With their finances strained, some higher-earning parents are making their children pick up more of the tab. Among families earning $100,000 or more, students paid 23% of their college costs in 2012 through loans, income and savings, according to Sallie Mae, up from 14% in 2009; the share covered by parents fell to 52% from 61%.

“The boomers are the first generation shifting the cost of college to their kids,” both through increased student borrowing and reduced taxpayer support for higher education, says Susan Dynarski, a professor of education and public policy at the University of Michigan.

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Quick Stats[:]

As of 2012-06 the civilian labor force was 155,163,000
As of 2012-06 there were 111,145,000 in the private workforce
As of 2012-06 there were 56,174,538 collecting some form of SS or disability benefit
Ratio of SS beneficiaries to private employment just passed the 50% mark (50.54%)

….As of May 2012, the outlays are $756.9 billion annualized. Fewer worker relatively speaking, support more and more recipients with exponentially growing payments. This is supposed to work?

Read it all from Mish’s economics blog (another from the long queue of should-have-already-been-posted material).

The day Michael Anselmo signed a lease on his first apartment in New York City, he lost his job at Buck Consultants LLC. He spent about 10 months struggling to pay rent with unemployment benefits. Two years later he’s still hesitant to buy a home or even a road bike.

“Every decision that I have made since I lost my job has been colored by that insecurity I feel about the future,” said Anselmo, 28, who now rents an apartment in Austin, Texas, and works as a consultant for UnitedHealth Group Inc. “Buying a house is just further out on the timeline for me than it used to be.”

Anselmo and many of his peers are wary about making large purchases after entering adulthood in the deepest recession and weakest recovery since World War II. Confronting a jobless rate above 8 percent since 2009 and student-loan debt hitting about $1 trillion, 20-to-34-year-olds are renting apartments, cars and even clothing to save money and stay flexible.

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Our brains are superlatively evolved to adapt to our environment: a process known as neuroplasticity. The connections between our brain cells will be shaped, strengthened and refined by our individual experiences. It is this personalisation of the physical brain, driven by unique interactions with the external world, that arguably constitutes the biological basis of each mind, so what will happen to that mind if the external world changes in unprecedented ways, for example, with an all-pervasive digital technology?

A recent survey in the US showed that more than half of teenagers aged 13 to 17 spend more than 30 hours a week, outside school, using computers and other web-connected devices. If their environment is being transformed for so much of the time into a fast-paced and highly interactive two-dimensional space, the brain will adapt, for good or ill. Professor Michael Merzenich, of the University of California, San Francisco, gives a typical neuroscientific perspective[:]

”There is a massive and unprecedented difference in how [digital natives’] brains are plastically engaged in life compared with those of average individuals from earlier generations and there is little question that the operational characteristics of the average modern brain substantially differ,” he says.

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I worry about the future ”” not mine but that of my three children, all in their 20s. It is an axiom of American folklore that every generation should live better than its predecessors. But this is not a constitutional right or even an entitlement, and I am skeptical that today’s young will do so. Nor am I alone. A recent USA Today/Gallup poll finds that nearly 60 percent of Americans are also doubters. I meet many parents who fear the future that awaits their children.

The young (and I draw the line at 40 and under) face two threats to their living standards. The first is the adverse effect of the Great Recession on jobs and wages. Even if this fades with time, there’s the second threat: the costs of an aging America. It’s not just Social Security, Medicare and Medicaid ”” huge transfers from the young to the old ”” but also deferred maintenance on roads, bridges, water systems and power grids. Newsweek calls the young “generation screwed”; I prefer the milder “generation squeezed….”

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…people…are concerned about a persistent gender gap in college degrees in science, technology, engineering and math — STEM, for short. The notion that it might have to do with aptitude has long been dismissed. Yet research shows that girls who enjoy — and excel at — math and science in high school are less likely than boys to pursue a college major in those fields.

And even if they start college majoring in a STEM field, women are more likely than men to change majors, federal data show. Women make up 24% of STEM jobs, which offers some of the most lucrative careers, a Commerce Department report says. More than half of them have degrees in the physical and life sciences.

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[Daniel] Rodriguez served in Iraq during the troop surge of 2007. On his second tour, he found himself in Afghanistan and in the line of fire during one of the war’s bloodiest fights, the battle of Kamdesh in October 2009.

Rodriguez said close to 400 Taliban combatants overwhelmed the U.S. outpost of fewer than 40 soldiers. Eight Americans were killed, including Rodriguez’s friend, Pfc. Kevin Thompson.

Just a few days earlier, the two young men shared their dreams of what they’d do after returning home. Thompson made Rodriguez promise to chase his goal of playing college football.

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150 young people aged between 16 and 25 have joined the Bishop of Chelmsford, Rt Revd Stephen Cottrell, for ”˜Time for Youth’, a conference about the future of the Church.

They discussed the kind of Church God wants, the themes of Transforming Presence ”“ Strategic Priorities for the Diocese of Chelmsford and whether God is calling them into some sort of ministry in the Church.

Bishop Stephen told the young people: “The Church is you. If you find the Church difficult, make a difference to it yourself.”

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The NCAA’s 444-page manual contains no language directly addressing appopriate punishment for concealing information regarding child sexual abuse. But in light of the shameful conduct of Penn State’s leadership, revealed Thursday in the Freeh report, the NCAA must use its authority to do what’s needed now: Shut down the Nittany Lions football program.

If the Freeh report released Thursday is accurate in its assessment of the university’s role in the worst scandal in college sports history, then the engine that enabled longtime child sexual predator Jerry Sandusky must be switched off, at least temporarily.

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An incomparable career narrative that spanned more than six decades now reads like one of the Greek tragedies the late Joe Paterno always loved: Paterno’s legacy has been irreparably stained by findings that the iconic Penn State football coach concealed information for years that could have stopped a sexual predator.

The conclusions of former FBI director Louis Freeh, who drew on more than 400 interviews and 3 million documents over a nearly eight-month independent investigation of Penn State’s sexual assault scandal as requested by the school, have complicated and sullied the image of major-college football’s all-time winningest coach. Freeh found that Paterno was among five Penn State senior leaders who covered up information to avoid bad publicity after they became aware of sexual molestation allegations against Paterno’s former longtime defensive coordinator Jerry Sandusky, who was convicted last month of 45 counts of sexual abuse. Freeh said Paterno could have stopped the sexual abuses “if he wished.”

“The facts are the facts,” Freeh said of Paterno. “He was an integral part of the act to conceal.”

Read it all.

Visit msnbc.com for breaking news, world news, and news about the economy

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Louis J. Freeh, the former federal judge and director of the F.B.I. who spent the last seven months examining the Sandusky scandal at Penn State, issued a damning conclusion Thursday:

The most senior officials at Penn State had shown a “total and consistent disregard” for the welfare of children, had worked together to actively conceal Mr. Sandusky’s assaults, and had done so for one central reason: fear of bad publicity. That publicity, Mr. Freeh said Thursday, would have hurt the nationally ranked football program, Mr. Paterno’s reputation as a coach of high principles, the Penn State “brand” and the university’s ability to raise money as one of the most respected public institutions in the country.

The fallout from Mr. Freeh’s conclusions was swift, blunt and often emotional….

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When the definitive book on sports comebacks is written, it will surely include a chapter on Brian Baker. By rights the 27-year-old from Nashville, Tennessee, shouldn’t be able to raise a racket, let alone play professional tennis at the highest level, but yesterday the qualifier who went through five rounds of surgery in as many years swept into the last 16 of Wimbledon after beating the Frenchman Benoît Paire 6-4 4-6 6-1 6-3.

In a championships still reeling from the exit of Rafael Nadal in the second round, Baker’s story can match that upset for drama….

Read it all and there is a lot more there.

South Carolina’s dream of a third consecutive national championship vanished for good Monday night at TD Ameritrade Park when Grayson Greiner’s fly ball fell into the glove of Arizona right fielder Robert Refsnyder.
“As soon as the last out, it sunk in,” USC first baseman Christian Walker said.
There seemed to be a state of disbelief for USC and its fans. This is not the way things have ended for the Gamecocks over the past three seasons. Everyone had come to expect Greiner to deliver a three-run triple, or perhaps a game-winning grand slam.
Not this time.

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Nearly four years after a borrowing binge gave way to financial crisis, have households slashed enough debt to take on new credit and start spending again?

Yes, says a growing chorus of economists, with some evidence to back them up. The Federal Reserve’s ratio of debt service payments to disposable income is at its lowest level since 1994.

But that traditional measure is a poor guide today, as credit-hungry adults under 45 bear the brunt of the jobs, housing and student loan crises.

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Lefty see, lefty do.

Hours after he watched senior left-hander Michael Roth’s two-hitter against Kent State keep South Carolina’s season alive, freshman lefty Jordan Montgomery did his best imitation of the Gamecocks’ undisputed team leader when he got his turn against Arkansas on Thursday night.

Montgomery held the Razorbacks to three singles over eight innings, and the two-time defending national champions won 2-0 to force a rematch Friday night that will decide which team goes to the best-of-three College World Series finals against Arizona.

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(For the background on this, please see this earlier blog post)–KSH.

From here:

Aaron Edward Kimel, 32, died in the early hours of June 15, 2012, in Roanoke. Aaron lived most of his childhood in Highland, Md. He attended the Academic Magnet High School in Charleston, S.C., where he was the football team’s all-time leading rusher. He graduated from the University of Delaware in 2001, with a Bachelor’s Degree in Philosophy and Physics, and continued to study Philosophy for two years at the University of Washington. He later graduated from the Maurer School of Law at Indiana University in 2010, after which he moved to Roanoke. He was a lifelong scholar with a passion for Civil War history, comic books, and all the works of J.R.R. Tolkien, of which his knowledge was encyclopedic. From infancy, he celebrated a lifetime of love and loyalty for the Washington Redskins.
Aaron is survived by his parents, Alvin F. Kimel Jr. and Christine McKenna Kimel; his siblings, Alvin Kimel III, Bredon Kimel, and Taryn Kimel; his grandparents, Ninon Kimel and Georgene McKenna; his aunts, Ninon Koch, Kathleen Kelly, and Patricia McKenna; his uncles Richard and Joseph McKenna; close family member cousin Ninon Alexandra Kimel; and his three closest friends, Brian and Jill Barrett and Laura Hirshfield. Aaron was preceded in death by his grandparents, Alvin F. Kimel Sr. and Edward C. McKenna; his uncles, Edward and Lawrence McKenna; and his beloved cat, Jean-Luc.
The funeral will be held at St. Thomas of Canterbury Anglican Catholic Church in Roanoke at 11 a.m. on Friday, June 22, 2012.
In lieu of flowers, please send donations in Aaron’s name to the American Foundation for Suicide Prevention at http://www.afsp.org/.

Wil [Smith] graduated from Bowdoin in 2000. He eventually became the school’s associate dean of multicultural student programs, a post he kept for 10 years.

“My graduation day from Bowdoin is a day I’ll never forget,” he says. “You know, all of my classmates, they stood up and gave me the only standing ovation. ”

“I remember walking up with you and having my head on your shoulder,” Olivia says with a laugh.

Read (or much better listen to) it all.

The children of white middle-class, college-educated parents, Hugh Green and Turner Jenkins are just the kind of kids everyone would expect to be stepping out into the world one sunny June day, bachelor’s degrees in hand. But they both veered from the traditional American educational route.

One decided that a bachelor’s was never going to be enough, while the other concluded it was unnecessary….

Once the hallmark of an educated and readily employable adult, the bachelor’s degree is losing its edge. Quicker, cheaper programs offer attractive career route alternatives while the more prestigious master’s is trumping it, making it a mere steppingstone.

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In theory, fewer homeowners will mean municipalities will rake in less revenue from property taxes. But Pendall believes local governments will simply adjust to make rental properties “a larger share of the tax pie.”

And within those communities, some businesses will feel the pinch. Dan Ariely, a professor of psychology and behavioral economics at Duke University, says a wave of renters would have an obvious impact on the massive consumer industry that supports homeownership.

“My subjective experience is that when people buy a house, they immediately start renovating and fixing it ”” going on Sunday afternoon to Home Depot, doing things that I think people would never do for houses that they rent,” he says.

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Exactly 30 minutes into the problem-solving the researchers interrupted each group. They entered the room bearing a plate of cookies. Four cookies. The team consisted of three people, but there were these four cookies. Every team member obviously got one cookie, but that left a fourth cookie, just sitting there. It should have been awkward. But it wasn’t. With incredible consistency the person arbitrarily appointed leader of the group grabbed the fourth cookie, and ate it. Not only ate it, but ate it with gusto: lips smacking, mouth open, drool at the corners of their mouths. In the end all that was left of the extra cookie were crumbs on the leader’s shirt.

This leader had performed no special task. He had no special virtue. He’d been chosen at random, 30 minutes earlier. His status was nothing but luck. But it still left him with the sense that the cookie should be his.

This experiment helps to explain Wall Street bonuses and CEO pay, and I’m sure lots of other human behavior. But it also is relevant to new graduates of Princeton University.

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Last fall, Sissy Bradford, an adjunct instructor who taught criminology at Texas A&M University-San Antonio, questioned why crosses were being placed near the public university’s entrance. Last month, she was informed that the university would not offer her any courses to teach in the fall semester. Ms. Bradford insists there is a connection, but university officials deny any link.

Though critics in online message boards have accused Ms. Bradford, who is Jewish, of being intolerant of Christianity, she said that is not the case. “I think I’m the only instructor these students ever had who required them to know passages from the Bible,” she said, “because we base so much of our criminal justice policy on it.”

Now, she is out of work, and the campus has been cast into a heated debate about academic freedom and the separation of church and state.

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….there was an uproar when it recently became public that Georgetown University, a Jesuit institution, had invited Ms. [Kathleen] Sebelius to speak at an awards ceremony this Friday, its commencement day.

The Archdiocese of Washington released a strong letter of rebuke to Georgetown’s president on Tuesday afternoon, calling Ms. Sebelius the architect of the birth control mandate ”” “the most direct challenge to religious liberty in recent history.”

The conflict is only the latest example of friction between Catholic universities and their local bishops, who are charged with ensuring that the universities uphold Catholic doctrine and exhibit an explicitly Catholic identity.

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Congressional lawmakers seem to agree on two things: College student loan debt is out of control and something should be done about it.

Where they disagree is how to solve the problem. Currently they are looking at one piece of this puzzle: how to keep a lower interest rate on federally subsidized undergraduate student loans for low- and middle-income students which is set to double to 6.8 percent this June.

Isaiah Toney, a senior at George Washington University in Washington, said he is “extraordinarily happy” this issue is being raised, but he thinks the discussion has been too narrow.

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Kelsey Griffith graduates on Sunday from Ohio Northern University. To start paying off her $120,000 in student debt, she is already working two restaurant jobs and will soon give up her apartment here to live with her parents. Her mother, who co-signed on the loans, is taking out a life insurance policy on her daughter.

“If anything ever happened, God forbid, that is my debt also,” said Ms. Griffith’s mother, Marlene Griffith.

Ms. Griffith, 23, wouldn’t seem a perfect financial fit for a college that costs nearly $50,000 a year. Her father, a paramedic, and mother, a preschool teacher, have modest incomes, and she has four sisters. But when she visited Ohio Northern, she was won over by faculty and admissions staff members who urge students to pursue their dreams rather than obsess on the sticker price.

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Ironically, the very freedom Vanderbilt administrators have to make their unfortunate decision derives from a 19th-century Supreme Court case that led to the proliferation of Christian colleges such as Vanderbilt, founded under the auspices of the Methodist Episcopal Church in 1873.

Dartmouth College vs. Woodward originated in 1815, when the Dartmouth Board of Trustees fired the college president, who then appealed to the state legislature for intervention. Having granted Dartmouth’s charter in 1769, the New Hampshire legislature revoked it, instead forming the University of Dartmouth and filling its board with state supporters.

Very few students attended the new university, and the original one remained intact with 130 students. It was a diminished institution without state support, but with persecution came blessing””including a “wonderful interest [in Christ],” according to the record of the Dartmouth Theological Society, and the conversion of 60 students.

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…the mostly single professionals and students were brought here by Charlotte ONE, a collaboration of 40 or so area churches trying to reach this demographic. Such regular and extensive cooperation of mainline and evangelical Protestant churches from every major denomination is not a typical feature of American religious life. They are more likely to be competing for each other’s members. But desperate times call for desperate measures.

Many of the more than 700 churches in this area (and all over the country, for that matter) have tried to run so-called young-adult ministries””but with little success. James Michael Smith, a co-founder of Charlotte ONE, tells me that a common problem is the return on investment: “Young adults are the least reliable, the most mobile and they don’t give financially either.” In order even to get them in the door, he adds, churches have to offer “the wow factor.”

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The Christian community is struggling to remain connected with the next generation of teens and young adults. In particular, the church is “losing” many young creatives (like designers, artists, writers, musicians, and actors) as well as young science-minded students (such as medical students, engineers, biologists and mathematicians).

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In the past decade student debt has surged as tuition and enrollment climbed. At the same time, college graduates’ earnings have declined. The average debt load of all new graduates rose 24%, adjusted for inflation, from 2000 through 2010, to $16,932, says the Progressive Policy Institute, a left-leaning think tank in Washington. Over the same period, the average earnings of full-time workers ages 25 to 34 with no more than a bachelor’s degree fell by 15% to $53,539.

Terri Reynolds-Rogers, a 57-year-old health-program manager from Palmer, Alaska, declared bankruptcy in 2007, but still has $152,000 in student debt. She said she dropped out of medical school in 1999 to care for her two children after her husband died of brain cancer.

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Jessica Setnick was on her way to her mother’s house for dinner when she decided that she had something to say that couldn’t wait.

She sent her mom a text: “I got my hair cut today and I think it looks fine. So if you don’t like it, please don’t say anything.”

Ms. Setnick, a 39-year-old registered dietitian in Dallas, says she frequently braces herself for her mother’s disapproving remarks….

Read it all.