Commentary As a university professor, one of the greatest rewards is mentoring students to realize the American Dream by pursuing a life aimed at unlocking their full human potential. Doing so requires reflection upon what it means to be human and, from there, grasping why the key to happiness is so counterintuitive: we fill ourselves…
White House Warns of Millions of Job Losses, ‘Severe Damage’ to Economy If US Defaults on Debt
May 4, 2023
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A continued breach of the U.S. debt ceiling could result in “significant disruptions” to financial markets and “severe damage” to the economy, including more than 8 million job losses, the White House has warned. In a report published on May 3, the White House Council of Economic Advisers stressed that a historic U.S. default on its…
‘Buy Now, Pay Later’ Apps Contributing to Higher US Debt
Commentary With any looming recession, household debt is one of the clearest indicators of its severity. Unlike the 2008 crisis, household debt is mostly manageable this time, but the picture worsens as inflation remains high. A burgeoning but often overlooked source of household debt resides in “buy now, pay later” (BNPL) apps. These apps fall…
Young Adults Traveling on Fiscal Thin Ice
Prices for travel remain stubbornly high. The cost of airfare in February was 27 percent higher than the same month a year earlier, according to U.S. Bureau of Labor Statistics data. And rental car prices—having shot up during the pandemic—remain high today, as they’re 37 percent pricier in February than they were in the same…
US Debt Ceiling Deadline Could Be Sooner Than Anticipated, Banks Warn
NEW YORK—The U.S. government’s deadline to raise the $31.4 trillion debt ceiling could be sooner than expected, raising the prospect of a short-term debt limit extension, analysts said on Tuesday. Goldman Sachs analysts said weak tax collections so far in April indicate a higher probability that the so-called “X-date,” when the government is no longer…
It’s Just the Right Thing to Do
Dear Dave, I’m about to start paying off debt in Baby Step 2, but there’s a motorcycle loan my ex-girlfriend took out for me. I crashed the motorcycle and sustained some injuries. After two months of litigation, I received a settlement of about $15,000 that was just enough to cover the loan. Do I use…
How the Prestige and Trust Deficit Impacts the Strategic Equation
Commentary Every major nation-state faces an existential threat in terms of economic viability, partly because the global strategic climate of distrust no longer favors high debt levels. This is not, in hard terms, because economic viability and (therefore) long-term security are no longer achievable, but because the factors of prestige and trust that empower and…
Global Debt Projected to Reach 100 Percent of GDP: IMF
Global public debt is expected to surge faster than prior to the coronavirus pandemic, and will keep rising over the next few years, according to a new report from the International Monetary Fund (IMF). In the organization’s latest Fiscal Monitor report, economists stated that international government debt has tumbled briefly as exorbitant pandemic-era fiscal and…
IMF Director Says Africa Needs More Loans to Fix Debt Problem
During a speech today for the 2023 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, IMF director Kristalina Georgieva acknowledged that Africa is facing a “tremendous financial crunch” and is “being held back by unsustainable debt built over the years.” However, her solution to the problem is not…
Millennials Dominate Insolvencies as Credit Card, Student Loan, CERB Tax Debts Add Up
Insolvency trustee Doug Hoyes encounters a lot of Canadians with money troubles, but he’s become particularly sympathetic to the plight of young people who find themselves financially underwater. For more than a decade, his Ontario−based firm Hoyes Michalos has been crunching bankruptcy and insolvency numbers for its annual “Joe Debtor” analysis, with its latest results…
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