A Surge In Wealth Has Boosted Most US Households Since 2020

[Woodznutz]

Education is the path out of poverty.


Why should today's students have to go deeply into debt to get education. Tuition is 10 times what Boomers paid for their education. Why should today's students have to pay 10 times what we paid for our schooling????

Just like earned income credits are a scam to subsidize low wage workers on the backs of the middle class, and is a leading reason for the decline of the middle class in America, student debt is yet another way for the rich to get richer, while working people get screwed.

The tide might be turning. Many companies no longer require a four year college degree. They'll teach you what they want you to know (which they actually do anyway regardless of your 'education').

 

[HikerGuy83]

A surge in wealth has boosted most US households since 2020 and helped sustain economic growth

The net worth of the typical U.S. household grew at the fastest pace in more than three decades from 2020 through 2022, while relatively low interest rates at that time made it easier for households to pay their debts.

apnews.com

Wealth for the median household — the midpoint between the richest and poorest households — jumped 37% during those three years, the Federal Reserve reported, to nearly $193,000. (The figures are adjusted for inflation.) The increase reflected primarily a jump in home values and higher stock prices and a rise in the proportion of Americans who own homes and stocks.


More good news:

Pay Raises Are Finally Beating Inflation After Two Years of Falling Behind​

​

Still more good news:
US Unemployment Rate Holds at 3.8%

Yet more good news. The Dow is at 33,000. That's 14 percent higher than during the peak of the Trump administration.




And the success keeps coming: We are producing more oil than ever before.

U.S. Energy Independence Soars To Highest Level In Over 70 Years​

The U.S. is pumping oil faster than ever. Republicans don’t care.​

I expect the reaction by those hoping for America to fail will be

Actually, I bought one home before COVID and another as the prices were running up.

My first house, the smaller of the two, doubled in value.

This happened in California when we live there.

The big issue....where are kids going to find homes they can afford. Biden didn't make this happen (not saying you are saying that). It was the result of pent up demand. I have a relative who works in the industry who indicate that available inventory was at it's lowest in 2021/2022 pushing prices through the roof. I had to bid 50k over asking on houses and still lost.

With interest rates where they are....prices should be dropping. But they are not. All that equity is worthless to people because most are sitting on 3% loans and if they tried to use it (sell and upsize or downsize), they'll get a rate near 7% now. Huge impact on payment.

As for oil. So what ? That doesn't just happen. I work in the industry. Having more now, meant someone was working on it 3 to 5 years ago. Wells don't get scoped out, permitted financed, drilled (and this can really be delayed depending on the availability of drilling equipment), and completed in weeks or even months. Biden is getting the benefit of work done prior (and he's not put a lid on it).

 

[Dragonlady]

The tide might be turning. Many companies no longer require a four year college degree. They'll teach you what they want you to know (which they actually do anyway regardless of your 'education').

In my day, you couldn't even get an interview without a degree. But you could make tuition with a good summer job.

A friend is helping his niece through university - the top school in her chosen field. Total cost is $60,000 per year for tuition and student housing, for a total of $240,000 to qualify her for a job with a starting salary of $40,000 per year. The economics are whack!!!!

Tuition for my business degree was $2000 per year, $8000 total. I was fortunate enough to live within driving distance of school, but tuition, books and student housing was $10,000 per year total, including meals. My very junior job after I finished school, paid $15,000 per year.

A wealthy friend bought his daughter a luxury condominium in the city where she attended university in the 1980's, and 6 year years later, when she finished medical school, sold the unit and made enough money to cover the cost of her books and tuition while at school. Such a scenario couldn't happen today.

 

[Markle]

In my day, you couldn't even get an interview without a degree. But you could make tuition with a good summer job.

A friend is helping his niece through university - the top school in her chosen field. Total cost is $60,000 per year for tuition and student housing, for a total of $240,000 to qualify her for a job with a starting salary of $40,000 per year. The economics are whack!!!!

Tuition for my business degree was $2000 per year, $8000 total. I was fortunate enough to live within driving distance of school, but tuition, books and student housing was $10,000 per year total, including meals. My very junior job after I finished school, paid $15,000 per year.

A wealthy friend bought his daughter a luxury condominium in the city where she attended university in the 1980's, and 6 year years later, when she finished medical school, sold the unit and made enough money to cover the cost of her books and tuition while at school. Such a scenario couldn't happen today.

 

[Woodznutz]

Her point is that college costs are whacky today. We're not being charged to go to college, we're being fined.

 

[Ralph Norton]

A friend is helping his niece through university - the top school in her chosen field. Total cost is $60,000 per year for tuition and student housing, for a total of $240,000 to qualify her for a job with a starting salary of $40,000 per year.

What field that starts at $40K even identifies a "top school"?
I am a vocal proponent of higher education with the caveat that you choose your major wisely.
If you (or your family) are wealthy, you can major in anything you want.
If you have to go $240K in debt then French Lit., Art History, Gender Studies, etc. might not be for you.

 

[Harpy Eagle]

A friend is helping his niece through university - the top school in her chosen field. Total cost is $60,000 per year for tuition and student housing, for a total of $240,000 to qualify her for a job with a starting salary of $40,000 per year. The economics are whack!!!!

What kinds of shit field needs a 4 year degree and only starts at 40 grand?

 

[Markle]

Her point is that college costs are whacky today. We're not being charged to go to college, we're being fined.

So there was no point. She just wanted to tell a story.

 

[Woodznutz]

So there was no point. She just wanted to tell a story.

Lot of that going around.