainly not want to have anyone pay over time so kids can major in comic book art (an actual major at one school).
Nothing wrong with comic books, and if you’re interested, just learn it elsewhere and don’t pump up college costs with frivolous majors. A whole million dollar building and a million dollar dedicated media center? What sorts of nuts run these places?
I realize I sound like an old man yelling at the clouds. But this whole crisis is rooted in the fact that we collectively can’t afford college as now priced, correct? So costs have to be cut, and one way (there are many others) is to cut stupid and frivolous activities.
I will spend some time reading the articles you referenced.
Your kids were fortunate you were their dad and could afford to do that, but I imagine you had to make lots of choices and put work first in your life to pay that insane amount (an amount that NO one should have to pay for an education, whether or not they can afford it, or whether they can get a loan for it). No apologies needed -- just keep the faith.
Good point. There’s another thing about the whole “student debt” moniker. Many parents and even grandparents co-signed for these loans making them ultimately responsible for the debt. Can they not have their wages, retirement or social security garnished to repay said debt?
Cosigners On Student Loans Are Just As Responsible As The Student
When you cosign a loan, including a student loan, you are just as responsible as the borrower. Parent, grandparent, family member, friends - don't cosign a student loan. If you really must, you need to cosign a student loan the right way.
When you cosign a student loan and the student can't repay the debt - you must repay the debt. In a worst-case scenario, if you cosign a loan and the student dies, you might still have to repay the debt.
Glad I didn’t go got bed early as usual, so nice actually seeing it drop in my inbox! What good news, on so many fronts. hanks for the history on student loans and mismanagement, as well as reigning in banks and overdraft fees...the billions, it’s beyond appalling.
Mortgages too. First house I bought, there was an error at the closing which tried to make my payment $136 more than reality. Second house I bought, the “error” was more than $500.00 in the bank’s favor. My partner, who had a head for numbers, each time said “That number seems high”, whipped out his trusty calculator (he being a scientist, and it being back in the 20th century, and all) and made them explain their number. First banker was embarrassed. The second banker had the gall to say, “Oh no need for that!” when the calculator appeared. (Insert eye roll here).
More good news is that Jet Blue-Spirit merger stopped by the courts. Matt Stoller, of the Anti-Trust Substack Big, is saying that there is an indication that the courts are becoming more inclined to break up monopolies, or prevent them. He also has suggestions for the Biden administration to handle the problems with Boeing, which is to nationalize it. https://www.thebignewsletter.com/p/its-time-to-nationalize-and-then
Before too many show up here, I would suggest you all read Joyce Vance's post of a couple of hours ago. A very interesting situation is developing in regard to both houses of Congress passing a bill to authorize live TV and audio coverage of a trial in Federal court of the Pan Am flight that was bombed over Lockerbie Scotland. She thinks we should contact our Congress Critters and demand a similar bill to allow the American people the same and necessary opportunity to view all the Federal trials of Trump live also. Legaly, it is up to Congress to have or not have live coverage in a Federal trial.
As soon as I read Joyce’s letter, I emailed my Senators & Representative to urge them to support this same action in regard to trump’s Federal trials. We have the right to see it live and not second hand!!!
I love Joyce Vance, but I've also read politicians and pundits I respect arguing very convincingly that the trials of tffg should be audio broadcast, not live broadcast. Because tffg will turn a visual broadcast into a propaganda goldmine, while an audio broadcast will focus attention on the arguments and the garbage that he vomits.
Hate his voice as well, master of the whinny victim. Better than looking at the ugly cretin. I agree 100% with the hoosgow, but our legal system gives too many options to money. And the already rich hog it all, and plan to hog even more.
Ya, that's bad news. According to Thomas Piketty in his book, Capital in the 21st Century, we will have a bloody revolution within 30 years if the wealth inequality trajectory continues in the manner it has been. This was published in 2012. We are in for it.
Both are vomit-inducing and like nails on a blackboard to me.
I read the transcript to his inauguration speech in 2017, and that cinched his utter incoherence for me. Haven’t wasted time listening to his speeches since.
Perhaps, for all of your collective reasons, but countering Faux Snooze's misreprepresentaions in real time is also critical. Recycle your veggie bags and clean out the hall closet and unmute the TV periodicaly.
Exactly, instead of being upset about his current troubles, I think he is elated. On everyone’s lips, every tv channel, and has a pack of clowns following him. Worse than that, he has contaminated one of the two political parties, hence one of the two houses of Congress to the point of treason. Televising him would be such a boon to his ego. Are there enough non-cult citizens left to make it a ratings flop. Those who think that seeing his outrageous behavior in real time would turn people against him, may need to look around. The fix is in.
Thank You Ransom Rideout for mentioning the important task Joyce Vance asks us to join her in. Writing to Attorney General Garland, and our members of Congress about allowing remote access to the serious and important criminal court proceedings in United States v. Donald Trump. I wrote my five emails. My hope is many more will join the effort.
It wasn't just me, but I'll take it. I got my 97 year old Mother-in-law moved from rehab today to her new assisted iving situation. Fear and trepidation. As things settle in, I'll start to get back to work on our collective reality. It's been a long day.
I always enjoy your letters, but tonight's takes the cake. Superb writing AND thinking. Saying that DEI and safety plus engineering are somehow related is just plain ludicrous. This quote says it all: "The real culprit at Boeing, Zekeria suggests, was the weakened regulations on Boeing and Spirit thanks to more than $65 million in lobbying efforts." Thank you for casting light on these people.
I totally agree. The good doctor was on a roll. My sisters have been reading HCR's newsletter for several years before I became a disciple. Please share HCR's good news with others.
Plus we have those “fishy” men trying to get the Supreme Court to limit federal regulatory power that is making so much of this systemic change happen. A terrific piece (again)..
"That the Supreme Court felt able to take away a constitutional right has worried many Americans about what they might do next, and people all over the country have been coming together in opposition to the small minority that appears to have taken over the levers of our democracy.
Driving the wedge of racism into that majority coalition seems to be a desperate attempt to stop ordinary Americans from taking back control of the country."
Trust me, the Supreme Court is not finished. I believe they are taking the “this is our best chance, let’s get these changes done while we can “ approach.
To that end, we must vote and win with large margins in November 2024! Get out the Vote!
Agreed. And stop allowing the naysayers split us up. It’s always been, “United we stand; divided we fall”. And this next time we can fall very far down into an abyss we might not crawl out of.
Yes. The current Chevron case and the ability to take away the power and authority of Federal agencies is particularly concerning. They went to town on the Clean Water act in a recent case. I believe and "precedent" or settled case law like Roe overturned... means they have no regard for any past Supreme Court finding. Scary times!
The bankers in Davos already "normalizing," Trump, again! Because nothing says "patriotism " like throwing the rule of law under the bus as long as the 1% get theirs and stay on top. Gritting my teeth in revulsion and angry.
"the Supreme Court is not finished. I believe they are taking the “this is our best chance, let’s get these changes done while we can “ approach"
JustJanice, I think you are right but not because they think it is "their best chance".
I think the right wing Supreme Court Judges are all on the take and when they rule in favor of Oligarchs money rains into Swiss Bank accounts for them. Clarence Thomas, sadly championed by Biden himself, showed the path to "pay" for "play" and now all of the right wing justices have growing Swiss Bank accounts with each ruling.
So, it is not that the Justices are trying to accomplish a far right agenda.
They are just being paid a lot of money to help Oligarchs achieve that end.
Just money. That's it. Nothing of high thought or noble goal.
Harlan Crowe and Leonard Leo have spent over $100 million trying to push the courts way to the right. The repressive regressives have no qualms about buying judges to enrich themselves and the oligarchs.
Bingo. And it’s not just this version of the court when it comes to helping the oligarchs. One of the biggest mistakes liberals made in the post-Warren period was to think the courts would always be the backstop in the face of congressional or executive malfeasance. They got lazy when it came to elections, often supporting lesser evil candidates who still pursued oligarch-friendly legislation under the guise of market ‘freedom’. A good review here:
“But as progressives contemplate the future of the judiciary, it’s becoming increasingly clear that the left’s strategy has to go far beyond stellar appointees. As the story of the Warren Court makes clear, lasting progressive power-building has to come from outside the courtroom; progressives can’t simply try to replicate the conservative legal project, replacing Justice Alitos with Justice Jacksons. Accepting the legitimacy of judicial supremacy means accepting the risk that progress can be rolled back simply by flipping a seat or two on the Supreme Court. It’s a risk progressives can’t afford to take again. “If we believe in democracy, if we believe in building a more democratic political order, then we need to be reducing the size, power, and influence of the Federal courts” says Molly Coleman, Executive Director of the People’s Parity Project.”
I think quite a few R wing zealots on the SC really believe all their religious bs and feel very righteous in their actions. Roe is not about money it about control and their moral heroism.
Still, the media and some Democratic emails keep pumping out the message that Biden is in trouble, and with Jamie Dimon's proclamation that he could live with another Trump presidency, I worry that there's too much indifference.
I had not heard of “Jamie Dimon’s proclamation.” That, if true, is yet another sign of the insanity within the populace. Totally nuts from a man who is frequently cited as a credible businessman. Regretfully, he is just another example of the comments offered about “it is only about money.” I’d like not to be a cynic and won’t buy into that thinking. Where and when did he make such a statement?
And that remark was delivered with what I could best describe as a sneer. It was revolting to watch that smug bastard on his errand to Davos, to the World Economic Forum (all the rich get together to decide how they're going to put more in their pockets).
Dennis Aftergut & Walter White have a good article in The Bulwark about Jamie Diamond's inexplicable positive statements re Trump that Diamond recently made at Davos.
I'm pretty sure you don't have to be a Bulwark subscriber to read it.
Supreme Court reform, right, John? Term limits, an enlarged more culturally balanced court, a less political method of appointments, real codes of ethics....
Blaming corrupt greed on DEI is despicable. Racism is their greatest tool, yet it never shows up on a list of priorities for us to deal with as a nation. We have guns, climate change, abortion, health care, book banning etc.-but little discussion/problem solving when it comes to racism. In the end, racism may very well be America's death knell.
My sister just found out that her student loans were forgiven. 35 years ago she borrowed $12,000. After 35 years of paying her loans every month, she still owed $25,000 because of interest. She’d paid off the original amount twice over. Her life was changed, she no longer has this burden. So grateful for her.
Thanks for finding some positives. Is it ok to enter an observation, or hope? I am hoping the Supreme Court is egotistic enough that they will resent that Trump threatening them with chaos if they don’t decide in his favor about being allowed to be on the ballot. Isn’t that a prosecutable offense on it’s own?
If the SC thinks about it, if the monster is unleashed ,it could come for them too. The ketchup really hits the wall when any of Dear Leader's former friends disappoint him in any way. If rule of law goes down the tubes, so could they.
Marlene, it’s amazing to me that he and his minions are blatantly & publicly coercing the SCOTUS justices he got seated w/ his mob-boss-like directives. I sure do hope they find their spines & cojones and don’t cave.
Absolutely hope. There isn't much that we can do to the Supreme court until an opening comes up. Or until there are changes made which is highjly unlikely. Term limits are a good start & why not do what emplouers do, justices from now on are required to retire no later than 80. Literally grandfather in the sitting justices that will give them plenty of time to have another bunch of old jusitces.
Even the Catholic Church, that haven of employed old, old people, makes cardinals retire at 80 (no voting for the next pope) and bishops at 75 (though the pope can extend).
Maybe billionaire banker Jamie Dimon should read Heather after he praised Trump’s economy and other failures at Davos. But of course Dimon knows the truth. He’s just another CEO hedging his bets rather than taking a principled stand for democracy.
Jamie Diamond should be ashamed of himself….though he’s doubtless, not…..BUT WHAT HE IS is a very unpleasant indication of the growing consensus that Trump will win. Selling out at Davos…if anyone needs any more encouragement to work zealously on behalf of Biden…you just got it!
Michael, might Jamie Dimon have political options up his sleeve that have just started to come out of his mouth; Biden is still not looking good to American voters, but that could change.
'JPMorgan Chase (JPM) boosted the compensation of CEO Jamie Dimon after the lender earned more money in 2023 than any American bank ever.'
'Dimon's 2023 compensation rose to $36 million from $34.5 million in 2022, the bank disclosed in a Thursday regulatory filing. The amount for 2023 includes a base salary of $1.5 million and $34.5 million in performance-based compensation.'
"The board continues to recognize that the firm is in a uniquely fortunate position to be led by such a highly talented and experienced executive," 'the bank stated in the filing.'
'Dimon, 67 years old, is currently the longest-serving CEO of a major national bank. JPMorgan is the largest lender by assets in the US.'
'Last Friday JPMorgan reported that it raked in $49.6 billion in profits over the course of 2023, blowing away all rivals and topping its previous record for annual earnings.'
'At the beginning of January, JPMorgan stock reached its all-time high price of $172. Since Dimon was named CEO on Dec. 31, 2005, JPMorgan's stock has climbed more than 167%.'
'The questions about Dimon's future are gaining urgency as JPMorgan increases its hold over the rest of the industry. The bank's purchase of failed San Francisco lender First Republic last May increased its reach and influence while adding more to earnings. It also firmly established Dimon as the industry's rescuer-in-chief.'
'Dimon has made it clear he has no near-term plans to leave. He has, however, also openly mused about life after JPMorgan.'
"I can’t do this forever, I know that," Dimon told analysts on May 22. "But my intensity is the same. I think when I don't have that kind of intensity, I should leave."
'It is possible Dimon could stay at least two more years. Why? Well, the board has made it clear it wants him running the bank that much longer.'
'The clue is a special retention bonus of 1.5 million options the board awarded Dimon in 2021. He can't exercise those options until 2026, and he has to stay at the bank the entire time while meeting certain performance targets.'
'But the retention plan does have one interesting provision that allows Dimon to exit earlier: He can exercise the options if he leaves for a government job, according to a regulatory filing. Elected or unelected.'
'Dimon has frequently been linked over the years to top roles in Washington. During President Obama’s time in office, Dimon was frequently mentioned as a possible Treasury secretary. Billionaire Warren Buffett even offered his endorsement in 2012, saying Dimon would be the best pick for that job.'
'Last year hedge fund manager Bill Ackman urged Dimon to run for president in 2024 as a Democrat, saying he could beat President Biden in the primary election and former President Donald Trump at the general election.' (YahooFinance) See link below.
Between the bankers, VC and Private Equity takeovers of major economic sectors like healthcare/hospitals the citizens of this country like myself are feeling liked picked over carcasses- the road kill of excessive capitalism no doubt.
I bank at Chase and have for years, I have never had a problem with them. I don’t know who the smartest banker is, but Jamie has to be among them. I listened with horror to some of his comments from Davos, and upon reflection was not so alarmed. From what I have read the richest among us tend to vote republican and it wouldn’t surprise me if Chase’s biggest depositors and clients vote that way as well, so he may have felt compelled to speak to them. Hedging your bets is what bankers do for a living, they play with the edges, very small percentages, but the amounts are so vast that they make a lot of $ doing it, thinking about that took the sting out of what Dimon said. That said, I’d have preferred if he hadn’t said it.
Dick, Jamie Dimon was crediting Trump and his party. They are not Republicans as far as HCR has defined them, and the Republican Party has been one of her subjects of study as an American historian. Beyond her reckoning, other, generally respected, thinkers have called them Fascists. Dimon cautioned us to respect them. 'Caution' is an appropriate instruction concerning this highly dangerous group but 'respect'? Whatever Dimon may be doing, it is unacceptable and dangerous as well.
I think they are fascists as well Fern, I suffer no confusion about that. I have respected Jamie for the way he runs Chase and the way they treat me as a veteran, and was hugely disappointed that he took that position. I have thought about writing him to express that dissatisfaction. I have no respect for the insipid clown or any of his syncopates who are enabling him, I have family members who I haven’t spoken to in years, a situation I no doubt share with many. Davos=a meeting of the rich and powerful in a beautiful Swiss resort, none of the participants even gave a thought to what their rooms-suites cost, I don’t live that way, but I can see how it would be comfortable to be among others who share a sweet spot in life, wouldn’t it be nice to know that you could go to Davos every year all expenses paid. My guess is that there were a lot more R’s than D’s in Davos, but that still doesn’t excuse his hedged statement.
So glad to hear this good economic news. Of course the right will spin it with some mumbo jumbo. I've heard Trump say out of his mouth that he hopes the U.S. economy crashes before he gets back in office so that he won't get the blame. By the way, after 8 years , Obama had brought the U.S. economy back from the brink of disaster. Trump took credit for the economy after being in office for only six months. Let's give Bidenomics credit now !
Blaming the Boeing hatch blowout on diversity equity and inclusion ?
To answer your closing question, of course DEI is responsible for all the bad things happen in the country! If it wasn't for that we'd have all those old white men running everything. Oh, I forgot they still have the large majority of high paying influential jobs. And we all know that old white men always do what's best. (For themselves.)
All the stories of WWII are so damn real now. Instead of being in the past, I fear it’s our future, but I’m hoping we continue to thrive with Biden at the helm.
Isn't it amazing how women and minorities are responsible for every fault in society, including depressions, recessions, and wars, while the poor innocent white male oligarchs are both blameless and harmless.
I know, it is amazing, but trump will cure that by deporting million of immigrants & creating camps for those that are here, maybe he'll make room for the women & the minority citizens too since they can't be trusted. Oh, I know they can make color coded stars to wear like the Nazis did for inmates in their prisons as well as for the Jews. Then we could be especially vigilant when we are around those stars!!!
Tucker Carlson calling Vice President Kamala Harris “a member of the new master race” just seems like paranoid crazy talk to me. I wonder if he believes what he says here?
Yes. Crazy talk indeed. And just the kind of talk that has been winning elections for Republicans since 1968. They will stop talking like that when it stops working, which, unfortunately, will not be in the foreseeable future. The only hope is to get our majority to the polls and outvote them., then use the power we gain to effect a significant reduction in systemic white advantages.
He doesn't have to believe, he just has to get "clicks" & "likes" so that he can go on his 'merry' way of leading people down the primrose path of telling people what the white chritso-fascists want them to be told. Seems to me that the group to which I refer believes that white is right & makes right.
I'm glad I didn't read this last night - I had a hard enough time sleeping without hearing of this loathsome creature's remarks about Kamala Harris. Why are all these people trying to outdo the Orange Skidmark's disgusting behavior?
It seems to me that Tucker and his ilk are targeting Kamala Harris as they did Hillary Clinton, trying to make her nothing but a shrew when she is such an intelligent, articulate, and compassionate human being.
I can't take credit for it... I'll have to look for the first place I saw it. Skidmark was used to refer to the trail left by a dog who scoots across the carpet to clean himself. Glad I could give you a chuckle.
Well, you might forward it to some who are. My daughter and her husband mostly listen to the news in podcasts and shield their child from the news, which can even sound threatening.
The economy is better or worse depending on where one sits at any given time. It has nothing to do with numbers, the stock market, GDP, or the pronouncements of political pundits or economic ‘experts’. As long as we have people sleeping in the street, or on park benches, or in their cars, the economy sucks.
“The tragedy of it all is that the money is certainly there to deal with this inhumanity. Massive amounts of housing are simply empty…..but in late-stage capitalism there has to be losers to maintain the cash flow to the top. The moment the realization that all of this is constructed to benefit only the very wealthy—that’s when it all caves in. The threat of homelessness does more to keep workers in line than any other technique. To diligently work to solve homelessness would be to remove an existential threat that most of the working class has—they really can’t have that. It’s like the freedom that would come by extinguishing unnecessary student loan debt—it’s a much more compliant group of workers when they are tethered to debt and fear. Decent people ask “how can we fix this?” but we have to realize that our upper-level decision-makers most likely don’t want this solved.”
Well said Tom. Keeping labor in check has been the playbook since the beginning. It's why we have racism in the first place-it's a powerful tool. It reduces all labor to slavery-debt and fear keeps people enslaved as capitalists continue to exploit people on all levels.
"The real culprit at Boeing, Zekeria suggests, was the weakened regulations on Boeing and Spirit thanks to more than $65 million in lobbying efforts."
I don't know if Zekeria means by "weakened regulations" that the FAA essentially let Boeing run the show in terms of the procedures and testing required for certification and it ended up that Boeing was actually dictating what would be in aircraft manuals and how design features were implemented, as well as what safety measures and systems would be required. This is what led to the catastrophic crashes of the Boeing MAX aircraft when the MCAS system that was not properly vetted by the FAA failed. The FAA is promising to change this.
The idea of blaming the Boeing door plug failure on DEI is cynical and a continuation of Trump's playing on xenophobia and racism ever since he came down the escalator in 2015.
The Evangenitals are stoking fear and raising the specter of the Brown and Black people taking over this country.
Today, I read most of the amicus curiae briefs filed by a large cohort of Republican Senators and Congressional Representatives and by Vivek Ramaswamy in the appeal to the Supreme Court of the Colorado Supreme Court's ruling disqualifying Trump from appearing on the primary ballot in that state by virtue of the 14th Amendment. It is astonishing that our so-called leaders are actively supporting a liar, sexual predator, a man whose actions have been equated with rape by a federal judge, and a seditionist. Across that spectrum, adding racism is unlikely to deter them. Shame!
Very intentional and I refer to their unspiritual leader as the MAGAtollah Trumphole.
Feel free to spread it around. I've been using it for years.
It was particularly pithy when the scandal involving the Florida MAGA Maggot head of the Repugnican Party named Christian of all things and his wife Bridget Ziegler, a school board member who shoved books she didn't approve of to the bookburner, and the two of them admitted to being involved in a three-way sex escapade.
Life is truly stranger than fiction.
Here, Boeing uses a door plug to eliminate an unnecessary door because the passenger load is less than the maximum and then fails to tighten the screws so that the plug won't open like a door.
Love Evangenitals! Will use it in the future. BTW, rape charges were dropped against Ziegler but he’s now charged with filming w/o permission. Could get five years on each count. There we have two “evangenitals “ whose political aspirations just crashed and burned. I hope.
Gail, thanks for the update. I didn't follow this after having an initial roaring laugh about the irony of it all.
As for Christian getting rape charges dropped, that's not a surprise since there was the issue of "consent" but I don't know enough detail to comment intelligently.
What I did read was that the third person, the non-Ziegler, said she wasn't really interested in Christian but did it more because of Bridget. I thought that was effectively an emasculation of Christian the Evangenital or should I say the Evangenital Christian.
Somewhere in the recesses of my mind, I've thought I'd like to see someone write a novel about this and have the third person end up being outed as a trans person. That would be the irony of Ironies given the hypocrisy involved.
Living as I do in a bubble of mostly like-minded people, I have no sense of the extent to which the messages that were clear in tonight's Letter are communicated to people who are not on the same page, quite literally. Where on the line between the optimism that understanding the good things that the Biden administration has accomplished and the pessimism that this understanding is not widely held or effectively transmitted does a reasonable view of the situation in our country lie?
This evening, MSNBC did show several Fauz News clips about the economy and they had to acknowledge that the numbers, as well as documented consumer confidence is at an all time high. They could not deny it.
I’m reasonably certain the people who need to hear this are not watching MSNBC. Besides, they don’t want to hear the truth, they just want to hear what they want to hear.
'It appears Americans are finally feeling better about the economy.' (WAPO)
'Consumer sentiment, a window into the nation’s financial mood, jumped 13 percent in January to its highest level since mid-2021, reflecting optimism that inflation is easing and incomes are rising, according to a closely watched survey by the University of Michigan. Since November, consumer sentiment has risen 29 percent, marking the largest two-month increase in more than 30 years.'
'Gas prices, often a key driver of sentiment, have fallen 40 percent since June 2022, to just over $3 a gallon. Weekly jobless claims are at their lowest level in more than a year. Sales of cars, clothing and sporting goods all picked up during the holidays, as consumers felt confident enough to keep spending.'
'Meanwhile, the stock market is surging to new records, with the S&P 500 closing at an all-time high on Friday.'
'S&P 500 closes at record high, capping a strong run for stocks'
'Many are hopeful, too, that interest rates have peaked and the Federal Reserve may begin to cut them this year, which would make it cheaper to borrow for a range of items, including cars and homes.'
“We’re seeing a continuation of the surge in sentiment we saw at the end of last year,” 'said Joanne W. Hsu, an economist at the University of Michigan and director of its consumer surveys.' “If anyone was wondering, ‘Was December a fluke?,’ it is absolutely clear now that it wasn’t. This is a sign that consumers are feeling better. Their confidence has come back.”
'That jump is fueling hope that the U.S. economy — and Americans’ perception of it — may be turning a corner after months of inflation-related unease. Rising sentiment among both Democrats and Republicans comes at a critical moment for the Biden administration, which has struggled to convince voters that its economic policies are making their lives better ahead of November’s presidential election.'
“At a cerebral level, voters may still say Biden mismanaged the economy,” 'said Tobin Marcus, head of U.S. policy and politics at Wolfe Research and an economic policy staffer to Vice President Joe Biden during the Obama administration.' “But the dissipation of their really intense personal dissatisfaction with the economy still really helps at the level of the political context.”
'The economy is improving under Biden. But many voters aren’t giving him credit.'
'Democrats are cautiously optimistic that improving views of the economy will boost President Biden’s chances in the election, after months when inflation and voter fury over the economy appeared to be intractable political problems.'
'The White House has so far reacted cautiously to surveys showing improvement, not sure if they reflect a durable shift or statistical noise. But that is starting to change. On Friday, the administration pointed to improving sentiment as a sign that its policies are '“delivering results that more Americans are feeling.”
“President Biden is making progress lowering inflation while maintaining a strong job market,” 'Jared Bernstein, chair of the Council of Economic Advisers, said in a statement. '“We have more work to do, but we’re on the right path.”
'By many measures, the economy is on solid ground. Workers have jobs, wages are growing faster than inflation, and families have continued to spend heartily. But fast-rising prices have soured many Americans’ outlook, leading to a disconnect between what the economy looks like on paper and how people are experiencing it.'
'So far, the uptick in economic sentiment has not revived Biden’s flagging poll numbers or voter perceptions of his economic management. Those perceptions may be crucial in a reelection matchup with Donald Trump, who continues to receive strong marks from voters for his handling of the economy. But Biden could narrow the gap if the positive outlook persists, not just for a few months but over the rest of this year, analysts say.'
“There is still a debate on the internet about whether consumer sentiment is actually good, and we should listen to families who say they’re struggling,” said Elizabeth Pancotti, strategic adviser at the Groundwork Collaborative, a left-leaning think tank. “But I think it’s clearly getting better, and we’re on a pretty good path for November.”
'The viral $16 McDonald’s meal that may explain voter anger at Biden'
'The changing economic circumstances could complicate the GOP’s general-election message, but for now conservatives remain confident that Biden is vulnerable on inflation and economic angst.'
“The economy has clearly gotten better over the last year. … No doubt about that,” said Stephen Moore, the founder of the Committee to Unleash Prosperity, a conservative group, and an outside economic adviser to Trump.'
'But Moore and other economists caution that this is not a done deal. Although consumer sentiment has improved dramatically in the past couple of months, it remains about 7 percent lower than the historic average, Hsu said.'
“Consumers are feeling much better than they were a few months ago, but that still doesn’t mean they’re feeling great or super optimistic,” she said. “This isn’t a roaring 2024 — at least not yet.”
'Still, there are signs that more Americans think the worst is behind them. Jake Ficek, an electric lineman near Bloomington, Ill., says he’s feeling better about his finances than he was a few months ago. He’s making more than ever — nearly $57 an hour — and has found new ways to deal with inflation.'
'He’s started buying entire cows, pigs and chickens from a local butcher to save money on meat, and he tills a nearby vegetable garden in exchange for free tomatoes, lettuce and herbs. As a result, Ficek says, his overall quality of life has improved: He bought a new boat in December and spent the holidays in Mexico with his girlfriend.'
“A lot of the time, it feels like the economy is different in the real world than what they’re telling you,” Ficek, 27, said. “But I feel like that’s changing.” (WAPO) The foregoing article was copied in full.
It is not when conditions are at their worst but when they are getting better that revolution -- or now, counter-revolution -- becomes a real threat.
People have had to put up with a lot of powerless frustration in the face of a grossly top-heavy economic order which has severely undermined democratic institutions and corrupted the all-important rule of law.
The imbalance is so extreme, weakening the mass of society, the base, while building up the wealth and power of the very few on top that there is no way in which severe structural damage can be avoided.
Yet, President Biden has succeeded almost miraculously in shoring up the system and beginning to restore a minimum of economic and social balance.
This success is real, yet so vulnerable. Regardless of certain failings common to almost all able and highly experienced politicians, whose anchoring in past practice puts them at a disadvantage in relation to runaway change, the man has proved a highly successful leader... but one kept under such extreme pressure that while his mind, his basic health and his character remain strong, his voice has literally been weakened.
Now, everything possible must be done to broadcast successes that buoy up ordinary Americans... while never forgetting the point made by Jacques Delors that peoples aren't much impressed by growth figures...
Much of your comment has merit, but several important factors were not mentioned, such has the crucial impact of social media, the predominant 'news' media in the US; Biden looks and sounds old, which adds to an impression of his ineffectiveness; his team's and the Democratic Party's messages have amounted to zilch; young, Black and Hispanic voters are not in Biden's corner; he's not going to get anywhere with Netanyahu, yet, tied himself politically to that amorous bearhug he gave to the prime minister; what about a third candidate getting into the race...that's a start.
A somewhat abstruse but telling comment on social media and its bar-room gossip dressed up as as news...
“I adore what’s false but I seek what’s true”—Umberto Eco
In an interview dated December 2012, Eco makes fascinating comparisons between the ignorance prevalent during what are often called “the Dark Ages” before the year 1000, when all direct memory of classical Antiquity had been lost and in its place there remained only a confused accumulation of commentaries on commentaries; that and the ignorance of young Internet browsers today, no memory of the past, up against a whole universe of news and with no means of telling what’s true from what’s false. Today's Dark Age.
“Maybe,” he says, “there is within this continual phenomenology of falsehood of mine a constant search for criteria whereby something can be recognized as true—which is, after all, the philosophical problem par excellence. The thing is I’m convinced (and convinced that it is true) that we are living submerged in falsifications, in lies as instruments of power used for manipulating consensus, in the spreading of fake news as a weapon for destabilization. THIS IS THE DEVIL.”
You make the good point that Biden's technical ability and experience of the real world are easily outweighed by the free-floating ignorance and total irresponsibility of Internet surfers. Even before the Kremlin trolls get down to business.
The Democratic Party's messaging and its rustpile machine politics tell a tale of congenital incompetence and compulsory mediocrity reminiscent of Brezhnev's Soviet Union. Something we've seen in a big way on the other side of the pond. At a time when, as Umberto Eco warns us, we must beware of false prophets out to drag us back 70 years, said machinery's twice as old as Biden, a farting, clanking relic from the Steam Age.
As for Israel's The-State-Is-Me Prime Minister's barefaced mockery of America and commitment to eternal war as a means to ensure his own eternal rule, I have wondered elsewhere why, if he is incapable of protecting his own citizens and will do nothing to protect Palestinian civilians, America cannot make a bold move to do the necessary, airlifting essentials to the civilian population of Gaza.
Absurd? Was the 1948 Berlin Airlift absurd? Or is this no precedent?
*
Excuse me, but does not a third party candidate at this stage simply guarantee a Trump victory?
When I walked in the less well-off part of town for Bernie in 2020 I came across many registered Democrats who were not going to vote, and hadn't voted in quite some time. Neither dems nor republicans help them. They feel left on their own. As one man told me, "I had hope for change. I didn't get change, and I lost hope." I'm not expecting them to vote for Biden. When I asked one of the head people in the county party about this, he let me know that statistically the people with lower income vote in lower numbers, and vice versa. Good luck to us.
I am reading The Persuaders: At the Frontline of the Fight by Anan Giridaharas. I highly recommend reading this book. The premise is we can do better at engaging people who express this view or similar views. One technique described is deep canvassing. Another part focuses on messaging that doesn’t lead with the problem followed by facts but rather engages the value for example, freedom, a value that the right wants to claim exclusively, but we can offer claim as well, to link the importance of freedom to key issues such as the freedom to make decisions about our own bodies rather than have judges make these personal decisions for us.
Yes, we learned about deep canvassing before going out to the peeps.
Another technique is the one from comedy improv--yes, and... You agree with the other person, and take it from there. Basically, arguing does not work. And it wastes your time when you have a number of doors to knock on. I spoke to one woman who was going to vote Republican. But, as we were chatting, I noticed a surfboard by the front door. "Oh, our candidate is for making sure you have a clean ocean to surf in." And I saw the look on her face soften and at the end of the conversation she had committed to voting for our candidate. After hundreds and hundreds of conversations. I've learned what works, what doesn't. Also, I always leave my phone number and name so people can engage if they're not home. This leaves a message of trust. After all of thoes doors, only one person called back--to thank me!
Definitely people in the Republican bubble only hear about stupid stuff like
how DEI is ruining America, inflation is out of control under Biden, never mind it started under Trump,
Biden is too old, never mind that Trump is now wearing diapers and usually smells like he just dumped on himself,
Biden has restricted "drilling" even though gas prices are lower now than they were under Trump (which I think is a great mistake, gas prices should be $10 a gallon). For some reason, restricting drilling in the Arctic wildlife preserve is a big SIN. Not sure why.
More good news as Biden and Dems work to protect our freedoms—foremost of which is the freedom to earn a fair return on our work and not be forced to chose between affording to pay for rent, food, medicine or debts, because a handful of giant corporations price gouge us at the pump, grocery store and bank.
Curious though—we don’t describe mortgages as “homeowner debt” nor do we call car loans “driver debt”—so, why do we use the term “student debt” for a loan that pays for an education?
Doing so falsely stigmatizes the learner and emphasizes the student's obligation to repay, rather than the debt’s function or its outsized cost...food for thought.
I think we desperately need to tackle the high cost of college education in the US. In Europe it is free in many countries. Now which system is superior?
Matt, I worked for 40+ years in a Univ fin aid office—a generally affordable state college—assisting students/families in accessing the means to attend. I also had the opportunity to talk w/ students from other countries & while their college costs are WAY more affordable than ours, they also, generally, having a sort of aptitude testing that happens and steers folks into trades or into higher ed. We don’t have the same sort of system here, tho comm colleges can offer technical certificates/AA degrees. Over my years in the career, I’ve seen (in CA at least, starting w/ Reagan as governor) the shrinking of public dollars supporting affordable college.
Ronnie’s damage has grown exponentially
Said it before, but I'm saying it again, dammit: Ronnie Ray-gun was an unmitigated disaster six ways to Sunday, first in California and later in our White House. We are still suffering the effects of his handlers' philosophy (he never had a philosophy - didn't have the brains for it - but was an apparently attractive face to put on the beginnings of American populist fascism) decades later, and their heirs are STILL trying with all their might and main to destroy American representative democracy. What a legacy!
Yes! Reagan was a tool of big business. First in California, then the nation. They just wanted someone who would read their script and who better than an actor?! There was the added bonus of a lack of integrity. Mega jerk.
Yup.
Image, image, image. not much different than chump. He had Peggy Noonan to write scripts, and Michael Deaver to wrap him in a flag (great PR, but phony from the git go). Two of his kids were on to him. Chump had idiots and his kids were part of the schitt show. Legacy that I hope repubs acknowledge someday. I won't live long enough for that though...
Yup.
When I saw the films of the farm workers being beaten while Reagan was governor of CA, I knew who he really was. And that attitude toward the people who harvest so much of our food is despicable and continues to this day.
Wait until trumpers have no fresh fruit or vegetables or if available the price would be prohibitive. Who did hurricane repairs in FL when no American would work? They've paid over billion dollars in taxes. I am sure that they do not have cemetery in a golf course as a deduction. Trumpers should love undocumented workers since their hero has used them repeatedly.
Lynn, I watched from my perch in the FAO (fin aid office) as education & many other social/medical/mental health services in the state were suffocated—for two terms…and then to be aghast when he was elected POTUS….knew it was a bad bad omen. Thing is, he evolved (devolved?) into what most of CA & country experienced: https://slate.com/news-and-politics/2016/01/ronald-reagans-conservative-conversion-as-spokesman-for-general-electric-during-the-1950s.html
Yup.
Ah yes - Reagan the Republican's "god"!
Even Democrats seem to hesitate at throwing stones at him. That would seem to suggest something special regarding entertainers as politicians, wouldnt it? As with sports stars, entertainers (I know a reach for tfg) appear to be above reproach? And on top of that think of the millions we throw at them. The comparison between those salaries (and bonuses) and the earnings of everyday workers? Somehow - a bit out of balance?
When I started at UC Santa Barbara in 1969, there was no tuition. My BA degree conferred in 1973 cost me only room, board and books (which were also vastly less expensive than today). A college education was essentially free. Reagan was elected governor at the same time prop 13? was passed limiting how the state calculated property taxes. First thing Ron did was cut the budget for the universities. Tuition had to be instituted almost immediately thereafter. If I recall Reagan’s argument correctly, it went something like this - why should people without kids in college subsidize those that do? Students and their parents should save more and borrow the rest. That might have been ok in 1974 when tuition was $300 per year, but today it is nearly $20,000. Not sure how graduating students can be productive members of a consumption based economy when they start out owing a the equivalent of a small mortgage payment on their student loans before they even start a job....
Once upon a time people could pay for college with part time jobs and summer employment. Now costs are way up and the minimum wage jobs students can get just can’t cover college even with full- time work.
Carol, I had a handout for students to share with their parents about why it was becoming impossible to work your way thru college anymore & like they may have done. It crunched the numbers to show how many hours a student would have to work to support themselves & pay educational expenses….there would be little time to attend class, let alone college extracurricular activities (which can be an important part of a fulsome education). I would often be the “bad guy” by carefully crunching the numbers—sometimes in an appointment w/ both the student & parents—and suggest they live at home (this got the most groans) & attend a comm college, on the transfer-track (good academic advising is crucial here) & complete all the lower div GE courses before applying to a 4-yr college. It would save at least two years of potential borrowing & urged students in any case not to dilly dally (while still expanding their horizons while attending). Sometimes if a student didn’t seem motivated or “ready” & I’d suggest a gap year or two….try out the working world, see where your interest lay…..attending college if you’re not primed for it is a really expensive place to spin your wheels! Of course these were just suggestions, but I wanted them to consider all the issues and angles & make the best informed choice for them.
You were clearly outstanding at advising students and families!
Even with a decently paying job after college, it is really tough. Two things drag the younger generation down now: rents are very high, even in Low Cost of Living areas, and the student debt, which didn't really exist for the older boomers. Taking care of those two things will lift the burden off our next generation, and I'm very happy to see Biden taking care of this, as best he can.
Older boomer here, my tuition was $400 per year at U. Of Maryland in 1964.
Minimum wage jobs won’t buy anything more than food or rent. Time to pay $30 per hour plus vacations and sick leave. If Americans could see how the French with free undergraduate tuition, 5-week vacations, excellent medical care, and farmers markets everywhere live, they might rethink Trump’s tax cuts for the wealthy.
How time marches on! Back in the late 60’s as a student doing stoop labor in the fields and picking crab at the fishery on the bay part time to make some money, I was making $1.65 an hour!
My first FT job after getting married (3 days after I turned 18 in late ‘67) was in the FAO (fin aid office) @ UCSB in early 1968 (my mom was head secretary in the Theater Arts Dept & suggested I apply). I worked the front desk in an old Quonset hut bldg where the FAO was located….just me alone in a room with a desk & with all the students lining up & 4 phone lines to answer—as a result I learned great skills at multi-tasking & “customer-positive” interactions (having to do a LOT of explaining & defusing of upset & often confused students). It was training by fire! I lasted a year before my hubby and I headed to Humboldt State to attend college; the FAO Dean wrote me a very nice letter of rec & I submitted it along with my fin aid app……LOL….I got a call from them asking me to interview….so my first position @ the (then) HSC was on Fed Work-Study helping students on the frontline, then shortly later on staff as frontline services supervisor while still a student (part time)…then it became my career, a true right livelihood!
Barbara, I remember the Quonset huts! They were close by the dorm I lived in. We vacationed in Santa Barbara a couple of years go and some of the Quonsets are still there!
We have many messed up policies. You can still attend a public university within your state fairly affordably, and if said state has "reciprocity" maybe even neighboring state universities. But just 2 states over you are out of luck. And of course unsubsidized colleges which are these days going for $50,000+ per year.
Matt, once in the early 90’s my then husband and I hosted a business owner (same field of outdoor adventure as my spouse) for a month to learn “capitalist ways” from the former USSR. I took him to work with me one day & he was looking at a “Cost of Attendance” (includes fees/tuition, books & supplies & living costs) I’d posted on the bulletin board. I don’t think I’d ever seen the color drain from someone’s face before. He was horrified; we then had an interesting convo about the education system in Russia & how most of the cost was covered.
I ended up attending school at the northern most campus in CA…as we used to say: “as far away as you could get and still pay in-state fees”!
I was lucky to go to Concordia College, Moorhead, MN on the "Fulkerson Family Scholarship", and tuition there was just $14,000 in 1992. Yet that was a large increase from $8000 when my sister attended 5 years earlier. There I studied physics and math and played tuba in the band and orchestra.
Then I went on to Ohio State for physics and got my tuition paid for for being a teaching assistant or else the rest of the time a graduate research assistant.
That is all pretty cheap, but not so much any more!
I think University of Wisconsin-Milwaukee was$375.00/ 12 credit semester After 12 credits, full time additional 3 credit courses were no cost. So I tried to do 15 credits per semester although Chemistry was 3x per week lecture, 1 3 hr lab and on hour discussion ( TA) so really kind of hard to do more than the 12 credit full time week.
Laughable now to think this was the cost. I had a double major Art & Chemistry/ Life sciences and my student loans balance was $15k.
I can't imagine coming out of college with $60k or the additional grad school loans. I was on the "eat rice, live in the dark and walk to school program". You could hang meat in the drafty duplex rental. Ah, yes the good old days, fun times!
My daughters came through Canadian universities almost debt free thanks to broadly available grants to higher educational accomplishment, term teaching, and of course, a more generous public support of post secondary education in general. Many a Canadian now works in the US economy.
Colleges kept raising costs while students felt they had to take on debt to attend. In general repubs felt tax dollars going to support state universities was a waste; they needed those dollars for tax reductions.
You're showing your age....when I went to school, tuition was $250 a semester and you could support yourself with a part-time job. That was when college was truly affordable.
Matt, I did a breakdown on comparing the minimum wage to college tuition at the state college (now a university, gods help us) we both attended. I graduated from there in 1981 with a degree in Criminology, a letterman in two sports for four years, and played in the symphonic wind ensemble for five years (forgive me, I played horn then; I have since seen the light and play tuba now). Between working in a small grocery store part to full time (part time during fall and spring around practice schedules for field hockey and softball, between 35-40 hours a week the rest of the time), scholarships for sports, I ended up with about 10K in student loans at interest rates of 3% on a bank lone and 2% on a National Direct Student Loan (which would let me adjust my payments, or give me an "abeyance" period for the two times I was without a job where I could pay as little as $20 a month). Tuition was just under $1,000 a year, which I could pay in $100 a month installments. For my nephew who graduated in 2018 it was over 10K. The minimum wage did not rise anywhere close to that rate.
Ohio State is still pretty affordable. In-state tuition for both undergrad and grad school is below $13k. Two of our three kids went there. Between the scholarships they earned and our 50% faculty discount, their tuition was close to zero. Our youngest got into his dream school (Cornell) and U of Michigan (where we both went). The cost difference was astronomical - $55k vs $36? He went to OSU. Room and board at OSU costs more than in-state tuition.
Regarding foreign universities, yes, they are much much less expensive. Children are tracked into college prep programs at a pretty young age, and into vocational programs otherwise. And in Italy at least, most kids go to the university in their hometown and live at home. It’s a different experience.
I am old enough to be truly lucky and have never had student debt. My father paid for my undergrad degree which would probably not pay for a full term now. He invested some money for me in the stock market and that made enough for me and my husband to go to grad school. Then I won a library school fellowship. I am truly grateful even after all this time. We were also very lucky with our house and we have been debt free for a very long time. Our neighbor is an ex-banker and he has some interesting tales to tell. I think he dealt mainly with business loans and so we have had an inside look at how some businesses or whole business fields operate.
Physics is a reliable major for getting free tuition. It stands out as one of the only ones with the tuition exception.
I'm not sure which states you are referring to where you can go to a neighboring state and be treated as a resident. I do know that my niece paid $35k/year to go to Iowa State and she was a NE resident. And 45 years earlier I paid $4k/year at the same Uni non-resident from NE. It cost her nine times as much as I paid for the same University.
And I doubt if the quality of her education or the opportunities gained due to her education were substantially better than mine.
The Pacific Northwest has that "neighbor" program. Alaska, Washington, Oregon have a program where it is more like greatly reduced out of state tuition (my niece, an Oregon resident, got to go to Central Washington for a greatly reduced rate.)
Interesting. That's a good idea. It would have save several family members a lot of money if IA allowed NE residents a break and vice versa.
Fortunately, both my niece and nephew got their master's degrees paid for by the state of NE as part of their benefits package.
Minnesota, Iowa, Wisconsin have reciprocity. I think it is time to expand this nearest neighbor state idea!
WWAMI used to exist for NW schools.
I think it still does; to facilitate students whose in-state schools do not offer Medical programs.
Well, for example, Kentuckians can attend Austin Peay, just over the TN-KY border on the TN side.
And I think Ohioans can pay in-state tuition at U of Kentucky.
It utterly disgusting that here in US that "we the people i.e government) do not educate all our children thru college. We are not anymore the best educated and are colleges the most respected which means we do not anymore contribute as much to new innovation which brought us the respect of the world and dominance thinking. I am not sure why immigrants want to come to this country and be treated horribly.
Julie, sadly I wonder if the horrible here is less horrible than their country of origin.
Exactly, a fact that is conveniently omitted from the discussion of why college costs now fall on students and families. Slowly, but increasingly through the past several decades, Federal funding for all levels of education has dropped, but particularly for post high school institutions. Thus, students and families are forced to borrow. And which segment of our society feels the heaviest burden from this policy? The answer is obvious.
Nancy MacLean's Democracy in Chains digs into how this shift occurred, and the ideaology behind the move to shift college costs onto individuals. An enlightening, albeit sickening book.
Not quite the same but I knew a man who retired from the USAF and while stationed in Germany learned to repair Volkswagens. Upon retirement, he worked for every VW dealership in Houston, Texas as a mechanic, parts dept., and service mgr. He became an auto mechanics teacher in a local HS although having only a HS education because he was able to certify with a vocational certification in Auto Mechanics at a local University. There needs to be more HS and colleges that provide programs that teach young people how to be electricians, plumbers and a variety of trades that can be very rewarding, without a person having to accrue a lifetime of debt…a person can always go back to school, especially with more online programs available.
I just replaced two bathroom facets. It took me 2 hours for the first one, and 1 half hour for the second when I knew what I was doing. Hiring a plumber would have been pretty costly, but they are typically solving much more difficult problems! Being a plumber or electrician or in HVAC are very good trades.
The college I attended & eventually had a career at until I retired, at one time had an Industrial Arts (later renamed Industrial Tech) that taught what might be considered “upper division” trade/tech skills as well as some entry level “exposure” classes. As a student I took a Power & Transportation class that taught automobile maintenance (did oil & filter changes, adjusted valves & did tune up’s& learned the “systems” of autos), also took wordworking skills classes and a metal/welding class. Sadly, that dept was phased out…as were the Speech & Hearing (Audiology) classes, the Home Economics courses and finally—stupidly—the Nursing BS program. Recently, having figured out they’d shot the selves in the foot, they have reintroduced a Nursing Program. Personally I like the blend of liberal arts, sciences and tech/trade offerings….seems more well rounded to me.
This country needs to go back to celebrating blue collar workers. Community College and learning a trade that is needed (mechanical engineering, hvac, plumbing, electrical, etc) should be raised to be a proud career choice once again.
There is huge demand for workers in all of those fields!
HVAC to replace natural gas heating (being kept for backup) with heat pump heating, hopefully powered by wind and solar, is a huge clean tech opportunity.
Not just celebrating, but actively supporting & making eligible for state/fed aid to cover the cost. The electrician I prefer to hire taught trade classes @ the local comm college & his student would apprenticeship (with pay) with him on his professional jobs. I told him, the owner of the company, that I’d overheard what his apprentices had to say: they were so grateful at the broad range of tasks he’d give them (and oversee) and how much they were learning….they weren’t reduced to glorified “go-fers” on the job, but given reals tasks. I liked that he was teaching by example to bring the new generation of tradespersons into the future.
Barbara, And that’s when it started.
Under the puppet of the Calif. far right ( Reagan), things definitely started to unravel . I was teaching in Calif. when Reagan started dismantling a fair society .
I decided to see the world, not domestic travel, international travel with an Airline that trained us and demanded excellence because they could hire the best( many teachers, lawyers, nurses, even veterinarians ) suddenly competed with one another. The airlines had to compete with other international carriers that were owned nationally . We had to speak at least one other language.
We saw that the rest of the world also had great transportation, great food, fine medical care, great schools…. All the things we were told we had the best of.
We can do this again.. we can regulate and give support to those businesses that have to compete to be the best.
We can only learn how to be the best by observing what has worked, what is working in other countries, and what is resulting in a calm and secure citizenry. Let’s get busy being “the best”!
Italian public schools are equal in quality no matter the location.
Now THERE'S a direction we could pursue with a HUGE benefit for both individuals as well as government and the entire economy; the further development of technical and trade schools.
I spoke with a lady from Finland. The impression I got was that an exam was given and the best students went onto college. The rest went to trade school. Push came to shove, I would rather have a mechanic or a handyman in my corner.
Yeah, I guess you are marked at an early age and given a map to follow. Wish we had more full-on trade schools for students to choose from. That said, I recall one fellow I’d counseled over his time at my Univ & he gave off a real “biker” vibe (well, he was a biker, nut not gang related type…just rugged individual open road kinda guy). Well, he came in for his loan exit interview & when we finished he thanked me & our office for helping him get his education. Then he told me that a teacher in high school told him—in front of the whole class—that he’d amount to nothing….he paused a beat and then told me with a wide grin that he’d just been accepted into a graduate program the next year!!! Ha, did a happy dance right there sitting in my desk chair!
Reagan did so much harm to all of us, from gutting affordable housing, to defunding mental healthcare and treatment, to stigmatizing blacks in poverty, and giving ascendency to the NRA. We are living with so many of the disastrous and deadly results of his anti-freedoms, and self-entitled world-view.
Yeah, Natalie, and the only time he WAS for gun control was after seeing Black people with guns (they weren’t threatening anyone with them, they were pictured just holding them) & he freaked out. Personally, I freak out at the pistol-packin’ family portrait holiday cards….yikes, so many guns in a household with young kids!
Go, Reagan.
We actually should be shouting from the rooftops exactly how bad Reagan was for our country and the world...
We do have aptitude tests...they are called SAT, ACT, MCAT, LSAT, GRE....and don't forget the variety of state instituted college entrance exams.
Though a pretty narrow view of aptitude, and I think of education. we are seduced into reliance on its ease of use and the fact that produces a number. A simplistic one, but one that comforts our desire for simplicity. Einstein is often credited with saying " “Everything should be made as simple as possible, but no simpler”, though its provenance is probably someone's paraphrasing of Einstein's “It can scarcely be denied that the supreme goal of all theory is to make the irreducible basic elements as simple and as few as possible without having to surrender the adequate representation of a single datum of experience.” No matter, for this purpose, the gist of both may apply here. It applies to liberty and justice as well.
But they serve their purpose of eliminating people who don't have those particular sets of aptitudes. My ACT scores said I'd be a C student in college....yet I graduated with 149 (took a lot of extra classes to gain deeper knowledge) credits and a gpa of 3.67. So we have a double whammy in the US. We get to be eliminated by tests that assess for only a certain kind of knowledge and by over the top tuition, fees, and living expenses.
Matt, I agree, the need to tackle the high cost of college here in the U.S. needs to be on the front burner. I went through 12 years of college, grad school and law school for what 1/4 of a year now costs at Harvard Law. Two years at Odessa College, $50 a semester; 2 years at Whitter College, $1085 per year; two years at USC, $1500 per year; three years at Harvard Grad, $1750 per year; three years at Harvard Law, $2100 per year. It all adds up to less than $17,000. I had no money yet finished it all with no debt. We need to change this drastically. Trump and the Republicans gave a $2 trillion tax break to the wealthy and large corps, but Biden couldn't forgive the debt of $1.6 trillion in student debt owed by 40,000,000, i.e., $40,000 on average per person. Unlike Trump's and Reagan's false theory of supply side economics, forgiving that debt would have stimulated the economy, an example of demand side economics.
In the ‘60s I attended a state college in Michigan. My parents paid $600 a semester for room and board in a dormitory, tuition and books, and spending money. It’s shocking to me the cost for college degree these days. Also it’s very apparent that public schools, k-12, have been starved for funding to make way for privatizing what should be public schools. This seems to be the republicans long-term plan to ensure that an uneducated general public is easier to rule.
I did 10 years. Because a physics PHD these days now takes 6+ years, since you have to learn about all and understand all of the contributions of all of the giants in the field before you can make any new progress. The giants being for example Newton, Einstein, Faraday, Feynman, Maxwell, Schrodinger.
Great going, Matt. You're probably in my generation because if you spent ten years in college recently, that ten years could easily have cost upwards of $700,000, which is $683,000 more than what I paid for twelve years. True, yesterday's dollar was worth more than today's, but the disparity is still real.
They seem to have backed off of it some (the phrase not the message" but GOPers used to be fond of calling billionaires "Job Creators"., even though the abandonment of labor laws and anti-trust has blatantly had the opposite effect on "living wage" jobs, especially for those without college diplomas. I'm exercising some restraint here by not listing the ways that Reagan Revolution" has screwed the preponderance of workers. I indulge by saying once again that consumer with money to spend are the genuine job creators, and that most of our adult citizens are workers/consumers wrapped in one. Lucky prospectors who succeeded in collecting gold attracted vendors of many sorts to the perilous Yukon, not vice versa. No one hires for a hobby, or because we shower them with money; they hire to service a MARKET, and therefore profit. And who IS the market?
Greedy monopolies of money and public power is exactly what a democratic republic is supposed to remedy. Sans a legal obligation to the common good, they tend to result in so called "Third World" countries, were the rich, at least compared to average, are few, but very rich indeed, amid oppression.
Amen to that! (The “conservative“ view: It was a struggle for me, back in my day, so ‘they’ don’t deserve a free ride. So what if times have changed!)
Your conclusions are spot on Richard. 👍
Which system most favors the interests of the 1%?
Well, that is a great question. I very much think the 1% will benefit from an educated work force. But once the work force is educated, they will most likely vote out the system that gives Elon Musk $200 billion and now asking for even more when Tesla is underperforming.
Education is a must if we are to be a successful self-governing society. Self governing cannot just be channel surfing and sitting back to watch. We simply cannot adequately self-govern unless we adequately grasp what is going on. Those who benefit from corruption don't really want the general public to know what's going on. It would definitely cramp their style.
16 million new business applications under Biden. It's difficult to navigate starting and running a business if you lack basic reading and math skills.
I've worked with almost a dozen start-ups since 2000 and I have been approached by several others that I walked away from. You're right J L, without an education it is almost impossible to successfully start-up and run a business.
I have a high school buddy (Class of 1958) who has bought, hook, line and sinker, the BS argument made by Goldwater, Buckley and Reagan that there are "Makers and Takers," and that the Takers are principally black and brown-skinned persons and that the Democrats are Socialists. He has two principal problems: 1) lack of critical thinking skills, and 2) racism.
Any system they can craft the terms in their favor -private equity, anyone? Now there's a racket!
Private equity is buying up single family homes across the nation, driving up the cost of home buyers. This needs to be regulated.
"Hospitals owned by private equity are harming patients, reports find"
https://arstechnica.com/health/2024/01/hospitals-slash-staff-services-quality-of-care-when-private-equity-takes-over/
Indeed! Education is a vital piece of social infrastructure. It's integral, in broad terms, for why US is such an economic powerhouse.
Canada stands out with affordable high quality higher education.
As much as I appreciate paying around 300 euros per semester for my son to study law here in Cologne, one can’t overlook the higher tax burden when living in Germany, nor the education system that tracks kids when they move from 4th to 5th grade. Upward mobility to the college prep track is possible, but difficult. The education level of your parents play a disproportionate role in which track is recommended. Children of foreigners, particularly of recent immigrants are often underestimated due simply to their language skills.
Unless US tax payers are willing to shoulder a larger burden and the US suddenly develops a robust system of white collar apprenticeships alongside trade apprenticeships, Germany’s system would be untenable there.
We know in the USA that people hate the word tax....they love when a candidate campaigns to cut taxes. I am hearing more and more about the "Flat Tax". That will work for the wealthy. That will hurt the poor!
The effect of the flat tax on total household income is notoriously regressive, so of course, it is a concept and goal much beloved by oligarchs.
It is interesting the burdens that U.S. taxpayers are willing to take on. Education? Not so much, obviously. Lining the pockets of billionaires to the tune of a $34 billion federal debt - apparently so. How stupid can we get? Of course, Thomas Frank addresses this in his 2004 book, "What's the Matter Kansas," how the oligarchs and right-wing think tanks have manipulated the white evangelicals into supporting them. Brilliant on their part, devastating to the Middle Class.
But Richard! Those tax breaks are gonna trickle down to us. Taxes for edumuhcation take money out of my pocket and give it to people I don’t like so they can go to Commie College and study wokeism. (I think I covered the major MAGA talking points there.)
"You can fool some of the people all of the time, and those are the ones you want to concentrate on." Pres. G.W. Bush, White House Correspondents' Dinner, 3/31/2001
Matt, you nailed it.
College, healthcare, social networks, individual rights, environment, etc. Superior to who? We lost that superior status long ago. Military YES!!!! Thanks to big money that owns the Congress with the help of the SCOTUS. If there are problems in this country look no further than the money in politics. Politicians need to satisfy their donors, not their constituents. They just BS their constituents and appeal to their fear and hatred.
(Sound a bit cynical?)
Harvey, Not cynical. Sadly, you are spot on. Follow the money. Notice where it goes.
So what are we going to do about it??
Among the reasons higher ed costs have risen so astronomically is the growth of administrative positions. Some of that makes sense, e.g. offering support services for learning disabilities like ADHD. But imposing business models on higher ed (I remember LEAN training as part of required faculty workshop), seeing students as customers/clients to whom a "product" (i.e. a degree) is offered has not really improved the quality of education while ballooning costs.
You are right. The ease of accessing student loans in high amounts allowed colleges to raise tuition and fee amounts exorbitantly and irresponsibly. I graduated from college in 1971 and still remember hearing our college president speak about controlling costs to make college affordable to many.
If we just forgive debt and not gain control over rising costs and easy credit, we will be forgiving debt every ten years.
Students became a commodity. Their debt became a ‘capital opportunity’ for investment.
One would think this would be good for the students and good for society. However, how good is a lifetime of being saddled with debt they may never resolve?
What were we thinking?
What have we done?
What are we going to do about it?
We would do well to think in terms of “ investment “ not hand out, not entitlement, not welfare, not charity. I can tell you personal stories of people I grew up with of all races, ethnic groups, and religions who struggled financially and who did get help from the government and these people have given back tenfold as productive citizens, neighbors and workers. People want to feel that they are giving back.
Thank you for bringing this up--US universities behave like robber barons! My daughter received an excellent education and two masters degrees in two years from an esteemed French university specializing in public health policy. Tuition cost $15,000.
Matt, if the US was truly a meritocracy it would most certainly more generously finance higher education. But we can hardly get it to finance primary schools because the uneducated get forced to work for $7.25/hr and the nepo babies get to stay at the top.
Of course we must! My generation went to college , graduated and became citizens with hope. We were proud and eager to become the best that we could. We also had wonderful training by corporations that had to compete for not only the best employees but also for the business brought because they cared to be “the best”!
Tragic that we do not have equal opportunity in this country. An outlier in Kentucky is Berea College with no charge tuition. Higher education in Georgia is also no charge for in state students with a 3.00 grade point average.
Student indentures.
Lifelong indentures.
When the world is crying out for investment in real education.
Bingo Peter; a lifetime of servitude.
Funny, D4N, your "lifetime," when we know you mean "death trip."
Think of the entire VC industry that makes investments in startups—start ups never have to pay back a cent of those dollars if they don’t turn a profit.
No matter how much a person earns after they get an education loan, they’re on the hook—and with usurious debts.
Our economic system offers so many perverse incentives. Today’s rising tide too often capsizes the life rafts to which most working families are barely clinging and just keeps lifting the yachts of the wealthy, well-connected few ever higher.
I learned from a friend that someone we know, a social worker for many years until she retired and started volunteering, had her student debt forgiven outright. She's in her eighties, so at least she won't carry it to her grave.
That seems like a fair trade for years of service at lowish pay.
Language is a powerful force, more powerful than most of us realize/recognize.
But you know who gets it? The arch-Conservative messaging gurus that have morphed the GOP into today's MAGA Repubs--people like Frank Luntz and before him Lee Atwater.
In addition to accurately calling the loans people take out to invest in their future earning potential (i.e., the means to pursue the American Dream) "education debt," we should also more critically consider the term loan “forgiveness.”
NOTE: When we (the taxpayers) gave Wall Street and the banks responsible for the Great Recession a loan, it wasn't called "forgiveness;" it was called a "bailout" -- by definition a rescue from distress. Who would be against saving someone, implicitly a victim, from disaster?
But, we use "forgiveness" whenever we talk about individuals -- homeowners who default on their mortgage, or students who can't afford their education debt. Using "forgiveness" relies on what's called a metaphor or linguistic frame.
In this case, it is a frame created by the right/Republicans (this was pointed out to me by an amazing messaging diva, Anat Shenker-Osorio).
Why? Because the right personifies the economy over working people, whom it objectifies. E.g., consider "free hand" of the market, or discussions around whether our economy is "healthy," or if an industry/industries need "reviving" etc.
The right asserts that the economy is like God, and therefore, debt "forgiveness" implies a person who can't pay back their loan has sinned. So, rather than language that reminds listeners/readers how working people have been forced into crippling debt because of the need to attain a ludicrously expensive degree to thrive and succeed in today's workplace, where educational provenance and social networks predetermine success for a wealthy, well-connected few, even as we (Biden/Dems) advocate to lift this crushing debt, we also end up casting those student debtors as sinners.
Cognitive research/experiments consistently show that the linguistic metaphors we use prime people and directly impact their beliefs about an abstract concept (i.e., a law, regulation or policy), AND it subconsciously shapes their preferences.
Sadly, the most of us (certainly politicians on the left/Dems), too often simply repeat the right's language, without questioning it. Another prime example, "tax relief."
Here's some background if you're curious:
https://prospect.org/features/framing-dems/
I rely on cognitive linguist George Lakoff for information on framing, etc. His SubStack is called FrameLab. I depended on him during the four years of Trump.
Same here!
Student debt and medical debt cannot be discharged under current bankruptcy law. This is likely to product of some adroit (feel free to replace 'adroit' with whatever descriptive you deem fit here) lobbying from those groups. Though why an accident/disease or trying to better yourself could mean crippling debt for a lifetime while buying a home, starting a business, or buying a yacht does not, I really don't understand.
Couldn't agree more Steve.
In fact, our economic system offers so many perverse incentives. Today’s rising tide too often capsizes the life-rafts to which most working families are barely clinging and just keeps lifting the yachts of the wealthy, well-connected few.
Consider the entirety of the VC industry, which makes untold investments in startups—start ups that never have to pay back a cent of those dollars, if they don’t turn a profit.
No matter how much a person earns after the get an education loan, they’re on the hook—and with usurious debts. Hardly equitable. But then, student borrowers don't have an army of lobbyists advocating for them on Capitol Hill.
When people have been paying loans for 20+ years they have more than paid what they borrowed, and they continue to pay. Please reread the bit about mismanaged loans and about promised forgiveness that was never granted. Further, no one, including HCR, ever seems to point out that borrowers are taxed on the amount of the loan forgiven.
Emily,
I posted this in reply to someone else who wrote about "forgiveness," so apologies for the repost, but chances are you won't see my other reply:
In addition to accurately calling the loans people take out to invest in their future earning potential (i.e., the means to pursue the American Dream) "education debt," we should also more critically consider the term loan “forgiveness.”
NOTE: When we (the taxpayers) gave Wall Street and the banks responsible for the Great Recession a loan, it wasn't called "forgiveness;" it was called a "bailout" -- by definition a rescue from distress. Who would be against saving someone, implicitly a victim, from disaster?
But, we use "forgiveness" whenever we talk about individuals -- homeowners who default on their mortgage, or students who can't afford their education debt. Using "forgiveness" relies on what's called a metaphor or linguistic frame.
In this case, it is a frame created by the right/Republicans (this was pointed out to me by an amazing messaging diva, Anat Shenker-Osorio).
Why? Because the right personifies the economy over working people, whom it objectifies. E.g., consider "free hand" of the market, or discussions around whether our economy is "healthy," or if an industry/industries need "reviving" etc.
The right asserts that the economy is like God, and therefore, debt "forgiveness" implies a person who can't pay back their loan has sinned. So, rather than language that reminds listeners/readers how working people have been forced into crippling debt because of the need to attain an ludicrously expensive degree to thrive and succeed in today's workplace, where educational provenance and social networks predetermine success for a wealthy, well-connected few, even as we (Biden/Dems) advocate to lift this crushing debt, we also end up casting those student debtors as sinners.
Cognitive research/experiments consistently show that the linguistic metaphors we use prime people and directly impact their beliefs about an abstract concept (i.e., a law, regulation or policy), AND it subconsciously shapes their preferences.
Language is a powerful force, more powerful than most of us realize/recognize.
But you know who gets it? The arch-Conservative messaging gurus that have morphed the GOP into today's MAGA Repubs--people like Frank Luntz and before him Lee Atwater.
Sadly, the most of us (certainly politicians on the left/Dems), too often simply repeat the right's research-tested language, without questioning it and end up amplifying the right's talking points and more importantly, value system. Another prime example, "tax relief."
Here's some background if you're curious:
https://prospect.org/features/framing-dems/
Their way of saying a pox on education. May have started out as a way to describe low-interest loans to deserving borrowers. Boy, that ship sailed and instead of the bankers yacht being named “overdraft,” it would be named, “smart sucker”
Excellent point, Natalie!
We also usually fail to recognize the mortgage interest tax deduction as welfare for the rich, even though it costs exponentially more than the earned income tax deduction, which is always identified as welfare for the poor.
Boom.
The “rich enough to buy a house” includes a lot of us who don’t consider ourselves rich, but are getting that subsidy because we could make a down payment and qualify for a mortgage.
You have a good point. It makes it sound as if the student is to "blame" rather than improving themselves. Words do matter.
Penny, you've NAILED it!!!!!!
If you're not familiar with George Lakoff or Anat Shenker-Osorio, would highly recommend both.
Also, without reposting, here's a thread re: loan "forgiveness," if you're interested:
https://heathercoxrichardson.substack.com/p/january-19-2024/comment/47736912
“Double speak” is all around us now. Thanks to Dr. Richardson, We are seeing how it is being used to deceive us.
We must not only recognize it, but combat it as well. Great resources for doing that here:
https://www.wondermedianetwork.com/originals/words-to-win-by
Natalie Burdick wrote: “Curious though--we don’t describe mortgages as “homeowner debt” nor do we call car loans “driver debt”—so, why do we use the term “student debt” for a loan that pays for an education”
Mortgages and Auto loans have an actual physical asset that can be repossessed. Student loans do not. I suspect that drives the difference in terminology.
Perhaps, but it doesn't change the impact/influence on the reader/listener.
If you're not familiar with the field of cognitive science and linguistics, this was really the source behind my concern, and the genesis for raising a discussion on the language that surrounds this issue, as it does have a material (albeit subconscious) impact on how we perceive (support or don't support) a given policy.
That may be, but the terms have defined meaning legally and in business. Let's not split hairs here. Loans of the education variety are loans for something that is not easily (if at all) repossesed hence the use of different terms. I personally think one, any one of us really, should take the effort to learn and understand the terms governing our agreements. That's the whole point behind the injunction to read/understand contracts and agreements before signing them.
Happy to agree to disagree -- it's not about 'splitting' hairs.
For me, it's about the moral frameworks that shape discourse and reinforce our value systems and influence what we support and don't support in terms of candidates and policies.
But that has nothing to do with the plain meaning of the terms.
Natalie, I suspect that unlike home mortgages and cars, we call student loans "debt" because the lenders can't readily repossess the "property" that was funded in the first place to compensate them for the supposed remaining value that remained unpaid. Our capitalist system remains quite willing to fund start-ups, even pretty far-fetched "businesses" (think crypto-currencies and crypto-currency exchanges) when there's the possibility of a huge profit for both the business and the lender which is missing from the student loan business.
And yet, with VCs, if the start up never turns a profit, none of its employees—let alone any of its founders—ever have to pay a single cent back...
Natalie, love the way you highlighted what we call debt and what we don’t!! I think “health care debt” is another major dread for so many in our society. It’d be interesting to find out the data on the number of folks who cannot afford their need for continued medical treatment and the role the health insurance companies play. For an example, I’m an octogenarian and I’ve been trying to obtain a much needed medication for months only to run into one excuse after another from the insurance company as to why the medication is “on hold”.
I agree with much of what you say. But I am puzzled by your last paragraph. Students who borrow to finance their education are obligated to repay the loan. As it happens, the Biden Administration has realized the the students are/were caught between schools reckless and often needless raising of costs and lenders irresponsible granting of incredible amounts of debt (a combination which fed on each other—why care about how much you raise costs when there’s a far-too-easy and endless supply of credit).
And so Biden has been working to forgive the debt obligation for many. But that effort in no way erases the students’ original obligation to repay. Without Biden’s efforts, the real, legal obligation would remain.
There are two distinct points I'm trying to highlight here:
1) the discrepancy between how we talk about lifting a debt -- forgiveness for individuals vs. relief or bailout for businesses. I posted a more detailed thread about that below:
https://heathercoxrichardson.substack.com/p/january-19-2024/comment/47736912
2) there are fundamental 'systemic' issues with the cost of higher education; Biden's student loan efforts are trying to ameliorate those -- but are really (as we too often do) just bandages to address the symptoms of that dysfunction, rather than a longterm cure for the disease/source/underlying causes.
This article will do far more justice to point 2) than I can :)
https://slate.com/business/2022/07/college-financial-aid-sham.html
Oh, I agree completely with you on point 2. As soon as Biden started talking about student debt, I shared my thoughts that it should wait for a package of relief and reform — the relief of most student debt along with reform of tuition cost increases. Otherwise the debt forgiveness itself exacerbates the problem. Because colleges will then think, oh we have a free pass to raise tuition, because they’ll forgive it all a decade from now.
I put my three kids through school, finishing up 12 years ago. $600,000 over 7 years. When I would visit campuses I would grit my teeth at the waste of money on underused frivolous facilities and ridiculous majors taught by vapid professors. No loans, thankfully. I would certainly not want to have anyone pay over time so kids can major in comic book art (an actual major at one school).
Nothing wrong with comic books, and if you’re interested, just learn it elsewhere and don’t pump up college costs with frivolous majors. A whole million dollar building and a million dollar dedicated media center? What sorts of nuts run these places?
I realize I sound like an old man yelling at the clouds. But this whole crisis is rooted in the fact that we collectively can’t afford college as now priced, correct? So costs have to be cut, and one way (there are many others) is to cut stupid and frivolous activities.
I will spend some time reading the articles you referenced.
Sorry for the rant.
Your kids were fortunate you were their dad and could afford to do that, but I imagine you had to make lots of choices and put work first in your life to pay that insane amount (an amount that NO one should have to pay for an education, whether or not they can afford it, or whether they can get a loan for it). No apologies needed -- just keep the faith.
Natalie you are so right about "student debt". The use of language is so powerful, and how things are labeled needs to be scrutinized.
If you're not familiar with George Lakoff or Anat Shenker-Osorio, would highly recommend both.
Good point. There’s another thing about the whole “student debt” moniker. Many parents and even grandparents co-signed for these loans making them ultimately responsible for the debt. Can they not have their wages, retirement or social security garnished to repay said debt?
Found this resource as an FYI:
Cosigners On Student Loans Are Just As Responsible As The Student
When you cosign a loan, including a student loan, you are just as responsible as the borrower. Parent, grandparent, family member, friends - don't cosign a student loan. If you really must, you need to cosign a student loan the right way.
When you cosign a student loan and the student can't repay the debt - you must repay the debt. In a worst-case scenario, if you cosign a loan and the student dies, you might still have to repay the debt.
https://thecollegeinvestor.com/15526/five-facts-you-probably-didnt-know-about-student-loans/
Glad I didn’t go got bed early as usual, so nice actually seeing it drop in my inbox! What good news, on so many fronts. hanks for the history on student loans and mismanagement, as well as reigning in banks and overdraft fees...the billions, it’s beyond appalling.
Mortgages too. First house I bought, there was an error at the closing which tried to make my payment $136 more than reality. Second house I bought, the “error” was more than $500.00 in the bank’s favor. My partner, who had a head for numbers, each time said “That number seems high”, whipped out his trusty calculator (he being a scientist, and it being back in the 20th century, and all) and made them explain their number. First banker was embarrassed. The second banker had the gall to say, “Oh no need for that!” when the calculator appeared. (Insert eye roll here).
Good on your partner!
It is really interesting that bank and credit cards errors are ALWAYS in the bank’s favor.
Malmanagement seems more likely. Follow the money.
And yet - isn't it curious that handling errors are nearly always in the bank's favor?
Go figure
Ya think?
I like that term, JL. There is no "mismanagement" here, which Oxford defines as
"the process of managing something badly or wrongly.
"he was found guilty of mismanagement of public funds"" This was not "badly or wrongly" but intentional, with malice aforethought.
? can you tell us more? Interested!
Carol Parsons,
President Biden's team is on watch for us !!!
More good news is that Jet Blue-Spirit merger stopped by the courts. Matt Stoller, of the Anti-Trust Substack Big, is saying that there is an indication that the courts are becoming more inclined to break up monopolies, or prevent them. He also has suggestions for the Biden administration to handle the problems with Boeing, which is to nationalize it. https://www.thebignewsletter.com/p/its-time-to-nationalize-and-then
Then, he was on a talk with David Sirota of The Lever, discussion the problems with Boeing. I think that the time is ripe to take that on too. I attended the discussion. Here in this link is a video recording of the discussion if you are interested. https://www.levernews.com/virtual-event-today-at-4-30-et-the-boeing-disaster-with-matt-stoller-william-mcgee/
I think it will help that Matt Stoller is on it and the Lena Khan seems to be willing to take on monopolies, and is winning.
Before too many show up here, I would suggest you all read Joyce Vance's post of a couple of hours ago. A very interesting situation is developing in regard to both houses of Congress passing a bill to authorize live TV and audio coverage of a trial in Federal court of the Pan Am flight that was bombed over Lockerbie Scotland. She thinks we should contact our Congress Critters and demand a similar bill to allow the American people the same and necessary opportunity to view all the Federal trials of Trump live also. Legaly, it is up to Congress to have or not have live coverage in a Federal trial.
As soon as I read Joyce’s letter, I emailed my Senators & Representative to urge them to support this same action in regard to trump’s Federal trials. We have the right to see it live and not second hand!!!
And if not, why not?
I also emailed mine and others in my districts to do likewise!
I love Joyce Vance, but I've also read politicians and pundits I respect arguing very convincingly that the trials of tffg should be audio broadcast, not live broadcast. Because tffg will turn a visual broadcast into a propaganda goldmine, while an audio broadcast will focus attention on the arguments and the garbage that he vomits.
I can’t bear to look at him, audio better for me
I can’t bear to look a him, nor hear his pitiful whiny voice. Throw him in the hoosgow!
Hate his voice as well, master of the whinny victim. Better than looking at the ugly cretin. I agree 100% with the hoosgow, but our legal system gives too many options to money. And the already rich hog it all, and plan to hog even more.
Ya, that's bad news. According to Thomas Piketty in his book, Capital in the 21st Century, we will have a bloody revolution within 30 years if the wealth inequality trajectory continues in the manner it has been. This was published in 2012. We are in for it.
We have been warned, over and over
I have to mute the buffoon.
Every time
Better for our digestion, right?
Both are vomit-inducing and like nails on a blackboard to me.
I read the transcript to his inauguration speech in 2017, and that cinched his utter incoherence for me. Haven’t wasted time listening to his speeches since.
Jeri - yeah, there's that!
Perhaps, for all of your collective reasons, but countering Faux Snooze's misreprepresentaions in real time is also critical. Recycle your veggie bags and clean out the hall closet and unmute the TV periodicaly.
I've seen enough of him too. It dumbs me down. I worry about craving kool-aid. Actually, I'd rather read a transcript than listen to his bs.
Exactly, instead of being upset about his current troubles, I think he is elated. On everyone’s lips, every tv channel, and has a pack of clowns following him. Worse than that, he has contaminated one of the two political parties, hence one of the two houses of Congress to the point of treason. Televising him would be such a boon to his ego. Are there enough non-cult citizens left to make it a ratings flop. Those who think that seeing his outrageous behavior in real time would turn people against him, may need to look around. The fix is in.
(Only having the audio so we don’t have to look at DJT...)
He is the ugliest human alive. Voice is horrible too, but comeuppance needed.
I heard this too and thought how awesome it would be to listen to a smart truthful debate on this subject.
I think or thought they were only suggesting audio. Perhaps I read it wrong 😑
Hey, wanna get the debt down? Make the trump trials Pay-for-view!!!!!!! $$$$$$$
I'd pay.
Me too.
Capital idea!!!
Thank You Ransom Rideout for mentioning the important task Joyce Vance asks us to join her in. Writing to Attorney General Garland, and our members of Congress about allowing remote access to the serious and important criminal court proceedings in United States v. Donald Trump. I wrote my five emails. My hope is many more will join the effort.
It wasn't just me, but I'll take it. I got my 97 year old Mother-in-law moved from rehab today to her new assisted iving situation. Fear and trepidation. As things settle in, I'll start to get back to work on our collective reality. It's been a long day.
I contacted my Congress critters immediately after reading Joyce’s letter.
Broadcasting Trumps trials in theory seems like a good idea. However, I fear Trump will use them as a political rally.
If he tries, the judge is in control. At the Chicago Seven trial, handcuffs and mouth gags were used.
I always enjoy your letters, but tonight's takes the cake. Superb writing AND thinking. Saying that DEI and safety plus engineering are somehow related is just plain ludicrous. This quote says it all: "The real culprit at Boeing, Zekeria suggests, was the weakened regulations on Boeing and Spirit thanks to more than $65 million in lobbying efforts." Thank you for casting light on these people.
I thought the same so used it when I restacked Dr R’s very informative piece tonight.
I totally agree. The good doctor was on a roll. My sisters have been reading HCR's newsletter for several years before I became a disciple. Please share HCR's good news with others.
Thanks Professor for an excellent newsletter!
Plus we have those “fishy” men trying to get the Supreme Court to limit federal regulatory power that is making so much of this systemic change happen. A terrific piece (again)..
We've got them running scared, I hope...
"That the Supreme Court felt able to take away a constitutional right has worried many Americans about what they might do next, and people all over the country have been coming together in opposition to the small minority that appears to have taken over the levers of our democracy.
Driving the wedge of racism into that majority coalition seems to be a desperate attempt to stop ordinary Americans from taking back control of the country."
Trust me, the Supreme Court is not finished. I believe they are taking the “this is our best chance, let’s get these changes done while we can “ approach.
To that end, we must vote and win with large margins in November 2024! Get out the Vote!
Agreed. And stop allowing the naysayers split us up. It’s always been, “United we stand; divided we fall”. And this next time we can fall very far down into an abyss we might not crawl out of.
There is already a lot to be crawled out of, but as Jessie Jackson put it (as best I remember) you don't drown until you stop swimming.
50 likes, straight off.
Amen
Yes. The current Chevron case and the ability to take away the power and authority of Federal agencies is particularly concerning. They went to town on the Clean Water act in a recent case. I believe and "precedent" or settled case law like Roe overturned... means they have no regard for any past Supreme Court finding. Scary times!
This is a very scary one. Can you imagine.
I am so angry the R's won't stand together and say enough already. Cowards, everyone of them.
The bankers in Davos already "normalizing," Trump, again! Because nothing says "patriotism " like throwing the rule of law under the bus as long as the 1% get theirs and stay on top. Gritting my teeth in revulsion and angry.
"the Supreme Court is not finished. I believe they are taking the “this is our best chance, let’s get these changes done while we can “ approach"
JustJanice, I think you are right but not because they think it is "their best chance".
I think the right wing Supreme Court Judges are all on the take and when they rule in favor of Oligarchs money rains into Swiss Bank accounts for them. Clarence Thomas, sadly championed by Biden himself, showed the path to "pay" for "play" and now all of the right wing justices have growing Swiss Bank accounts with each ruling.
So, it is not that the Justices are trying to accomplish a far right agenda.
They are just being paid a lot of money to help Oligarchs achieve that end.
Just money. That's it. Nothing of high thought or noble goal.
Just money. A lot of ot it.
Harlan Crowe and Leonard Leo have spent over $100 million trying to push the courts way to the right. The repressive regressives have no qualms about buying judges to enrich themselves and the oligarchs.
Bingo. And it’s not just this version of the court when it comes to helping the oligarchs. One of the biggest mistakes liberals made in the post-Warren period was to think the courts would always be the backstop in the face of congressional or executive malfeasance. They got lazy when it came to elections, often supporting lesser evil candidates who still pursued oligarch-friendly legislation under the guise of market ‘freedom’. A good review here:
https://theflaw.org/articles/the-courts-will-never-save-us/
“But as progressives contemplate the future of the judiciary, it’s becoming increasingly clear that the left’s strategy has to go far beyond stellar appointees. As the story of the Warren Court makes clear, lasting progressive power-building has to come from outside the courtroom; progressives can’t simply try to replicate the conservative legal project, replacing Justice Alitos with Justice Jacksons. Accepting the legitimacy of judicial supremacy means accepting the risk that progress can be rolled back simply by flipping a seat or two on the Supreme Court. It’s a risk progressives can’t afford to take again. “If we believe in democracy, if we believe in building a more democratic political order, then we need to be reducing the size, power, and influence of the Federal courts” says Molly Coleman, Executive Director of the People’s Parity Project.”
I think quite a few R wing zealots on the SC really believe all their religious bs and feel very righteous in their actions. Roe is not about money it about control and their moral heroism.
Still, the media and some Democratic emails keep pumping out the message that Biden is in trouble, and with Jamie Dimon's proclamation that he could live with another Trump presidency, I worry that there's too much indifference.
I had not heard of “Jamie Dimon’s proclamation.” That, if true, is yet another sign of the insanity within the populace. Totally nuts from a man who is frequently cited as a credible businessman. Regretfully, he is just another example of the comments offered about “it is only about money.” I’d like not to be a cynic and won’t buy into that thinking. Where and when did he make such a statement?
And that remark was delivered with what I could best describe as a sneer. It was revolting to watch that smug bastard on his errand to Davos, to the World Economic Forum (all the rich get together to decide how they're going to put more in their pockets).
https://open.substack.com/pub/robertreich/p/why-jamie-dimon-loves-trumps-policies?r=fc8b8&utm_medium=ios&utm_campaign=post
Here is Robert Reich Substack from yesterday .
Dennis Aftergut & Walter White have a good article in The Bulwark about Jamie Diamond's inexplicable positive statements re Trump that Diamond recently made at Davos.
I'm pretty sure you don't have to be a Bulwark subscriber to read it.
Hedging his bets in case tfg wins again, like lots of other prominent ppl.
Yep, must appease the psychopath, since they figure he is the next occupant in the WH. WTAF?
How about listening to Sununu - the NH governor - go on and on about what a dirt bag tfg is and then say he will vote for him!
He's not alone.
Most definitely shows the spineless trades at the admin end." Hey guys, let's just follow the lemmings over the cliff"!
https://open.substack.com/pub/robertreich/p/why-jamie-dimon-loves-trumps-policies?r=fc8b8&utm_medium=ios&utm_campaign=post
Nancy Kish thank you for sharing this article by Robert Reich.
So the question is not “What’s in your pocket?” but “Who’s in your pocket?”
Both, what's in your pocket ( because you love me,right?"
Whose in your pocket about to get very crowded in their when they all fall over themselvies with $$ donations.
Supreme Court reform, right, John? Term limits, an enlarged more culturally balanced court, a less political method of appointments, real codes of ethics....
For now it is a dream. Meanwhile the Federalist Society is in control.
Pretty much. It would take a major political upset to provide that kind of change.
I completely agree with you.
I also hope.
“I also vote”
Blaming corrupt greed on DEI is despicable. Racism is their greatest tool, yet it never shows up on a list of priorities for us to deal with as a nation. We have guns, climate change, abortion, health care, book banning etc.-but little discussion/problem solving when it comes to racism. In the end, racism may very well be America's death knell.
Gina, that is a chillingly accurate thought.
My sister just found out that her student loans were forgiven. 35 years ago she borrowed $12,000. After 35 years of paying her loans every month, she still owed $25,000 because of interest. She’d paid off the original amount twice over. Her life was changed, she no longer has this burden. So grateful for her.
This!!!!!!!!!!
Congrats!!!
That’s insane 🤬
Thanks for finding some positives. Is it ok to enter an observation, or hope? I am hoping the Supreme Court is egotistic enough that they will resent that Trump threatening them with chaos if they don’t decide in his favor about being allowed to be on the ballot. Isn’t that a prosecutable offense on it’s own?
If the SC thinks about it, if the monster is unleashed ,it could come for them too. The ketchup really hits the wall when any of Dear Leader's former friends disappoint him in any way. If rule of law goes down the tubes, so could they.
JL- AND t-rump has been bragging ( in his mobster -speak) that they owe him because he put them( we know the ones) there.
It takes a crook to serve a crook.
Yes! Send this to each of our Supreme Court Justices, JL!
Marlene, it’s amazing to me that he and his minions are blatantly & publicly coercing the SCOTUS justices he got seated w/ his mob-boss-like directives. I sure do hope they find their spines & cojones and don’t cave.
Absolutely hope. There isn't much that we can do to the Supreme court until an opening comes up. Or until there are changes made which is highjly unlikely. Term limits are a good start & why not do what emplouers do, justices from now on are required to retire no later than 80. Literally grandfather in the sitting justices that will give them plenty of time to have another bunch of old jusitces.
Or expand the court!
Both.
Even the Catholic Church, that haven of employed old, old people, makes cardinals retire at 80 (no voting for the next pope) and bishops at 75 (though the pope can extend).
It seems that prosecutable offenses just add to his lustre without causing him the slightest inconvenience.
Say it loud, say it proud. Go Joe, go Kamala. Go blue, go the common American for liberty and truth. Go Professor. Thank you.
Maybe billionaire banker Jamie Dimon should read Heather after he praised Trump’s economy and other failures at Davos. But of course Dimon knows the truth. He’s just another CEO hedging his bets rather than taking a principled stand for democracy.
Robert Reich rightly skewers Dimon. https://open.substack.com/pub/robertreich/p/why-jamie-dimon-loves-trumps-policies?r=57fmo&utm_medium=ios&utm_campaign=post
Jamie Diamond should be ashamed of himself….though he’s doubtless, not…..BUT WHAT HE IS is a very unpleasant indication of the growing consensus that Trump will win. Selling out at Davos…if anyone needs any more encouragement to work zealously on behalf of Biden…you just got it!
Michael, might Jamie Dimon have political options up his sleeve that have just started to come out of his mouth; Biden is still not looking good to American voters, but that could change.
'JPMorgan Chase (JPM) boosted the compensation of CEO Jamie Dimon after the lender earned more money in 2023 than any American bank ever.'
'Dimon's 2023 compensation rose to $36 million from $34.5 million in 2022, the bank disclosed in a Thursday regulatory filing. The amount for 2023 includes a base salary of $1.5 million and $34.5 million in performance-based compensation.'
"The board continues to recognize that the firm is in a uniquely fortunate position to be led by such a highly talented and experienced executive," 'the bank stated in the filing.'
'Dimon, 67 years old, is currently the longest-serving CEO of a major national bank. JPMorgan is the largest lender by assets in the US.'
'Last Friday JPMorgan reported that it raked in $49.6 billion in profits over the course of 2023, blowing away all rivals and topping its previous record for annual earnings.'
'At the beginning of January, JPMorgan stock reached its all-time high price of $172. Since Dimon was named CEO on Dec. 31, 2005, JPMorgan's stock has climbed more than 167%.'
'The questions about Dimon's future are gaining urgency as JPMorgan increases its hold over the rest of the industry. The bank's purchase of failed San Francisco lender First Republic last May increased its reach and influence while adding more to earnings. It also firmly established Dimon as the industry's rescuer-in-chief.'
'Dimon has made it clear he has no near-term plans to leave. He has, however, also openly mused about life after JPMorgan.'
"I can’t do this forever, I know that," Dimon told analysts on May 22. "But my intensity is the same. I think when I don't have that kind of intensity, I should leave."
'It is possible Dimon could stay at least two more years. Why? Well, the board has made it clear it wants him running the bank that much longer.'
'The clue is a special retention bonus of 1.5 million options the board awarded Dimon in 2021. He can't exercise those options until 2026, and he has to stay at the bank the entire time while meeting certain performance targets.'
'But the retention plan does have one interesting provision that allows Dimon to exit earlier: He can exercise the options if he leaves for a government job, according to a regulatory filing. Elected or unelected.'
'Dimon has frequently been linked over the years to top roles in Washington. During President Obama’s time in office, Dimon was frequently mentioned as a possible Treasury secretary. Billionaire Warren Buffett even offered his endorsement in 2012, saying Dimon would be the best pick for that job.'
'Last year hedge fund manager Bill Ackman urged Dimon to run for president in 2024 as a Democrat, saying he could beat President Biden in the primary election and former President Donald Trump at the general election.' (YahooFinance) See link below.
https://finance.yahoo.com/news/jpmorgan-awards-ceo-jamie-dimon-36-million-after-most-profitable-year-ever-224411138.html
Between the bankers, VC and Private Equity takeovers of major economic sectors like healthcare/hospitals the citizens of this country like myself are feeling liked picked over carcasses- the road kill of excessive capitalism no doubt.
Obscene!
I bank at Chase and have for years, I have never had a problem with them. I don’t know who the smartest banker is, but Jamie has to be among them. I listened with horror to some of his comments from Davos, and upon reflection was not so alarmed. From what I have read the richest among us tend to vote republican and it wouldn’t surprise me if Chase’s biggest depositors and clients vote that way as well, so he may have felt compelled to speak to them. Hedging your bets is what bankers do for a living, they play with the edges, very small percentages, but the amounts are so vast that they make a lot of $ doing it, thinking about that took the sting out of what Dimon said. That said, I’d have preferred if he hadn’t said it.
Dick, Jamie Dimon was crediting Trump and his party. They are not Republicans as far as HCR has defined them, and the Republican Party has been one of her subjects of study as an American historian. Beyond her reckoning, other, generally respected, thinkers have called them Fascists. Dimon cautioned us to respect them. 'Caution' is an appropriate instruction concerning this highly dangerous group but 'respect'? Whatever Dimon may be doing, it is unacceptable and dangerous as well.
I think they are fascists as well Fern, I suffer no confusion about that. I have respected Jamie for the way he runs Chase and the way they treat me as a veteran, and was hugely disappointed that he took that position. I have thought about writing him to express that dissatisfaction. I have no respect for the insipid clown or any of his syncopates who are enabling him, I have family members who I haven’t spoken to in years, a situation I no doubt share with many. Davos=a meeting of the rich and powerful in a beautiful Swiss resort, none of the participants even gave a thought to what their rooms-suites cost, I don’t live that way, but I can see how it would be comfortable to be among others who share a sweet spot in life, wouldn’t it be nice to know that you could go to Davos every year all expenses paid. My guess is that there were a lot more R’s than D’s in Davos, but that still doesn’t excuse his hedged statement.
Dearer than 'nice' to me, Dick, was to have had this conversation with you. Your thoughts
and sharing with me was a precious gift today.
It’s mutual Fern 🙏
So glad to hear this good economic news. Of course the right will spin it with some mumbo jumbo. I've heard Trump say out of his mouth that he hopes the U.S. economy crashes before he gets back in office so that he won't get the blame. By the way, after 8 years , Obama had brought the U.S. economy back from the brink of disaster. Trump took credit for the economy after being in office for only six months. Let's give Bidenomics credit now !
Blaming the Boeing hatch blowout on diversity equity and inclusion ?
To answer your closing question, of course DEI is responsible for all the bad things happen in the country! If it wasn't for that we'd have all those old white men running everything. Oh, I forgot they still have the large majority of high paying influential jobs. And we all know that old white men always do what's best. (For themselves.)
I'm glad that all White men aren't F.O.S. But a lot definitely are, just like everybody else. : )
The G.O.P. is trying to corner the market.
And Ms. Haley has the nerve to say the USA is not a racist country.
All the stories of WWII are so damn real now. Instead of being in the past, I fear it’s our future, but I’m hoping we continue to thrive with Biden at the helm.
Biden can help, but a government of the people, by the people, for the people needs for the people to make it happen.
Isn't it amazing how women and minorities are responsible for every fault in society, including depressions, recessions, and wars, while the poor innocent white male oligarchs are both blameless and harmless.
I know, it is amazing, but trump will cure that by deporting million of immigrants & creating camps for those that are here, maybe he'll make room for the women & the minority citizens too since they can't be trusted. Oh, I know they can make color coded stars to wear like the Nazis did for inmates in their prisons as well as for the Jews. Then we could be especially vigilant when we are around those stars!!!
Thank you for the additional ideas LOL
Is he going to deport his wife and her father?
My laugh at 4am. Ain’t it amazing, indeed. Boy, the drums never stop pounding the message
Tucker Carlson calling Vice President Kamala Harris “a member of the new master race” just seems like paranoid crazy talk to me. I wonder if he believes what he says here?
Yes. Crazy talk indeed. And just the kind of talk that has been winning elections for Republicans since 1968. They will stop talking like that when it stops working, which, unfortunately, will not be in the foreseeable future. The only hope is to get our majority to the polls and outvote them., then use the power we gain to effect a significant reduction in systemic white advantages.
All mouth and no moral fiber, "Imitation of Trump". Works really well for ratings and salary, my guess.
He doesn't have to believe, he just has to get "clicks" & "likes" so that he can go on his 'merry' way of leading people down the primrose path of telling people what the white chritso-fascists want them to be told. Seems to me that the group to which I refer believes that white is right & makes right.
I'm glad I didn't read this last night - I had a hard enough time sleeping without hearing of this loathsome creature's remarks about Kamala Harris. Why are all these people trying to outdo the Orange Skidmark's disgusting behavior?
It seems to me that Tucker and his ilk are targeting Kamala Harris as they did Hillary Clinton, trying to make her nothing but a shrew when she is such an intelligent, articulate, and compassionate human being.
Exactly. Tucker's behavior is just odious, sometimes even more loathsome than T****.
More odious than Trump because he knows better.
Have I smiled or laughed this morning? James, 'Orange Skidmark's', oh, it takes the prize
and lit my fire!
I can't take credit for it... I'll have to look for the first place I saw it. Skidmark was used to refer to the trail left by a dog who scoots across the carpet to clean himself. Glad I could give you a chuckle.
You made a tasteful choice, James, and skidded it well!
He doesn’t but wants others to. He is a sickening kind of person.
Nah, he's glib. Depends who's paying him.
Every accusation is a confession: TC wishes HE were the master.
I wish everyone would read this; especially those who think the economy was better under Trump
Or thinks we were better off after 40 years of "Reaganomics"
I don't think anybody under 60 reads this.
Well, you might forward it to some who are. My daughter and her husband mostly listen to the news in podcasts and shield their child from the news, which can even sound threatening.
The economy is better or worse depending on where one sits at any given time. It has nothing to do with numbers, the stock market, GDP, or the pronouncements of political pundits or economic ‘experts’. As long as we have people sleeping in the street, or on park benches, or in their cars, the economy sucks.
https://www.counterpunch.org/2024/01/19/the-hostile-architecture-of-late-stage-capitalism/
“The tragedy of it all is that the money is certainly there to deal with this inhumanity. Massive amounts of housing are simply empty…..but in late-stage capitalism there has to be losers to maintain the cash flow to the top. The moment the realization that all of this is constructed to benefit only the very wealthy—that’s when it all caves in. The threat of homelessness does more to keep workers in line than any other technique. To diligently work to solve homelessness would be to remove an existential threat that most of the working class has—they really can’t have that. It’s like the freedom that would come by extinguishing unnecessary student loan debt—it’s a much more compliant group of workers when they are tethered to debt and fear. Decent people ask “how can we fix this?” but we have to realize that our upper-level decision-makers most likely don’t want this solved.”
Well said Tom. Keeping labor in check has been the playbook since the beginning. It's why we have racism in the first place-it's a powerful tool. It reduces all labor to slavery-debt and fear keeps people enslaved as capitalists continue to exploit people on all levels.
"The real culprit at Boeing, Zekeria suggests, was the weakened regulations on Boeing and Spirit thanks to more than $65 million in lobbying efforts."
I don't know if Zekeria means by "weakened regulations" that the FAA essentially let Boeing run the show in terms of the procedures and testing required for certification and it ended up that Boeing was actually dictating what would be in aircraft manuals and how design features were implemented, as well as what safety measures and systems would be required. This is what led to the catastrophic crashes of the Boeing MAX aircraft when the MCAS system that was not properly vetted by the FAA failed. The FAA is promising to change this.
The idea of blaming the Boeing door plug failure on DEI is cynical and a continuation of Trump's playing on xenophobia and racism ever since he came down the escalator in 2015.
The Evangenitals are stoking fear and raising the specter of the Brown and Black people taking over this country.
Today, I read most of the amicus curiae briefs filed by a large cohort of Republican Senators and Congressional Representatives and by Vivek Ramaswamy in the appeal to the Supreme Court of the Colorado Supreme Court's ruling disqualifying Trump from appearing on the primary ballot in that state by virtue of the 14th Amendment. It is astonishing that our so-called leaders are actively supporting a liar, sexual predator, a man whose actions have been equated with rape by a federal judge, and a seditionist. Across that spectrum, adding racism is unlikely to deter them. Shame!
Quick question. Was your ‘Evangenitals’ a typo or a deliberate. If it was the latter, I loved it! 🤣🤣🤣
I may even have to borrow it sometime.
Very intentional and I refer to their unspiritual leader as the MAGAtollah Trumphole.
Feel free to spread it around. I've been using it for years.
It was particularly pithy when the scandal involving the Florida MAGA Maggot head of the Repugnican Party named Christian of all things and his wife Bridget Ziegler, a school board member who shoved books she didn't approve of to the bookburner, and the two of them admitted to being involved in a three-way sex escapade.
Life is truly stranger than fiction.
Here, Boeing uses a door plug to eliminate an unnecessary door because the passenger load is less than the maximum and then fails to tighten the screws so that the plug won't open like a door.
Be well and stay safe.
Love Evangenitals! Will use it in the future. BTW, rape charges were dropped against Ziegler but he’s now charged with filming w/o permission. Could get five years on each count. There we have two “evangenitals “ whose political aspirations just crashed and burned. I hope.
Gail, thanks for the update. I didn't follow this after having an initial roaring laugh about the irony of it all.
As for Christian getting rape charges dropped, that's not a surprise since there was the issue of "consent" but I don't know enough detail to comment intelligently.
What I did read was that the third person, the non-Ziegler, said she wasn't really interested in Christian but did it more because of Bridget. I thought that was effectively an emasculation of Christian the Evangenital or should I say the Evangenital Christian.
Somewhere in the recesses of my mind, I've thought I'd like to see someone write a novel about this and have the third person end up being outed as a trans person. That would be the irony of Ironies given the hypocrisy involved.
et voila!
🤣🤣🤣 “Third person said she was drunk from doing shots of tequila all day”. I wonder who else lurks in the Zieglers closets.
I've been waiting for a long time for Ronda Santis to be outed as a trans person.
LOL! That would be hysterical. He is such a dipsquat.
Living as I do in a bubble of mostly like-minded people, I have no sense of the extent to which the messages that were clear in tonight's Letter are communicated to people who are not on the same page, quite literally. Where on the line between the optimism that understanding the good things that the Biden administration has accomplished and the pessimism that this understanding is not widely held or effectively transmitted does a reasonable view of the situation in our country lie?
This evening, MSNBC did show several Fauz News clips about the economy and they had to acknowledge that the numbers, as well as documented consumer confidence is at an all time high. They could not deny it.
I’m reasonably certain the people who need to hear this are not watching MSNBC. Besides, they don’t want to hear the truth, they just want to hear what they want to hear.
Clean your glasses. The live clips WERE Fox News. The Fox News viewers watch Fox News.
They just showed FAUX Newsless clips with even FOX admitting this economy’s good numbers.
'It appears Americans are finally feeling better about the economy.' (WAPO)
'Consumer sentiment, a window into the nation’s financial mood, jumped 13 percent in January to its highest level since mid-2021, reflecting optimism that inflation is easing and incomes are rising, according to a closely watched survey by the University of Michigan. Since November, consumer sentiment has risen 29 percent, marking the largest two-month increase in more than 30 years.'
'Gas prices, often a key driver of sentiment, have fallen 40 percent since June 2022, to just over $3 a gallon. Weekly jobless claims are at their lowest level in more than a year. Sales of cars, clothing and sporting goods all picked up during the holidays, as consumers felt confident enough to keep spending.'
'Meanwhile, the stock market is surging to new records, with the S&P 500 closing at an all-time high on Friday.'
'S&P 500 closes at record high, capping a strong run for stocks'
'Many are hopeful, too, that interest rates have peaked and the Federal Reserve may begin to cut them this year, which would make it cheaper to borrow for a range of items, including cars and homes.'
“We’re seeing a continuation of the surge in sentiment we saw at the end of last year,” 'said Joanne W. Hsu, an economist at the University of Michigan and director of its consumer surveys.' “If anyone was wondering, ‘Was December a fluke?,’ it is absolutely clear now that it wasn’t. This is a sign that consumers are feeling better. Their confidence has come back.”
'That jump is fueling hope that the U.S. economy — and Americans’ perception of it — may be turning a corner after months of inflation-related unease. Rising sentiment among both Democrats and Republicans comes at a critical moment for the Biden administration, which has struggled to convince voters that its economic policies are making their lives better ahead of November’s presidential election.'
“At a cerebral level, voters may still say Biden mismanaged the economy,” 'said Tobin Marcus, head of U.S. policy and politics at Wolfe Research and an economic policy staffer to Vice President Joe Biden during the Obama administration.' “But the dissipation of their really intense personal dissatisfaction with the economy still really helps at the level of the political context.”
'The economy is improving under Biden. But many voters aren’t giving him credit.'
'Democrats are cautiously optimistic that improving views of the economy will boost President Biden’s chances in the election, after months when inflation and voter fury over the economy appeared to be intractable political problems.'
'The White House has so far reacted cautiously to surveys showing improvement, not sure if they reflect a durable shift or statistical noise. But that is starting to change. On Friday, the administration pointed to improving sentiment as a sign that its policies are '“delivering results that more Americans are feeling.”
“President Biden is making progress lowering inflation while maintaining a strong job market,” 'Jared Bernstein, chair of the Council of Economic Advisers, said in a statement. '“We have more work to do, but we’re on the right path.”
'By many measures, the economy is on solid ground. Workers have jobs, wages are growing faster than inflation, and families have continued to spend heartily. But fast-rising prices have soured many Americans’ outlook, leading to a disconnect between what the economy looks like on paper and how people are experiencing it.'
'So far, the uptick in economic sentiment has not revived Biden’s flagging poll numbers or voter perceptions of his economic management. Those perceptions may be crucial in a reelection matchup with Donald Trump, who continues to receive strong marks from voters for his handling of the economy. But Biden could narrow the gap if the positive outlook persists, not just for a few months but over the rest of this year, analysts say.'
“There is still a debate on the internet about whether consumer sentiment is actually good, and we should listen to families who say they’re struggling,” said Elizabeth Pancotti, strategic adviser at the Groundwork Collaborative, a left-leaning think tank. “But I think it’s clearly getting better, and we’re on a pretty good path for November.”
'The viral $16 McDonald’s meal that may explain voter anger at Biden'
'The changing economic circumstances could complicate the GOP’s general-election message, but for now conservatives remain confident that Biden is vulnerable on inflation and economic angst.'
“The economy has clearly gotten better over the last year. … No doubt about that,” said Stephen Moore, the founder of the Committee to Unleash Prosperity, a conservative group, and an outside economic adviser to Trump.'
'But Moore and other economists caution that this is not a done deal. Although consumer sentiment has improved dramatically in the past couple of months, it remains about 7 percent lower than the historic average, Hsu said.'
“Consumers are feeling much better than they were a few months ago, but that still doesn’t mean they’re feeling great or super optimistic,” she said. “This isn’t a roaring 2024 — at least not yet.”
'Still, there are signs that more Americans think the worst is behind them. Jake Ficek, an electric lineman near Bloomington, Ill., says he’s feeling better about his finances than he was a few months ago. He’s making more than ever — nearly $57 an hour — and has found new ways to deal with inflation.'
'He’s started buying entire cows, pigs and chickens from a local butcher to save money on meat, and he tills a nearby vegetable garden in exchange for free tomatoes, lettuce and herbs. As a result, Ficek says, his overall quality of life has improved: He bought a new boat in December and spent the holidays in Mexico with his girlfriend.'
“A lot of the time, it feels like the economy is different in the real world than what they’re telling you,” Ficek, 27, said. “But I feel like that’s changing.” (WAPO) The foregoing article was copied in full.
It is not when conditions are at their worst but when they are getting better that revolution -- or now, counter-revolution -- becomes a real threat.
People have had to put up with a lot of powerless frustration in the face of a grossly top-heavy economic order which has severely undermined democratic institutions and corrupted the all-important rule of law.
The imbalance is so extreme, weakening the mass of society, the base, while building up the wealth and power of the very few on top that there is no way in which severe structural damage can be avoided.
Yet, President Biden has succeeded almost miraculously in shoring up the system and beginning to restore a minimum of economic and social balance.
This success is real, yet so vulnerable. Regardless of certain failings common to almost all able and highly experienced politicians, whose anchoring in past practice puts them at a disadvantage in relation to runaway change, the man has proved a highly successful leader... but one kept under such extreme pressure that while his mind, his basic health and his character remain strong, his voice has literally been weakened.
Now, everything possible must be done to broadcast successes that buoy up ordinary Americans... while never forgetting the point made by Jacques Delors that peoples aren't much impressed by growth figures...
Much of your comment has merit, but several important factors were not mentioned, such has the crucial impact of social media, the predominant 'news' media in the US; Biden looks and sounds old, which adds to an impression of his ineffectiveness; his team's and the Democratic Party's messages have amounted to zilch; young, Black and Hispanic voters are not in Biden's corner; he's not going to get anywhere with Netanyahu, yet, tied himself politically to that amorous bearhug he gave to the prime minister; what about a third candidate getting into the race...that's a start.
A somewhat abstruse but telling comment on social media and its bar-room gossip dressed up as as news...
“I adore what’s false but I seek what’s true”—Umberto Eco
In an interview dated December 2012, Eco makes fascinating comparisons between the ignorance prevalent during what are often called “the Dark Ages” before the year 1000, when all direct memory of classical Antiquity had been lost and in its place there remained only a confused accumulation of commentaries on commentaries; that and the ignorance of young Internet browsers today, no memory of the past, up against a whole universe of news and with no means of telling what’s true from what’s false. Today's Dark Age.
“Maybe,” he says, “there is within this continual phenomenology of falsehood of mine a constant search for criteria whereby something can be recognized as true—which is, after all, the philosophical problem par excellence. The thing is I’m convinced (and convinced that it is true) that we are living submerged in falsifications, in lies as instruments of power used for manipulating consensus, in the spreading of fake news as a weapon for destabilization. THIS IS THE DEVIL.”
https://www.avvenire.it/agora/pagine/eco-adoro-il-falso-ma-cerco-il-vero
You make the good point that Biden's technical ability and experience of the real world are easily outweighed by the free-floating ignorance and total irresponsibility of Internet surfers. Even before the Kremlin trolls get down to business.
The Democratic Party's messaging and its rustpile machine politics tell a tale of congenital incompetence and compulsory mediocrity reminiscent of Brezhnev's Soviet Union. Something we've seen in a big way on the other side of the pond. At a time when, as Umberto Eco warns us, we must beware of false prophets out to drag us back 70 years, said machinery's twice as old as Biden, a farting, clanking relic from the Steam Age.
As for Israel's The-State-Is-Me Prime Minister's barefaced mockery of America and commitment to eternal war as a means to ensure his own eternal rule, I have wondered elsewhere why, if he is incapable of protecting his own citizens and will do nothing to protect Palestinian civilians, America cannot make a bold move to do the necessary, airlifting essentials to the civilian population of Gaza.
Absurd? Was the 1948 Berlin Airlift absurd? Or is this no precedent?
*
Excuse me, but does not a third party candidate at this stage simply guarantee a Trump victory?
When I repost HCR's letter on facebook, I include a quick heading for my trumper friends and relatives who might accidentally read it. Today's:
"Inflation Down! Unemployment Down! Economy Up!"
Yes, I do the same although yours is way more catchy!
Years of writing newsletters made me "quipy".
Some good, some not so good, some inadequate.
When I walked in the less well-off part of town for Bernie in 2020 I came across many registered Democrats who were not going to vote, and hadn't voted in quite some time. Neither dems nor republicans help them. They feel left on their own. As one man told me, "I had hope for change. I didn't get change, and I lost hope." I'm not expecting them to vote for Biden. When I asked one of the head people in the county party about this, he let me know that statistically the people with lower income vote in lower numbers, and vice versa. Good luck to us.
I am reading The Persuaders: At the Frontline of the Fight by Anan Giridaharas. I highly recommend reading this book. The premise is we can do better at engaging people who express this view or similar views. One technique described is deep canvassing. Another part focuses on messaging that doesn’t lead with the problem followed by facts but rather engages the value for example, freedom, a value that the right wants to claim exclusively, but we can offer claim as well, to link the importance of freedom to key issues such as the freedom to make decisions about our own bodies rather than have judges make these personal decisions for us.
Misspelled the authors last name: Anand Giridharadas. The book is The Persuaders: At the Front Lines of the Fight for Hearts, Minds, and Democracy.
Yes, we learned about deep canvassing before going out to the peeps.
Another technique is the one from comedy improv--yes, and... You agree with the other person, and take it from there. Basically, arguing does not work. And it wastes your time when you have a number of doors to knock on. I spoke to one woman who was going to vote Republican. But, as we were chatting, I noticed a surfboard by the front door. "Oh, our candidate is for making sure you have a clean ocean to surf in." And I saw the look on her face soften and at the end of the conversation she had committed to voting for our candidate. After hundreds and hundreds of conversations. I've learned what works, what doesn't. Also, I always leave my phone number and name so people can engage if they're not home. This leaves a message of trust. After all of thoes doors, only one person called back--to thank me!
Reasonable people looking for reason?
Let me know when you find it.
RV, you just can't reason with unreasonable people.
Betsy,
Definitely people in the Republican bubble only hear about stupid stuff like
how DEI is ruining America, inflation is out of control under Biden, never mind it started under Trump,
Biden is too old, never mind that Trump is now wearing diapers and usually smells like he just dumped on himself,
Biden has restricted "drilling" even though gas prices are lower now than they were under Trump (which I think is a great mistake, gas prices should be $10 a gallon). For some reason, restricting drilling in the Arctic wildlife preserve is a big SIN. Not sure why.
Anyway, Pub here BS all day long.
DEI is the new CRT, they must have gotten all the mileage out of the weaponizing that term, sort of like woke.