As you can see, there is some extensive renovation of the site going on at the moment. We will not be posting any further updates (as we haven’t been for a while) until all the new layout and design is complete. When we return (which will hopefully be soon), there will be quite a few additions to the website as well as a few surprises in store!! Can’t wait. Until then, take care!

As a university student I am all too aware of the increased cost of post-secondary education and the many ways one can rack up debt in order to achieve that desired goal, attaining a university degree. This article recently caught my eye and made me think whether my own mounting debts are worth it in the long run. Recently, it has become painstakingly obvious, even to the casual observer, that a university degree will not guarantee even an average-income upon graduation. Studies show that many graduates barely even reach the average-income threshold within five years of obtaining their degree. Another problem graduates face is that a post-secondary degree has become a general requirement for many jobs. It seems that a degree is now a mainstay requirement for a majority of jobs. In years past degrees were looked upon as that little “extra” pushing one over their competition but now, due to the sheer number of people with a degree, it is expected of most people to obtain one. So, with an added pressure from the job market, increased costs, potential lifelong debts, and low paying jobs to look forward to, is it worth the investment, in terms of time and money, to obtain a post-secondary diploma? Better yet, do we truly have that choice or is it already made for us?

The argument against higher education is financially simple. Here is a broad overview without any exact figures of how it can play out (see article for a detailed analysis including exact numbers). The years spent obtaining any post-secondary education can instead be used to work a fulltime entry-level job. With this added experience, the income earned during the years one would normally use to obtain a degree, and some disciplined and careful investing, one can indeed have the ability to become financially independent by retirement. Therefore, one not only earns money and experience during those years but also avoids the expenses of university and the debt that piles up along the way. This debt can set many people back and often many people still pay off their student loans well into their thirties. So, if it’s possible to earn a decent income and save enough for retirement without earning a post-secondary degree, why still do it?

There are many reasons for this. Firstly, the above course of events does not take into account quality of life or lifestyle choices. Even with a mountain of debt, one can lead a comfortable lifestyle due to their job (a company can provide transportation, a Blackberry, accommodation, and other various benefits). So, while the yearly salary may not be significantly higher than non-degree folk, the lifestyle can be vastly different. Secondly, without a degree, one’s income ceiling is generally significantly lower when compared to persons with higher education. This is a broad generalization especially in today’s world but it proves true for many professions. A simple study of salaries of individuals in similar fields after ten years of experience can shed light on this principle. Lastly, the experience of university and the desire to better oneself and learn new things is just as important. While university can be a time of great debauchery, it is also a time of self-reflection and discovery where people slowly find out who they are and how they handle different situations. While nothing really prepares one for the “real world”, it is suffice to say that going away to university can teach one to integrate in different situations more smoothly than before. It is such social skills and not just academics that one learns during their higher education years.

Finally, it is important to note life can take many different twists and turns and one’s course through the years can be affected by countless factors which are wholly outside of this argument. Hence, while deciding whether a degree is the right choice for you, keep in mind that it will likely not be the most important decision in your life. In fact, some of the most successful people on this globe have never attended university or have dropped out before graduating. I chose to go down the route of pursuing a degree because that is what was ingrained in me since I was little. I never considered not attending a post-secondary institution and despite my ridiculous amount of debt, I do not regret it. While there is still plenty of time for me to change my mind, I doubt I will ever regret it because I am enjoying the experience and learning more than I could’ve imagined. Furthermore, I knew the career path I chose  was one which required me to obtain a degree. In a sense, my choice was made for me. I would recommend higher education to everyone because I believe education is an important aspect of our society, even if its pursuit is solely for personal benefit and enlightenment. Does higher education make one superior to someone without it? Definitely not. Higher education should be a personal choice made by personal desires as opposed to potential financial incentives five to ten years down the line.

Hello everyone!

With the Holidays coming up, some travel on my behalf and a grueling exam period coming up, The Social Verdict will go on hiatus for some time. Early February is the target date for a full-time return with a few surprises in store! Happy Holidays to all!

Another submission by Jaroslav Kudritski, our first 2-time contributor. Many thanks to him. Hope you all enjoy this enticing read.

When flipping through the history books of history patterns eventually begin to emerge. It is undeniable that the world runs on cycles and obviously, the economy is no different. Alone, these are just statistics but when these various cycles are put together with a timeline, some very interesting information arises. For example, the highest periods of prosperity usually coincide with the end of a war. That is not surprising since war production creates a massive need for industrial output. For that, workers are needed and that leads to increased spending. Just as war drives industry, spenders drive the economy. While a full-scale worldwide war cannot be considered as a solution to the current economic downturn, what else can be done?

Although war is the traditional answer to this kind of problem, the progression of how wars are fought has changed drastically over the years, especially in America. Many undesirable traits of war have been removed. After the Civil War, there have been no wars fought on US soil. The cold war ended up effectively outsourcing wars to small far away nations. So what is the next logical step in this progression? Some claim the next step has already been taken. The war against terror is this century’s version of traditional wars. Although I am no fan of terrorism, economically it is not a very viable crisis, as the enemy does not exist to the naked eye. Hunting terrorists does not require thousands of tanks or millions of bullets or seven aircraft carriers. Prevention is really the only answer. Even though prevention employs many workers it does not promote the build up of a manufacturing sector that the second world war created in America. In order to look for a solution one must take a step backwards and ask what characteristic of war or a crisis promotes the successful development of industry?

The easy answer is the crisis needs to be something big, a problem that would be so difficult to solve that it would need to employ a good chunk of the nation. As we’ve learned from current engagements in the Middle East, the enemy must be visible and create a formidable opposition. Some may be surprised to hear that this kind of crisis already exists and it is two-fold. First, it includes the depletion of natural resources. Second is the more serious issue of climate change. Although gas prices have fallen drastically recently, this does not mean there is more oil in the ground. It actually enables us to use more than ever and eventually, it will run out. This will create a huge problem as the petroleum industry not only is one of our main sources of energy but it supplies drugs manufacturers. Most importantly it is essential in the current methods of production of plastics. Developing solutions to these enormous problems would take a huge amount of man power.

The issue of climate change, is a totally different animal. Its effects have not been proven and the sheer size of our planet greatly limits our understanding of it. I like to refer to it as the crisis that may not exist. Some may take offense to this and I apologize. However, I presume it is much less risky to try and fix a problem that may not exist. If we fail then no harm will be done. Additionally, it would create a great amount of amount of jobs. The sheer power of renewable energy makes it extremely difficult to harvest but the fast pace of technological progression means every few years we have much more efficient means of production. This would also create the technologies that would replace cars as the main export of the United States. History dictates that a crisis needs to happen and it will be the people’s choice of how much they have to suffer before the eventual rise to prosperity. An actual war or a problem which may not exist? It’s our choice.

• Markets hover around even
  Home prices in the United States have plunged a record 17.4% compared to last year but consumer confidence has moderately improved over the last month. This, along with news that more bailouts are coming for the economy, markets survived another day without any terrible dives. Currently: 

  Dow – 8 363 points (-95)
  FTSE100 – 4 171 points (+18)
  CAC40 – 3 209 points (+37)
  DAX – 4 560 points (+6)
  IBEX – 8 696 points (+74)
  Nikkei – 8 323 points (+413)
  TSX – 8 319 points (-121)

• US gets another cash injection
  The US Federal Reserve and Treasury Department on Tuesday announced a plan to pump $800 billion into the economy in order to encourage consumer lending. The intricate plan involves over $500 billion of mortgage backed security of Fannie Mae, Freddie Mac, and Finnie Mae to be bought by the Fed. Coming after a $700 billion bailout plan for Wall Street firms last month, Treasury Secretary Paulson said that this plan is not related to the success of the previous bailout, but a necessary additional step to revive other sectors of the economy. However, a large part of the new program is aimed at ending the current mortgage crisis, which was the main goal of the last bailout. If a whole bunch of money doesn’t fix the problem, just throw more money at it!

• Obama names OMB director, plans another bailout
  Speaking of throwing more money, aides of President-Elect Barack Obama have announced that a new stimulus plan in the range of $500 billion is being worked out and will be passed soon after his inauguration in January. That brings the potential total cost for the bailout to around $2 trillion. Obama also announced Peter Orszag as the next director of of the Office of Management and Budget. Orszag, 39, is currently the director of the Congressional Budget Office and his main task will be to eliminate current government programs that “do not work”. His deputy will be Rob Nabors, who worked in the OMB office during the Clinton administration. Does it seem like this will be Bill Clinton’s 3rd term? Not only will a large part of his staff be back in the White House, but so will his wife. Did the American people not reject another Clinton term when they voted for “change”?

• French Socialists declare winner
  The French Socialist Party has unveiled Martine Aubry as its new leader defeating rival Segolene Royal. Amid a vast rift within the party and a official split, Aubry is the first woman to lead the French Socialists and is best known for being the architect of the 35-hour work week. She takes over from Francois Hollande, Royal’s former partner and the father of her four children. The close election and inner party conflicts have only strengthened Sarkozy’s UMP party. 
  

• NASA urine machine operational
  Extending Endeavour’s mission for an extra day, NASA is proudly reveling in its latest successful mission to the International Space Station that has added an extra toilet, two living quarters, and fixed broken solar panels. Furthermore, NASA has managed to successfully operate a new machine that transforms urine, sweat, and bath water into potable drinkable water. The machine had some issues when first installed but is now deemed fully operational as it is a centre piece for the space station as its crew is being expanded to 6 people from 3 in May 2009. A machine that turns urine into drinking water? Luckily, my dreams of being an astronaut quickly faded when I was young because I wouldn’t want to drink that water!

• Sex-on-the-beach couple spared jail time
  A British couple residing in Dubai who had been sentenced to 3 months in jail for engaging in sex on a public beach have been spared jail-time and will simply have to pay a small fine before being deported back to England. The case has drawn international renown and while not for certain, some believe that was a factor in the decision of the judges who are trying to protect the country’s faltering tourist industry currently affected by the worldwide economic slowdown. 

• Markets, oil soar
  Oil jumped dramatically today as OPEC announced it will once again cut production by more than 1 million barrels per day in order to support the oil market. Furthermore, news that the US government will bailout Citigroup sparked an early Wall Street rally. Funnily enough though, Dana Perino, the White House Press Secretary, said that she is unaware of any negotiations between the Federal government and Citigroup for a potential bailout. More good news out of England and Europe as well as more bargain hunting drove up most indices. Currently: 

  Oil: $54/barrel
  Dow: 8 279 points (+232)
  FTSE100: 4 152 points (+372)
  CAC40: 3 172 points (+290)
  DAX: 4 554 points (+426)
  IBEX: 8 622 points (+648)
  Nikkei: 7 910 points (+207)
  TSX: 8 447 points (+291) 

• Britain to borrow record sums
  Britain’s Finance minister Alistair Darling has told parliament that Britain will need to borrow record sums of money in order to revive is economy. His plan includes a cut in the sales tax, help for small businesses, low earners and households in a package worth around 20 billion pounds. Britain would borrow 118 billion pounds next financial year and the cuts in sales tax will result in an increase in income tax for high earners as well as an increase in payroll tax on employers and workers. This bold move by the Labour party is seen as a key move in establishing economic stability ahead of predict elections in mid 2010. 

• Obama introduces economic team
  Timothy Geithner, 47 and current president of the New York Federal Reserve Bank, will become Treasury secretary under the new Obama administration. Lawrence Summers, 53 and a former Treasure secretary under Bill Clinton, will be the director of the National Economic Council. Also, Christina Romer, current professor at Berkeley University in California, will be the head of his Council of Economic Advisors. Melody Barnes, a former chief counsel on the Senate Judiciary Committee, will head his Domestic Policy Council. This is the team named by President-Elect Barack Obama today that will tackle the current global economic crisis. Lawrence Summers is also seen as a possible replacement for Ben Bernanke, the Federal Reserve Chairman whose term ends in 2010.

• Annan and Carter call for Zimbabwe intervention
  Kofi Annan has called for more involvement from African nations to help Zimbabwe end its current political and economic turmoil. Speaking with former US President Jimmy Carter and human rights campaigner Graca Machel, wife of Nelson Mandela, Annan said that the “SADC should have done more”. After being barred entry into the country only last week, the three who are part of a group called the Elders, met in South Africa to discuss available options. They will also meet with the leader of Zimbabwe opposition party Morgan Tsvangirai.

• SADC sends mission in Congo
  In other African news, the SADC has reported that it has sent a fact-finding mission in Congo after a recent lull in fighting between the rebels and government soldiers. A recent break in the fighting which has resulted in rebel forces withdrawing across territories it took only last month has given the UN a chance to provide much needed humanitarian aid. The UN has added 3 000 additional troops to its already 17 000 strong peace-keeping mission and the SADC has also dispatched a Millitary Monitoring Commission to monitor the border with Burundi, Rwanda, and Uganda. 

• Venezuela election results
  In local elections in Venezuela, President’s Hugo Chavez’s left wing party suffered a small defeat as the multi-party opposition took over some positions of key importance. Chavez’s socialist allies won a clear majority of state races, 17 out of 22 in fact, but the fact some of the party’s support has diminished does not bode well for Chavez who is up for re-election in 2012. 

The high-speed transfer of information in today’s world is a determining factor for technological improvements, business undertakings, and day-to-day communications. Many a time, this rapid yet necessary transfer of information can have broad consequences ranging from making or breaking business deals to the saving of lives in the farthest corners of the world. The “knowledge is power” truism is more relevant than ever in today’s cohesive social structure as more and more people are starved for varying sorts of information. People realize its substantial potential and appreciate the advantages of knowing as opposed to the downsides of being left in the dark.

One of the most important skills taught today is teaching people where to find key information. Most higher learning institutions have turned their focus towards turning out students with this important transferable skill as we have reached the stage where there is too much information to be taught during a degree. With increasing specialization across all fields, the depth and quantity of information has increased dramatically within the last few decades ensuring that the most important skill graduates require is the ability to know where to look, rather than know without looking. Of course, value is still placed on knowing facts and basics of all professions but with the amount of opinion and research in all fields, it is now more important to be able to know where to find what you need and find it quickly. It is this skill that has become a defining job requirement and the difference maker in the careers of many professionals.

That is why it is essential for one to know where the information needed is potentially located. However, to do that one will need to be aware of the many sources of information out there. Also, a basic understanding of global events and how information is processed is essential. Conventional (i.e.: books, encyclopaedias, journals, etc) and alternative (i.e.: search engines, wikis, social networks, etc) sources of information and knowledge are becoming increasingly diversified and specialised to meet ever-changing needs. An adept ability to effectively search both mediums requires much practice and practical ability. Such ability is garnered through constant updates about world events, which helps build a fundamental underpinning of key concepts in our world. This foundation of understanding, which includes knowledge about politics, economics, and social issues, is vital to the effective application of any information.

Information, while great on its own, is even more powerful when applied to real-world situations and adapted in such ways to provide solutions to problems. That is the most common application of all information; it is analyzed and digested so it can be used as part of solutions to potential or actual problems. It is this application that produces real-time results in today’s world. The use of information and knowledge from the simplest to the most complex problems has produced the solutions to many of yesterday’s problems and this reoccurring trend is what produces the highly yearned technological advancement our world craves. A great example of this is the stock market. Information, and lots of it, is always relayed quickly and people who act on this fastest and efficiently end up with the biggest wins. Just like the stock market, it is the management of information that is a defining factor in how significant it can be. Hence, it is evident that progress in today’s world is based on the application of information and the quicker it can be found, processed and effectively applied, the faster new technology, studies, and results appear.

Now, it is amply clear how critical a role information plays in today’s world. That is why we need to learn skills that help us find information as well as know the best ways to apply it. In order to do that, we need to constantly be updated about world events as well as have a fundamental understanding of factors that influence those events. Elementary knowledge about politics, economics, technology, and a variety of social issues is essential in ensuring that innovating applications for new and vast amounts of information is found. Not everyone needs to be an expert in all fields and always up-to-date about all happenings in the world. That is not what I preach or suggest is a practical way towards living a fulfilled life. However, I do suggest it is imperative that some information about world events as well as basic knowledge about social issues, the two stepping stones towards developing the skills required to be successful in the 21st century, are vital to developing social awareness. 

• WTO agreement soon?
  Following the G20 meeting last week and the recent APEC discussions, there is increased pressure on the WTO to table another ministerial meeting on the Doha round. Encouragement from the G20 and APEC suggesting that an agreement on the long disputed free trade talks would significantly ease economic pressures on struggling countries. WTO Director General Pascal Lamy has not yet proposed a date for the meeting but there is increased speculation that a meeting in mid-December will take place where a deal regarding trade-hampering tariffs and subsidies should be reached. We can only hope. 

• Obama to delay promise?
  Obama aides are already suggesting that the President-Elect will have to delay the proposed roll-back on tax-cuts to high-earning Americans. David Axelrod, a future senior White House adviser, said that all possibilities will be taken into consideration as the President-elect will first focus on stabilizing the current economic crisis before he carries out any campaign promises. I wonder how this will play out with his voters. Only if his strategy works will people see this as a smart move. In other Obama news, the announcement of his economic team is expected tomorrow as Geithner and Summers are both expected to be granted significant roles. 

• Thai “final battle” begins
  Thousands of protesters have gathered in Bangkok to protest against the current government. In what they dub the “final battle” in a 5 month street campaign, the protesters hope to oust current Prime Minister Somchai Wongsawat who they claim is only a puppet for former Prime Minister Thaksin Shinawatra. Police have put over 3 000 riot soldiers on stand-by and have erected barricades and positioned trucks with water cannons around the parliament building. There have been rumours that the social unrest will give way to a military coup if the Prime Minister does not resign voluntarily. 

• Korean tensions mount
  Tensions between North and South Korea have intensified recently as the South has co-sponsored a UN resolution in the General Assembly’s human rights committee criticizing North Korea’s human rights abuses. The North responded by threatening to shut down its border with the South because of Seoul’s antagonistic approach to relations between the two countries. It seems tensions between the two sides will not die down anytime soon as general antipathy exists between the two sides. Further US nuclear talks with North Korea are expected to take place on December 8th. 

• Dalai Lama rules out retirement
  The Dalai Lama has ruled out retirement and reaffirmed his support for his “Middle Way” approach to China. Hospitalized earlier this year, many have raised questions about his continuity as the spiritual leader of Tibet. However, he confirmed he will not relinquish his position and his “Middle Way” approach, a policy that does not mean total independence but a greater autonomy within China. There has been much frustration regarding his approach since there has been no significant progress recently with Chinese officials and the Dalai Lama ordered a review of his own policy. After a 6 day meeting, Tibetan exiles have confirmed this policy is the best option for the country and should be continued to be pursued.