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Category: Economy

White young man with his back to the viewer is holding a hand made sign that reads, "Cancel student debt."

The Student Debt Debacle: Rising Costs, Decreasing Public Support

by Steven Pressman | Dec 18, 2023 | Economy

College debt is approaching $2 trillion, more than all other types of household debt except mortgages. Fueled by tuition that exceeds $25,000 a year (room and board adds another $11,000), Federal student loan debt averages more than $37,000 among those with any student debt. Following a hiatus of more than 3 years, 45 million Americans […]

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Matt Gaetz speaking into a microphone in front of a video screen showing an American flag.

The Wide Angle: The Resurgence of the 70 Percent

by Dave Troy | Jul 5, 2023 | Economy, The Wide Angle

The debt ceiling standoff revealed the presence of an interesting statistic, hiding in plain sight: 70 percent. The House averted financial disaster by passing a debt ceiling compromise with a vote of 314 out of 435—or 72 percent. The Senate passed its measure 63–36. When the chips are down, Americans overwhelmingly choose stability, sanity, and […]

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Kevin McCarty and Joe Biden in the Oval Office.

Kill the Debt Ceiling!

by Steven Pressman | Jun 28, 2023 | Economy

The debt ceiling—the maximum amount the federal government can borrow—is an anachronistic relic from World War I. Enacted by Congress in 1917, it allowed President Wilson to fight the war without waiting for lawmakers to return to Washington and vote to increase spending. Not wanting to give the president a blank check, Congress limited borrowing […]

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President Joe Biden

How Biden Ends the Phony Debt Crisis: The Law is Clear – Here’s The Speech

by Jonathan M. Winer | May 9, 2023 | Economy, Politics

Resolving some hostage crises – as when Putin grabs American basketball players and Wall Street Journal reporters – can require making difficult trade-offs with thugs. But the refusal of Congressional Republicans to lift the debt ceiling is not one of them. The U.S. Constitution is clear that no law, of any kind, trumps the mandate […]

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Federal Reserve Bank

Another Banking Crisis in Making?

by Steven Pressman | May 1, 2023 | Economy

Silicon Valley Bank (aka SVB) collapsed on March 10, followed by Signature Bank two days later. Fearing mass panic, the FDIC decided to make whole all deposits at both banks, even though they were insured only up to $250,000. On March 16, First Republic Bank was saved from bankruptcy when several large banks lent it […]

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