Category Archives: Debt

Larry Elder Slams Biden’s Student Debt Forgiveness Scam as ‘Reparations for Rich White People’ (Video)

But giving handouts to the upper class is the point of student debt forgiveness. “This is all about buying their votes,” Elder said, when asked about Biden’s scheme to bribe the wealthy liberal class that dominates the left.

Radio host Larry Elder exposed President Joe Biden’s student debt forgiveness plan as a scam that hoodwinks the working class into subsidizing the wealthy elite.

“I call this reparations for rich white people,” Elder told fill-in host Pete Hegseth on the Aug. 25 edition of Fox News’ Hannity. Elder broke down the inherent unfairness of taxpayer-funded student debt forgiveness. 

“You start with the proposition that nobody put a gun to anybody’s head, Pete, and said ‘Take out these loans,’” Elder said. “It’s a very simple proposition. You took out the loans ideally because you assumed that they were going to give you a career that would be money making.”


Complete text and video linked here.

COVID response drives $24 trillion surge in global debt: IIF

Debt rises were particularly sharp in Europe, with non-financial sector debt-to-GDP ratios in France, Spain, and Greece increasing some 50 percentage points.

The COVID pandemic has added $24 trillion to the global debt mountain over the last year a new study has shown, leaving it at a record $281 trillion and the worldwide debt-to-GDP ratio at over 355%.

The Institute of International Finance’s global debt monitor estimated government support programmes had accounted for half of the rise, while global firms, banks and households added $5.4 trillion, 3.9 trillion and $2.6 trillion respectively.

It has meant that debt as a ratio of world economic output known as gross domestic product surged by 35 percentage points to over 355% of GDP.

That upswing is well beyond the rise seen during the global financial crisis, when 2008 and 2009 saw 10 percentage points and 15 percentage points respective debt-to-GDP jumps.

There is also little sign of a near-term stablisation.


Complete text linked here.

The College-Debt Debate Is a Culture-War Battle

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 executive action.

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.”


Complete text linked here.

$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.

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.

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.


Complete text linked here.

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.


Complete text and video linked here.

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.


Complete text linked here.

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.


Complete text linked here.

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.


Complete text linked here.