Posts Tagged ‘debt

10
Mar
15

Georgia Tech Welcomes President Obama

Barack Obama

President Barack Obama speaks at Georgia Tech in Atlanta, about his plan to clamp down on the private companies that service federal student debt. More than 40 million Americans are in debt thanks to their education, and most of their loans come from Uncle Sam. So President Barack Obama is aiming to clamp down on the private companies that service federal student debt with a presidential memorandum he signed Tuesday

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Obama signs a presidential memorandum, a Student Aid Bill of Rights to Help Ensure Affordable Loan Repayment, in the Oval Office in Washington

President Barack Obama signs a presidential memorandum, a Student Aid Bill of Rights to help ensure affordable loan repayment

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Continue reading ‘Georgia Tech Welcomes President Obama’

06
Oct
14

The American Economy Is Growing? You Can Thank President Obama

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Bloomberg: Corporate U.S. Healthiest In Decades Under Obama With Lower Debt

Steve Wynn, founder of the Wynn Resorts Ltd. (WYNN) casino empire, once called President Barack Obama’s administration “the greatest wet blanket to business and progress and job creation in my lifetime.” Barry Sternlicht, chief executive officer of Starwood Property Trust Inc. (STWD), said Obamacare was driving down wage growth and “affecting spending and the desire to buy houses and everything else.” Corporate and economic statistics almost six years into his administration paint a different picture. Companies in the Standard & Poor’s 500 (SPX) Index are the healthiest in decades, with the lowest net debt to earnings ratio in at least 24 years, $3.59 trillion in cash and marketable securities, and record earnings per share. They are headed this year toward the fastest average monthly job creation since 1999, manufacturing is recovering and the U.S. has returned as an engine for global growth. The recovery, which stands in contrast to weak growth in Europe and Asia, has underpinned an almost threefold gain in the Standard & Poor’s 500 Index since March 2009.

“The U.S. is leading the way — we’re the only major economy with accelerating growth,” said Mark Zandi, chief economist in West Chester, Pennsylvania, for Moody’s Analytics Inc. and a registered Democrat who has advised both the Obama administration and Senator John McCain, a Republican. “Obama deserves some credit for that, but he probably won’t get it.” Barring any major disruptions, the economy is setting up for Obama to leave office on a high note, said Douglas Brinkley, a presidential historian and professor at Rice University in Houston. “History will eventually show that Obama inherited the Great Recession and resuscitated the economy,” Brinkley said in an interview. One example is General Motors Co. (GM), which last week regained its investment-grade debt rating from Standard & Poor’s only five years after the government-backed bankruptcy. Obama’s $49.5 billion bailout of the automaker in exchange for taxpayers owning 61 percent of the company kept it from being liquidated, an outcome that could have crippled parts suppliers and economies throughout most of 50 states, not just the Midwest. In the broader economy, consumers are buying again and homebuilding is increasing. The unemployment rate has declined to 6.1 percent, the lowest since 2008. The economy expanded at a 4.6 percent annualized rate in April through June. Obama’s 2010 health-care program will hold down consumer prices for years to come as millions of Americans obtain coverage, BNP Paribas SA and Credit Suisse Group AG said. The “Medicare cost miracle” resulted at least in part from Obama’s Patient Protection and Affordable Care Act, Nobel-Prize winning economist Paul Krugman wrote in a Sept. 1 New York times article.

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9.26.14

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Steve Benen: Economic Growth Improves To Eight-Year High

The preliminary figures on second-quarter GDP looked good; the revised tally looked better; and the final report looks even better still. The U.S. economy grew at a 4.6% annual pace in the second quarter, matching the best performance since the recession ended in mid-2009. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. Americans also spent more on health care, but the gain was offset by lower spending on other services. Economists polled by MarketWatch had predicted GDP would be revised up to a seasonally adjusted 4.7%. Consumer spending, the main source of economic activity, was unchanged at 2.5% growth. The biggest gains came in business investment, a good sign for the economy in the months ahead. To provide some additional context, 4.6% growth is tied for the best quarter since the start of the Great Recession.

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09
Jun
14

President Obama Reduces The Burden Of Student Loan Debt

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President Barack Obama applauds during an event in the East Room of the White House, where he signed a Presidential Memorandum on reducing the burden of student loan debt. The president said the rising costs of college have left America’s middle class feeling trapped. He says no hard-working young person in America should be priced out of a higher education. President Obama signed a presidential memorandum he says could help an additional 5 million borrowers

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Text of the President’s remarks here

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President Barack Obama signs a Presidential Memorandum on reducing the burden of student loan debt

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Chicago Tribune: Obama Moves To Ease Student Loan Burdens, Urges Congress To Act

President Barack Obama on Monday signed an executive order making it easier for up to 5 million people to pay off college tuition debt, and scolded congressional Republicans for opposing legislation that would lower student-loan borrowing costs. Obama signed an executive order allowing more people to limit repayments of federal student loans to 10 percent of their monthly incomes. The action will not take effect until December 2015. The administration will also try to lower student costs by renegotiating government contracts with companies like Sallie Mae that service student loans, he said.

The president said Congress should also take steps to ease debt burdens on students, 71 percent of whom earn bachelor’s degrees with debt, which averages $29,400. Senate Democrats have proposed legislation that would allow millions of Americans to refinance both federal and private undergraduate student loans at lower interest rates. The bill is unlikely to overcome the opposition of Republicans. “If you’re a Big Oil company, they’ll go to bat for you,” he said. “If you’re a student, good luck.”

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And later….

09
Jun
14

Rise and Shine

On This Day: President Barack Obama talks with kids from the Children’s Miracle Network in the East Room of the White House, June 9, 2010 (Photo by Pete Souza)

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Today (All Times Eastern)

10:50: The President meets with nurses to discuss immigration reform

12:30: Josh Earnest briefs the press

1:45: The President delivers remarks and signs a Presidential Memorandum on reducing the burden of student loan debt, East Room

2:40: Meets with governors of Western States via video teleconference

4:15: Welcomes the UConn men’s and women’s NCAA champion basketball teams

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The Week Ahead

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NYT: Obama Plans Steps To Ease Student Debt

President Obama on Monday will take executive actions to ease the burden of college loan debt for potentially millions of Americans, in a White House event coinciding with Senate Democrats’ plans for legislation to address a concern of many voters in this midterm election year. Mr. Obama’s main action will be to expand on a 2010 law that capped borrowers’ repayments at 10 percent of their monthly income. The intent is to extend such relief to an estimated five million people with older loans who are currently ineligible — those who got loans before October 2007 or stopped borrowing by October 2011.

But the relief would not be available until December 2015, officials said, given the time needed for the Education Department to propose and put new regulations into effect. Also, Mr. Obama will announce that the department will renegotiate contracts with companies that service federal loans to give them additional financial incentives to help borrowers avoid delinquency or default. The Education and Treasury Departments are to work with the nation’s largest tax-preparation firms, H&R Block and Intuit Inc., to ensure that borrowers are aware of repayment options and tax credits for college tuition.

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Josh Hicks: Kerry: Leaving Soldier Behind Would Be ‘Offensive And Incomprehensible’

Secretary of State John F. Kerry in an interview aired Sunday pushed back against criticism of the prisoner swap for U.S. Army Sgt. Bowe Bergdahl, who was captured by the Taliban after he left his post in Afghanistan in 2009. “It would have been offensive and incomprehensible to consciously leave an American behind, no matter what,” Kerry said on CNN’s “State of the Union.”

Republicans have accused the Obama administration of placing U.S. troops at greater risk by encouraging enemies to take prisoners for leverage, essentially putting a target on the backs of American troops. Responding to those concerns, Kerry said that the U.S. combat role in Afghanistan is over and that “we’re going to have very few people in that kind of position.”

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By the very wonderful @Chanlowe

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Simon Maloy: GOP’s Quiet Obamacare Disaster: How This Week’s Biggest Story Got Overlooked

While everyone obsessed over the Bergdahl flap, the real story was revealed by a nomination hearing and new data

Right around noon on Wednesday, the Senate voted to invoke cloture on Sylvia Mathews Burwell’s nomination to be the next secretary of Health and Human Services. The all-out Obamacare brawl that Republicans had promised when Burwell’s nomination was announced never materialized. Instead, it ended with a quiet, respectful display of bipartisan comity.

Losing the opportunity to grandstand on the Burwell nomination, however, was the least of the Republicans’ troubles this week when it came to the Affordable Care Act. We’re only six days into June, and opponents of the ACA have already had a terrible month.

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Las Vegas Review-Journal: Shooters In Metro Ambush That Left Five Dead Spoke Of White Supremacy And A Desire To Kill Police

Two Las Vegas police officers were killed Sunday in what appears to be a politically motivated ambush in a pizza restaurant that spilled over to a nearby Wal-Mart, where the two shooters committed suicide after killing a woman in the store. Details are sketchy, but Metropolitan Police Department sources close to the investigation say the shooters shouted that “this is the start of a revolution” before opening fire on the officers, and draped their bodies with cloth showing a Revolutionary War-era flag. Investigators have also found paraphernalia associated with white supremacists. The shooters then stripped the officers of their weapons and ammunition and badges, according to a law enforcement official with knowledge of the investigation. They then covered the officers with something that featured the Gadsden flag, a yellow banner with a coiled snake above the words, “Don’t tread on Me.”

The flag is named for Christopher Gadsden a Revolutionary War general who designed it. It has recently come back in vogue as an adopted symbol of the American tea party movement. Brandon Monroe, 22, has lived in the complex for about two weeks. He said the man who lived in the apartment that was being searched often rambled about conspiracy theories. He often wore camouflage or dressed as Peter Pan to work as a Fremont Street Experience street performer. A woman lived with him, Monroe said, but he didn’t see her as often. They were weird people, Monroe said, adding that he thought the couple used methamphetamine. “The man told Monroe he had been kicked off Cliven Bundy’s ranch 80 miles northeast of Las Vegas while people from throughout the U.S. gathered there in protest of a Bureau of Land Management roundup of Bundy’s cattle.” Jessica Anderson, 27, said.

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Dan Diamond: Since Obamacare Passed 50 Months Ago, Healthcare Has Gained Almost 1 Million Jobs

Obamacare was once called “The Job-Killing Health Care Law.” But the latest jobs report suggests that the broader economy—and the health care sector, specifically—is adding jobs at a healthy rate. Since the Affordable Care Act was signed into law in March 2010, the health care industry has gained nearly 1 million jobs—982,300, to be more precise—according to Bureau of Labor Statistics estimates released on Friday.

Meanwhile, the rest of the economy has added 7.7 million jobs since March 2010, and for the first time, more people are working since the recession began five years ago. Private-sector jobs also grew for the 51st straight month, Justin Wolfers observes at The Upshot, which ties the longest consecutive streak on record and overlaps with the passage of Obamacare 50 months ago. But that streak is piddling compared to health care, which just reported its 131st straight month of job gains.

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Tiffany HSU: Job Recovery In Southern California Is Outpacing U.S. Gains

Southern California fell harder in the recession than the rest of the country and took longer to recover, but now the region’s job gains are outpacing the national employment upswing. Each month since April 2012 except one, Los Angeles County has seen at least 2% year-over-year job growth, compared with a 1.7% average across the country. On Friday, the Labor Department reported that all the jobs lost in the downturn are now back nationwide, with 217,000 net new jobs added in May. The unemployment rate stayed put at 6.3%, the lowest in more than five years. But a steadily growing population means that millions of people are still out of work. In Los Angeles County, only 330,800 jobs have returned, compared with the 435,400 jobs lost from December 2007 to January 2010.

Cheery economic reports showing rising home prices in Southern California, along with steadily recovering personal income, will help boost optimism, Kleinhenz said. But new opportunities will lure more job hunters into the labor force, requiring employers to add more jobs to keep unemployment rates low. But an LAEDC report this week showed promising signs. In April, Los Angeles County employers added 90,800 nonfarm jobs — a 2.6% boost from a year earlier. The area’s jobless rate improved to 9.8% last year from 10.9% a year earlier. LAEDC expects the gauge to fall to 8.7% this year and then continue sliding to 7.8% in 2015.

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Sen. Phillip P. Puckett

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Laura Vozzella: Va. Lawmaker To Resign, Paving Way For Jobs For Self, Daughter, According To Associates

Republicans appear to have outmaneuvered Gov. Terry McAuliffe in a state budget standoff by persuading a Democratic senator to resign his seat, at least temporarily giving the GOP control of the chamber and possibly dooming the governor’s push to expand Medicaid under the Affordable Care Act. Sen. Phillip P. Puckett (D-Russell) will announce his resignation Monday, effective immediately, paving the way to appoint his daughter to a judgeship and Puckett to the job of deputy director of the state tobacco commission, three people familiar with the plan said Sunday. The news prompted outrage among Democrats — and accusations that Republicans were trying to buy the Senate with job offers in order to thwart McAuliffe’s proposal to expand health coverage to 400,000 low-income Virginians.

In a statement, McAuliffe (D) acknowledged that Puckett’s resignation had created “uncertainty” for his plan to expand the federal-state health program for the poor to 400,000 uninsured Virginians. But he contended that he still had a majority of the Senate on his side. “I am deeply disappointed by this news and the uncertainty it creates at a time when 400,000 Virginians are waiting for access to quality health care, especially those in Southwest Virginia,” McAuliffe said. “This situation is unacceptable, but the bipartisan majority in the Senate and I will continue to work hard to put Virginians first and find compromise on a budget that closes the coverage gap.” Senate Republicans, meanwhile, issued a statement praising Puckett. “Although Senator Puckett has decided to end his tenure in the Senate of Virginia, his legacy there will endure,” said Senate Minority Leader Thomas K. Norment Jr. (James City). “And, his commitment and service to the people of Southwest, who honored him with their votes in five successive elections, will continue.”

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Reuters: U.S. Deaths In Afghanistan May Have Only Tenuous Link To Bergdahl

The frantic search for Bowe Bergdahl began the moment his comrades discovered he was no longer inside the fragile outpost in a rock-strewn valley in one of the most hostile corners of Afghanistan. Exactly why Bergdahl left is subject to intense scrutiny. But accounts by two Taliban sources as well as several U.S. officials and fellow soldiers raise doubt over media reports that he had sought to join the Taliban, and over suggestions that the deaths later that year of six soldiers in his battalion were related to the search for him.

His dramatic release on May 31 after five years in captivity in return for five Taliban commanders sparked a national controversy over whether President Barack Obama paid too high a price for his freedom. That was fueled by allegations by some in his battalion that he was a deserter, and that soldiers died because they were looking for him after his disappearance in the early hours of June 30, 2009. While many questions remain, a Reuters reconstruction of his disappearance indicates that at the time when Bergdahl’s six comrades in the 1st Battalion of the 501st Parachute Infantry Regiment were killed in August and September 2009, his fallen comrades were on other missions like securing the Afghan elections and, according to one U.S. military official, the period of intensive ground searches had already ended.

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Jason Millman: Obamacare Is Adding Insurers Where They’re Most Needed

State health insurance marketplaces that offered consumers very few health plan choices in 2014 are starting to add more insurers — slowly, in most cases. But this is a sign that insurers are feeling confident about the second year of the Affordable Care Act’s coverage expansion. The development is important for a few reasons. For one, recent research suggests that more competition in the exchanges could help temper premium increases. Other new analysis shows that exchange plans, on average, are cheaper than individual plans offered outside the insurance marketplaces. And given the narrow networks in exchange plans, more insurers could mean better access to providers.

In New Hampshire, the exchange’s only insurer last year had excluded 10 of 26 hospitals in the state from its network, meaning the exchange’s customers were limited in their choice of care providers. In 2015, though, New Hampshire will have five insurers selling individual and family health plans on the exchange, state officials announced this week. That also includes the expansion of two non-profit, co-op plans that received start-up funding from the Affordable Care Act. Then there’s West Virginia, a poorer state and one of the least healthy in the country — not exactly an attractive market for insurers. Just one insurer sold 2014 exchange plans, but a second insurer from Kentucky, another co-op, will join in 2015. Kentucky Health Cooperative, which signed up 75 percent of the approximately 82,000 people who selected private plans in Kentucky’s exchange, will sell plans statewide in West Virginia next year.

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EPIC Moment Number One: Audra McDonald wins a historic 6th Tony; beating Angela Lansbury and Julie Harris’s previous records of 5 wins

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EPIC Moment Number Two: Bravo, Quest Love for the beats and arrangements, and bravo to T.I., Hugh Jackman, and LL Cool J

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On This Day

President Obama listens to a point being made in a meeting with senior advisors in the Oval Office, June 9, 2009 (Photo by Pete Souza)

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First Lady Michelle Obama greets Debra Ness, president of the national partnership for women and families, before speaking to their 40th anniversary luncheon in Washington, DC, on June 9, 2011

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