Tag Archives: Debt

Tad Hopp accumulated $100,000 of college debt, now he wants a taxpayer bailout

Brain vs Heart, from: theawkwardyeti.com
Brain vs Heart, from: theawkwardyeti.com

Here’s an interesting editorial from a “Christian” left blog. (H/T Acton Institute via Lindsay)

The author, Tad Hopp is graduating a PCUSA seminary – an extremely liberal, left-wing denomination.

He writes:

I graduated college in 2007.

[…] I majored in English, not exactly what most people consider a ‘marketable’ or ‘practical’ degree…

[…]I went to a somewhat expensive private school…

[…]I did what many students in their last year of high school do: I went to the school where I felt I was being called…

[…]I do not regret my four years at my undergraduate institution one bit.

[….]When I graduated college, I owed nearly $50,000 in student loan debt and was unemployed for almost six months before I finally found a low-paying office job.

[…]“Can’t find a job? Well, you should have majored in something more ‘practical’, like economics or business or medicine.” Yeah, that would be great…if those were the subjects where my skills and passions lie. They’re not.

[…]I felt called to go to seminary.

[…]I will graduate seminary with close to six figures worth of student loan debt.

Let’s take stock of what he’s said so far:

  • he studied English, a language that he already spoke, which has one of the lowest employment rates
  • he was warned by people who knew something about earning and saving money not to study English
  • he went to a school he couldn’t afford to go to, and he graduated with $50,000 in debt
  • he went to seminary, another subject that doesn’t pay, and added another $50,000 or so of debt
  • he says that he doesn’t have to study subjects that lead to a career because he isn’t “passionate” about them
  • he “followed his heart” by going to the school that he had mystical, emotional, intuitions about = “calling”

My advice to Tad at this point would be for him to take the Bible seriously when it says this:

2 Thessalonians 3:10:

10 For even when we were with you, we used to give you this order: if anyone is not willing to work, then he is not to eat, either.

And 1 Timothy 5:8:

8 But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and is worse than an unbeliever.

The Bible is giving us the goal of working. So what should we do to be able to reach that goal? Why should anyone hire us? What is working really about? It’s those kinds of questions that should guide what we study in school, and what jobs we pursue.

We know what careers have the highest starting salaries and mid-career salaries:

Starting and Mid-Career salaries by profession (click for larger image)
Starting and Mid-Career salaries by profession (click for larger image)

(Source)

Why do some people get paid more than others? The answer is supply and demand. Prices are a way of determining what is most valued by your fellow man. Business owners pay more to people who offer their customers more value. If you really want to serve your neighbor, you have to learn something they really want, but can’t easily obtain. And then you will be paid more. You can’t do what makes you happy. You have to do what makes customers happy. That’s how the free market works – you make money when you provide something of value to others. You make money when you serve others. This is something that is very hard for self-centered, feelings-driven young progressives to grasp. But it’s something older Americans all know.

More Tad:

Is the PCUSA doing anything to address this crisis?

[…]What has our government done to address this issue?

[…]I, like so many in my generation, voted for Obama…

[…]It seems to me that we’ve bought into the lie that student loan debt is brought on by the individual person…

[…]You know what I think might stimulate the economy? Automatically cancelling every single outstanding student loan!

He insists that the results of his own choices aren’t his fault. But didn’t he make the choices about what to study? Didn’t he make the choice to follow his heart? Didn’t he disregard the advice of people who urged him to be practical? Who is to blame, if not he, himself?

Tad needs to push away all his friends who told him to “follow his heart” and stick close by his friends who told him to focus on providing value to others. Don’t look for advice from dreamers, look for advice from doers. Dreamers talk. But doers have demonstrated the ability to create plans that work to achieve results.

By the way, some of you might be wondering how serious this person was about his Christianity. Well, in another post, he comes out as gay. So clearly the Bible is being interpreted in a way where feelings are overturning the plain meanings of words. People who read the Bible closely never come away with the message that they should follow their hearts.

Jim Wallis debates Jay Richards on Christianity and economics

In this post, I have the video of a debate on the topic of what Christians should think about economics and economic policies. In addition to the video, I summarized the two opening speeches and the two rebuttals, for those who prefer to read rather than watch. We’ll start with a short biography about each of the debaters.

The video recording:

The debaters

Jay Richards:

Jay Richards, Ph.D., is a Senior Fellow of the Discovery Institute where he directs the Center on Wealth, Poverty and Morality, and is a Visiting Scholar at the Institute for Faith, Work & Economics. Most recently he is the co-author with James Robison of the best-selling Indivisible: Restoring Faith, Family, and Freedom Before It’s Too Late”.

In addition to writing many academic articles, books, and popular essays on a wide variety of subjects, he recently edited the new award winning anthology, God & Evolution: Protestants, Catholics and Jews Explore Darwin’s Challenge to Faith . His previous book was Money, Greed, and God: Why Capitalism Is the Solution and Not the Problem (HarperOne, May 2009), for which he received a Templeton Enterprise Award in 2010.

[…]In recent years, he has been a Contributing Editor of The American at the American Enterprise Institute, a Visiting Fellow at the Heritage Foundation, and a Research Fellow and Director of Acton Media at the Acton Institute. Richards has a B.A. with majors in Political Science and Religion, an M.Div. (Master of Divinity) and a Th.M. (Master of Theology), and a Ph.D. (with honors) in philosophy and theology from Princeton Theological Seminary.

Jim Wallis:

Jim Wallis (born June 4, 1948) is a Christian writer and political activist. He is best known as the founder and editor of Sojourners magazine and as the founder of the Washington, D.C.-based Christian community of the same name. Wallis is well known for his advocacy on issues of peace and social justice. […]He works as a spiritual advisor to President Barack Obama.

[…]In 2010, Wallis admitted to accepting money for Sojourners from philanthropist George Soros after initially denying having done so. […]In 2011, Wallis acknowledged that Sojourners had received another $150,000.00 from Soros’ Open Society Foundation.

Wallis just came out this month in favor of gay marriage. He is also a strong supporter of Barack Obama, who is radically pro-abortion. Some pro-lifers have argued that Barack Obama has the same views on abortion as Kermit Gosnell, because Obama voted twice to allow abortions on babies who were already born alive.

The format of the debate

  • 20 minute opening speeches
  • 10 minute rebuttals
  • 10 minutes of discussion
  • Q&A for the remainder

SUMMARY

I use italics below to denote my own observations.

Jim Wallis’ opening speech:

My goal is to spark a national conversation on the “common good”.

A story about my son who plays baseball.

The central goal of Christianity is to promote the “common good”.

Quotes “Catholic social teaching” which values “human flourishing”.

The “common good” is “human flourishing”.

Is the purpose of Christianity is to make sure that everyone has enough material stuff or to preach the gospel?

When Christians go on mission trips, it’s good that they focus on things like human trafficking.

Democrat John Lewis is the “conscience of the U.S. Congress”.

John Lewis gets a 0% rating from the American Conservative Union in 2012.

John Lewis gets a 8% rating from the American Conservative Union in 2011.

John Lewis gets a 2.29% lifetime rating from the American Conservative Union.

Nothing is going well in Washington right now except comprehensive immigration reform.

Does he think that Christianity means giving 20-30 million illegal immigrants a path to citizenship, while skilled engineers cannot even get green cards, even though there is a shortage of them? Does he think that the other people in society who earn more than they receive from the government ought to be taxed more in order to provide more services and benefits to those who earn less than they take from the government?

Jay Richards’ opening speech:

Two topics: 1) what is the common good? 2) what should Christians do to promote the common good?

Catholicism defines the “common good” as “Indeed, the common good embraces the sum of those conditions of the social life whereby men, families and associations more adequately and readily may attain their own perfection.”

We have natural ends that we are supposed to be achieving and some places, like South Korea, are better for allowing that to happen.

The common good is broader and prior to any sort of political specification.

It’s not the political good or what the state is supposed to do.

It’s not about the communal good, as in Soviet Russia, where the communal good was above individual and familial good.

The common good is the social conditions that promote the things that we humans have in common as individuals and members of family.

The common good takes account of who we are as individuals and in associations with other individuals, e.g. – families.

Christians don’t have to be doing the same things to promote the common good, e.g. – pastors, entrepreneurs, etc.

The church, as the church, has as its primary goal making disciples of all nations.

But even in that capacity, the church should be interested in more than just conversions and saving souls.

We also have to care about God’s created reality including things like physics, education, etc.

How should Christians promote the common good in politics?

Question: when is coercion warranted?

In Romans 13, Paul says that the state does have power to coerce to achieve certain ends, like justice.

Most Christians think that there are some things where the state can use coercion, for example, to prevent/punish murder.

It is OK for the police to use coercive force to maintain public order and the rule of law.

But we need to ask whether other things are legitimate areas for the state to use coercive force.

We should only give the state power to coerce when there is no other way to achieve a goal.

We need to leverage the science of economics in order to know how to achieve the common good.

Jay Richards' main point in the debate
Jay Richards’ main point in the debate

Henry Hazlitt: “The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.”

For example, what happens if we raise the federal minimum wage to $50. What happens next for all groups? That’s what we need to ask in order to know which policies achieve the common good.

When it comes to economics a lot of things have been tried in other places and times.

We can know what works and doesn’t work by studying what was tried before and in other places.

Many things are counter-intuitive – things that sound good don’t work, things that sound bad do work.

Principle: “We are our brother’s keeper”. Christians have an obligation to care for their neighbors.

We all agree on the goal. But how do we do things that will achieve that goal?

We have to distinguish aspirations from principles and prudential judgment.

Principle: We should provide for the material needs of the poor.

Prudence: Seeing the world as it is, and acting accordingly.

Example policies: which minimum wage is best? None? $10? $20?

We decide based on seeing how different economic policies achieve the goal of helping the poor.

Jim Wallis’ first rebuttal:

Jesus commanded us to “care for the poor and help to end poverty”.

Actually, Jesus thought that acknowledging him and giving him sacrificial worship was more important than giving money to the poor, see Matthew 26:6-13:

While Jesus was in Bethany in the home of Simon the Leper, 

a woman came to him with an alabaster jar of very expensive perfume, which she poured on his head as he was reclining at the table.

When the disciples saw this, they were indignant. “Why this waste?” they asked. 

“This perfume could have been sold at a high price and the money given to the poor.”

10 Aware of this, Jesus said to them, “Why are you bothering this woman? She has done a beautiful thing to me. 

11 The poor you will always have with you, but you will not always have me. 

12 When she poured this perfume on my body, she did it to prepare me for burial. 

13 Truly I tell you, wherever this gospel is preached throughout the world, what she has done will also be told, in memory of her.”

It’s not clear to me whether Jim Wallis thinks that preaching is more important than redistributing wealth to address material inequality.

I like what Jesus said in a TV series, even though it’s not in the Bible when an actor playing Jesus said to “change the world”.

Jesus never said to “change the world” in the Bible. Should we be concerned that he is quoting a TV actor playing Jesus instead of Jesus.

Here is a terrific story about Bill Bright.

I love Catholic social teaching.

Quote: “All are responsible for all”.

I go to the World Economic Forum at Davos, Switzerland every year. I spoke once at 7 AM on the 4th floor.

It’s a funny place for a Christian to be if they care about the poor – rubbing shoulders with leftist elites. He must have named a dozen high-profile people that he spoke with during the debate, as if he could win the debate by some sort of argument from name-dropping. He mentioned the Davos thing several times!

The greatest beneficiary of government actions to deal with the economic crisis was Wall Street banks.

I’m going to tell you a story about what a Washington lawyer says to Jesus.

I’ve had conversations with business leaders where I tell them to integrate moral truths.

I talk about the Good Samaritan parable.

Quote: “Do you love your undocumented neighbor?”

Quote: “Do you love your Muslim neighbor?”

Jay Richards’ first rebuttal:

Who is responsible for your own children? Who knows the most about them?

Parents should have more discretion over their children because they have more knowledge about their child and what’s best for them.

The Good Samaritan doesn’t show that government should confiscate wealth through taxation and redistribute it.

The Good Samaritan emphasizes voluntarily charity to help people who are not necessarily your immediate neighbor.

Some of the things we do should be for the good of other people in other countries.

But then we are back to leveraging economics to know what policies are good for those other people in other countries.

The principle of subsidiarity: if a problem can be addressed by a lower level of society (family) then we shouldn’t make higher levels (government) address it.

The best place to take care of children is within the family.

Only if the family fails should wider and wider spheres get involved.

Although we want to think of the common good in a global sense, we don’t want to lose sight of the fact

The financial crisis: we need to integrate moral truths, but also economic truths.

We don’t want to assume policies based on intuitions, we want to check our intuitions using economic principles.

Why did we have a financial crisis in mortgages, but not in commodities futures or technology, etc.?

Greed is a contributing factor in all areas of business.

Something more was going on in the mortgage markets than just greed.

There were specific policies that caused the mortgage lending crisis.

The root cause of the problem were “affordable housing policies” that lowered lending restrictions on low income people.

The policy ended up degrading the underwriting standards on loans.

Government intruded into the market and undermined the normal ways of

People were getting massive loans with no income, no jobs, no assets and no down payment.

The federal government created a market for risk loans by guaranteeing

There was a government imposed quota on mortgage lenders such that 50% of their loans had to be given to high-risk borrowers.

That is what led to the financial crisis. Not the free market, but intrusions into the free market.

These policies were well-meaning and implemented by people from both parties. But they had bad effects.

Alexandria Ocasio-Cortez explains how she will pay for $40 trillion in new spending

Young people seem to think that implementing socialism in the United States won’t cost them a thing. The truth is, the rich don’t have enough money to cover all the spending that socialists want to do. It’s going to be young people who are stuck with the bill, and they’ll have to scale their lives down to third world levels to pay for what they voted for.

Here’s a socialist (former bartender) to explain how she would pay for $40 trillion in new spending, over 10 years:

The Daily Wire reports:

TAPPER: “Right. I get that. But the price tag for everything that you laid out in your campaign is $40 trillion over the next 10 years. I understand that Medicare for all would cost more to some wealthier people and to the government and to taxpayers, while also reducing individual health care expenditures. But I am talking about the overall package. You say it’s not pie in the sky but $40 trillion is quite a bit of money. And the taxes that you talked about raising to pay for this, to pay for your agenda, only count for two [trillion dollars]. We’re going by left-leaning analysts.”

OCASIO-CORTEZ: “Right. When you look again at how our health care works, currently we pay — much of these costs go into the private sector. So, what we see, for example, is, you know, a year ago I was working downtown in a restaurant. I went around and I asked how many of you folks have health insurance? Not a single person did. They’re paying — they would have had to pay $200 a month for a payment for insurance that had an $8,000 deductible. What these represent are lower cost overall for these programs. Additionally, what this is, it’s a broader agenda. We do know and acknowledge that there are political realities. They don’t always happen with just a wave of a wand but we can work to make these things happen. In fact, when you look at the economic activity that it spurs — for example, if you look at my generation, millennials, the amount of economic activity that we do not engage in. The fact that we delay purchasing homes, that we don’t participate in the economy as purchasing cars as fully as fully as possible is a cost. It is an externality, if you will, of unprecedented amount of student loan debt.”

TAPPER: “I am assuming I won’t get an answer for the other $38 trillion. We’ll have you back and go over that.”

Some people are going to vote for her just because she’s young, female, and sounds so passionate. But let’s take a look at some numbers so we can understand how feasible her plans are.

First, the rich don’t earn enough money to be able to pay for trillions of dollars in spending.

In 2012, John Stossel wrote this in Forbes:

If the IRS grabbed 100 percent of income over $1 million, the take would be just $616 billion.

In 2011, the Tax Foundation explained that even if you taxed ALL THE DISPOSABLE INCOME from all the people who make $200,000 or more, you would only raise $1.53 trillion dollars:

There’s simply not enough wealth in the community of the rich to erase this country’s problems by waving some magic tax wand.

[…]After everyone making more than $200,000/year has paid taxes, the IRS would need to take every single penny of disposable income they have left. Such an act would raise approximately $1.53 trillion. It may be economically ruinous, but at least this proposal would actually solve the problem.

Socialists want to spend $40 trillion more over 10 years, or about $4 trillion per year. Taking most of what the wealthy earn would make up less than half of that spending.

Anyway, we’re not in a position to be doing any spending, because the costs of our existing socialist programs will be increasing going forward.

Pretty soon, our mandatory expenses will consume all of our tax revenues
Pretty soon, our mandatory expenses will consume all of our tax revenues

USA Today explains:

After averaging 35 percent of national income from the mid-1950s through 2008, the national debt has surged to 78 percent today and is projected to reach 100 percent within a decade, and 200 percent by 2050. Even these scary estimates rest on rosy assumptions — no new military or economic crises and creditors willing to accept record-low interest rates from a government heading towards a debt crisis.

Just to be clear, he’s talking about the debt-to-gdp ratio. When ours gets too high, interest on the debt will rise, be ause lenders aren’t sure they’ll be getting their money back. This will put us into a debt death spiral.

More:

The cause of this coming debt deluge is no mystery: Social Security and Medicare are projected to run a staggering $82 trillion cash deficit over the next 30 years. We are adding 74 million retiring baby boomers to a system that provides Medicare recipients with benefits three times as large as their lifetime contributions and pays Social Security benefits typically exceeding lifetime contributions (even accounting for inflation and interest on the contributions).

We can’t afford the spending we’re already committed to right now:

Politicians promise changes to avoid cuts in Social Security and Medicare, but their alternatives are plainly insufficient. Democrats favor tax hikes on the rich, but even doubling the highest two tax brackets to 70 and 74 percent would close just one-fifth of these programs’ shortfalls — and even that assumes people keep working at 90 percent tax rates when including state and payroll taxes. Slashing defense spending to European levels would close just one-seventh of the gap. Single-payer healthcare proposals are projected by even liberal economists to increase the debt. Republicans favor cuts in antipoverty and social spending, but even the unimaginable elimination of all anti-poverty spending would close barely half of the shortfall.

So, who’s going to pay for all this? It will be the people who have to work and pay income taxes for the next 30 years. The very same young Americans who are voting for socialists today. They’re the ones who are going to have to survive on a fraction of what their parents earned.

But there’s more. The truth is that raising taxes on the wealthy will cause enormous damage to job creators. If you look at socialist countries, the unemployment rate among young people is astronomical compared to the USA today. Why? Because these other countries have taxed and regulated businesses so much that they simply don’t have money to hire people, and if they do hire people, they pay them less than what they can earn for the same work in America.

Reuters explains:

Last December, the most recent full figures available, 25 million of the EU’s workforce of 240 million were unemployed and actively looking for jobs, producing an unemployment rate of 11 percent.

An additional 11 million were unemployed but had stopped looking or were not immediately available to start work, and were therefore not classified as unemployed. Adding them to the total would bump the jobless rate up to 15 percent.

Then there were more than 9 million part-time workers who wanted to work more hours but had no opportunity to do so – they were counted as employed but felt underemployed.

And finally there were those who were overqualified for their jobs and might well have been making more money elsewhere if they had found the right match for their skills.

European socialism is a kind of hybrid of socialism and capitalism, so it’s not too bad.  In places like Cuba, and Venezuela, you get the real thing. I doubt that most young people really understand what is going on right now on the streets of Cuba and Venezuela. If they did, maybe they wouldn’t be voting for socialism here.

New study: “Medicare For All” would cost $32.6 trillion, but it’s actually more

A Christian friend of mine who is divorced with children surprised me by telling me that she favored single payer health-care. I asked her if she realized that people would have to be taxed to pay for all this free health care, and she seemed to be aware of it. But even I didn’t realize how much it would really cost.

Investor’s Business Daily reports on a couple of recent studies – one from the left, and one from the far-left – that both agreed on the price tag for universal health care.

Excerpt:

Last year, 16 Senators, including three presidential hopefuls, co-sponsored Sanders’ “Medicare for all” bill. And earlier this month, more than 70 Democrats signed on to form a “Medicare for all” caucus. Support for the bill is now something of a litmus test for Democratic hopefuls.

Do they have any idea what they’re endorsing?

A new study out Monday from George Mason University’s Mercatus Center finds that Sanders plan would add to federal spending in its first 10 years, with costs steadily rising from there. That closely matches other studies — including one by the liberal Urban Institute — that looked at Sanders’ plan.

To put this in perspective, “Medicare for all” would the size of the already bloated federal government. Doubling corporate and individual income taxes wouldn’t cover the costs.

Even this is wildly optimistic. To get to this number, author Charles Blahous had to make several completely unrealistic assumptions about savings under Sanders’ hugely disruptive plan.

The first is a massive cut in payments to providers. Sanders wants to apply Medicare’s below-market rates across the board, which would amount to a roughly 40% cut in payments to doctors and hospitals. Blahous figures this will save hundreds of billions of dollars a year.

But cuts of that magnitude would drive doctors out of medicine and hospitals out of business, since the only way providers can afford Medicare’s cut-rate reimbursements today is by charging private payers more.

The study also assumes that shoving everyone into a government health care plan would cut administrative costs by $1.6 trillion over the next decade and prescription drug costs by $846 billion. Neither of those are likely, and wouldn’t make much of a difference in overall spending anyway. Private insurance overhead accounts for about 6% of national health spending, and drugs less than 10%.

There’s also the fact that every other federal health program has seen costs explode “unexpectedly” after they were enacted. The per-enrollee cost of ObamaCare’s Medicaid expansion, for example, is almost 49% higher than expected. Medicare itself cost nearly 10 times as much as projected in its first 25 years.

The author of the Mercatus study was nominated Barack Obama to be a member of the Board of Trustees of the Social Security Trust Funds. That might explain his questionable assumptions about costs. And the Urban Institute is even further to the left. There can be no doubt that the true cost of the Sanders health care plan would be much higher than what these two studies calculated it to be.

Now, you might think that we can just tax the people who earn the most money to pay for all this spending.

In 2012, John Stossel wrote this in Forbes:

If the IRS grabbed 100 percent of income over $1 million, the take would be just $616 billion.

In 2011, the Tax Foundation explained that even if you taxed ALL THE DISPOSABLE INCOME from all the people who make $200,000 or more, you would only raise $1.53 trillion dollars:

There’s simply not enough wealth in the community of the rich to erase this country’s problems by waving some magic tax wand.

[…]After everyone making more than $200,000/year has paid taxes, the IRS would need to take every single penny of disposable income they have left. Such an act would raise approximately $1.53 trillion. It may be economically ruinous, but at least this proposal would actually solve the problem.

Taxing the rich isn’t enough to pay for single payer health care. $32.6 trillion over 10 years works out to $3.26 trillion per year. We’re not going to pay that off even with $1.53 trillion a year of additional revenue. And this is assuming that the wealthy would just allow themselves to be made into slaves, and keep working even if the government takes all their money.

Pretty soon, our mandatory expenses will consume all of our tax revenues
Pretty soon, our mandatory expenses will consume all of our tax revenues

Who is going to pay for all the spending we already have scheduled? As the graph above shows, things are going to get worse in the future as the big entitlement programs pay out more than current tax rates take in. I’m sure glad that I’m going to be retiring before 2032, and I’m not going to be stuck with the bill for this. It’s one thing for me to get out of bed every morning to be paid only 75% of what I earn. I certainly wouldn’t want to be working if the tax rates here were more like Europe, so that I’d be taking home less than half of what I earn. No thank you!

By the way, it might be a good idea to think about whether you want to have children or not before you vote. Children are expensive, and if we keep electing the big spenders like Obama, then there isn’t going to be any money left over to run a family and raise kids. Think about it before you vote with your feelings only.

New study: 1 in 8 divorces is caused by student loan debt

I already mentioned the studies that show that marrying a non-virgin is less stable than marrying a virgin. But what about student loans? Are they a risk factor for divorce, too? I was reading over at Captain Capitalism and saw this CNBC article, which discusses data relevant to our recent discussion about whether men ought to prefer debt-free virgins without tattoos.

Excerpt:

When it comes to student loan debt, “for richer, for poorer” doesn’t quite cut it.

In general, finances are the leading cause of stress in a relationship, according to a study by SunTrust Bank, but student debt takes a particularly hard toll on a marriage.

More than a third of borrowers said college loans and other money factors contributed to their divorce, according to a recent report from Student Loan Hero, a website for managing education debt.

In fact, 13 percent of divorcees blame student loans specifically for ending their relationship, the report found. Student Loan Hero surveyed more than 800 divorced adults in June.

Now, when deciding whether to marry and who to marry, it does make sense to me to think about what needs to be bought and how much these things cost, and where the money will come from. It just makes sense to me that people who are REALLY interested in marriage will be interested in doing what works to prepare for marriage. You can’t just do whatever you want before marrying, because marriage involves being faithful to your spouse, and buying things that you need for the marriage enterprise, like a home, and baby stuff. It doesn’t make any sense to say “I want to get married” and then not prepare for marriage by being careful about what behavior marriage requires of you.

This 2017 article from Harvard Business Review is interesting.

It says:

Examining 46,934 resumes shared on Glassdoor by people who graduated between 2010 and 2017, the researchers looked at each person’s college major and their post-college jobs in the five years after graduation. They then estimated the median pay for each of those jobs (also using Glassdoor data) for employees with five years of experience or less. Their key finding: “Many college majors that lead to high-paying roles in tech and engineering are male dominated, while majors that lead to lower-paying roles in social sciences and liberal arts tend to be female dominated, placing men in higher-paying career pathways, on average.”

Here’s the plot, and you can click it to expand it:

Starting salaries by major, broken out by gender
Median salaries by major, broken out by gender – don’t study things at the bottom!

Maybe we can just simplify this whole issue by saying “it’s unwise to marry people who choose not to prepare themselves for marriage”. That goes for men and women, by the way. Basically, you can avoid student loans if you study something that you don’t feel like studying, and work jobs that you don’t feel like working, and don’t buy things that you feel like buying. Don’t marry people who are led by their feelings. Marry someone who demonstrates self-control.

Anyway, I feel obligated to post a relevant Dave Ramsey video, just to remind everyone that stewardship of money is a Christian virtue, and that being forgiven by Jesus for your sins doesn’t make you good with money.

This one from 2014: (H/T Robb)

When I was in high school, I was far more interested in becoming an English teacher than I was in becoming a software engineer. It was my Dad who overruled my choice of college major when I was still in high school. He had me take a first-year English course at a local university. When I saw how politicized and useless it was (they were studying all sorts of politically correct postmodern relativist stuff, instead of the Great Works, and they weren’t trying to learn any wisdom from any of it), I chose computer science. I did what was likely to work, instead of what was easy and fun and made me feel good. I think this makes me a grown-up. And marriage should only be done if there are two grown-ups involved in the enterprise.