Morehouse College commencement speaker and billionaire Robert F. Smith announced Sunday he is wiping out an estimated $40 million in student debt for nearly 400 graduates. (Photo: Morehouse College/Twitter)
Commencement speaker Robert F. Smith garnered widespread praise Sunday when the billionaire investor announced he will wipe out an estimated $40 million in student debt for Morehouse College’s nearly 400 graduating seniors—but the move also sparked intense criticism of the cost of higher education in the United States.
“Two things are simultaneously true about this story: 1. This is a very cool thing to do,” tweeted Current Affairs editor Sparky Abraham. “2. That this is so cool and necessary and has such a huge impact on the students’ lives is a burning indictment of our higher ed system.” Continue reading →
President Donald Trump said Friday he will nominate right-wing commentator Stephen Moore to the Federal Reserve board. (Photo: CBN)
Economists and progressive experts responded with exasperation and unease on Friday after President Donald Trump said he will nominate right-wing commentator Stephen Moore to the Federal Reserve, the gatekeeper of the nation’s economy.
“I will be nominating Mr. Moore for the Fed. You know who I’m talking about,” Trump told reporters while arriving in Florida for the weekend. “He’s going to be great on the Fed.” Continue reading →
Senate Majority Leader Mitch McConnell (R-Ky.) is reportedly planning to change the chamber’s rules to make it easier to confirm right-wing judicial nominees to lifetime appointments. (Photo: Gage Skidmore/cc/flickr)
Senate Majority Leader Mitch McConnell (R-Ky.) is reportedly pursuing a “nuclear option” rule change to make it easier to push through a flood of President Donald Trump’s right-wing judges.
Under the new rules, nominees for lifetime appointments on lower courts would only require a simple majority of votes rather than the current 67. Critics condemned the move as “hijacking” the federal judiciary and pointed out that even if Democrats regain control of the Senate and White House in the next election, they may not have any more spots to fill post-2020. Continue reading →
Consumer Financial Protection Bureau director Kathy Kraninger testifies during a confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs. Photo: C-SPAN screenshot
In what progressive lawmakers and advocacy groups decried as the Trump administration’s latest “shameful” attack on vulnerable families, the Consumer Financial Protection Bureau (CFPB) unveiled a plan on Wednesday that would gut regulations protecting consumers from predatory payday lenders.
Vanita Gupta, president and CEO of the Leadership Conference on Civil and Human Rights, denounced the CFPB’s plan as “a slap in the face to consumers—especially people of color—who have been victims of predatory business practices and abusive lenders.” Continue reading →
People gathered in the streets of London to protest U.S. President Donald Trump’s visit to the United Kingdom in July of 2018. (Photo: Alisdare Hickson/Flickr/cc)
An analysis out Tuesday from Transparency International “reveals the United States as a key country to watch in a global pattern of stagnating anti-corruption efforts and a worldwide crisis of democracy,” according to the group, with the U.S. rank on a global index plummeting by four points in just the past year under President Donald Trump.
The United States earned a score of 71 out of 100 on the watchdog’s 2018 Corruption Perceptions Index (CPI), knocking it out of the top 20 countries for the first time since 2011. Continue reading →
After a federal judge struck down billionaire Education Secretary Betsy DeVos’ attempt to gut protections for students scammed by for-profit colleges, the Department of Education announced on Thursday that—because of the court mandate—it is canceling $150 million in student loan debt for around 15,000 defrauded borrowers.
“The Department of Education illegally delayed implementation of the 2016 borrower defense rule, but because our clients in Bauer v. DeVos were willing to fight back, 15,000 students are finally getting the relief they are owed,” said Toby Merrill, director of the Project on Predatory Student Lending, which represented the students leading the legal fight against DeVos. Continue reading →
President Donald Trump reportedly wants to cut off federal relief funding to Puerto Rico even though much of the island is still devastated by Hurricane Maria, which hit the isalnd in September of 2017. (Chris Grogan/Air Force Magazine/Flickr)
Although it has been more than a year since Hurricane Maria ravaged Puerto Rico, in parts of the U.S. territory, “it’s like the hurricane hit yesterday“—yet President Donald Trump wants to cut off recovery money, according toAxios, “because he claims, without evidence, that the island’s government is using federal disaster relief money to pay off debt.”
The unfounded claims about federal funds being misappropriated come from Trump’s misreading of an October Wall Street Journalarticle, multiple unnamed sources told Axios‘ Jonathan Swan. Continue reading →
Then-President George W. Bush looks on as Justice Anthony Kennedy swears in Brett Kavanaugh to the U.S. Court of Appeals for the District of Columbia on June 1, 2006. (Photo: Eric Draper/White House)
The media, Congress, and the American people continue to fix to their attention on Brett Kavanaugh and today’s hearings regarding allegations of sexual assault and harassment against him. While these are serious issues and should not be taken lightly, there are numerous other developments that are falling by the wayside as the national conversation remains preoccupied with the Supreme Court nominee. Continue reading →
U.S. Secretary of Education Betsy DeVos spoke at the 2017 Conservative Political Action Conference (CPAC) in National Harbor, Maryland. (Photo: Gage Skidmore/Flickr/cc)
A Washington, D.C. federal judge has delivered a “crushing defeat” of Education Secretary Betsy DeVos, ruling that the Trump-appointee illegally delayed Obama-era regulations to provide loan relief to students defrauded by for-profit colleges.
In response to accusations of encouraging “debt trap” diplomacy in Africa, Chinese President Xi Jinping said the announced aid package is not “a scheme to form an exclusive club or bloc against others. Rather it is about greater openness, sharing and mutual benefit.”
Chinese President, Xi Jinping addressing African Leaders during the 2015 China-Africa summit held in South Africa. Photo: ICiR
Chinese President Xi Jinping has offered a $60 billion aid package to African countries over the next three years, in response to the continent’s increasing debt distress — with no strings attached.
China’s investment plans include $5 billion in African exports, $10 billion for development, and $15 billion grants and interest-free loans. A $20 billion credit line will also be included, as well as emergency food aid, scholarships and vocational training, and increased agricultural development. Continue reading →