Tag Archives: debt

The next bubble: student loan debt

Students graduating college last year owed a record amount in loans. Compared to five years ago, borrowing has increased 20% to an average bill of $25,250. The rise in borrowing is unsurprising considering that, while American wages have generally stagnated, tuition has swelled. For instance, under the most optimistic projection, the University of California system […]

You must sacrifice for your betters

Last week the war to cripple Social Security began in earnest. The initial attacks are working in concert. First up, billionaire Wall Street banker and Nixon appointee Pete Peterson riles up fear over government debt with a gigantic new ad campaign: Then, miraculously, the White House has a solution for your fears! Behold the recommendations of […]

All signs point to doing more

While the debt crisis in Greece threatens Europe and markets all over the world, many Americans want to draw parallels between the United States and Greece. The story goes like this: The Greeks borrowed too much, Americans are doing the same and the only way out is to cut back spending. Sharply. But as Paul […]

Beyond the subprime crisis

In my post about US debt to China, we found out that each and everyone of us in America owes the Chinese about $6,000. This is partly due to the fact we import more goods from China than we export to them, and because the Chinese government invests heavily in our currency. The two are […]

Whither the newspaper?

(Updated twice below) Ever since the interwide webway became popular, we’ve had to deal with various proclamations that newspapers are dead or will soon be dead. Well folks, it’s time to throw my hat into the ring. I think our economic apocalypse might be what kills off some big name newspapers in the next few […]

Paying for our economic sins

Andrew Sullivan fears that our leader’s attempts to fix the economy will do us more harm than good. … the radicalism of the current policies pioneered by Paulson and Brown and now getting even more outlandish seems to me to have two potentials: to somehow drag us out of this without an almighty crash now […]

Why we might need more deficit spending

On the 2nd of this month I wrote a short snarky post about the explosion of our national deficit. I still think it was dangerous and stupid to borrow so much money (from China mainly) in a time of economic prosperity to spend on the war in Iraq and tax cuts for the rich. However, […]

We did it America!

Our debt now exceeds $10 gazillionbillion trillion dollars! Didn’t someone somewhere say that the Roman, British and Spanish empires fell because of crushing debt and expensive wars abroad? _______________________ Stay tuned for my liveblogging of tonight’s Veep debate between Palin and Biden. The debate should be starting at 9pm EST. Don’t forget to stock up […]

Bailouts, health care and your paychecks

U.S. Treasury Secretary Hank Paulson, with the help of President Bush, is trying give at least $700 billion of our dollars to their irresponsible friends on Wall Street. I haven’t seen a good explanation of why they need that much money or why they need the bailout plan in place by the end of this […]

What the tax cut regime has wrought

Next year the United States will run a budget deficit of $490 billion. That will bring total US debt to $10 trillion. (Thanks China!) Then there’s this fun news (@ Ezra Klein): In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the […]