In August 2022, President Biden announced a program to relieve student loan recipients of their obligation to repay $20,000 of their loans. Unsurprisingly, the move was very popular with those recipients. Some argue it swayed the 2022 off-year elections. However, it was controversial because of its unfairness. First, the action was grossly unfair to those … Read more
The big problem with debt is that it is addictive. Once a person starts down this ramp, it is hard to stop before insolvency. Addictions give way to irrational action. Sometimes the only way to stop is to crash into something hard. The debt problem is compounded exponentially when the addict is not an individual … Read more
President Biden’s plan to forgive student debt is very controversial. Most students will get a $10,000 debt reduction, while lower-income students will be eligible to double the amount. Biden’s August giveaway adds half a trillion dollars to the Federal Government’s debt deficit by some estimates. It’s easy to be generous with other people’s money. Conservatives … Read more
The Biden Administration is loudly promoting the next round of stimulus checks that will soon find their way into voter pockets. The checks are only the beginning of a string of benefits now in the pipeline. The new check will total $2,000 per person when combined with the last check. Most people welcome the freebie, … Read more
It is that time again when liberals, sensing the possibility of being in control, are revving up the debt engines. So many things need to be done in a post-COVID world, and there is so little revenue to pay for it. Debt is the way out, they claim. Now is the time to borrow a … Read more
As the debate rages over stay-at-home orders during the coronavirus pandemic, most conservative opposition has focused on the damage to the economy, excessive government surveillance, or the massive increase in government debt. These are very valid and important concerns. But the coronavirus’s most enduring damage will not be a lower GDP, higher debt, or even … Read more
A trillion dollars used to be a lot of money. In the past, most people never even thought in these terms since it seemed so far from reality. A trillion was like a gazillion. Few knew how many zeros were involved. However, times have changed. Our economy has expanded, and the value of goods and … Read more
The economic indicators all show the economy is booming. Unemployment is at record lows. The stock market is seeing record highs. Wages are up, and taxes are down. Stifling regulations are being lifted. Everything seems to be working just fine. There is much truth in this perception of a boom. Part of this can be … Read more
The latest benefit scheme making the rounds in time for the elections is student loan forgiveness. Given the great debt burden on graduates, candidates are piling on the bandwagon to find a platform from which to show how benevolent they can be with taxpayers’ money. Student debt now stands at $1.46 trillion with an additional … Read more
A good definition of a liberal might be someone who tries to ignore the actual nature of reality. Thus, many politically correct formulations distort reality even to the point of denying the differences between the sexes. Ignoring the nature of reality can get particularly dangerous when applied to economics. The nature of money calls for having sufficient … Read more
