Tuesday, March 24, 2009

The Death of Personal Responsibility

Shameless. I guess when it comes to money, everybody wants a handout. Once again, I look like a fool for saving money and paying-off my student loans early. In hindsight, what I should have done was to pay the minimum monthly payments on my loans, finance a multi-million dollar home, bought lots of luxury goods, and wait for Barak "Wealth Redistribution" Obama to bail me out and save me from my own irresponsibility.

Business Week

In just two short months, Robert Applebaum has become something of a spokesman for a generation of people burdened with student loan debt. Applebaum, a 35-year-old attorney in New York, started a Facebook group in January called "Cancel Student Loan Debt to Stimulate the Economy," fed up with news reports about bank executives spending millions to redecorate their offices and receiving hefty bonuses. "I wanted to rant, so instead of sending an e-mail to a couple of my friends, I decided to start a Facebook group," says Applebaum, who finished law school owing $80,000 in student loans. "I figured maybe just a few of my friends would join."

He was wrong. By the end of the second week 2,500 people had joined, and the group now has more than 138,500 members, many of whom are pressing their representatives in Congress for legislation that would forgive student loan debt. "It's just snowballed," says Applebaum.

Sure. If I start a Facebook group asking if people want free money from the government, I'll probably get even more members. These people made the decision to spend money they didn't have for a college degree. If they truly have no money and no job, then postpone the loan until they can pay. There is absolutely no reason to forgive student loans.
For some, the debt is unshakable. Mel Crow of American Fork, Utah, owes $60,000 in student loans from his days at the Academy of Art University in San Francisco. He has spent the last five years struggling to find a computer animation job in his field, with no luck. His parents had to refinance their home so he could consolidate his loans, and he now pays them $500 a month with the $10.50-per-hour he earns at a local cosmetic company.

Why did he spend so much on an art degree? Obviously he thought that was a good investment. I'm sure he could have went to a different art school for a lot less (hint, not in San Francisco) but chose not to.
Others, like Eric Zapata, an aircraft mechanic in California, say their student debt is a constant worry. Zapata owes about $48,000 in student loans and worries he won't be able to afford an engagement ring for his girlfriend. "I've been saving now for two years, but I haven't been able to get the ring yet," he says. "The $400 in monthly [debt] payments just kills me."

Sorry, but that's just retarded. Does she need a ring? I know it's a symbol of marriage and all but practically, a ring is a very poor investment. Hasn't this guy made a $50k bad investment already? Nothing is stopping them from getting married unless the girlfriend is materialistic and greedy, then they'll have problems down the road anyway. Get a simple ring now, get married, then buy her something big later if you can responsibly afford it. That's what people should be doing but I'm afraid Obama and his bailouts are encouraging people to do the opposite, and fiscally responsible fools like me are going to foot the bill. :(


Anonymous said...


your trip to Chengdu left you very cranky. you are starting to sound like Haley's dad.

totochi said...

Nah, I complain about taxes on ordinary income. If Ming wants to give me options for no reason, I'll take'em and not complain about taxes.

Anonymous said...

Hey, leave my family out of this!