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View Diary: Bottom 60% of Americans lost wealth between 1983 and 2009 (63 comments)

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  •  How does college debt factor into this? /nt (1+ / 0-)
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    agent

    Happy little moron, Lucky little man.
    I wish I was a moron, MY GOD, Perhaps I am!
    —Spike Milligan

    by polecat on Tue Sep 20, 2011 at 09:28:41 AM PDT

    •  probably makes (2+ / 0-)
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      agent, polecat

      the bottom fifth look worse. More people in their early twenties with negative net worth due to college debt. But with higher earning potential to move up the chart.

      A newly graduated doctor makes the bottom fifth look worse, but in a good way.

      •  I Payed for State U Working Fast Food and (0+ / 0-)

        summer camp and construction and ended with zero debt. I hit the bottom edge of the top 20% for a while.

        Today I would've finished that same education owing most of a house. I see no way I could have made it into the top 20% but it was an outside possibility.

        This has hurt the bottom 80% not 20%.

        We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

        by Gooserock on Sat Sep 24, 2011 at 05:25:28 PM PDT

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    •  Worse Probably For Bottom 80%. I Finished State U (0+ / 0-)

      undergrad way back having worked fast food and summer camp & construction to pay for it, with zero debt. 20 years later I just made it into the top 20%.

      Finishing that education today would've cost me about $60,000 including housing books and living & extracurricular expenses I incurred.

      So from working fast food for income I'd have owed the cost of a decent family car or the conventional down payment on a starter house when I began my career today.

      Now that's for someone who should by comparison to the past be at the head of the bottom 80%.

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Sat Sep 24, 2011 at 05:31:35 PM PDT

      [ Parent ]

      •  Yes (1+ / 0-)
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        GayHillbilly

        I work with many twenty-something folks who are living on years and years after college with roommates because the payments on their student loans prevent them from establishing their own households.

        I don't make more money than they do, but they look at my rather modest lifestyle -- I rent a smaller one-bedrooom apartment -- with real envy.

        This seems wrong.  My dad bought a house on the salary from his first job out of college.  My mother was a stay-at-home Mom.

        "I'll believe that corporations are people when I see Rick Perry execute one."

        by bink on Sat Sep 24, 2011 at 05:45:52 PM PDT

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        •  I have a Masters Degree (1+ / 0-)
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          bink

          and work 3 jobs and I STILL can't afford a house. And I consider myself fortunate because at least I'm working. Belive me, I am NOT complaining. However, a guy with my education/experience would have no problem affording a house 30 or 40 years ago. My parents, OTOH, were able to buy a house, despite having no college education, in the 70's. So something has definitely happened to the idea that kids do better than their parents.

          A village can not reorganize village life to suit the village idiot.

          by METAL TREK on Sat Sep 24, 2011 at 10:29:11 PM PDT

          [ Parent ]

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