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The Wall Street Jounal has my panties in a bunch. Because of two articles I sort of wish I hadn't read, I've been biting my nails and pacing all day.
The WSJ pointed out that those of us who have followed the old "Save ten percent for retirement" rule apparently will be up Crap Creek during our golden years. Far fewer companies give pensions these days, and those that do have severely cut their contributions. Moreover, one way or another Social Security will have to change to meet demand. The amount of benefits will probably be reduced and the age which one receives them will be increased. So, at least 20% of take home pay needs to be banked for retirement alone. (This assumes one's mortgage will be paid off.)
Add to the pressure this factoid: Harvard University now charges $41,000 per year. The figure includes books, tuition, room and board. College tuition increases have been higher than the rate of inflation for years. Harvard and its counterparts will likely be charging $220,000 for a four year undergraduate degree within ten years. This means that even if you plan on sending your offspring to a good, solid state school you're looking at paying a lot more money than previously thought.
So, if you don't want to eat cat food once you're old and gray and you want to send Junior and Juniorette to the college of their choice, banking 50% of your take home pay is a good idea.
Crap. Crap. Crap.
I want to know how people are doing this. I see so many big screen t.v.'s, SUVs, and mini McMansions these days. The WSJ reports that Americans on average save very little. What's everyone's plan?
How does a parent look at their kid who has worked hard for his/her future and say, "Sorry. It's community college for you. That's all we can afford," when Dad has a Lexus parked in the garage? Do people think cat food will become tasty in their old age? Or, are they counting on their debt ridden and/or uneducated adult children to support them?
The American economy is getting freakier and freakier. I think we are growing ever nearer to the moment when something has got to give.
If your mind is too open, your brain will fall out. Warning: Names, identities, descriptions, and pictures have been changed and/or used to protect the innocent as well as the guilty. PollyPeoria should not be used or quoted as a source for your senior college thesis.
Wednesday, July 20
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2 comments:
Dang it, Polly, there ain't nothin' too wrong with a community college... it'll get you the same job as manager at Arby's that Harvard could get ya... if all them folks just wouldn't go to Harvard, I bet them pin-heads would lower that there tuition to somethin' more manageable, don't you think? Like $38,898 per year or somethin' along them lines.
Hillbilly,
In your twisted way, you may be right. I went to community college and my genius is clearly evident. Seriously, there are a lot of great community colleges out there and I have a great deal of respect for them and their bright, hard working students. I'm just venting at the unreasonable cost of tuition at four year schools.
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