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Rasing tuition from $50 a year for baby boomers in the 70s to 25k a year any generation facing a life of indentured servitude when their parents got to be human

Rasing tuition from $50 a year for baby boomers in the 70s to 25k a year any generation facing a life of indentured servitude when their parents got to be human beings is going to be nihilistic.

thinkloop 9y ago
Income and money are weakly correlated to happiness.
- afpx 9y ago
  http://www.pnas.org/content/107/38/16489.full http://www.pnas.org/content/107/38/16489.full Kahneman would disagree. Correlation is only weak for those above the median income. Furthermore, a lower than median income appears to amplify other negative factors (illness, stress, etc.) Note that the study data is 10 years old. It would be interesting to know what today’s kids today believe is the median.
indubitable 9y ago
The vast majority of kids don't realize what money means. I mean they do in the abstract sense, but they tend to be naively unrealistic about the future. What's $70k of debt per year (paired with compound interest) matter when they'll be a millionaire in a decade or two anyhow? --Edit-- Interesting, people didn't seem to realize this was true. Here [1] is a study from Gallup on peoples' views on wealth. There is a strong inverse correlation between the number of people that expect to become "rich" and age. For ages 18-29 it's 51%. That decreases down to 8% by the time people are 65, which is still unrealistic. That study is from 2003, yet its results have been replicated with minimal change in other more recent studies as well (though not from Gallup). It's part of the reason that education loans are simultaneously so overtly predatory, but also phenomenally successful (from the point of view of lenders). Young people are completely unrealistic about their chances for success and so the implications of taking on mountains of debt with often poor interest rates, when you're young, is something they cannot accurately assess. [1] - http://news.gallup.com/poll/7981/Half-Young-People-Expect-Strike-Rich.aspx http://news.gallup.com/poll/7981/Half-Young-People-Expect-St...

Rasing tuition from $50 a year for baby boomers in the 70s to 25k a year any generation facing a life of indentured servitude when their parents got to be human beings is going to be nihilistic.

thinkloop 9y ago

Income and money are weakly correlated to happiness.

afpx 9y ago
http://www.pnas.org/content/107/38/16489.full http://www.pnas.org/content/107/38/16489.full Kahneman would disagree. Correlation is only weak for those above the median income. Furthermore, a lower than median income appears to amplify other negative factors (illness, stress, etc.) Note that the study data is 10 years old. It would be interesting to know what today’s kids today believe is the median.

indubitable 9y ago

The vast majority of kids don't realize what money means. I mean they do in the abstract sense, but they tend to be naively unrealistic about the future. What's $70k of debt per year (paired with compound interest) matter when they'll be a millionaire in a decade or two anyhow? --Edit-- Interesting, people didn't seem to realize this was true. Here [1] is a study from Gallup on peoples' views on wealth. There is a strong inverse correlation between the number of people that expect to become "rich" and age. For ages 18-29 it's 51%. That decreases down to 8% by the time people are 65, which is still unrealistic. That study is from 2003, yet its results have been replicated with minimal change in other more recent studies as well (though not from Gallup). It's part of the reason that education loans are simultaneously so overtly predatory, but also phenomenally successful (from the point of view of lenders). Young people are completely unrealistic about their chances for success and so the implications of taking on mountains of debt with often poor interest rates, when you're young, is something they cannot accurately assess. [1] - http://news.gallup.com/poll/7981/Half-Young-People-Expect-Strike-Rich.aspx http://news.gallup.com/poll/7981/Half-Young-People-Expect-St...