Tuesday, April 28, 2009

Replacing greed with hard work – what a shame

No Job, No Home, No Future

Debt-ridden, overtaxed, disinherited and unable to afford a home, today's graduates face a a life of hardship

Posted by the number cruncher @ 10:36 AM (885 views)
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6 thoughts on “Replacing greed with hard work – what a shame

  • This has been the story ever since the mid 90s. I find myself agreeing with a lot of what the article says.

    I was one of the first students (graduating in 1995) at university to find:

    1. No study grant – supplanted with a fully repayable student loan.
    2. No free NHS treatment – due to means testing including the student loan as income!
    3. No sponsorship at university for sciences students (yes, companies used to do this)
    4. No “milkround” where companies directly hire in graduates after graduation.

    Now the current batch of graduates have it much worst, agreed. They also have been through a dumbed down education system where everyone is allowed to get ‘A’s – this means that academically they can look much better (and make my grades look much worse!) but also means that basic workplace maths is beyond even Oxford and Durham graduates.

    As for turning to drugs – they go with the territory of disillusionment. An underpaid job for which the graudate is overqualified won’t be of much help either. Once in an underpaid overqualified job, pensions have long been gone. Final salary pension schemes were always little more than pyramid schemes to benefit the apex.

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  • Capitulatesoon says:

    “They also have been through a dumbed down education system where everyone is allowed to get ‘A’s – this means that academically they can look much better (and make my grades look much worse!)”

    I wouldn’t worry about that… recruiters are not duped. I’d sooner hire a student who got three 3 C grade A levels in 1995 than one who got 4 As in recent years. An A grade now is worth a D grade then so the older student is better qualified. When I am hiring, I only look at university classification and ask for a handwritten letter and CV; I then also set written tasks as part of the interview. I don’t pay any attention or give any recognition for GCSEs and A levels gained in recent years as these certificates are barely worth the paper they’re printed on.

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  • Paul, I graduated in 1997 and had all of those – we must have been behind the times in Northern Ireland. I do agree with the article, though and strongly disagree with the sentiments of the post title. If progress in society is not about things being better for each successive generation, then what is it about? Where did all the money go?

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  • stillthinking says:

    Feeling sorry for young future workers ignores the fact that in the world, young workers are in short supply, hence Canada, Australia, Singapore, perhaps America in the future, and the UK having pro-immigration policies. The first economy to establish a critical mass of trained immigration will see their pension load ease considerably. Lowering the disposable income of workers is a strategy that has back-fired for different reasons many times before, notably in the 70s in the UK.

    Given that there are not enough young workers to support ageing populations, this article seems to concentrate on the “bad luck you have to pay everything off” rather than the real possibility that the oldies are left stuck with broken projected promises.

    At the moment there is no compelling case to leave the UK, but we shall see. The assumption in this article is that people “work through” national bankruptcy, but look around the world and they choose migration, the most natural human response to catastrophe over the ages.

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  • Crashwatcher says:

    An average student will leave University £25K in debt. The typicaly will get jobs below average wage around 20-25K. After living expenses the most they will be able to pay off each year is about 3K. The interest rate on a student loan is typicaly 4% which would mean that typicaly a student loan would be payed of after about 10 years. At which point they will be able to start saving a deposit for a property which is likely to take another 10 years to reach the 25k deposited needed to by a small terraced house.
    This means an average student will have saved enough for a deposit on a property at about the time their kids leave home for University.

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  • The Number Cruncher says:

    I graduated in 1992 to no job and no milk rounds and had to work hard to build my career over many years. Mine was the first year to get student loans and I paid them off within 3 years of getting a fully paid job. I did that by NOT SPENDING MONEY on cars, fancy floats or holidays.

    This artical proposes that students expect a cirtain standard of living. The road to hell is paved, not only with good intenstions, but also with those who expect to get things without working for it. It makes people greeding, lazy and quick to enter into finacial fruad as we have seen with the liar loans and rediculous bank lending.

    It is the jam today mentality that got us into this mess in the first place and graduates should leave university in the knowledge that is is hard work (and learning) that gets them on in life.

    It is the work hard now and rewards later mentality that will get us out of this coming depresion

    Our government should be rewarding hard work through lowing income taxes on average and below average wages and increasing taxes on propety, capital gains, asset specualtion and the earth’s limited resources. Why is our tax system so biased in favour of those that own wealth and so set against the hard work of the average person? It is because those that own assests have lobbied and schemed to make it so.

    On the plus side, those that do work hard for the next few years and build up a deposite, can reward themselves with a lovely affordable house in 5 years time.

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