Progressives are all too happy for Americans of more modest means to subsidize relatively high-income Democratic households.
One of Joe Biden’s first tests in office will be the urgent question of giving a big pile of money to rich people.
Biden wants a little welfare for the affluent in the form of a
$10,000 college-loan giveaway accomplished through legislation, while
the Democrats’ Left wants a lot more welfare for the wealthy in the form
of a $50,000 student-loan giveaway accomplished through unilateral
And welfare for the wealthy is precisely what is in question here: The majority of student debt is held by relatively high-income people, poor people mostly are not college graduates, and those who attended college but did not graduate hold relatively little college-loan debt, etc. As the New York Times puts it, “Debt relief overall would disproportionately benefit middle- to upper-class college graduates.” Which ones? “Especially those who attended elite and expensive institutions, and people with lucrative professional credentials like law and medical degrees.”
Posted onSeptember 15, 2017byifnm|Comments Off on $20 Trillion: U.S. Debt Crisis | Peter Schiff and Stefan Molyneux (Video)
Why are so many people upset about plans to raise and remove the United States debt ceiling and why was it created in the first place? Peter Schiff joins Stefan Molyneux to discuss the history of the debt ceiling, the consequences of eliminating it, shocking U.S. debt interest payments, the U.S. dollar losing 12% of it’s value since the start of the year, outrage over price gouging during the recent hurricanes, the value of a college degree and America’s economic future.
Comments Off on $20 Trillion: U.S. Debt Crisis | Peter Schiff and Stefan Molyneux (Video)
Posted onAugust 22, 2017byifnm|Comments Off on Global Debt Crisis. Prepare Yourself Accordingly – Stefan Molyneux (Video)
What unspoken crisis could drastically impact the life of just about every human being on planet earth – and could happen in the very near future? Stefan Molyneux once again shines a spotlight on the global debt crisis and speculated what will happen when the system inevitability collapses.
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Posted onAugust 6, 2017byifnm|Comments Off on MSM Losing Bigly: Salon Evicted After Failing To Pay Rent
At this rate, they might be better off opening an actual salon. There’s honest money to be made in cosmetology.
And under the heading of Schadenfreude, Salon is reportedly having serious financial struggles.
In June, the left-wing digital publisher reported their fiscal year 2017 earnings to the SEC and the news was not bright. Salon’s net revenues plummeted 34 percent from $7 million in 2016 to $4.6 million for fiscal year ending March 31, 2017.
The publisher blamed the drop on an industry wide shift of advertising dollars from direct-ad campaigns to “programmatic” advertising, a trend that has been going on for a few years now.
The New York Post has also reported that Salon was evicted late last year from their posh offices at 31 Penn Plaza near Madison Square Gardens, and has stiffed their landlord for more than $90,000 in back rent.
The landlord has filed suit in Manhattan State Court and is trying to force Salon to pay $700,000 for the unused portion of a five-year lease, which was slated to run through September 2019.
Posted onAugust 4, 2017byifnm|Comments Off on Hollywood Might Not Bounce Back From Theaters’ $1.3 Billion Stock Collapse (Video)
“With China cracking down on funding for AMC’s majority shareholder, Dalian Wanda, the cinema chain faces murky prospects given its high debt level and appetite for global M&A,” wrote Geetha Ranganathan, a Bloomberg Intelligence analyst.
Hope is fading for a feel-good ending at the U.S. box office.
After several months of flops like Warner Bros.’ “King Arthur” and EuropaCorp’s “Valerian,” movie studios and theaters are beginning to acknowledge that their streak of record-setting ticket sales may be coming to an end. AMC Entertainment Holdings Inc., the world’s biggest cinema chain, laid out a worse-than-projected outlook for the North American box office this week.
That announcement dragged down shares of theater stocks, wiping out $1.3 billion from the value of the top four cinema operators in North America since Aug. 1. Even with a new “Star Wars,” a Marvel superhero movie and the sequel to “Blade Runner” on the docket for the holiday season, the box office is unlikely to make up for a “severe hit” in the third quarter, according to Bloomberg Intelligence. To date, receipts are down 2 percent in 2017, and AMC is projecting a 1.5 percent decline for the full year.
Posted onJune 27, 2017byifnm|Comments Off on Are Illinois & Puerto Rico Our Future? by Pat Buchanan
Yet Puerto Rico’s defaults on its debts may soon be our problem. Many bond funds in which Americans have invested their savings and retirement money are full of Puerto Rican bonds.
If Gov. Bruce Rauner and his legislature in Springfield do not put a budget together by Friday, the Land of Lincoln will be the first state in the Union to see its debt plunge into junk-bond status.
Illinois has $14.5 billion in overdue bills, $130 billion in unfunded pension obligations, and no budget. “We can’t manage our money,” says Rauner. “We’re like a banana republic.”
Speaking of banana republics, Puerto Rico, which owes $74 billion to creditors who hold its tax-exempt bonds, and $40 billion in unfunded pension liabilities, has already entered bankruptcy proceedings.
The island’s imaginative 38-year-old governor, Ricardo Rossello, however, has a solution. Call Uncle Sam. On June 11, Rossello held a plebiscite, with a 23 percent turnout, that voted 97 percent to make Puerto Rico our 51st state.
Posted onJune 5, 2017byifnm|Comments Off on The US college debt bubble is becoming dangerous
Student loans are now 90 per cent public, in an eerie echo of the housing crisis.
Rapid run-ups in debt are the single biggest predictor of market trouble. So it is worth noting that over the past 10 years the amount of student loan debt in the US has grown by 170 per cent, to a whopping $1.4tn — more than car loans, or credit card debt. Indeed, as an expert at the Consumer Financial Protection Bureau recently pointed out to me, since 2008 we have basically swapped a housing debt bubble for a student loan bubble. No wonder NY Federal Reserve president Bill Dudley fretted last week that high levels of student debt and default are a “headwind to economic activity”.
In America, 44m people have student debt. Eight million of those borrowers are in default. That’s a default rate which is still higher than pre-crisis levels — unlike the default rate for mortgages, credit cards or even car loans.
Rising college education costs will not help shrink those numbers. While the headline consumer price index is 2.7 per cent, between 2016 and 2017 published tuition and fee prices rose by 9 per cent at four-year state institutions, and 13 per cent at posher private colleges.
Posted onApril 17, 2017byifnm|Comments Off on London attack: Terrorist was in debt from playing lottery scratchcards
The killer’s former flatmate confirmed: “He had a problem with gambling and booze. It didn’t fit in with his faith because both habits are banned under Islam. He’d always be coming back with scratchcards. He was not a good Muslim.”
Westminster terrorist Khalid Masood racked up debts feeding an addiction to Lotto scratchcards.
The jihadist, 52, was struggling to pay off two payday loans when he was shot dead outside Parliament.
He was also behind with his taxes and had struck a deal to cough up £100 ($125) a month.
But he was so hooked on scratchcards he continued to blow a fortune on them, an ex-flatmate in Birmingham revealed.
Masood, whose car and gun rampage last month killed five, also continually nipped to the supermarket for booze.
Posted onJanuary 17, 2017byifnm|Comments Off on Beneficiaries of Entitlement Programs Skyrocked Under Obama (Video)
Beneficiaries of entitlement programs such as Medicaid, Medicare, Social Security, and food stamps greatly increased under the Obama administration, adding billions to the nation’s debt.
A recent report says the Supplemental Nutrition Assistance Program, a food stamps program, costs taxpayers $70,866,830,000 in 2016. Under the Obama administration, the number of people using food stamps went from 33,490,000 to 44,219,000.
The number Medicaid beneficiaries went from 60,880,000 in 2009, to 74,059,221 in 2016.
“Historically, Medicaid eligibility has generally been limited to low-income children, pregnant women, parents of dependent children, the elderly, and individuals with disabilities,” said the Congressional Research Service (CRS).
But this changed under the Obama administration. The organization went on to say, “However, the Patient Protection and Affordable Care Act (Obamacare) included the ACA Medicaid expansion, which expands Medicaid eligibility to individuals under the age of 65 with income up to 133% of the federal poverty level at state option.”
Posted onDecember 5, 2016byifnm|Comments Off on Stanford Report: California Public Pension Debt Up 19% to $964.4 Billion
The latest report from Stanford University’s “U.S. Pension Tracker” reveals that the 2016 California Public Employee Pension Plan liability is up 19.4 percent to $964.4 billion.
CalPERS pension debt on a per household basis jumped $15,048 to $92,748 for the fiscal year ending June 30, 2016. Despite the grim number, Alaska actually won this year’s booby prize for the largest public debt per household at $110,538.
Pension Tracker’s is led by Joe Nation, Ph.D. and a distinguished group of Stanford University faculty members, including Nobel Prize winner William F. Sharpe. The team compiles and analyze actuarial, budgetary, demographic, and other financial data necessary to calculate U.S. public pension plan liabilities for each state.
Pension Tracker’s analysis is especially illuminating, because the researchers calculate pension liabilities on a “market basis,” to understand how many dollars that taxpayers would need to invest in 20-year risk-free Treasury Bonds at today’s current yield to earn enough money to pay their pension debt; and on the “actuarial basis” guestimate used by state and local pension plans somehow to assume that they can earn each year by making higher-risk stock, bonds and derivative investments.
Market Basis: Pension Tracker estimates California’s public pension assets if invested in risk-free 20-year maturity Treasury Bonds yielding a fixed yield of 2.75 percent, equals $92,748 per U.S. household — or $24,362 for every man, woman, and child in California.
I watch Hollywood awards ceremonies where a supposed artist screams out for punching people in the face for political disagreements, and the entire horde of Botoxed brain zombies leaps to their feet in an ungodly and unholy howl of rampant bloodlust approval.
“We can call it Cultural Marxism, but at the end of the day, we experience it on a day to day basis, by that I mean a minute by minute, second by second basis. It’s political correctness and it’s multiculturalism.” – Andrew Breitbart