Category: Debt

How China Built its Industrial Infrastructure on Top of U.S. Debt.: Economist Jeffrey Tucker

This interview was first released on Epoch TV on Aug 8, 2024. Jeffrey Tucker is the senior economics columnist at The Epoch Times and the founder and president of the Brownstone Institute. “Once we start accurately measuring inflation, and I won’t speculate on the exact number, but we know it’s at least 127 percent over four years.” This episode dives into what’s really going on with the U.S. economy. Are we in a recession? Are prices and unemployment rising or falling? What about domestic manufacturing and imports? And can economic data be trusted? “Debt is the leading export of the U.S. and a leading product that we make. This is not sustainable; it’s just not going to work.” “We need to stop creating more debt. Just stop it. Stop printing money and reduce the budget. We need to prevent Congress from making reckless decisions. It can be fixed. But if we want to save American manufacturing, we need to start there.” “How is it possible that a country known for its expertise in apparel, textiles, toys, shoes, watches, pianos, steel, consumer electronics, machinery, and so much more suddenly doesn’t produce any of those things anymore? We had the knowledge, the resources, the markets, and the supply chains. Is it right that we let all of that go to waste?” “Economies are resilient and robust, and they respond rapidly. When people believe they will be rewarded for their work, when they see the government living within its means, when they feel trust is being rebuilt and the truth is being told, they become motivated. They engage in enterprising activities, invest, and help in the swift rebuilding of the country. I genuinely believe that the rebuilding process could take place relatively quickly. It’s not a hopeless situation.”

Biden Administration Announces $7.4B Student Debt Cancellation

Biden Administration Announces $7.4B Student Debt Cancellation

President Joe Biden delivers remarks on proposed spending on child care and other investments in the "care economy" during a rally at Union Station, Tuesday, April 9, 2024, in Washington. (AP Photo/Evan Vucci)
President Joe Biden delivers remarks on proposed spending on child care and other investments in the “care economy” during a rally at Union Station, Tuesday, April 9, 2024, in Washington. (AP Photo/Evan Vucci)

OAN’s James Meyers
8:28 AM – Friday, April 12, 2024

SEE: https://www.oann.com/newsroom/biden-administration-announces-7-4b-student-debt-cancellation/; republished below in full, unedited, for informational, educational, & research purposes:

The Biden Administration has announced they are canceling an additional $7.4 billion in student loan debt just ahead of the upcoming presidential election. 

Biden said the latest student loan forgiveness plan will target an estimated 277,000 borrowers across America, with the national debt topping $34.5 trillion. 

The president praised his Savings on a Valuable Education (SAVE) plan, which came after the Supreme Court (SCOTUS) stopped Biden’s student loan forgiveness plan. 

“These 277,000 borrowers are enrolled in my administration’s SAVE Plan, or were approved for relief because of fixes we made to Income-Driven Repayment Plans and Public Service Loan Forgiveness,” Biden said in a news release. “From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity.”

Additionally, Biden said he will promise to “never stop” working to cancel student debt, which took a shot at Republicans who have been in opposition to student loan repayment plans due to the knowledge that taxpayers nationwide would be “picking up the check,” even if they have never attended college.

“Republican elected officials across 18 states want to protect their own constituents from benefiting from the SAVE plan,” White House Press Secretary Karine Jean-Pierre said. “They want to end SAVE and make their constituents’ monthly payments go up and keep them under mountains of loan debt with no end in sight.”

“The president will continue fighting to give people more breathing room and use every tool at his disposal to help borrowers.”

According to the Department of Education (DOE), it said that the new plans would wave built-up and capitalized interest for millions of borrowers, automatically discharge debt for borrowers, and eliminate student debt for borrowers in repayment for 20 years or more. 

Additionally, the plans are also there to help those enrolled in low-financial-value programs, and assist borrowers who experience hardship in repaying their loans. 

The newly announced student loan forgiveness plan comes as 18 states have sued against Biden’s student loan plan. 

Arkansas, Florida, Georgia, Ohio, Missouri, North Dakota and Oklahoma have joined a growing number of states and filed a complaint against the plan on Tuesday.

Furthermore, Missouri Attorney General Andrew Bailey’s (R-Mo.) lawsuit has argued that Biden’s “SAVE” plan, which was originally announced in February, is illegal and would cost taxpayers an estimated $475 billion. 

“With the stroke of his pen, Joe Biden is attempting to saddle working Missourians with a half trillion dollars in debt. "The United States Constitution makes clear that the President lacks the authority to unilaterally ‘cancel’ student loan debt for millions of Americans without express permission from Congress,” Bailey told Fox News Digital.

“The president does not get to thwart the Constitution when it suits his political agenda. I’m filing suit to halt his embarrassing attempt to buy the 2024 election in direct violation of the law. The Constitution will continue to mean something as long as I’m Attorney General.”

According to the DOE, the public will have an opportunity to comment on the proposed actions “in the coming weeks.”

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Biden Cancels $6 Billion In Student Debt For 78,000 Public Service Workers

Biden Cancels $6B in Student Debt For 78,000 Public Service Workers

WASHINGTON, DC - MAY 12: Student loan borrowers gather near The White House to tell President Biden to cancel student debt on May 12, 2020 in Washington, DC. (Photo by Paul Morigi/Getty Images for We, The 45 Million)
WASHINGTON, DC – MAY 12: Student loan borrowers gather near the White House to tell President Biden to cancel student debt on May 12, 2020 in Washington, DC. (Photo by Paul Morigi/Getty Images for We, The 45 Million)

OAN’s James Meyers
11:10 AM -Thursday, March 21, 2024

SEE: https://www.oann.com/newsroom/biden-cancels-6b-in-student-debt-for-78000-public-service-workers/; republished below in full, unedited, for informational, educational, & research purposes:

President Joe Biden announced on Thursday that the White House had approved the cancellation of $6 billion in federal student debt for “thousands of public service workers.”

The 78,000 eligible public service workers include nurses, teachers, and firefighters, according to the White House.

“These public service workers have dedicated their careers to serving their communities, but because of past administrative failures, they never got the relief they were entitled to under the law,” Biden said in a statement touting the move.

“From day one of my Administration, I promised to fix broken student loan programs and make sure higher education is a ticket to the middle class, not a barrier to opportunity,” Biden continued. “I won’t back down from using every tool at my disposal to deliver student debt relief to more Americans, and build an economy from the middle out and bottom up.”

Meanwhile, as of June 2023, almost 43.4 million U.S. student loan recipients had $1.63 trillion in outstanding loans, according to the Federal Student Aid website. 

This comes after the Biden administration canceled almost $5 billion in debt for 74,000 public-sector borrowers. 

Overall, the White House has approved $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the Biden administration. 

Meanwhile, the White House will reportedly email close to 380,000 student loan borrowers to let them know they are on track to have their student debt canceled within two years. 

However, other former college students have expressed frustration regarding how their loans have not paid off while others have, accusing Biden of being choosy and unfair. 

“So… what? Biden’s just gonna cancel some people’s debt and not everyone’s? How is that fair? "It should be everyone or no one,” said one X (Twitter) user.

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