These decisive words from Donald Trump’s 2017 inaugural speech will shape American political discourse for decades to come:
Read MoreCommentary: China Needs to Pay Its Debts to Us
Tag: debt
Commentary: Debt Is the Most Predictable Crisis in U.S. History
Former Treasury Secretary Henry Paulson issued a stern warning in last week’s Wall Street Journal: “A world-class financial system can’t exist in a country that fails to maintain the quality of its credit.”
America’s debt problem was already wildly out of control for the past 20 years, but we now face truly unprecedented additional levels of debt issued by Congress in response to the pandemic. From 2000 to 2019, the federal debt rose from $5.6 trillion to $22.7 trillion, and it is expected to top $27 trillion by year’s end, a whopping 19 percent increase this year. Another trillion in virus relief spending now seems to be at the low end of spending estimates going into 2021.
Read MoreMajority of Voters Believe U.S. Debt Will Pave the Way for China to Become Global Financial Leader
Amajority of voters believe that the United States’s increasingly growing federal debt will hinder the county’s prospects in the future and position China as the next global financial center, according to a new Just the News Daily Poll with Scott Rasmussen.
Read MoreReport: Consumers on Track for Record Year of Debt Repayment Before Coronavirus Hit
U.S. consumers were on track for a record year of debt repayment before the coronavirus shutdown, according to a new 2020 Credit Card Debt Study published by the personal-finance website WalletHub.
Consumers entered 2020 owing more than $1 trillion in credit card debt after a $76.7 billion net increase during 2019. By the end of March, however, they posted the largest first-quarter credit card debt paydown – $60 billion – since at least 1986.
Read MorePew Report: Expect Increase in Debt Collection Lawsuits, Debt Collectors Seizing Stimulus Checks
A new report published by Pew Charitable Trusts suggests that with the increase of debt collection lawsuits, “debt collectors may seize $1,200 coronavirus checks intended for household expenses.”
Before the coronavirus restrictions began, American household debt had already increased by $1.5 trillion between 2008 and 2019. As debt increased, so also did an aggressive approach made by creditors and third-party firms to use state civil courts to pursue collections through debt claims, Pew says.
Read MoreAnalysis: Federal Fiscal Shortfall Surges Past $100 Trillion
The U.S. Treasury has published a major report revealing that the federal government has amassed $103.7 trillion in debts, liabilities, and unfunded obligations.
Read MoreReports: Consumers Still Carrying Debt From Last Holiday Season, Expected to Spend $1.1 Trillion This Holiday Season
About 35 million Americans still have holiday credit card debt leftover from last year, according to WalletHub’s 2019 Holiday Shopping Survey.
Read MoreCommentary: Deficits Are Secondary to What You’re Paying For
“I am not worried about the deficit,” Ronald Reagan famously said. “It is big enough to take care of itself.”
If you pay attention to the libertarian purists, President Reagan earns mixed reviews on his economic policies. After all, in 1983, the federal budget deficit exceeded 6 percent of GDP. But Reagan was untroubled by federal budget deficits for at least two reasons, and in both cases he has been vindicated by history.
Read MoreCommentary: Each American Is $240,000 in Debt Because of Excessive Government Spending
As Americans, we are greatly indebted not only to the men and women who have fought and died for our country, but also to the thinkers, statesmen, innovators, and ordinary people who gave us our founding principles.
Read MoreMichigan Bill Would Raise Student Loan Repayment Limit for Medical Professions in Underserved Areas
A bill in the Michigan Legislature hopes to wipe out more student debt to fill doctor shortages.
Read MoreOhio Bill Allowing Students to Transfer Credits Unanimously Passes in the State House
by Todd DeFeo A bill aimed at allowing students to transfer general education course credits from one public university in Ohio to another could bring with it potentially higher costs for schools, according to a fiscal analysis of the bill. The state House unanimously passed House Bill 9, which…
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