By Danial Uria
Aug. 21 - The total amount of household debt in the United States (click here) has grown for the 20th consecutive quarter and student loans have become the most prevalent type of "severely derogatory" debt, new statistics show.
The Federal Reserve Bank of New York said in its quarterly report household debt climbed by nearly $200 billion in the second quarter, to nearly $14 trillion.
Not only has rising student debt become the most defaulted, the New York Fed classified the spike over the last few years as "stunning."
"The outstanding severely derogatory balance is comprised of 35 percent defaulted student loans, which have grown stunningly since 2012," the report states.
The New York Fed defines "severely derogatory" as any kind of delinquent loan -- along with repossession, foreclosure or charge off -- meaning the lender has removed a debt from its books....
Since 2011, the cost of living has been 2.3 percent. This year it will be between 1.8 and 2.1 percent.
Starting in mid-2018, the long-awaited pick-up in wage growth seems to have arrived. In January 2019, wages grew by 3.2% year-over-year, up from the general 2.6-2.8% range wage growth had been hovering from mid-2016 to mid-2018.
Cost of living affects everyone, not just seniors. That means the wage increase in 2018-2019 is significantly lower when realizing the cost of living has been by 2.3 percent.
Therefore, 3.2 - 2.3 = 0.9 percent. The ACTUAL wage increase in the USA was LESS THAN ONE PERCENT. I don't see the poor and working poor at all improving their quality of life.
September 6, 2019
By Gina Heeb
American companies slashed thousands of jobs last month (click here) because of the yearlong trade dispute between the Trump administration and China, according to a new report.
Employers announced plans to cut 10,488 positions throughout August because of "trade difficulties," the staffing firm Challenger, Gray & Christmas said in a monthly release on Thursday.
The report appeared to highlight lower confidence among investors and employers who expected a slowdown in demand for products and services, said Andrew Challenger, the vice president of Challenger, Gray & Christmas...
Is a month in prison and a fine of $20 thousand fine a deterrent?
September 6, 2019
By Raechal Shewfelt
Felicity Huffman will spend a month in prison (click here) for her part in the college admissions scandal, if federal prosecutors have their way.
They filed a court document Friday asking that Huffman also face a year of supervised release and pay a $20,000 fine.
“Her efforts weren’t driven by need or desperation, but by a sense of entitlement, or at least moral cluelessness, facilitated by wealth and insularity,” prosecutors argued in the filing, per NBC News....
Students of poor and working poor parents have the opportunity to be used by for profit higher education.
September 6, 2019
By Aarthi Swaminathan
Democrats are criticizing new rules (click here) by the Department of Education (DOE) that will tighten how students of defunct for-profit colleges can claim debt relief.
The rules — set to come into effect on July 1, 2020 — could cut off more students who have attended for-profit colleges shut down and would then be eligible to have their student loans cancelled.
“When shady for-profit colleges cheat students, those students are entitled to get their student loans cancelled,” U.S. Senator Elizabeth Warren (D-MA) tweeted on Wednesday. “That’s the law. I’m disgusted that [Education Secretary Betsy DeVos] is making it harder for defrauded students to have their loans discharged.”
Warren, who has called for a broad cancellation of student debt, previously called DeVos “the worst Secretary of Education we’ve seen.”
Experts in the field argued that the DOE’s latest move demonstrated how DeVos consistently pandered to the interests of for-profit colleges....
Students of poor and working poor parents have the opportunity to be used by for profit higher education.
September 6, 2019
By Aarthi Swaminathan
Democrats are criticizing new rules (click here) by the Department of Education (DOE) that will tighten how students of defunct for-profit colleges can claim debt relief.
The rules — set to come into effect on July 1, 2020 — could cut off more students who have attended for-profit colleges shut down and would then be eligible to have their student loans cancelled.
“When shady for-profit colleges cheat students, those students are entitled to get their student loans cancelled,” U.S. Senator Elizabeth Warren (D-MA) tweeted on Wednesday. “That’s the law. I’m disgusted that [Education Secretary Betsy DeVos] is making it harder for defrauded students to have their loans discharged.”
Warren, who has called for a broad cancellation of student debt, previously called DeVos “the worst Secretary of Education we’ve seen.”
Experts in the field argued that the DOE’s latest move demonstrated how DeVos consistently pandered to the interests of for-profit colleges....
