Scapegoating the “irresponsible” borrowing by a subset of students is ignoring the elephant in the room. Student loans benefit from favorable treatment (for borrowers) under federal bankruptcy codes as well as from a quasi govt entity, Sallie Mae. Does this sound familiar? It should, because it’s very similar to the situation with residential mortgages that led to the enormous credit collapse in 2008.
The excess supply of student loan credit, created [...]
With time running short to reach a deal to avoid a government default, President Barack Obama met privately Monday with Senate leaders in hopes of resolving an impasse over whether to include tax increases in a deficit-reduction agreement.
The White House argued that the deficit can’t be significantly cut without eliminating tax breaks for certain wealthy individuals and companies, while Republicans said doing so would [...]
A recent study co-authored by conservative Court of Appeals Judge Richard Posner confirms something that has been obvious to Supreme Court watchers for years — the Roberts Court places a huge thumb on the scale in favor of corporate interests. According to the study, the Roberts Court rules in favor of business interests 61 percent of the time, a 15 point spike from the [...]
There’s nothing surer: The rich get rich and the poor get laid off;
Socialism for the rich and capitalism for the poor is a classical political-economic argument, stating that in the advanced capitalist societies state policies assure that more resources flow to the rich than to the poor, for example in form of transfer payments. The term corporate welfare is widely used to describe the bestowal of favorable treatment to particular [...]