U.S. Is Bankrupt and We Don't Even Know It: Laurence Kotlikoff

[Thomas]

US slum dwellers have chances but not as good as you think.

Choice one is army.

Choice two is an education at an elite university, with a useful major. I have talked to many Americans and the problem is most degrees are considered worthless by the private sector. For example, you could go into debt and get a degree in English but what good is that? Not only that but you need a brand name school.

Consider that both choices are extremely difficult unless you make the decision early in your life and/or have no family.

So if you are a slum dweller who can't make it in the army and can't make an A average at an elite university in computer science or engineering, it is much harder to get out of the slums than you think. And if you are over 30 and still in the slums, you are probably stuck there for life unless you have 5 years to spare to go back to college.

And if you think this is all bullshit, consider this fact: in order to get a rent subsidy, you need a job. As far as I'm concerned anyone who is working deserves a roof over their head, and anyone who plays the "elitist" card and thinks some jobs aren't real jobs don't understand capitalism. Not everyone can be a chief, there has to be indians.

Many would not have the education to attend universities, But there are many work trade programs that train people in useful skills such as construction, computers, cooking, ect. And don't laugh at the cooking part, I know a person that went to a cooking trade school and now makes close to 100k a year.

 

[Nahraf]

The banks don't give loans to poor people with no assets or earning potential. They do offer more loans to rich people already in debt but with assets and earning potential. US has more assets and earning potential and will be able to repay its loans and interest accrued. This is just temporary financial setback and US will get back on the horse in few years.

 

[mike05]

The banks don't give loans to poor people with no assets or earning potential.

Actually they did and it led to what we now know as Subprime, I won't be surprised if it happened again.

 

[Nahraf]

Actually they did and it led to what we now know as Subprime, I won't be surprised if it happened again.

It was the US Congress that mandated subprime mortgages to help increase home ownership among low income people especially African-Americans. The banks resold these mortgages to investors and made huge profits. But it was the American banks that packaged them up and sold them to securitization pools.

 

[SAMEET]

Compared to the 193 million Chinese slum dwellers? Playing the communist class card doesn't work. Most industrialized countries have slums, And China is no exception. U.S. slum dwellers have chances to lift themselves out of poverty that would be the envy of other countries. But the problem is many in the U.S. have become dependent on state welfare and don't feel the need to get jobs. There are generation after generation that grow up feeling the state owes them. They collect their monthly checks, free food, and housing subsidies never intending to get a job.

you say this as slums right ! what about the skidrow in new york even that is a slum ?