5:52 PM, Apr 8, 2015 • By GEOFFREY NORMAN
Kasia Klimasinska of Bloomberg reports that:
Student loans in February were worth more than half the value of outstanding Treasury debt with a maturity of 10 years or more.
That represents a lot of money. About $800 billion and according to Stephen Stanley, chief economist at Amherst Pierpont Securities LLC in Stamford, Connecticut.
"If you were fairly confident that all those loans are going to be paid back, then it wouldn't be that big of an issue. But ... we've got double-digit delinquencies on student loans, and the problem only seems to be getting worse.”
And if that trend continues, the government will go from making:
about 14 cents on every dollar lent, according to the Congressional Budget Office.
To a situation where:
On subsidized student loans (the most basic kind), the government is forecast to start losing money as early as next year. The CBO already revised up its estimate of how much the loans will cost the government for 2016-2025 by 30 percent, citing higher estimates of the number of loans in default (which in turn would mean the government won't be able to collect on as many payments as initially thought).
9:09 PM, Feb 2, 2015 • By DANIEL HALPER
President Obama's budget is not likely to be passed by Congress. But if it did, the U.S. would be about $26.3 trillion in debt.
The numbers come from Obama's budget, and were sent around by the Republican National Committee to highlight the heavy spending in the president's proposed budget:
9:00 PM, Feb 2, 2015 • By DANIEL HALPER
Senator Jeff Sessions, the former ranking member of the Senate Budget Committee, says President Obama's proposed budget "raises taxes by $2.1 trillion."
"The President has sent another tax-and-spend budget to Congress," Sessions says in a statement responding to Obama's proposed budget.
A collision between national sovereignty and the European Union in the birthplace of democracyFeb 9, 2015, Vol. 20, No. 21 • By CHRISTOPHER CALDWELL
In Athens in mid-January, two weeks before the election that would make 40-year-old engineer Alexis Tsipras Greece’s new prime minister, a bunch of cleaning ladies explained to me why they planned to vote for his party, the Coalition of the Radical Left (Syriza, for its Greek acronym). We met where they had lived, at least part of the time, for the past 16 months: among tents on the sidewalk in front of the economics ministry in downtown Athens.
3:23 PM, Jan 29, 2015 • By IKE BRANNON
New York governor Andrew Cuomo, not content with President Obama’s proposal to make junior colleges free, recently introduced his own plan for New York to essentially waive the first two years of student debt payments for college graduates living in the state.
9:10 AM, Jan 20, 2015 • By DANIEL HALPER
Under President Obama, $7.5 trillion has been added to the national debt. The number is being highlighted by the Republican National Committee ahead of President Obama's State of the Union address, which will be delivered tonight from Washington.
1:47 PM, Jul 30, 2014 • By MARK HEMINGWAY
As I've made pretty clear, I am not a fan of the "explanatory journalism" trend that purports to take an empirical approach to explaining complex issues. Its chief practitioners are a bunch of young, terribly biased journalists who tend to treat politics and policy as some sort of game, even as they broadcast their ignorance. Anyway, if you want a concise example of why explanatory journalism is bad—so pure and crystalline it could have been produced by Walter White—let me direct you to this Vox.com piece on Medicare.
8:41 AM, May 19, 2014 • By GEOFFREY NORMAN
More signs that the dynamism that once characterized the American economy is waning:
7:35 AM, May 12, 2014 • By DANIEL HALPER
Timothy Geithner, the former secretary of the Treasury Department, says the White House wanted him to lie in scheduled appearances on the Sunday TV talk shows. As Geithner writes in his new memoir:
9:02 AM, May 5, 2014 • By GEOFFREY NORMAN
This is not a good time to be young in America, and soon it will be less so. The generation that elected President Obama will see the price of that college education which was supposed to open so many doors go up.
11:01 AM, Mar 26, 2014 • By DANIEL HALPER
The Republican side of the Senate Budget Committee has put together this chart showing that payments on the interest of federal debt will "dwarf virtually every federal expense" in 2024:
11:30 AM, Mar 4, 2014 • By DANIEL HALPER
President Obama unveils his budget today. And the numbers aren't likely to satisfy fiscal conservatives and budget hawks, who might have been hoping for a budget that decreases spending and lowers the debt.
According to analysis by the Senate Budget Committee Republican staff, working for Ranking Member Jeff Sessions of Alabama, over the next decade President Obama's proposed budget increases spending by 63 percent and increases debt by $8.3 trillion.
Here are a couple charts from the minority side of the Senate Budget Committee showing the numbers:
10:01 AM, Feb 11, 2014 • By WILLIAM KRISTOL
I understand House Speaker John Boehner has just announced to his conference that he intends to bring the floor of the House a clean debt limit increase. Conservative members of the conference had argued for this course. Conservatives will vote against "Obama's debt increase," but expect it to pass with mostly Democratic votes, and some Republicans. This should take the prospect of government default or shutdown off the table, and with it one of the few Democratic talking points that might help save them this year.
8:05 AM, Jan 21, 2014 • By DANIEL HALPER
Beginning at 8:30 a.m., a live video stream of an event co-hosted by the Concerned Veterans for America (CVA) and The Weekly Standard: America's Biggest Threat: The Consequences of Debt, featuring Admiral Mike Mullen
, 17th chairman, Joint Chief of Staff, Bill Kristol, and Pete Hegseth.
Here's more on the event: