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When Not Even The "1%" Can Afford College

Tyler Durden's picture




 

Since in America one now needs a Bachelor's degree (if not a PhD in economics, of course) to get a job as a waiter, according to the following chart the US may soon have a severe waiter shortage considering the cost of college tuition has outpaced even the income of the 1%. As for everyone else, forget it - want that French Polynesian belly-dancing major? Prepare to become a debt slave for life.

 

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Mon, 05/12/2014 - 15:54 | 4751992 outamyeffinway
outamyeffinway's picture

My degree says I am so smrt, but I feel so stupid.

Mon, 05/12/2014 - 16:03 | 4752040 Say What Again
Say What Again's picture

This is getting so depressing that I think I'm going to click on one the ads for a hot russian bride that appears on the side of the ZH web pages.

Mon, 05/12/2014 - 16:33 | 4752166 lordylord
lordylord's picture

Cue Zero making blanket statements about college education by grouping together engineering/science degrees with lib arts degrees in 3...2...1...

Mon, 05/12/2014 - 16:46 | 4752179 svayambhu108
svayambhu108's picture

Education is like all the e-stuff (bitcoins included), you pay for free shit.

Mon, 05/12/2014 - 17:09 | 4752305 DerdyBulls
DerdyBulls's picture

Aren't banks and universities sort of alike? Both make money providing nothing of real value leaving people indebted for life...

Mon, 05/12/2014 - 17:35 | 4752378 Say What Again
Say What Again's picture

I'm putting my education to good work.  Here is the value of PI out to many decimal places.

.

3.14159265358979323846264338327950288419
71693993751058209749445923078164062862
08998628034825342117067982148086513282
30664709384460955058223172535940812848
11174502841027019385211055596446229489
54930381964428810975665933446128475648
23378678316527120190914564856692346034
86104543266482133936072602491412737245
87006606315588174881520920962829254091
71536436789259036001133053054882046652
1384146951941511609...

Now that is info you can use when you need to feed the family.
Mon, 05/12/2014 - 17:49 | 4752433 James_Cole
James_Cole's picture

Now that is info you can use when you need to feed the family.

Funny thing, precise use of pi actually is, not that you'd need to memorize it. 

Mon, 05/12/2014 - 17:52 | 4752443 SafelyGraze
SafelyGraze's picture

"Cue NSF making blanket statements about college education and teasing out engineering/science from lib arts"

can they actually *do* that?

http://www.theatlantic.com/business/archive/2013/02/the-phd-bust-america...

 

Mon, 05/12/2014 - 18:05 | 4752474 James_Cole
James_Cole's picture

http://www.theatlantic.com/business/archive/2013/02/the-phd-bust-america...

Author takes a very specific list of statistics and uses them for incorrect application and comes up with what are certainly highly flawed conclusions.. nice. 

Only thing of note in the charts he references is how poorly post docs are paid in the US. 

There's these to compare: 

http://www.villainouscompany.com/vcblog/images/unemployment.gif

http://nces.ed.gov/programs/coe/figures/images/figure-cba-1.gif

Mon, 05/12/2014 - 16:07 | 4752054 I am more equal...
I am more equal than others's picture

 

 

When Lib-tards get large and in charge prices go way up and value goes way down. 

That PhD in comparative Lit or Women's Studies (what is that, studying advances in vacuuming technique) is in such demand that employers wait outside college graduations looking for these folks.  Having one of these degrees is a sure fire way to make it to the Welfare office, as a recipient. 

Mon, 05/12/2014 - 16:12 | 4752085 i_call_you_my_base
i_call_you_my_base's picture

"That PhD in comparative Lit or Women's Studies"

This argument really has no bite. Do you know how many PhDs they probably give out in those fields in a year? I would estimate less than 500. The vast majority of people major in Business, education, etc. Here's some help: http://nces.ed.gov/programs/digest/d13/tables/dt13_318.20.asp

Mon, 05/12/2014 - 16:17 | 4752106 I am more equal...
I am more equal than others's picture

 

112,755 is Other PhD.  Most of the Others should be classified as Useless.

 

2009-10 158,558 7,739 9,778 14,321 9,370 9,233 2,245 105,872 100.0 4.9 6.2 9.0 5.9 5.8 1.4 66.8 2010-11 163,765 8,360 10,241 14,574 10,013 9,623 2,286 108,668 100.0 5.1 6.3 8.9 6.1 5.9 1.4 66.4 2011-12 170,062 8,733 10,525 14,974 10,554 9,990 2,531 112,755 100.0 5.1 6.2 8.8 6.2 5.9 1.5 66.3
Mon, 05/12/2014 - 17:51 | 4752440 James_Cole
James_Cole's picture

Why is everyone on here who's anti-education obsessed with women's lit? Women's lit is the go-to talking point. Fox news anchor is that you?

Mon, 05/12/2014 - 16:49 | 4752227 LawsofPhysics
LawsofPhysics's picture

The question has to do with affordability and paying for college or paying off your loans.

Let's be optimistic, let's say that both the engineer and women's studies major find jobs, what is the return on each of those investments at all of the differnent levels (BS, masters, Ph.D.).  That's what I would like to know.

Mon, 05/12/2014 - 22:07 | 4753202 StychoKiller
StychoKiller's picture

Depends, which one gets hired by a 3-letter agency?

Mon, 05/12/2014 - 16:33 | 4752167 Stuck on Zero
Stuck on Zero's picture

Get stupid. If you are sending your kids to college lose your job, collect unemployment, turn your assets into physical PMs, and get a "divorce."  Your kids can now get scholarships and go to college for free.  You will save more on tuition than you would earn during those years and when the kids graduate you can remarry and get a job. That's years of free vacation!

 

Mon, 05/12/2014 - 16:40 | 4752192 onewayticket2
onewayticket2's picture

prolly right.

Mon, 05/12/2014 - 17:10 | 4752310 DerdyBulls
DerdyBulls's picture

PhD - Piled High and Deep

Mon, 05/12/2014 - 15:54 | 4751994 10mm
10mm's picture

Only a slave if one allows it at this point.

Mon, 05/12/2014 - 15:56 | 4752000 aphlaque_duck
aphlaque_duck's picture

Evil requires the sanction of the victim.

Mon, 05/12/2014 - 16:02 | 4752024 libertus
libertus's picture

Why not just forget the current system and goto oplerno.com. There is better choice in classes, faculty and the price point is lower. Faculty also make more money and own the IP they create. Higher Education is collapsing, but this new institution will thrive. Check it out. 

Tue, 05/13/2014 - 13:30 | 4755593 A Cruel Accountant
A Cruel Accountant's picture

College is Free now

http://www.mooc-list.com/

Mon, 05/12/2014 - 16:31 | 4752158 Sudden Debt
Sudden Debt's picture

More like a total moron would go to college in America.

WHY NOT STUDY IN EUROPE?!!?

1. the quality is 500% higher than in America.
2. It's nearly free.
3. You can life in Europe for 4 years and learn other languages

You could do it for 50k in housing costs and food, which you could earn working a few hours a day during those 4 years.

Mon, 05/12/2014 - 16:35 | 4752177 lordylord
lordylord's picture

Down-voted you because you sound like a retarded socialist (sorry for the redundant term). Nothing is free.

Mon, 05/12/2014 - 17:33 | 4752379 Sudden Debt
Sudden Debt's picture

nearly free. In Europe we believe that the higher you educate your kids the more they'll be able to give back to the system when they grow up.

So no, it's not free. But it's not a chain arround your neck before you start.

By downvoting me, which I don't give a fuck about :), by downvoting me you said you like your own current system.
And if your don't... whell... than you're just somebody who hates everything without knowing why. And that's... near sociopath :)

Mon, 05/12/2014 - 15:57 | 4752002 101 years and c...
101 years and counting's picture

stupid chart.  the top 1% are gaining millions just from interest every year.  

Mon, 05/12/2014 - 16:32 | 4752165 Sudden Debt
Sudden Debt's picture

Never theless, they should organise a telethon to raise some money to support them.

Remember, having 5 cars, 3 houses and 2 wives costs money.

Mon, 05/12/2014 - 15:58 | 4752004 syntaxterror
syntaxterror's picture

ZH is so full of ****.

Inflation is less than 2%. This is BS.

Mon, 05/12/2014 - 15:59 | 4752022 yogibear
yogibear's picture

Inflation is less than 2%.

Apparently not shopping at the food stores and buying gasoline.

Tough to eat IPods.


Mon, 05/12/2014 - 16:01 | 4752023 BlackChicken
BlackChicken's picture

2%..lol.

Thanks for a good Monday laugh.

Mon, 05/12/2014 - 16:06 | 4752057 Hippocratic Oaf
Hippocratic Oaf's picture

2%

Riiiiiiiiiiiiiighhhhht

Mon, 05/12/2014 - 16:03 | 4752038 Charles The Ham...
Charles The Hammer Martel's picture

aybe Zerohedge isnt for you. CNBC will gladly fill your head with false notions like that to give you a sense of security.

Mon, 05/12/2014 - 16:07 | 4752063 McMolotov
McMolotov's picture

+1 for the apparent sarcasm everybody missed.

Mon, 05/12/2014 - 16:35 | 4752174 yrbmegr
yrbmegr's picture

Your personal inflation rate depends on your "class".  If you are super-rich, your inflation rate is approaching 10%.  If you're between super-rich and the bottom 99%, your inflation rate is probably around 5-7%.  Upper-middle is around 5%, middle around 3%.  Etc.

Mon, 05/12/2014 - 15:58 | 4752010 Bear
Bear's picture

1973 ... Ah, those were the days

Mon, 05/12/2014 - 16:13 | 4752089 DaveyJones
DaveyJones's picture

Keep on truckin

it's hard to believe that a large american system has been corrupted by money

Mon, 05/12/2014 - 15:58 | 4752011 Itchy and Scratchy
Itchy and Scratchy's picture

It's not the cost of university .....it's the cost of therapy after listening to the socialists teach for 4 years that's expensive!

Mon, 05/12/2014 - 16:05 | 4752047 i_call_you_my_base
i_call_you_my_base's picture

Yes, my statistics and physics professors just wouldn't stop talking about Marx.

Mon, 05/12/2014 - 16:14 | 4752097 DaveyJones
DaveyJones's picture

weird cause mother said I didn't get enough marks

Mon, 05/12/2014 - 20:09 | 4752846 espirit
espirit's picture

Groucho?

Mon, 05/12/2014 - 15:58 | 4752013 yogibear
yogibear's picture

It goes on until the schools run out of debt slaves. Maybe they have figured it out that it's easier to live off the government tit and avoid school.

Mon, 05/12/2014 - 16:31 | 4752157 Shizzmoney
Shizzmoney's picture

RE

Maybe they have figured it out that it's easier to live off the government tit and avoid school.

A) The govt tit doesn't openly exists like you think....unless you have a child.  Unemployment and food stamps even got cut under the "socialist" Obama.  

If you sire a child for the state, they'll gladly freeroll you some cheap shit.  Just another future ROI opportunity for them: either that kid will end up being a genius who contributes a shit ton of money in taxes (and a name that D.C. can tout as a "another feel good rags-to-riches" story), or he'll end up being another working class joe who the govt will take 37-47% of what he makes.

B) What those are really figuring out?  The degree just isn't worth it for 90% of occupations.  Why go to school for "x" major when your classmates ahead of you are still working 2-3 jobs that their HS peers can get (and the jobs "above" this don't pay much more!).

Mon, 05/12/2014 - 15:58 | 4752015 foodstampbarry
foodstampbarry's picture

.gov fucking up everything it touches

Mon, 05/12/2014 - 16:10 | 4752029 Rainman
Rainman's picture

just wait until they start fixing the weather

Mon, 05/12/2014 - 16:02 | 4752037 Bear
Bear's picture

and almost everything else ... Impeach.gov

Mon, 05/12/2014 - 16:01 | 4752032 tommylicious
tommylicious's picture

This smacks of legacy entitlements.

Mon, 05/12/2014 - 16:03 | 4752041 nosoeawe
nosoeawe's picture

this chart isn't for the 1%, its for everyone else. 

Mon, 05/12/2014 - 16:04 | 4752045 TheFreeLance
TheFreeLance's picture

That top line should be called the Belle Knox Erection.

Mon, 05/12/2014 - 16:05 | 4752049 gobsmack
gobsmack's picture

As the chart a couple weeks back showed the rise in the incomes of the top .01% accounts for nearly all of the gains in the top 1%.  Excluding the .01%, the 1% incomes are as flat as anyone else's.

Mon, 05/12/2014 - 16:09 | 4752064 q99x2
q99x2's picture

Come on guys. If you have straight A's and transfer you can go to UCLA for free. Princetion is only $20,000 more per year but they probably subsidize enrollment too. So what is up? Yellen and Draghi print the costs. Nobody is ever going to pay those debts so get your college education while it is free. That's what I say.

Mon, 05/12/2014 - 16:31 | 4752082 khakuda
khakuda's picture

The perverse part is that with Obama's tuition forgiveness program, costs could actually accelerate higher at top schools.  If I were the financial officer of one of the top universities I would consider raising prices like crazy since demand is so large relative to seats and remind the students that it doesn't matter what it costs since their payments are limited as a percentage of their income and they get their debt forgiven after 10 - 20 years anyway.  Hey, why not $250,000 a year?  The taxpayer ultimately footing the bill has no say in the matter and no ability to protest.  Someone else is spending his money and there isn't a thing he can do about it.

This is eerily similar to the housing market of 10 years ago where loans get made that can't be repaid and the taxpayers gets the bill.

Mon, 05/12/2014 - 16:32 | 4752163 Shizzmoney
Shizzmoney's picture

RE

The perverse part is that with Obama's tuition forgiveness program, costs could actually accelerate higher at top schools.

"tuition forgiveness program"?  LOL Wall St will never let that happen, like they'll never let single payer happen, or a TRUE drawback of military spending happen.  They have too much rentier cash on the line.

Mon, 05/12/2014 - 16:44 | 4752206 khakuda
khakuda's picture

Wall street has nothing to do with it, these are Federal loans.  The taxpayers gets hosed, not Wall St.

http://online.wsj.com/news/articles/SB10001424052702303887804579503894256072308?KEYWORDS=tuition&mg=reno64-wsj

Mon, 05/12/2014 - 16:12 | 4752087 Dead Man Walking
Dead Man Walking's picture

This totally understates the cost of college increases. If you compare tuition only, I get 350% since 1990, per the link below.  But the trend is to soak the families with "Fees".  Fees at county and state colleges account for up to 30% of the cost.  That way, the bureaucrats can brag about only a 2% tuiton hike without mentioning a 12% fee hike.  Number crunchers may be fooled, but the families know. With each course come a campus fee, computer fee, general fee, facility fee, activity fee, supplemental fee, technology fee, and the biggest fee of all (14%), the General fee.  If you have a car, add $250 for parking fee.

Insult to injury:  My son's dept head professor makes 348k per year, at our state univ.

 

Mon, 05/12/2014 - 16:12 | 4752088 Personality Disorder
Personality Disorder's picture

It looks to me as if higher education is being purposely eliminated.

Mon, 05/12/2014 - 16:17 | 4752109 Kirk2NCC1701
Kirk2NCC1701's picture

Blame it on Wall St, since that's where the overpaid and bloated tier of university "Directors" send the money - for "investment".

Too bad that didn't turn out so well the last time, i.e. when they lost 1/2 of the portfolio in the 2008/2009 crash, and had to compensate with higher tuition fees.  And thus cover their tracks of fiduciary malinvestment.

And THAT, boys & girls, is the REAL reason why university and community college fees have been climbing since 2008.  [I got this revelation from Wall St types, who confirmed my suspicions] 

p.s. Didn't Tyler tell you this?  Or does he have to spoon-feed you, before you figure it out?

 

Mon, 05/12/2014 - 17:29 | 4752366 RaceToTheBottom
RaceToTheBottom's picture

Both spoons, Mouth spoon and nose spoon.

Mon, 05/12/2014 - 16:19 | 4752117 Duc888
Duc888's picture

 

 

 

....soon, the banksterz will figure out a way to financialize all of life.  You'll just be billed one large chunk each month as "rent" to live on this rock.

 

We're almost there.

 

Squatters will be shot into the center of the sun.

 

 

Mon, 05/12/2014 - 16:19 | 4752118 hustler etiquette
hustler etiquette's picture

Price Collusion.

Mon, 05/12/2014 - 16:26 | 4752139 Shizzmoney
Shizzmoney's picture

The 1% often get subsidies and scholarships many of us don't get, mostly due to bloodlines or by donations.  Where do you think that new library in the quad comes from (which is tax deductible!)?

Now is the bill higher?  Sure.  But alot of shi costs more now, but the 1% don't really notice.  That's why they are the 1%.

Now when college gets more expensive and out costs the top 20% of earners?  THAT'S when D.C. will get "concerned".

Mon, 05/12/2014 - 16:51 | 4752237 yrbmegr
yrbmegr's picture

One must be careful with this chart.  The 1% can still afford college (contrary to the headline).  It just takes a greater percentage of their income than it used to.

Mon, 05/12/2014 - 18:34 | 4752552 Offthebeach
Offthebeach's picture

" There are some ( actually a lot ) of things so stupid you have to be edgumakated to belive in them"

Don't know who said it.

Ever wonder why Harvard, Yale gives us such a unbroken chain of idiot?

Anyway, I see less and less going to idiot propagandist fairy mills as a good sign for 'Merka.

Tue, 05/13/2014 - 13:26 | 4755567 A Cruel Accountant
A Cruel Accountant's picture

Why pay for college. College is free with online courses called MOOCS. Here is the list

http://www.mooc-list.com/

Do NOT follow this link or you will be banned from the site!