The cost of America’s global war on terror has yet to be reckoned with, and there’s a very good reason for that. By and large, the US has not been paying for all of these wars, but rather has been borrowing to pay for the conflict.
In the long run that’s going to be expensive. Paying off the war is going to mean not only paying the prices of the conflict but the massive interest accrued in borrowing the cost of those wars.
I’m writing this letter as the proud son of the working class. My father, who never attended college and was our family’s breadwinner, worked as a Greyhound Bus ticket seller, part-time mail carrier and grocery store stock boy. When he died of a sudden heart attack at age 47, he was working the night shift as a hospital orderly. I was 12 years old and my younger brother was seven.
When Melinda Sandlin walked out of Discount Furniture in Austin in late 2014, she was sure the store had put her on a payment plan to buy a new bedroom suite worth $2,750.
A year later, after realizing she had sent in more than $3,000 for her seven-piece set, she figured she was done. So Sandlin told the store clerk she wasn’t going to be making any more monthly payments.
“I already bought it out,” she recalls telling them. “And they’re like, ‘Oh no, read your contract. It’s a rental contract. It’s not a purchase contract.’ ”
During his visit to hurricane-stricken Puerto Rico, President Donald Trump shocked the bond market when he told Geraldo Rivera of Fox News that he was going to wipe out the island’s bond debt. He said on October 3rd:
You know they owe a lot of money to your friends on Wall Street. We’re gonna have to wipe that out. That’s gonna have to be — you know, you can say goodbye to that. I don’t know if it’s Goldman Sachs but whoever it is, you can wave good-bye to that.
The New York Times Business Page recently featured a front page article about the annual conference In Jackson Hole, Wyoming hosted by the Federal Reserve Bank of Kansas City. It contained this interesting opening:
In the decade since the financial crisis economic policymakers, professors and protestors have gathered here every August to argue about the best ways to return to faster economic growth. This year, they gave up…instead focused mostly on making sure things don’t get any worse.
The current average household credit card balance in the US is $7,996. Interest rates are on the rise - the system is broken and, eventually, it must fall apart. [...]
They – those Clintonistas-Kissingeristas-Friedmanistas-Obamaistas-Romneyistas-Adelsonistas-Sorosistas-Trumpistas-Zbigniew Brzezinskistas — are the deplorables. Really, for 60 years on this planet, in this precarious walkabout, I have trudged through the sooty rain of capitalism plaguing the land, as the rich and the generals call to duty the soldiers of pain, yearning to be enforcers, witnesses to the dystopia of their dreams. Money changers, bureaucrats, oh they are Eichmann’s. Israeli Jews, many Little Eichmann’s all encapsulated in post-pre-future chrysalis of genocide.
Questions for students and their parents: If college cost $750,000, would you still attend, taking out student loans to meet that amount? How about $500,000? No? How about the $50,000 to $250,000 it currently costs, then? In other words, what is the true price tag for ‘ensuring success’ in society, and why has it been rising so aggressively over the past 50 years? In turn, what are the actual – versus perceived – dividends of such an “investment”? In this episode of Money and Fear, we’ll look at the impending Student Debt Crisis and dissipating perceptions of college as an i
