The New Republic

The New Republic

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“Congressional leaders announced last week—after months of bickering—that they finally reached a deal to prevent student loan rates from doubling, just days before the July 1 deadline. This may be good news for the many Americans who are currently suffering from an aggregate total of over a trillion dollars in student loan debt. But it’s decidedly more ambiguous for one of the loudest supporters of the issue: President Obama. As we know, the youth vote was a crucial part of Obama’s successful 2008 coalition. This year, pollsters have confirmed that the youth vote is still incredibly important. But they’ve also determined that it’s highly unreliable. Gallup reported in late April that while Obama leads Romney by 35 points among 18-29 year olds, only 6 in 10 eligible voters in that age group are registered to vote and only 56 percent of those registered report that they will definitely show up to the polls in November. Indeed, any informal survey of students about this year’s race yields dispiriting conclusions: Young voters are much less excited about 2012 than they were about 2008. Further underscoring the point is a recent New York Times article discussing the ideological toll that the recession has taken on voters between the ages of 18 and 24. On the whole, they’ve become more skeptical of government intervention in the economy.” —Jose A. DelReal, “Has Obama Lost His Best Chance to Rally the Youth Vote?”
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“Congressional leaders announced last week—after months of bickering—that they finally reached a deal to prevent student loan rates from doubling, just days before the July 1 deadline. This may be good news for the many Americans who are currently suffering from an aggregate total of over a trillion dollars in student loan debt. But it’s decidedly more ambiguous for one of the loudest supporters of the issue: President Obama.

As we know, the youth vote was a crucial part of Obama’s successful 2008 coalition. This year, pollsters have confirmed that the youth vote is still incredibly important. But they’ve also determined that it’s highly unreliable. Gallup reported in late April that while Obama leads Romney by 35 points among 18-29 year olds, only 6 in 10 eligible voters in that age group are registered to vote and only 56 percent of those registered report that they will definitely show up to the polls in November. Indeed, any informal survey of students about this year’s race yields dispiriting conclusions: Young voters are much less excited about 2012 than they were about 2008. Further underscoring the point is a recent New York Times article discussing the ideological toll that the recession has taken on voters between the ages of 18 and 24. On the whole, they’ve become more skeptical of government intervention in the economy.”

—Jose A. DelReal, “Has Obama Lost His Best Chance to Rally the Youth Vote?”

What impact will Obamacare have on the deficit? “Critics of the Affordable Care Act keep insisting that the law will increase the deficit. But the best evidence we have, from the most trusted authorities we have, suggests that those critics are wrong – and that the law, if anything, will reduce the deficit. I know that many people find that difficult to believe. But, really, it’s neither complicated nor far-fetched. The law spends a lot of money, in order to make Medicaid available to more people and to provide subsidies for lower- and middle-income Americans buying private insurance. But it also finds a lot of money to pay for those new expenditures—mainly by raising some taxes, mostly on very wealthy people, and then reducing the cost of Medicare, mostly through cuts designed to eliminate corporate welfare or foster more efficient treatment.” - Jonathan Cohn, Today in Hackery: The Latest Attack on Obamacare Photo courtesy of Foreign Policy
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What impact will Obamacare have on the deficit?

“Critics of the Affordable Care Act keep insisting that the law will increase the deficit. But the best evidence we have, from the most trusted authorities we have, suggests that those critics are wrong – and that the law, if anything, will reduce the deficit.

I know that many people find that difficult to believe. But, really, it’s neither complicated nor far-fetched. The law spends a lot of money, in order to make Medicaid available to more people and to provide subsidies for lower- and middle-income Americans buying private insurance. But it also finds a lot of money to pay for those new expenditures—mainly by raising some taxes, mostly on very wealthy people, and then reducing the cost of Medicare, mostly through cuts designed to eliminate corporate welfare or foster more efficient treatment.”

- Jonathan Cohn, Today in Hackery: The Latest Attack on Obamacare

Photo courtesy of Foreign Policy

thedailyfeed: Yikes! College for today’s newborns could cost as much as $422,320. The Daily analyzed historical, inflation-adjusted price data from the College Board to see what a bachelor’s degree might cost the class of 2034 in 2011 dollars. The result: Total tuition and fees would top $232,000 for an average-priced four-year private college and nearly $81,000 at an average-priced public university — up 111 percent and 167 percent, respectively, from the average class of 2012 tuition. Room and board brings the average price of a four-year college education up to a projected $288,000 in 2011 dollars for four years beginning in 2030 at an average private school and $123,000 at an average public school. The class of 2012 paid about $149,195 for a private school and $64,591 at a public university, according to College Board data.
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thedailyfeed:

Yikes! College for today’s newborns could cost as much as $422,320.

The Daily analyzed historical, inflation-adjusted price data from the College Board to see what a bachelor’s degree might cost the class of 2034 in 2011 dollars. The result: Total tuition and fees would top $232,000 for an average-priced four-year private college and nearly $81,000 at an average-priced public university — up 111 percent and 167 percent, respectively, from the average class of 2012 tuition.

Room and board brings the average price of a four-year college education up to a projected $288,000 in 2011 dollars for four years beginning in 2030 at an average private school and $123,000 at an average public school. The class of 2012 paid about $149,195 for a private school and $64,591 at a public university, according to College Board data.

Will Berlusconi quit? Prime Minister Silvio Berlusconi of Italy offered a conditional resignation Tuesday, agreeing to step down but only after Parliament passes an austerity package.  The move comes in the face of an escalating debt crisis that has hobbled Greece, threatens Italy, and could infect the rest of Europe. Mr. Berlusconi failed to reach a Parliamentary majority in a crucial vote on Tuesday, increasing pressure on him to resign as markets continued to drive up Italy’s borrowing costs to new records. He could resign as early as next week. Photo courtesy of the New York Times.
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Will Berlusconi quit?

Prime Minister Silvio Berlusconi of Italy offered a conditional resignation Tuesday, agreeing to step down but only after Parliament passes an austerity package. 

The move comes in the face of an escalating debt crisis that has hobbled Greece, threatens Italy, and could infect the rest of Europe. Mr. Berlusconi failed to reach a Parliamentary majority in a crucial vote on Tuesday, increasing pressure on him to resign as markets continued to drive up Italy’s borrowing costs to new records.

He could resign as early as next week.

Photo courtesy of the New York Times.

Occupy the universities? With the costs of a college education astonishingly high and youth job prospects incredibly dim in this economy, is going to college worth it anymore? “The students in Zuccotti Park are right to focus on the injustices of student debt: Many of them are indentured to the very banks that destroyed the economy and along with it the jobs students need to pay their loans back. The banks were bailed out for their trouble, while students are left with debt that, thanks to financial industry lobbying, can’t be discharged in bankruptcy. Outstanding student loans in the United States are projected to reach $1 trillion this year, a larger sum than credit card debt.” - Kevin Carey “Why Obama Should Pay Attention To Occupy Wall Street’s Critique of Higher Education” Photo courtesy of Andy Wibbels.
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Occupy the universities?

With the costs of a college education astonishingly high and youth job prospects incredibly dim in this economy, is going to college worth it anymore?

“The students in Zuccotti Park are right to focus on the injustices of student debt: Many of them are indentured to the very banks that destroyed the economy and along with it the jobs students need to pay their loans back. The banks were bailed out for their trouble, while students are left with debt that, thanks to financial industry lobbying, can’t be discharged in bankruptcy. Outstanding student loans in the United States are projected to reach $1 trillion this year, a larger sum than credit card debt.”

- Kevin Carey “Why Obama Should Pay Attention To Occupy Wall Street’s Critique of Higher Education”

Photo courtesy of Andy Wibbels.

In order to even get a deal, economic projections were based on far more rosy scenarios than most in Washington truly believe are plausible. If one simple decision and relatively small deal take such crisis mongering and brinkmanship, how will America deal with the far more serious decisions to come? Peter Boone and Simon Johnson, “Why The Global Economy Is Tanking”
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In order to even get a deal, economic projections were based on far more rosy scenarios than most in Washington truly believe are plausible. If one simple decision and relatively small deal take such crisis mongering and brinkmanship, how will America deal with the far more serious decisions to come?

Peter Boone and Simon Johnson, “Why The Global Economy Is Tanking”

Lawmakers and the administration had the chance to rein in the agencies last year, and didn’t. …Instead, the agencies that today issue threats of downgrade are the same agencies that missed or worsened 2009’s financial collapse. Alex Klein, “How Democrats Missed Their One Chance To Put Ratings Agencies In Their Place”
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Lawmakers and the administration had the chance to rein in the agencies last year, and didn’t. …Instead, the agencies that today issue threats of downgrade are the same agencies that missed or worsened 2009’s financial collapse.

Alex Klein, “How Democrats Missed Their One Chance To Put Ratings Agencies In Their Place”