There’s a simple reason young adults are living at home in higher numbers: For many, moving out means living in poverty.
The numbers are jarring. According to the Pew Research Center, a whopping 56% of 18-24 year olds lived at home in 2012, the highest rate since the 1970s. Today’s young adults are taking longer to reach life milestones like taking out a mortgage or getting married. The New Republic has dubbed this trend the Great Delay.
The rise in U.S. college tuition is unsustainable. That’s the argument of a new television documentary, “Ivory Tower,” which tackles growing worries and critique over college costs and student debt. Jeffrey Brown talks to filmmaker Andrew Rossi about the origins of rising costs and financial competition among institutions, plus ideas about how to turn around the trend.
When a family spends more than half of its income on a home, their children’s reading and math abilities tend to suffer, according to a new study by Johns Hopkins University. This is also the case when they spend too little — less than 20 percent of their income.
Once the recession ended, however, so did the stimulus — long before state and local governments were ready to pick up the slack. Federal per-student spending fell more than 20 percent from 2010 to 2012, and it has continued to fall. State and local funding per student were essentially flat in 2012, the most recent year for which data is available.
The result: Total school funding fell in 2012 for the first time since 1977, the Census Bureau reported last month. Adjusting for inflation and growth in student enrollment, spending fell every year from 2010 to 2012, even as costs for health care, pension plans and special education programs continued to rise faster than inflation.1 Urban districts have been particularly hard-hit by the cuts in federal education spending: Nearly 90 percent of big-city school districts spent less per student in 2012 than when the recession ended in 2009.2
The average person graduating from college in 2013 borrowed nearly $30,000 in student debt. To help Americans overburdened by their loans, President Obama signed a new executive order that expands on a 2010 law that capped federal loan repayments at 10 percent of borrowers’ monthly income.
In districts that substantially increased their spending as the result of court-ordered changes in school finance, low-income children were significantly more likely to graduate from high school, earn livable wages, and avoid poverty in adulthood.
A new set of income statistics answers those questions quite clearly: Yes, college is worth it, and it’s not even close. For all the struggles that many young college graduates face, a four-year degree has probably never been more valuable.
The pay gap between college graduates and everyone else reached a record high last year, according to the new data, which is based on an analysis of Labor Department statistics by the Economic Policy Institute in Washington. Americans with four-year college degrees made 98 percent more an hour on average in 2013 than people without a degree. That’s up from 89 percent five years earlier, 85 percent a decade earlier and 64 percent in the early 1980s.
A team of researchers led by Michael T. French, professor of health economics at the University of Miami (UM), finds that high school grade point average (GPA) is a strong predictor of future earnings.
The findings, published recently in the Eastern Economic Journal, show that a one-point increase in high school GPA raises annual earnings in adulthood by around 12 percent for men and 14 percent for women.
At the 25 public universities with the highest-paid presidents, both student debt and the use of part-time adjunct faculty grew far faster than at the average state university from 2005 to 2012, according to a new study by the Institute for Policy Studies, a left-leaning Washington research group.
The study, “The One Percent at State U: How University Presidents Profit from Rising Student Debt and Low-Wage Faculty Labor,” examined the relationship between executive pay, student debt and low-wage faculty labor at the 25 top-paying public universities.
The beauty of bitcoin, many of those who use the currency will tell you, is that it’s decentralized. You don’t have to bother with a bank, which means you don’t necessarily leave the kind of paper trail that many other transactions produce. From the user perspective, paying with bitcoin is basically like using cash—only you can do it online.
So it’s fitting that bitcoin is the currency of choice among online vendors of fake IDs, some of whom now offer discounts to customers who pay that way. Other vendors have gone bitcoin-only, according to a subreddit discussion of popular fake ID sites.
It must be noted that bitcoin isn’t just an underworld currency—in fact, not everyone agrees that it’s currency at all.
Now of course there are lots of reasons why the pay shakes out this way. But by pretty much any standard the work that an excellent teacher does is positive-sum for society — the more great teachers there are the more well-educated kids we’ll have and the better off we’ll all become. By contrast the work that excellent lawyers do mostly consists of zero-sum battles to outwit other excellent lawyers. And yet the work of teachers is much less rewarded financially then the work of people in legal and financial occupations that have lower social returns.