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A MoveOn.org petition from Senator Elizabeth Warren supporting her bill that would charge students the same rate for loans as banks already has more than 250,000 signatures.

Warren appeared on MSNBC’s The Last Word with Lawrence O’Donnell last week to discuss her proposal that goes further than keeping student loan rates from doubling to 6.8 percent on July 1. Her first bill as a senator would cuts rates to as low as .75 percent, which is the rate big banks currently pay the Federal Reserve for overnight loans.

She pointed to a recent report from the Federal Reserve that said student loan debt is threatening our recovery.

“We the taxpayers make an investment in our financial institutions,” Senator Warren said. “Can’t we make the same investment in students who are trying to get an education?”

The federal government makes 36 cents on every dollar it lends to students.

“The students are a profit center for the government right now, the kids out there struggling to get an education — but not those big financial institutions,” Warren said. “C’mon.”

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Danziger Draws

Jeff Danziger lives in New York City. He is represented by CWS Syndicate and the Washington Post Writers Group. He is the recipient of the Herblock Prize and the Thomas Nast (Landau) Prize. He served in the US Army in Vietnam and was awarded the Bronze Star and the Air Medal. He has published eleven books of cartoons and one novel. Visit him at DanzigerCartoons.

Federal Reserve Board Chairman Jerome Powell said failure to pay US debts is 'just not something we can contemplate'

Washington (AFP) - The chairman of the US Federal Reserve called on lawmakers to raise the nation's borrowing limit urgently on Wednesday, warning that failure to pay government debts would do "severe damage" to the economy.

"It's just very important that the debt ceiling be raised in a timely fashion so the United States can pay its bills when it comes due," Jerome Powell said as the central bank concluded its September meeting. Failure to pay, he added, is "just not something we can contemplate."

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