The Biden Administration announced last August it would forgive $10,000 in federal student debt for borrowers earning less than $125,000, or $20,000 for Pell Grant recipients. The White House has argued the Covid-19 pandemic justified student loan forgiveness because it had negatively impacted many borrowers’ finances. Student loan payments have remained paused since 2020 due… Continue Reading
Category Archives: Economy & Markets
Implications From Last Week’s Blockbuster Jobs Report
Last Friday’s jobs report for January was a stunner! The Labor Department reported a whopping 517,000 new jobs were created last month, which was more than three times the 185,000 number most forecasters were expecting. The headline unemployment rate unexpectedly fell to only 3.4% from 3.5% the previous month, and the lowest level in more… Continue Reading
U.S Household Debt Hits A New Record High
2022 was an expensive year for consumers with the cost of living rising faster than incomes, forcing many Americans to take on more debt to make ends meet. And interest rates which have increased in response to inflation are making debt more costly. NerdWallet, an American personal finance company, surveys consumers each year and looks… Continue Reading
Goodbye & Good Riddance 2022 – Worst Year Since 2008
Stocks and bonds turned in their worst year since 2008 in 2022, leaving most investors licking their wounds. 2022 was a year most investors would rather just forget and hope that 2023 brings better results. All of the major stock market averages were down significantly last year. The bell-weather S&P 500 Index fell 18.39%. The… Continue Reading
Holiday Sales Rose 7.6%, Better Than Expected
Holiday sales rose more than expected this year as American spending remained resilient during the critical shopping season which runs from November 1 to December 24 — despite surging prices on everything from food to rent and continued worries about a recession just ahead, according to one measure. Holiday sales rose 7.6%, a slower pace than the… Continue Reading