Tag: debt

President Biden’s Refusal to Eliminate Student Debt Is Out of Touch With Black Voters Who Helped Get Him Elected

Photo: Eric Broder Van Dyke (Shutterstock) Last month, President Biden declared that he would not support student debt forgiveness and took a huge step backwards in fulfilling the pledges he made to Black voters and Black women during his campaign. When asked about Senator Schumer, Senator Warren and other lawmakers’ proposal to wipe out $50,000 […]

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Either We Break Our Pandemic Debts or Our Pandemic Debts Break Us

Some lenders are doing anything they can to try to collect: Cea Weaver, an organizer with the New York–based Housing Justice for All, told me that one tenant on rent strike said that her landlord attempted to debit an entire year of rent from her bank account.  “If you don’t have support for these people—suspension […]

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‘I Will Not Make That Happen’: Biden Says No to $50,000 Student Debt Forgiveness

Photo: Saul Loeb (Getty Images) Get ready to lower your expectations if you’d been hoping that President Biden would heed the call of some Democrats to cancel student debt up to $50,000 per borrower. The president outright rejected that idea during a town hall hosted by CNN in Milwaukee on Tuesday. Advertisement After a member […]

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Death to the Inspirational News Story

The inspirational story has endured because it feels good—as humans, we love a happy ending—and because the payoff of an individual response delivers much more quickly than attempts to overhaul a failed system. But more saliently, inspirational stories are safe. They leave unchallenged the current allocation of wealth, stability, and access that many of the most powerful Americans […]

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Moderate Democrats’ Cruel Calculus on Who Deserves Stimulus Relief

Sanders’s advocacy for universal programs has repeatedly forced this insidious logic out into the open, and in so doing provoked some of its most absurd articulations. The Democratic Party is selectively anxious about when its policies might be helping out the wealthy, fighting hard to circumvent and repeal the one progressive aspect of the 2017 […]

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Cancel Our Debts, Then Cancel Debt

These are all necessary, inspiring actions. But these interventions in a cruel debtors’ society are temporary salves. For anything to get better, the state has to step up. In a September interview with The New Republic, Tara Raghuveer, a housing organizer and head of the K.C. Tenants, said stopping one or a million evictions isn’t […]

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Why Joe Biden Can Stop Worrying and Start Spending Like Crazy

And that’s the magic of public money, the alchemy of public finance. Because then even big, well-directed public investment is—by definition!—not inflationary. The new money, simply spent into existence by our money-issuing federal government, creates the very means of its own absorption. This observation is the key to an economic recovery program that can be […]

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How David Graeber Changed the Way We See Money

In the third edition of the college-level textbook Macroeconomics, the economists Andrew Abel and future Federal Reserve Chairman Ben Bernanke blithely assert that “since the earliest times almost all societies … have used money.” They say that money arises from the inefficiency of barter—of trading one good for another—because “finding someone who has the item […]

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The Obvious Futility of One-Time “Stimulus” Checks

Back in March, or many lifetimes ago, Congress passed the Cares Act, which included a provision to send out one-time direct payments to people making less than $99,000 a year. This week, a team of university economists with the National Bureau of Economic Research, or NBER, published a working paper on how they spent it. […]

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