Rewrite the rules to benefit everyone, not just the wealthy - "If there's one thing Joseph Stiglitz wants to say about inequality, it's that it has been a choice, not an unexpected, unfortunate economic outcome. That's unnerving, but it also means that citizens and politicians have the opportunity to fix the problem before it gets worse." (via) [more inside]
Slate takes a look at some of the concepts in Andrew L. Yarrow's Thrift: The History of an American Cultural Movement including various methods of teaching thrift to children. One tool used was a chart that teaches children how much it cost their parents to support them.
"Over and over, the United States has touted education — for which it has spent more than $1 billion — as one of its premier successes in Afghanistan, a signature achievement that helped win over ordinary Afghans and dissuade a future generation of Taliban recruits.... ut a BuzzFeed News investigation — the first comprehensive journalistic reckoning, based on visits to schools across the country, internal U.S. and Afghan databases and documents, and more than 150 interviews — has found those claims to be massively exaggerated, riddled with ghost schools, teachers, and students that exist only on paper. The American effort to educate Afghanistan’s children was hollowed out by corruption and by short-term political and military goals that, time and again, took precedence over building a viable school system. And the U.S. government has known for years that it has been peddling hype."
Joe Stiglitz on Inequality, Wealth, and Growth: Why Capitalism is Failing (video; if you don't have 30m, skip to 20m for discussion of political inequality, wealth, credit and monetary policy) - "If the very rich can use their position to get higher returns, more investment information, more extraction of rents, and if the very rich have equal or higher savings rates, then wealth will become more concentrated... economic inequality inevitably gets translated into political inequality, and political inequality gets translated into more economic inequality. The basic and really important idea here is that markets don't exist in a vacuum, that market economies operate according to certain rules, certain regulations that specify how they work. And those effect the efficiency of those markets, but they also effect how the fruits of the benefits of those markets are distributed and the result of that is there are large numbers of aspects of our basic economic framework that in recent years have worked to increase the inequality of wealth and income in our society... leading to a society which can be better described, increasingly, as an inherited plutocracy." [more inside]
Don't go to art school. Why it's a bad idea and what you can do with the money instead.
"It's the dirty little secret of higher education," says Mr. Williams of the New Faculty Majority. "Many administrators are not aware of the whole extent of the problem. But all it takes is for somebody to run the numbers to see that their faculty is eligible for welfare assistance." [more inside]
Dorothy Gambrell of Cat And Girl fame spends an awful lot of time talking about education, class, debt, money, and the hollow promise of aspirational media to discuss how much she hates Good Will Hunting
The Georgetown Center on Education and the Workforce released a study comparing the economic value of different college majors.
In the wake of ever deeper budget cuts, public schools have begun charging students for basics, such as registering for honors or elective classes.
There is a firestorm in Bedford, New Hampshire, because a parent wants the school board to take the book "Nickel and Dimed: Not Getting By In America" off the reading list for a high school personal finance class. [more inside]
Kelli went to Northeastern University and got loans to pay for her sociology degree. Her repayment schedule is featured in the article and it is not pretty. [more inside]
Pay to play. The children of big-donor Harvard alums are systematically given preference over legacy offspring of lesser means. Additionally David Karen, now a professor at Bryn Mawr, concluded that alumni children at Harvard lose most of their admissions advantage if they apply for financial aid.
The Economic Consequences of Mr. Bush. "The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup." [Via Firedoglake.]
MoneyChimp - a "coherent, logical, useful and accessible financial education resource".
Benjamin Stein, host of the show Win Ben Stein's Money fears that the United States is squelching what gives it an edge.
Banker withdraws a £100,000 pledge to his old college at Oxford University after his son was turned down for a place
Banker withdraws a £100,000 pledge to his old college at Oxford University after his son was turned down for a place - a newsworthy event in the UK not because the man's son was refused, but because he presumed that his donations would have bought his son's entrance. An interesting comparison with family privilege and US private colleges, perhaps?
Start saving for your little MeFite babies! With the UPromise service, every time you make a purchase with a participating company, a percentage of the amount will be contributed to a college fund.