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24 sats \ 7 replies \ @0xbitcoiner OP 4 Mar \ parent \ on: A Visual Breakdown of Who Owns America’s Wealth econ
I didn't start out in debt, maybe I was lucky, what kind of debt are you talking about?
Most Americans take out student loans, mortgages, auto loans, etc. when they're young. This is a normal part of what economists call "consumption smoothing".
Taking out loans when you're young and paying them back during your career, allows a more consistent standard of living than only spending what you've already earned.
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Those that are able to avoid the initial debt by not taking out the auto loans, school loans and etc. are able to save and perform in the economy much better than the majority of the college educated, especially if the college educated didn’t study STEM sorts of subjects. Some education is good for the certificate only, not much more and is great for getting a job in something like Starbucks and leaving yourself in debt you will never liquidate.
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I think we often make a mistake in evaluating college as a purely financial decision. People like going to college, so it also has to be thought of as a consumer good.
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Yes, they may like going to college, but is the satisfaction of going to college worth the debt and heartaches afterwards? In that case the intangibles on the books are, perhaps, not quite accounted for accurately. I also know that when you purchase something you think you are getting more value for the good than you are paying for it. However, there is also buyer’s remorse and the forever troubles with student loans because there is no way to bankrupt out of them. The risks have been totally f*cked up by the state and the colleges playing their games of fraud with the students. BTW, fraud vitiates or invalidates all contracts.
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You didn’t know? We all start out deeply in debt to the Holy See. They take everything you have after you are lost at sea at seven years old. Afterwards you are in debt to them.
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True, but probably omitted from the analysis.
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Yes, very conveniently left out of all calculations. I think most people don’t even know about this situation. Someone is making claims on our very souls without us really knowing about it. I don’t consent! Not consenting is the only way out.
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