income inequality and entitlement reform
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ICS 392 income inequality and entitlement reform
ICS 392 Third Assignment—Please submit a paper to Kalrow@aol.com answering below—Federal Budget Analysis and Student Debt prompt (2 separate prompts). Your response is due by 5:00 pm on Friday, April 23. If unable to submit, you must contact me to discuss at 312-543-7370 prior to the due date. Economic—note:
- What is the number 1 issue that business people were talking about before the pandemic? Income inequality and entitlement reform. Where is the US comparative advantage? You should think about, but don’t have to respond in your paper submission.
Identify four to six significant observations that you feel are the most important based on the data below and why. Data to be analyzed includes the three pie charts and the US debt clock. Please feel free to update the charts or add additional research and economic data that is connected to the subject matter below—although not necessary. Your paper should be approximately one-two pages in length and you may wish to discuss the following:
- America’s clash of generations—baby boomers retiring versus everyone else. Think about it in terms of social security and workers versus retirees (16:1 when Social Security was created versus today 2.5:1)
- Tax revenues–Inheritance tax, corporate taxes and how much should the top 1% pay? Can discuss President Biden’s corporate tax proposal.
- After identifying the data points, how you may wish to change the numbers and why. For example, increasing federal spending on education or increasing the taxes on the top 1% or corporations to increase revenue or decreasing military spending. Can also reference President Biden’s budget proposal.
- The growth of the national debt between 1980 and the present and whether it will be a burden on future generations.
https://www.stlouisfed.org/open-vault/2019/november/where-federal-revenue-comes-from-how-spent
Source: OMB Mid-Session Review July 2018
Debt—over $28.1 trillion/Deficit—over $3 trillion this year due to pandemic. See: https://www.usdebtclock.org/U.S. government debt will nearly equal the size of the entire economy for first time since World War II, CBO findsStudent Debt Prompt: Review the following material in the next few pages and then answer the prompt at the end:
We Pretend to Teach, They Pretend to Learn: At colleges today, all parties are strongly incentivized to maintain low standards. By Geoffrey L. Collier Dec. 26, 2013 WSJ
The parlous state of American higher education has been widely noted, but the view from the trenches is far more troubling than can be characterized by measured prose. With most students on winter break and colleges largely shut down, the lull presents an opportunity for damage assessment. The flood of books detailing the problems includes the representative titles “Bad Students, Not Bad Schools” and “The Five Year Party.”
To list only the principal faults: Students arrive woefully academically unprepared; students study little, party much and lack any semblance of internalized discipline; pride in work is supplanted by expediency; and the whole enterprise is treated as a system to be gamed in which plagiarism and cheating abound.The problems stem from two attitudes. Social preoccupations trump the academic part of residential education, which occupies precious little of students’ time or emotions. Second, students’ view of education is strictly instrumental and credentialist.
They regard the entire enterprise as a series of hoops they must jump through to obtain their 120 credits, which they blindly view as an automatic licensure for adulthood and a good job, an increasingly problematic belief. Education thus has degenerated into a game of “trap the rat,” whereby the student and instructor view each other as adversaries. Winning or losing is determined by how much the students can be forced to study. This will never be a formula for excellence, which requires intense focus, discipline and diligence that are utterly lacking among our distracted, indifferent students. Such diligence requires emotional engagement. Engagement could be with the material, the professors, or even a competitive goal, but the idea that students can obtain a serious education even with their disengaged, credentialist attitudes is a delusion.
The professoriate plays along because teachers know they have a good racket going. They would rather be refining their research or their backhand than attending to tedious undergraduates. The result is an implicit mutually assured nondestruction pact in which the students and faculty ignore each other to the best of their abilities. This disengagement guarantees poor outcomes, as well as the eventual replacement of the professoriate by technology. When professors don’t even know your name, they become remote figures of ridicule and tedium and are viewed as part of a system to be played rather than a useful resource. To be fair, cadres of indefatigable souls labor tirelessly in thankless ignominy in the bowels of sundry ivory dungeons. Jokers in a deck stacked against them, they are ensnared in a classic reward system from hell.
All parties are strongly incentivized to maintain low standards. It is well known that friendly, entertaining professors make for a pleasant classroom, good reviews and minimal complaints. Contrarily, faculty have no incentives to punish plagiarism and cheating, to flunk students or to write negative letters of reference, to assiduously mark up illiterate prose in lieu of merely adding a grade and a few comments, or to enforce standards generally. Indeed, these acts are rarely rewarded but frequently punished, even litigated. Mass failure, always a temptation, is not an option. Under this regimen, it is a testament to the faculty that any standards remain at all.
As tuition has skyrocketed, education has shifted from being a public good to a private, consumer product. Students are induced into debt because they are repeatedly bludgeoned with news about the average-income increments that accrue to additional education. This is exacerbated by the ready availability of student loans, obligations that cannot be discharged in bankruptcy. In parallel, successive generations of students have become increasingly consumerist in their attitudes, and all but the most well-heeled institutions readily give the consumers what they want in order to generate tuition revenue.Competition for students forces universities to invest in and promote their recreational value. Perhaps the largest scam is that these institutions have an incentive to retain paying students who have little chance of graduating. This is presented as a kindness under the guise of “student retention.” The student, or the taxpayer in the case of default, ends up holding the bag, whereas the institution gets off scot free. Withholding government funding from institutions with low graduation rates would only encourage the further abandonment of standards.
So students get what they want: a “five year party” eventuating in painlessly achieved “Wizard of Oz” diplomas. This creates a classic tragedy of the commons in which individuals overuse a shared resource—in this case the market value of the sheepskin. Students, implicitly following the screening theory that credentials are little more than signals of intelligence and personal qualities, follow a mini-max strategy: minimize the effort, maximize the probability of obtaining a degree. The decrement in the value of the sheepskin inflicted by each student is small, but the cumulative effect is that the resource will become valueless.
The body politic lately has become aware of the cracks in this game. With about half of college graduates under 25 currently unemployed or underemployed, the income advantage of a four-year degree may be on the decline. Employers are justifiably fed up with college graduates lacking basic knowledge, to say nothing of good work habits and intellectual discipline. Yet the perennial impulse toward bureaucratic command-and-control solutions, such as universal standardized testing or standardized grade-point averages, only leads in the direction of more credentialism. If the body politic desires this, so be it. However, these are essentially supply-side solutions, in that they attempt to staunch the supply of poorly prepared students or increase the supply of well-prepared students. Such approaches are notoriously problematic, as in the classic case of black markets.
Better to address the demand side. To be sure, there is plenty of student demand for credentials, but there is little demand for the rigor that the credentials putatively represent. Rather than more attempts at controlling output quality through standardization, what are needed are input changes provided by creative alternative routes to adulthood that young people find attractive; a “pull” rather than a “push.” It would be helpful, too, if faculty started viewing undergraduates less as whining boors and more as lost souls who have been scandalously misguided by a feel-good “everyone’s a star” culture. Dr. Collier is a psychology professor at South Carolina State University in Orangeburg, S.C.
Additional data points and thoughts: Student loan debt is now the second highest consumer debt category – behind only mortgage debt. The average student in the Class of 2016 has $37,172 in student loan debt. Student Loan Delinquency Or Default Rate: 10.7% (90+ days delinquent). Today, 70 percent of college students graduate with a significant amount of loans. Over 44 million Americans collectively hold nearly $1.7 trillion in student debt. That means that roughly one in four American adults are paying off student loans.
- Percentage of Americans with student loan debt who are under 30:5%
- Percentage of Americans with student loan debt who are 30 or older:5%
Source: Federal Reserve Bank of New York, 2018
- Colleges have no skin in the game—in other words, no consequences whether you pay back your loan or not.
- Higher Education 3rd largest lobby behind Pharmaceuticals and Electronic manufacturing.
- Universities are defined by the size of endowment and buildings. Might want to examine the endowments of the top 20 universities.
- Might want to google Mitch Daniels and Purdue University and research some of his thoughts on the issue which includes a proposal to let students attend free in return for a certain percentage of their income over a certain time period upon graduation. Also more teaching and less mediocre research.
Figure 6: Total Federal and Nonfederal Loans in 2017 Dollars by Type, 1997-98 to 2017-18
Senator Warren’s plan:https://www.nytimes.com/2019/04/22/us/politics/elizabeth-warren-student-debt.html
- a $1.25 trillion plan by canceling most student loan debt and eliminating tuition at every public college.
- She would pay for it with revenue generated by her proposedincrease in taxes for America’s most wealthy families and corporations, which the campaign estimates to be $2.75 trillion over 10 years.
- She would eliminate up to $50,000 in student loan debt for every person with a household income of less than $100,000; borrowers who make between $100,000 and $250,000 would have a portion of their debt forgiven.
- The vast majority of student loan debt is held by the federal government the government would simply cancel the eligible debt on its books. Doing so would affect more than 42 million Americans and eliminate all student loan debt for more than 75 percent of borrowers.
- For debt held by private companies, the government would “work with the borrower and the owner of the debt” with the goal of elimination
- Warren’s policy would cut off federal money from for-profit colleges, and require an “annual equity audit” for public colleges that would identify “shortfalls in enrollment and completion rates for lower-income students and students of color.”
President Biden’s proposal—research can be ascertained through a google search.Based on the material above and any other subsequent research you provide, discuss federal funding of the higher education system and other important factors you identify in your research that are contributing to the rising costs of higher education. Please provide your solution(s) to address the student debt crisis while acknowledging potential challenges to your proposals. Your paper should be constructed in the following format:
- Identification of key facts which should be approximately 5-6 data points and might be presented in a “bullet format;” 1-2 paragraphs.
- One paragraph devoted to what you believe the real issue/issues are surrounding student debt crisis—no more than 2; and
- What your proposal or proposals would be to address your issue/issues and the positives and negatives of your solution/solutions—2- 3 paragraphs.
Finally, include a description of the implied contract between you and DePaul. In other words, identify what DePaul has promised you in return for your tuition. For example: class offerings; class sizes; quality of teachers etc. 1-2 paragraphs.
income inequality and entitlement reform
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