Free Republic

Joe will never stop working to make higher education affordable.

The federal government ran another big deficit in June, as the national debt inches closer to $35 trillion.$35 trillion USD.Trillion with a 'T.' That's an unfathomable number. It's meaningless to most people. We simply can't comprehend a number that big.Let's try to put the $34.9 trillion national debt into perspective.According to the National Debt Clock, every American citizen would have to write a check for $103,565 to pay off the national debt. Of course, a lot of people don't pay taxes. That means the taxpayer burden is much higher. Every U.S. taxpayer would have to write a check for $266,953...

A federal appeals court on Thursday temporarily blocked a key Biden administration student loan forgiveness and repayment plan. The order could have significant ramifications for millions of borrowers.. Joe Biden’s Saving on a Valuable Education plan is a new income-driven repayment program designed to provide affordable payments and multiple pathways to loan forgiveness. The Education Department unveiled the SAVE plan last year, and began implementing the program in phases. But several groups of Republican-led states filed two separate legal challenges this spring, arguing that the Biden administration exceeded the authority Congress provided. Thursday’s appeals court ruling is just the latest...

The Biden administration on Thursday said it is forgiving $1.2 billion in student debt for 35,000 borrowers who work in public service, ranging from teachers to firefighters. The announcement marks the latest round in government loan relief after the Supreme Court last year blocked President Joe Biden's plan for broad-based college loan forgiveness. With the latest student loan forgiveness, the Biden administration said it has waived $168.5 billion in debt for roughly 4.8 million Americans, according to a statement from the Department of Education. That represents about 1 in 10 student loan borrowers, it added. The people who qualify for...

(The Center Square) – Taxpayers in the city of Chicago now owe more than $37 billion in unpaid pension costs after debts soared by at least $1.8 billion over the last 12 months. Data outlined in the city’s annual comprehensive financial report further highlights that the city’s four employee pension funds representing police officers, firefighters, municipal employees and laborers jumped by 5% in 2023. While Chicago Mayor Brandon Johnson recently boasted of the city now being on the right track in terms of getting the city’s pension system in order, state Sen. Craig Wilcox, R-McHenry, sees things entirely different. “Unfortunately,...

Biden said this week that he is going to wipe out everyone’s medical debts. “I’m going to end medical debt. We’ve already made sure medical debt can’t be put on your credit report. We can wipe out medical debt for pennies on the dollar.” The only way to do this is to tell companies they won’t get paid. Does he realize he will bankrupt the companies? If people think the system is problematic now, just wait.

"Will Debt Sink the American Empire?"So asks the Wall Street Journal, in an uncharacteristically gloomy article for the bull market's paper of record.They kick off with the problem: America is "cruising" into an uncharted sea of federal debt, with a government seemingly incapable of turning it around.In other words, the uniparty has set its course, and there's no cavalry coming.The Runaway Train of DeficitsWe're currently adding a fresh trillion of debt every hundred days, on our way to $35 trillion.Meanwhile, the deficit is about to break $2 trillion – for perspective, all federal revenue under George W Bush averaged around...

As Americans' political focus turns towards this fall's elections, the winner of the presidential race will be confronted with a national debt that's on pace to reach a record-setting level in the next four years, as well as looming deadlines that may force their hand on fiscal policy. A recent update to the federal government's long-term budget outlook by the nonpartisan Congressional Budget Office (CBO) found that budget deficits are projected to widen from about $1.9 trillion this year to more than $2 trillion annually starting in 2030, before nearing $2.9 trillion in 2034. In that period, the debt held...

Under pressure in various sectors of the frontline, with its power plants and energy grid under relentless attacks, and trying to find a peace proposal that would keep it from losing 20 per cent of its former territory for good, Ukraine is also under financial threat, as concerning news arise over its debt restructuring efforts. Kiev could default on its enormous debts as early as next month unless it manages to negotiate a restructuring deal with its creditors, The Economist reported (behind paywall). With the onset of the war in February 2022, bondholders granted Ukraine a two-year debt freeze. That...

Missouri Attorney General Andrew Bailey announced that the U.S. District Court for the Eastern District of Missouri granted his motion to block what he called President Biden’s latest illegal student loan handout scheme. Bailey said that Congress never gave Biden the authority to saddle working Americans with half-a-trillion dollars in other people's debt and that this is a huge win for the Constitution. Bailey told FOX Business exclusively that it's a huge win for the rule of law. "The Constitution makes clear that Joe Biden does not get to thwart Congress when it suits his political agenda. The Constitution will...

Every U.S. citizen now owes roughly $100,000 in federal debt. That is the grim news from the most recent study by the Congressional Budget Office (CBO). CBO data show that federal debt has been growing at an unsustainable rate for decades and will continue to do so in coming years. At some point, the United States will hit a fiscal cliff, when lack of confidence in the ability of the federal government to repay the debt will result in sharply higher interest rates and default. We are in the final years of our debt crisis. Congress is simply unable to...

"A government with a permanent deficit and a bloated military. A bogus ideology pushed by elites. Poor health among ordinary people. Senescent leaders. Sound familiar?" ...............

Joe Biden's new student-loan repayment plan just got dealt two blows by federal courts. On Monday, judges in Kansas and Missouri district courts handed down their rulings on two separate lawsuits filed by GOP state attorneys general seeking to block the SAVE income-driven repayment plan, introduced last summer to lower borrowers' monthly payments. Earlier this year, the Education Department started implementing a SAVE provision ahead of schedule that canceled student debt for borrowers with original balances of $12,000 or less who made as few as 10 years of qualifying payments. The attorneys general argued that relief was unconstitutional, among other...

The Congressional Budget Office revealed on Tuesday that the federal budget deficit for this fiscal year is expected to hit $1.9 trillion, marking a 27% increase of $400 billion from their earlier February estimate. "Most of the spike in the fiscal 2024 deficit stems from four factors that are expected to boost projected spending," CNN explains. "The largest is a $145 billion increase due to changes the Biden administration made to student loan repayment plans and a new, proposed forgiveness program that would waive some accrued interest for millions of borrowers. The latter has yet to be finalized but could...

During an interview aired on Thursday’s broadcast of the Fox News Channel’s “Your World,” Treasury Secretary Janet Yellen stated that the current interest burden of the national debt is at a “normal” level, but President Joe Biden wants to cut the deficit “and doing that would be compatible with making investments in the economy that are necessary to support its growth. But we’re going to have to let important pieces of the Tax Cut[s] and Job[s] Act expire.” Yellen said, “Well, the debt — the ratio of debt to GDP — we have a very large economy, and the ratio...

The world's governments now have around $60 trillion in debt which is then sold to investors as bonds. So who owns this debt? In a note sent out to clients on Friday, Deutsche Bank chief global economist Torsten Sløk broke down who owns various countries' debts. One chart breaks down debt ownership for selected developed markets and the other for emerging market countries. For the US, the largest chunk of government debt is held by US-based non-bank investors followed by the governments of other countries.

here’s a new report out by the Congressional Budget Office with an updated projection of the federal deficit for the 2024 fiscal year—in February, the office calculated we as a nation would be an additional $1.5 trillion in the red, but now that number has jumped 27% to $1.9 trillion, or a additional $400 billion.The CBO report identified several factors impacting this increase, with Cadaver Joe’s vote-buying student loan “forgiveness” scheme accounting for the “largest” portion of it. Here are the details, from a CNN report:Most of the spike in the fiscal 2024 deficit stems from four factors that are...

Treasury Secretary Janet Yellen contends that "all the caterwauling folks are doing over the high cost of food is unwarranted. Over 40% of the population is obese. Being obese is unhealthy. If high prices cause these people to miss a few meals that is a good thing." "Trump's libertarian idea that people ought to eat what they want will be the downfall of the nation," the Secretary opined. "I implore voters to look in the mirror and see how fat they've become by indulging themselves with all the fat and sugar laden food that the obese Donald Trump wants to...

You may have heard that the 2017 GOP tax cuts blew a giant hole in the federal budget—or so Democrats tell voters. The Congressional Budget Office’s revised 10-year budget forecast out Tuesday offers a reality check. Spending is the real problem, and it’s getting worse. CBO projects that this year’s budget deficit will clock in at roughly $2 trillion, some $400 billion more than it forecast in February and $300 billion larger than last year’s deficit. This is unprecedented when the economy is growing and defense spending is nearly flat. The deficit this fiscal year will be 7% of GDP,...

Everyone is posting that the annualized number is about $1.059 trillion. However the interest on the debt for just May 2024 was $103 billion. Debt will grow another $2 trillion or more in the next 12 months. We are already on pace for over $1.2 trillion in annualized payments on the debt. Within the next few years, interest on the debt will exceed Social Security payments and become the largest item in the budget. ... US federal interest payments now exceed the defense budget. ... We have crossed the Rubicon.. It will never be paid down! NEVER.. And this administration...