Mish is talking today about one thing in particular, older workers going back to school. In the case one cannot find a job, one can get a "cheap loan" to get an education. The controversy is what if after incurring $25-100,000 in new debt, you still get no job. Mish wittily notes java-coders are retraining to be roofers, and roofers are retraining to be java-coders. Each has high hopes for employment upon graduation.
Low interest rates and easy credit distort the market by contributing to costs going up. You cannot bankrupt students loans away. You can escape them by going into the military. If you do not pay, the government can take it out of your social security payments when you get there.
Education does not cost that much, schools merely charge that much. School overhead is wildly feather-bedded, and the admin trick is as soon as money gets tight, make it felt in the classroom. The clients, who have no alternative, scream, and more money is forthcoming. Problem is, now, no more money. What to do? A school that lowers the cost and widens access with ever improving student and instructor satisfaction is quite possible. Email me if you want a 13 page report.
In the meantime, with less effort than getting a dubious degree, why not start your own business? According to US Census, despite the downturn, both imports and exports keep growing.
Low interest rates and easy credit distort the market by contributing to costs going up. You cannot bankrupt students loans away. You can escape them by going into the military. If you do not pay, the government can take it out of your social security payments when you get there.
Education does not cost that much, schools merely charge that much. School overhead is wildly feather-bedded, and the admin trick is as soon as money gets tight, make it felt in the classroom. The clients, who have no alternative, scream, and more money is forthcoming. Problem is, now, no more money. What to do? A school that lowers the cost and widens access with ever improving student and instructor satisfaction is quite possible. Email me if you want a 13 page report.
In the meantime, with less effort than getting a dubious degree, why not start your own business? According to US Census, despite the downturn, both imports and exports keep growing.
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