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 … 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 … 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 … Read more
We are used to thinking about COVID-19 as a health disaster. However, it is also an economic one. COVID suffocates the body by preventing air from entering the lungs. In a COVID economy, we have flooded the system with money and suffocated the nation with debt. The decrees of the Federal Reserve … 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 … Read more
When the economy goes down, monetary theories start circulating. Since most people dislike austerity, today’s most popular theory is spending the nation out of its crisis. The popularity makes sense in a world where no one wants to suffer toward a solution. Magic solutions are much preferred, as all pain is thus … 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 … 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 … 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 … Read more
Little remains of the vast edifice of family, community and faith relationships that once unified and anchored the American way of life. These things have not disappeared from the horizon. They are still important, but they have deteriorated. There is no more consensus about what they mean, and they no longer serve … Read more