Money Matters

11/24/2024

10/17/2024

The Biden administration announced Thursday that it was forgiving another $4.5 billion in student debt for more than 60,000 borrowers.

The latest round of relief is a result of the U.S. Department of Education’s fixes to the popular, but once troubled, Public Service Loan Forgiveness program.

President Joe Biden, who has forgiven more education debt than any other president in U.S history, said that the number of borrowers to benefit from the program under his administration now exceeded 1 million.

“Public service workers – teachers, nurses, firefighters, and more – are the bedrocks of our communities and our country,” Biden said in a statement. “But for too long, the government failed to live up to its commitments.”

The PSLF program, signed into law by President George W. Bush in 2007, allows certain not-for-profit and government employees to have their federal student loans canceled after 10 years. In 2013, the Consumer Financial Protection Bureau estimated that one-quarter of American workers may be eligible.

However, the program was plagued by problems. Often, borrowers believed they were on track to loan cancellation only to discover at some point that they didn’t qualify on a technicality, such as their loan type or repayment plan.

Before Biden took office, only 7,000 people had ever received the debt relief under PSLF, the Department of Education said. The program’s rejection rate was as high as 98% in some years, it added.

Under Biden, the Education Department has relaxed the program’s requirements and overhauled how it’s managed.

Read more CNBC politics coverage
Biden administration forgives $4.5 billion in student debt for over 60,000 public service workers
NOTE: UGH more free stuff Whether you agree or not, its a pick and choose world. This kind of thing is political and will also add to our inflation woes. Bad Policy

08/14/2024

https://finance.yahoo.com/news/mild-inflation-reading-offers-fed-a-green-light-to-cut-rates-in-september-142425506.html #:~:text=The%20Consumer%20Price,since%20April%202021.

INFLATION STILL RISING is the bottom line here. Why some think this is good news is beyond me Until I see some deflation, you're gonna be more broke ( is that more broker?) next week, next month and next year..

07/08/2024

Never before being almost 70 have I seen a party presidential candidate confusion about whether one should run or not, being also bailed by members of the same party. In fact, I have never seen even any doubts. Its incredible what we are seeing . HOW THE HELL DID WE GET HERE? Are we secure as a nation when our enemies see such infighting and ineptness in our politics? Its frightening................. truly bizarre and is terrible for our nations security.

06/22/2024

The official arbiter of the nation’s budget outlook issued an update this week, and, well, you already know where this is going.

The debt outlook never gets better. The annual deficit is likely to hit $1.9 trillion for 2024, according to the latest estimate from the Congressional Budget Office. That’s up from an estimate of $1.5 trillion just four months ago. Within 10 years, the gap between spending and revenue will be $2.9 trillion. The deficit in 2034 will be comparable to the entirety of government spending as recently as 2006.
Yikes---> the debt, as referenced above in 2034, will be massively HIGHER then what they project here. Trust me ....... all this means MORE INFLATION for all of us. Ugh They will never learn..

06/17/2024

WASHINGTON (Reuters) - U.S. Surgeon General Vivek Murthy on Monday called for a warning label to be added to social media apps as a reminder that those platforms have caused harm to young people, especially adolescents.

Murthy wrote in the New York Times on Monday that a warning label alone will not make social media safe for young people but that it can increase awareness and change behavior as shown in evidence from to***co studies. The U.S. Congress would need to pass legislation requiring such a warning label.

For a long time, Murthy has been warning that social media can profoundly harm the mental health of youth, particularly adolescent girls. In an advisory last year, he called for safeguards from tech companies for children who are at critical stages of brain development.

A 2019 American Medical Association study showed that the risk of depression doubled for teenagers who were spending three hours a day on social media.

"It is time to require a surgeon general's warning label on social media platforms, stating that social media is associated with significant mental health harms for adolescents," Murthy wrote on Monday.

"A surgeon general's warning label, which requires congressional action, would regularly remind parents and adolescents that social media has not been proved safe," he added.

Some U.S. states have been working to pass legislation to safeguard children from the harmful effects of social media, such as anxiety, depression and other mental illnesses as a result.

New York state lawmakers this month passed legislation to bar social media platforms from exposing "addictive" algorithmic content to users under age 18 without parental consent.

In March, Florida Governor Ron DeSantis signed a bill that bans children under 14 from social media platforms and requires 14- and 15-year-olds to get parental consent.

(Reporting by Kanishka Singh in Washington; Editing by Tomasz Janowski)

06/05/2024

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05/27/2024

More free money fomr your government goes to:
--Intel
--Taiwan Semiconductor
--Samsung
and Micron combined will receive nearly $28 billion, while GlobalFoundries received $1.5 billion and four smaller companies – BAE Systems, Microchip, Polar Semiconductor and Absolics – received a combined $392 million. Another $3.5 billion has been set aside for the “secure enclave” program, which will produce semiconductors for military use. No salary stipulation, bonus stipulations and these are for profit companies where the CEOs make 100's of time what the workers make. Shareholders also reap rewards from a sector that has seen nothing but higher stock prices.

Disgusting .......:(

05/12/2024

My latest UPDATE on www.moneymanagementradio.com
Check it out

Last month in the state of Maryland, a huge cargo ship lost power and plowed into a key connecting bridge which subsequently collapsed and blocked the port of Baltimore and killing at least half a dozen people.