Finally!!! I enjoy this time of year more than other as I know sooner than later we'll have a new crop of debt slaves that will help line our parasitic pockets. Two-thirds, that’s right, two-thirds of students going on from High School to graduate from American colleges and universities will be graduating with some level of debt. How much? According to The Institute for College Access and Success (TICAS) Project on Student Debt, the average borrower will graduate $26,600 in the red.
It’s a negative sum game for both student-borrowers and the economy. According to the Consumer Financial Protection Bureau, student loan debt has reached a new milestone, crossing the $1.2 trillion mark — $1 trillion of that in federal (hey by the way, did you know that the Federal Reserve is a privately owned bank) student loan debt.
This pushes student loan debts to dizzying new heights, as they now account for the second highest form of consumer debt behind mortgages. With the federal debt at $16.7 trillion, student loan debts measure at 6% of the overall national debt. This is no small figure, and national debt carries many consequences including slowing economic growth (translating into fewer jobs being created) and rising interest rates. Capital will not be as easy to access.
The majority of student loans are backed by the U.S. government through banks like Sallie Mae, or since 2010, by the Department of Education. Translation: the creditor in this scenario is the U.S. tax payer, who if students default on these loans will be subject to carry the burden of these loans.
Hopefully Encinitas graduates are paying attention to what happens when you over pay people in positions that should be filled by volunteers, like firemen and lifeguards. Hopefully they've learned in school that 'any town or city ' can become another San Bernadino where the employees Fire Department could retire at 50 years old and their pensions would give them 3% of their final pay for every year they had worked. A fire battalion chief making $148,000, could retire at that age and collect $133,000 a year for life — with increases for cost of living. By 2012 the city was spending 72% of its general fund on the Fire Departments, mostly on salaries and pensions — compared to Los Angeles, which spends 59% of its general fund on those services. More than half the sworn fire personnel earn more than $150,000 a year according to city records (in Encinitas, there isn't a single fireman making less than $115,000). The city downsized, cutting 350 municipal employees, but that wasn’t nearly enough. Many municipalities faced pension problems, but the trajectories here were extreme. Facing a budget deficit of $45.8 million that year, with little more to cut, officials filed for bankruptcy.
Encinitas is over staffed, over-paid and under worked. For example, why does a fire fighter start at $110K/year? Do they do brain surgery during a shift, or watch the latest flicks in-between runs to Vons? Why go to college - civil service is where the money is.
Agreed. I just saw the Fire guys drive the big truck to Vons this morning, take bout 15 minutes to park and then walk inside with their buffed bodies and big sunglasses talking about buying arugula for their burgers. Fire fighters need to become volunteers. Who wouldn't want to enjoy a night per month hanging out with 'the boys' working out and eating gourmet meals?
This should be required reading for EVERY Encinitas High School graduate....environmentalism as a religion..."don't drink the Kool Aid that your hippie parents and teachers are feeding you." Written by one of the most well-rounded men on earth...Michael Crichton. http://www.pe.tamu.edu/DL_Program/graduate_seminar_series/Documents/MichaelCrichton_evironmentalism.pdf
Ok, while I'm not for the big pensions and somewhat oversized salaries, saying we can get by with a volunteer force in this day and age is ludicrous. Every city of our city needs a firefighting force and yes, when they're not fighting fires they have to go to the market. What's next, no cops?
And FYI, Michael Crichton was a nicotine denier, and he died of Lung Cancer.
Its actually common sense. Same with "lifeguards" Carlsbad doesn't employ one lifeguard. All state. and Carlsbad saves millions of dollars per year over Encinitas and Carlsbad beaches are just as safe as Encinitas.
We do not need and I do not want City Lifeguards and a stupid $3 million dollar lifeguard tower taking up towel space at moonlight beach. Ca Coastal Commision should vote no on that new structure for sure.
Bravo! Good riddance to overpaid lifeguards & firefighters (have you seen that 50 or 60 something Baywatch guy strutting his stuff around Moonlight Beach in between checking his smart phone every 5 minutes and letting all the kids run out and swim after people?!. VOLUNTEERS will come in droves. ABOLISH the Marxist union that all of these 'robbers' belong to. Lifesaving has always been a volunteer effort.
Where's Mrs. Robinson?
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteFinally!!! I enjoy this time of year more than other as I know sooner than later we'll have a new crop of debt slaves that will help line our parasitic pockets. Two-thirds, that’s right, two-thirds of students going on from High School to graduate from American colleges and universities will be graduating with some level of debt. How much? According to The Institute for College Access and Success (TICAS) Project on Student Debt, the average borrower will graduate $26,600 in the red.
DeleteIt’s a negative sum game for both student-borrowers and the economy. According to the Consumer Financial Protection Bureau, student loan debt has reached a new milestone, crossing the $1.2 trillion mark — $1 trillion of that in federal (hey by the way, did you know that the Federal Reserve is a privately owned bank) student loan debt.
This pushes student loan debts to dizzying new heights, as they now account for the second highest form of consumer debt behind mortgages. With the federal debt at $16.7 trillion, student loan debts measure at 6% of the overall national debt. This is no small figure, and national debt carries many consequences including slowing economic growth (translating into fewer jobs being created) and rising interest rates. Capital will not be as easy to access.
The majority of student loans are backed by the U.S. government through banks like Sallie Mae, or since 2010, by the Department of Education. Translation: the creditor in this scenario is the U.S. tax payer, who if students default on these loans will be subject to carry the burden of these loans.
Default? Who needs default?
DeleteWe've got forgiveness!
P.S. I think you might enjoy this video about the Fed (language warning).
DeleteWow, this happy day went south fast! Go to a state school. Never go to a for profit university like U. of Phoenix...
DeleteThis comment has been removed by a blog administrator.
ReplyDeletePlease stop with the ethnic slurs and identity politics.
DeleteHopefully Encinitas graduates are paying attention to what happens when you over pay people in positions that should be filled by volunteers, like firemen and lifeguards. Hopefully they've learned in school that 'any town or city ' can become another San Bernadino where the employees Fire Department could retire at 50 years old and their pensions would give them 3% of their final pay for every year they had worked. A fire battalion chief making $148,000, could retire at that age and collect $133,000 a year for life — with increases for cost of living. By 2012 the city was spending 72% of its general fund on the Fire Departments, mostly on salaries and pensions — compared to Los Angeles, which spends 59% of its general fund on those services. More than half the sworn fire personnel earn more than $150,000 a year according to city records (in Encinitas, there isn't a single fireman making less than $115,000). The city downsized, cutting 350 municipal employees, but that wasn’t nearly enough. Many municipalities faced pension problems, but the trajectories here were extreme. Facing a budget deficit of $45.8 million that year, with little more to cut, officials filed for bankruptcy.
ReplyDeleteEncinitas is over staffed, over-paid and under worked. For example, why does a fire fighter start at $110K/year? Do they do brain surgery during a shift, or watch the latest flicks in-between runs to Vons? Why go to college - civil service is where the money is.
ReplyDeleteAmen to that comment.
DeleteAgreed. I just saw the Fire guys drive the big truck to Vons this morning, take bout 15 minutes to park and then walk inside with their buffed bodies and big sunglasses talking about buying arugula for their burgers. Fire fighters need to become volunteers. Who wouldn't want to enjoy a night per month hanging out with 'the boys' working out and eating gourmet meals?
ReplyDeleteYou got that right!
Deletefire all all the council not willing to make the switch.
This should be required reading for EVERY Encinitas High School graduate....environmentalism as a religion..."don't drink the Kool Aid that your hippie parents and teachers are feeding you." Written by one of the most well-rounded men on earth...Michael Crichton.
ReplyDeletehttp://www.pe.tamu.edu/DL_Program/graduate_seminar_series/Documents/MichaelCrichton_evironmentalism.pdf
Ok, while I'm not for the big pensions and somewhat oversized salaries, saying we can get by with a volunteer force in this day and age is ludicrous. Every city of our city needs a firefighting force and yes, when they're not fighting fires they have to go to the market. What's next, no cops?
ReplyDeleteAnd FYI, Michael Crichton was a nicotine denier, and he died of Lung Cancer.
Actually, it's not ludicrous.
Deletehttp://pasadenavfd.com/
Its actually common sense. Same with "lifeguards" Carlsbad doesn't employ one lifeguard. All state. and Carlsbad saves millions of dollars per year over Encinitas and Carlsbad beaches are just as safe as Encinitas.
ReplyDeleteWe do not need and I do not want City Lifeguards and a stupid $3 million dollar lifeguard tower taking up towel space at moonlight beach. Ca Coastal Commision should vote no on that new structure for sure.
Bravo! Good riddance to overpaid lifeguards & firefighters (have you seen that 50 or 60 something Baywatch guy strutting his stuff around Moonlight Beach in between checking his smart phone every 5 minutes and letting all the kids run out and swim after people?!. VOLUNTEERS will come in droves. ABOLISH the Marxist union that all of these 'robbers' belong to. Lifesaving has always been a volunteer effort.
ReplyDelete12:57, The Hoff is in Encinitas?
ReplyDelete