Relevant and even prescient commentary on news, politics and the economy.

Win for Students Having Loans From For – Profit Educational Institutions

A Federal Court cleared the way for students who have been defrauded by for-profit institutions (I hesitate to call them schools).

“This court ruling is a major victory for thousands of students across the country who were defrauded by predatory for-profit colleges taking advantage of our broken student loan system. We commend Attorney General Maura Healey for her leadership fighting for students who were left with thousands of dollars in debt after their for-profit colleges collapsed.

The federal student loan system creates perverse incentives that enable bad actors to prey on students. Without adequate protections for students, these predatory corporations will continue to base their business models on the availability of these loans, with little commitment to providing quality education.”

These Obama-era protections and remedies were being blocked by Secretary of Education Betsy DeVos. U.S. District Judge Randolph Moss rejected a request by for-profit college representatives to halt the regulations. Even with the win, the answer from the Department of Education is arrogant in response. Student loan servicers do not hesitate a moment to penalize a borrower with penalties and fees if the are late.

“DeVos and conservatives have said the Obama-era policies are unfair to colleges and too costly for taxpayers. She has proposed creating a stricter standard for fraud claims and eliminating the ban on mandatory arbitration agreements.

But DeVos’ push to finalize those revised regulations has hit an unexpected snag that will delay having a replacement policy on the books by another year. The Education Department said it won’t meet a key Nov. 1 regulatory deadline, meaning that the replacement regulations aren’t likely to take effect until July 2020 at the earliest.”

Hopefully the State Attorneys and others can convince the Judge to hold Betsy DeVos in contempt for not activating the court’s requirements in a reasonable amount of time less than 2 years.

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Cut Social Security, Medicare, and Medicaid McConnell Says

After instituting a $1.5 trillion tax cut and after signing off on a $675 billion Defense budget, Senate Majority Leader Mitch McConnell said yesterday, Tuesday, October 16, 2016;

“The only way to lower the record-high federal deficit would be to cut entitlement programs like Medicare, Medicaid and Social Security1.”

More McConnell: “It’s disappointing but it’s not a Republican problem.” The deficit, grew 17 percent to $779 billion in fiscal year 2018. “It is a bipartisan problem and a problem of the unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future.”

The deficit has increased 77 percent since McConnell became majority leader in 2015.

A new Treasury Department analysis on Monday revealed that corporate tax cuts had a significant impact on the deficit this year. Federal revenue rose by 0.04 percent in 2018 which is a nearly 100 percent decrease from the previous year’s 1.5 percent. In fiscal year 2018, tax receipts on corporate income fell to $205 billion from $297 billion in 2017.

Still, McConnell insisted the change had nothing to do with a lack of revenue due to the tax break or increased spending resulting from new programs since 2015. Instead he insists the deficit increase is due to entitlement and welfare programs. Now he does the old switcheroo from the yearly deficit to the national debt.

McConnell said, the debt is very “disturbing and is driven by the three big entitlement programs that are very popular, Medicare, Social Security and Medicaid. There has been a bipartisan reluctance to tackle entitlement changes because of the popularity of those programs. Hopefully, at some point here, we’ll get serious about this.”

What McConnell does not tell you is 8 years out those tax decreases will go away for much of the population and many will see tax increases. McConnell and Republicans needed a way to keep the 60% of the total tax break going to the 1% of the Household Taxpayers making greater than $500,000 annually since this tax break was passed under Reconciliation rules (Democrats could not block it without 60 votes). Robert Reich has called this a Trojan Horse tax break.

Recently, Mitch McConnell has been considering his legacy. I think it would be adequate to paraphrase it as: “I saved the 2018 tax break for the 1 percenters. To hell with the rest of you.”

1. PGL pointed out the variance is barely audible on scale of the deficits. “I have skipped the chest thumbing about the economy from Mnuchin and Mulvaney to focus on the stupidity ala CNBC. Real government spending barely kept pace with inflation, which is why outlays relative to GDP fell from 20.7% to 20.3%. Real tax revenues clearly fell in absolute terms and as a percent of GDP went from 17.2% to 16.5%. I guess this is what one gets when one lets Lawrence Kudlow become a chief economic adviser. But this kind of dishonesty is well known ever since Kudlow and his ilk tried to pull this intellectual garbage in the 1980’s. Does anyone at CNBC not realize the Trump White House is playing the same games with numbers?

I kept my post the same because it is just another ruse by McConnell to get something done for no reason what-so-ever. It is a lie by McConnell.

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Senate Dems put Republicans on the Spot Over Junk Healthcare Plans

Last March, U.S. Senator Tammy Baldwin of Wisconsin sponsored a bill (Fair Care Act) to block President Trump’s plan to allow insurers to sell short term or what is frequently called junk plans. Senator Baldwin bill would reverse all of what the Republicans attempted to do with short term plans by reinstating protections for pre-exiting conditions, maintaining the community benefit costing of the plans, blocking life-time cost limits, etc.

Senator Tammy Baldwin:

“As someone who was branded as a child with the words, ‘pre-existing condition,’ I want to make sure that no parent, foster parent or grandparent has to choose between helping their child get better or going bankrupt,” said Senator Baldwin. “Republicans pushed repeal, but promised they would protect people with pre-existing conditions. The Fair Care Act is an opportunity for lawmakers to keep their word on guaranteed protections for pre-existing conditions.”

The bill is more symbolic than anything as it will not get past Senate Republicans. Senator Baldwin was using it as a way of emphasizing the hypocrisy of Republicans promising constituents at home support of healthcare-for-all regardless of pre-existing conditions and then not supporting pre-exiting condition as we know it to be in healthcare while in Congress. As an example, the Republican AHCA which failed by one vote (McCain) would have established subsidized Risk Pools and insurance companies could have charged higher premiums for pre-exising conditions.

More on this beyond the 13 minute Risk Pool Part YouTube clip by Charles Gaba at ACA Signups which is an update to Why Republican Short Term Healthcare Plans “Suck”. In this version, Charles explores in depth what will happen when the Mandate is eliminated and people either drop out on healthcare altogether or go to short term plans. Charles also ads a solution to subsidies stopping at 400% FPL.

I am hoping you took the 13 minutes to view Charles Gaba review of the impact of the mandate elimination and short term plans implementation plus his solution to the needed relief for those beyond 400% FPL. In the end, we are back to where we were at pre-ACA.

Moving on to Tammy Baldwin’s Fair Care Act and the vote. Under the purview of the Congressional Review Act, which gives Congress the ability to reverse federal regulations within a certain time window; Senator Baldwin was able to introduce a resolution to unwind the Trump administration’s expansion (Executive Order) of short-term insurance plans. Senator Baldwin had the 30 votes needed to force a vote reversing the Executive Order on short term plans. Normally this vote would have never seen the light of day; but this time, McConnell could not stop it.

October 10, 2018 the Senate voted on Senator Baldwin’s S.2494 – Fair Care Act. Forty-nine Democrats and one Republican voted for Baldwin’s resolution, while fifty Senate Republicans voted for an expansion of junk insurance plans that can deny coverage to people with pre-existing conditions and do not have to provide essential health services like prescription drugs, emergency room visits and maternity care. Senator Susan Collins was the lone Republican voting with Democrats. It failed in the Senate.

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Trump Administration Proposes Limiting Protests Near White House

The Trump administration has proposed changes to limit demonstrations near the White House and National Mall. The limits include closing 80% of the White House sidewalk, placing limits on spontaneous demonstrations, and imposing a “First Amendment fee” for protests (gotta make up for the deficits he created).

✓ The public has until October 15 to comment on the plans.

✓ Under current policy, the National Park Service charges fees for special events (e.g., concerts and weddings), but not for First Amendment demonstrations (e.g., marches and protests).

✓ The American Civil Liberties Union, NAACP, Hispanic Federation, National Coalition Against Censorship, National Women’s Law Center, Human Rights Campaign, Sierra Club and a number of other organizations oppose the change.

Trump clearly wants to limit protesting outside of and near the White House; but, it would not cover protests coming from inside the White House.

Donald Trump continued his tirade against the Federal Reserve in a late Wednesday television appearance, laying into the central bank’s policy decisions and suggesting it is to blame for Wednesday’s sharp market decline. Saying he is “not happy” with the Fed, Trump explained why he was not happy with the Fed in a broad based economic review of Fed policy of continuing increases in Fed Rates to stave off the threat of inflation.

“The problem I have is with the Fed. The Fed is going wild. I mean, I don’t know what their problem is that they are raising interest rates and it’s ridiculous. The problem [causing the market drop] in my opinion is the Treasury and the Fed. The Fed is going loco and there’s no reason for them to do it. I’m not happy about it.”

Earlier Wednesday, Trump suggested; “They are so tight. I think the Fed has gone crazy.”

To date, this has not been a wage driven inflationary spiral as YOY hourly income increases in nonsupervisory has been stuck at 2.7%. Trump does not appear to grasp that his and Republican policies have created the an inflationary spiral which the Fed is trying to slow and which constituents will suffer from soon enough.

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The Susan Collins Excuse

The Susan Collins Excuse

I listened very carefully to Senator Collins as she detailed her excuses for letting Brett Kavanaugh become a Supreme Court Justice. Two aspects of her speech were particularly absurd and kind of appalling. Her claims that Kavanaugh is a moderate akin to Justice Stevens were beyond absurd. The most appalling aspect of her speech was how she dismissed the claims that Kavanaugh sexually abused women in high school and/or college:

Some of the allegations levied against Judge Kavanaugh illustrate why the presumption of innocence is so important. I am thinking in particular not at the allegations raised by professor Ford, but of the allegations that when he was a teenager Judge Kavanaugh drugged multiple girls and used their weakened state to facility gang rape. This outlandish allegation was put forth without any credible supporting evidence and simply parroted public statements of others. That’s such an allegation can find its way into the Supreme Court confirmation process is a stark reminder about why the presumption of innocence is so ingrained in our a American consciousness. Mr. President, I listened carefully to Christine Blasey Ford’s testimony before the Judiciary Committee. I found her testimony to be sincere, painful, and compelling. I believe that she is a survivor of a sexual assault and that this trauma has upended her life.

She believes Dr. Ford but then she went on and on like a defense attorney why she did not believe her when she clearly said it was Kavanaugh. But the real stunner was when she said this:

I do not believe that the claims such as these need to be proved beyond a reasonable doubt. Nevertheless, fairness would dictate that the claims at least should meet a threshold of more likely than not as our standard. The facts presented do not mean that Professor Ford was not sexually assaulted that night or at some other time, but they do lead more to conclude that the allegations fail to meet the more likely than not standard.

I guess “the facts presented” is the key aspect as we know the FBI was not allowed to pursue corroborating evidence, which is why this episode is clearly absurd. But does Senator Collins truly grasp this more likely than not concept? I’m an economist not a lawyer but I have worked with tax attorneys and accountants on the transfer pricing aspects of tax provisions under FIN 48:

Under the Interpretation, absent the existence of a widely understood administrative practice and precedent of the taxing authority, an enterprise cannot recognize a tax benefit in its financial statements unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority, based solely on the technical merits of the associated tax position. In this evaluation, an enterprise must assume that the position (1) will be examined by a taxing authority that has full knowledge of all relevant information and (2) will be resolved in the court of last resort.

Let’s key in on “full knowledge of all relevant information”. I have seen multinationals trying to convince financial auditors not to impose tax reserves based on some suspect report that key intercompany prices are arm’s length and where material information was not disclosed. In my experience, the financial auditors would refuse to give FIN 48 clearance until this information was disclosed and properly evaluated. It is well known that the latest FBI inquiry literally ran away from material information that may have corroborated Dr. Ford’s testimony. So when Senator Collins raises this More Likely Than Not standard – she should know better given the fact relevant information was not properly explored. Nicole Belle makes a strong case that the Republicans even knew ahead of time that Dr. Ford’s allegations are true:

Don’t Kid Yourself. The GOP KNOWS Kavanaugh Tried To Rape Someone … The FBI notifies the White House of the letter to see if they want follow-up. The White House declines further investigation. But now they know. And now they pass it on to GOP operatives. Early August. So now, Kavanaugh, the FBI, the White House AND GOP operatives all know. BEFORE the hearing even begins. So now the PR campaign goes into overdrive.

Read the entire thing as it explains a lot of the Republican fake anger at Senator Feinstein, which was all a gigantic smoke screen to disguise the fact that the Republican operatives were doing all they could to demean Dr. Ford, pump up Kavanaugh, and evade any real investigation. Senator Collins little More Likely Than Not sort of puts this in the domain of civil litigation rather than criminal charges where the standard is:

preponderance of the evidence – n. the greater weight of the evidence required in a civil (non-criminal) lawsuit for the trier of fact (jury or judge without a jury) to decide in favor of one side or the other. This preponderance is based on the more convincing evidence and its probable truth or accuracy, and not on the amount of evidence. Thus, one clearly knowledgeable witness may provide a preponderance of evidence over a dozen witnesses with hazy testimony, or a signed agreement with definite terms may outweigh opinions or speculation about what the parties intended.

Suppose Dr. Ford chooses to file a civil lawsuit against Brett Kavanaugh and Mark Judge. What then? We would have actual discovery if this lawsuit is allowed. Then again I bet Kavanaugh would hire some slime ball lawyers to squash this lawsuit even if they had to take it to the Supreme Court where Justice Kavanaugh could file the fifth vote in favor of his own motion.

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Dumb and Dumber

Two bits of news from Twitter.

The GRU employed 305 morons who have been identified as GRU operatives, because they registered their cars at a GRU office address to intimidate the traffic police. In theory automombile registries are not available to the public. In Russia everything is available for a price.

Click the link and read the thread.

Yep they are a bunch of corrupt buffoons who probably didn’t manage anything except for hacking the DNC, John Podesta and Smartech. What is Smartech ?
It’s the internet company that the Bush administration used to evade the Presidential Records Act hiding 22,000,000 e-mails which should have been preserved (“but her e-mails”). Unlike Clinton.com, it definitely was hacked by the Russians . Projection it’s always projection. Always.

It was also used by Senator Graham whose sudden switch from Trump critic to Trump fan has lead many people to assume he is being blackmailed. It was also use by Senators Corker and Flake before their mysterious retirements (and Flake’s incomprehensible Kavanaugh related decisions — damn I was trying to not name he who can not be named).

Click this link. It’s just a thread on twitter, but it has links to sources. Also I knew many of the facts (from various sources some of them reliable) but didn’t know about Flake and Corker.

So the corrupt idiots seem to have managed to get kompromat on 3% of the US Senate — probably enough to decide who will be on the Supreme Court.

I have one question which I urgently want answered. Did Susan Collins use Smartech ? I won’t care in 100 minutes when she announces her final vote on Kavanaugh, but I want to know now.

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Michigan Today

US Auto Sales Fell by 4 Percent in the Third Quarter

“Major automakers said Tuesday that U.S. sales fell 7 percent in September and 4 percent for the June-through-September quarter, compared with the same periods last year.

Weaker numbers for September and the third quarter wiped out a 1.8 percent gain during the first half of the year, and left auto sales on pace with 2017. Some analysts had cautioned that the first-half gains were driven by incentives and low-margin sales to fleet buyers like rental car companies.”

Auto makers are blaming this on the hurricanes. More likely, it is building to an inventory goal without adjustments to meet demands. Inventory costs money.

Michigan’s Gubernatorial Race: Whitmer Focuses on ‘Fundamentals’ Like Roads

“Democrat Gretchen Whitmer said she is focused on fixing Michigan’s ‘fundamentals’ like roads, water systems and schools in her run for governor, contending that not spending enough on core services under Republican leadership has still left residents paying more out of pocket for car repairs and other unexpected expenses.

She said her polling lead over GOP rival Bill Schuette since last month’s primary shows the problem-solving message is resonating, but “not for one second” will she let up less than two months until Election Day. She dismissed as ‘phony political talking points’ Schuette’s warning that she would be the next Jennifer Granholm, a Democrat who was governor during the state’s protracted economic decline.

‘It’s not working. Maybe they’re going to figure that out at some point during this campaign, that people want solutions to problems,’ Whitmer told The Associated Press in an interview.”

Michigan Repubs and the AFP are claiming Whitmer is trying to steal another decade from Michiganders by fixing infrastructure through increased revenues.

US House Candidate Arrested During Wage Protest in Detroit

“A U.S. House candidate was arrested Tuesday in Detroit during a protest for higher pay and the right to form unions.

Democrat Rashida Tlaib and more than a dozen other demonstrators sat at — and banged on — a long table that took up a lane of traffic in Detroit’s Midtown. They were part of a group of several hundred people who marched along the street before gathering outside a McDonalds. Management inside locked the doors as marchers approached.

The protest followed one Tuesday morning in Flint where eight people were injured after being struck by a pickup truck as they marched outside another fast-food restaurant. Flint Police Chief Tim Johnson said he doesn’t believe the crash was intentional and that the driver “seemed pretty shaken up” afterward.

Both protests were organized by Fight for $15, a national movement seeking to increase the minimum wage to $15 an hour for fast food.”

I do not believe we would see Kavanaugh out there protesting for a $15/hour wage. He would be to busy trying to explain away what he meant by “boofed” as a teen.

Major GOP Group Pulls Support for 2 Imperiled Congressmen

“In an ominous sign for the GOP’s bid to hold onto the House, the political group affiliated with Speaker Paul Ryan on Friday dropped its support of two incumbent congressmen, signaling how difficult November could be for the Republican majority.

The Congressional Leadership Fund canceled $3.1 million in ad spending in the districts of Michigan Rep. Mike Bishop and Colorado Rep. Mike Coffman. It’s CLF’s first act of triage ahead of the election and comes at the time of the cycle when major spenders cut their losses in races they think are no longer winnable.
The Congressional Leadership Fund canceled $3.1 million in ad spending in the districts of Michigan Rep. Mike Bishop and Colorado Rep. Mike Coffman. It’s CLF’s first act of triage ahead of the election and comes at the time of the cycle when major spenders cut their losses in races they think are no longer winnable.

Dropping Bishop is perhaps the more significant sign of the party’s prospects. President Donald Trump won the suburban Detroit district by 7 percentage points while narrowly winning Michigan overall. But Republicans in Michigan have struggled this year, and Bishop has been regularly outraised by his challenger Elissa Slotkin, a former CIA agent and defense official.

Jesse Hunt, a spokesman for the National Republican Congressional Committee, said the House GOP campaign arm has not canceled its ad reservations in either Bishop’s or Coffman’s district.”

It is too early to declare a victory. Pour it on . . .

State of Michigan Rank amongst the 50 states?

Click on the picture to make it bigger.

Republicans have a lot to account for in Michigan. They have controlled the legislature and the governorship since 2011. Republicans have controlled the Senate since 1992. Republicans have controlled the House 18 years since 1992. Since 1992, the governorship has been controlled by a Democrat 8 years of 26 years. Yet, everything is former Governor Granholm and Senate leader Whitmer’s fault for infrastructure being in bad shape.

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Textualism and The Exegesis of the 1982 Georgetown Preparatory School Yearbook

My understanding is that Bret Kavanaugh presents himself as a textualist, following Antonin Scalia he argues that words in the constitition and laws should be interpreted using their conventional meanings when they were written. This is in contrast to the different approach based on considering legislative history (which is impossible for the main body of the Constitution because the procedings of the Convention were secret). It is in very marked contrast to the approach based on following precedent and deferring to the interpretation made by other judges in the past. This third “living constitution” approach makes statute law like common law mainly a body of precedents. Notably over here (in Rome) no one argues for the third approach. It is a truism that “giurisprudenza non è legge” (jurisprudence is not law I translate un-necessarily since English legal terms come from right here in Rome (unlike the English legal tradition)).

Although not a lawyer, I felt the need to present pretentious introduction so that I might address the question “have I boofed yet”. Don’t worry, I have absolutely no intention whatsoever to answer this question, but I hope you are not shocked to read my confession that, at an earlier period in my life, I have, in fact, farted.

Addressing the Senate Judiciary Committee eminent judge Bart Kavanaugh argued that the slang term “boofed” which he wrote on his page of the 1982 Georgetown Prep yearbook should be interpreted as meaning “farted”. I see that he has no respect for or loyalty too textualism.

First an actual textualist would consider context. The slang term appears in the printed passage (among the oldest surviving exemplars of Judge Kavanaugh’s opus) “Judge, have you boofed yet?” Judge Kavanaugh asserts that he was publicly asking a close friend if he had, as of then, at any time in his life, farted. The word “boofed” alone doesn’t clearly refer to something other than farting. The additional (highly ironic) proper name “Judge” and the words “have”, “you” and “yet” provide enough context to prove beyond reasonable doubt that Judge Kavanaugh is a perjurer, criminal, and felon.

But a textualist considers more than the context within the document undergoing learned exegesis. It is necessary to inquire as to how the word was used by contemporaries of the author. Kavanaugh must explore, and must ask the eminent Senators to explore, 35 year old discussions of anal sex by teenagers to be true to his stated principles.

Or he could just admit that when he was 17 he publicly asked a friend if that friend had fucked a butt yet.

An embarrassing youthful indiscretion is not a felony. But Kavanaugh chose to lie, because that’s what he does.

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In the News – Sunday Morning

Senator Grassley tweeting: “Five times now we hv granted extension for Dr Ford to decide if she wants to proceed w her desire stated one wk ago that she wants to tell senate her story Dr Ford if u changed ur mind say so so we can move on I want to hear ur testimony. Come to us or we to u,”

I like how tweeting brings out the intellect in people and especially our politicians. And Chuckie the tweeting senator does this on a public forum with Ford and Kavanaugh so everyone can read along with him.

In New Jersey’s 2019 ACA marketplace, fruits of reinsurance, individual mandate, and silver loading.

New Jersey’s Dept. of Banking and Insurance has posted individual market health plan prices for 2019. Thanks to the state’s new reinsurance program, state-based individual mandate, and silver loading (actively encouraged by DOBI), unsubsidized enrollees will see price drops from 2018. For the subsidized, it looks pretty much like status quo ante — although network changes and plan design changes could alter that picture.

As was the case last year, AmeriHealth has sewn up all the lowest price points. AmeriHealth and Oscar are offering discounted silver plans off-exchange — presumably because of silver loading (Cost Sharing Reduction, available only with silver plans and only on-exchange, is not priced into off-exchange silver). Horizon is not offering any off-exchange discounts, but it has dropped prices about 7% from last year. A few salient year-to-year comparisons below. Quoted premiums are for a 46 year-old — where they’re a clean 1.5 times the base rate posted by DOBI. Andrew Sprung at xpostfactoid

More states should follow New Jersey’s lead.

Further evidence that the tax cuts have not led to widespread bonuses, wage or compensation growth. Economics Policy Institute.

Newly released Bureau of Labor Statistics’ Employer Costs for Employee Compensation data allow us to examine nonproduction bonuses in the first two quarters of 2018 to assess the trends in bonuses in absolute dollars and as a share of compensation. The bottom line is that there has been very little increase in private sector compensation or W-2 wages since the end of 2017. The $0.03 per hour (inflation-adjusted) bump in bonuses between the fourth quarter of 2018 and the second quarter of 2018 is very small and not necessarily attributable to the tax cuts rather than employer efforts to recruit workers in a continued low unemployment environment.

Saving the Planet Doesn’t Mean Killing Economic Growth”

Noah Smith: Hickel cites analyses by the United Nations Environment Program and others showing that even big improvements in resource efficiency, encouraged by very high carbon taxes, will be unable to halt overall resource use or global carbon emissions. But this evidence doesn’t support Hickel’s conclusions, which rely on several misconceptions about the nature and the importance of growth.

Hickel doesn’t seem to grasp the fact of most economic growth happening in countries that are relatively poor. From 2010 to 2015 as determined by estimates by the IMF emerging markets, developing countries were responsible for about 70 percent of global output and consumption growth and advanced economies were responsible for the rest. World Bank’s forecasts for 2017-2019 are similar.

China’s contribution to global growth will be double the U.S. growth and India’s will be larger than the whole of the entire euro zone. The same is true of greenhouse gas emissions. Since about 1990, emissions from the U.S. and EU have fallen, while emissions from developing countries such as (and especially) China and India have exploded.

In 2017, the International Energy Agency estimated that the growth in energy-related carbon emissions in China and the rest of developing Asia was more than five times the growth in the European Union while U.S. emissions declined.

If Hickel and others succeed in stopping economic growth in developing countries, it will not be rich countries bearing the brunt of the change. It will be poor and middle-income countries such as India and China. The desperately poor African countries will not a chance at increased prosperity.

$600,000 in Debt and the Crisis is Worsening “The student loan default rate more than doubled between 2003 and 2011, and 40 percent of borrowers are expected to fall behind on their loans by 2023.”

There is a long history of Congress favoring financial institutions with laws and regulation blocking students from debt relief. Yet, our president can bankruptcy relief multiple times without any court or law blocking him. For him it is business as usual, getting a new loan to buy property and increase profits, pay the old loan with then new loan, and declaring bankruptcy when costs exceed cash inflow. Students do not have the luxury of gaming the system.

With the cost of an education in this country is only rising, borrowing is unlikely to slow. State funding for public colleges fell by $9 billion between 2008 and 2017, and the gap has been filled with tuition hikes. For the first time, half of all states relied more heavily on tuition last year than on government appropriations to fund higher public education. Americans now spend an approximate $30,000 per student a year to gain a college education or twice as much as the average developed country.

The IBR and Repaye programs put in place by well-meaning advocates has been a failure due to a lack of understanding in how to manage it yearly and with some servicers such as Naviente deliberating misleading students into multiple postponements of loans instead of into the income-driven repayment plans. The plans cap monthly payments at a percentage of the borrower’s income. It is not the first-time commercial interests have lied to students and taken a predatory approach on student loans. Naviente is being sued by five states and the CFPB.

Indian sailor Abhilash Tomy injured on disabled yacht.

A multinational rescue effort is underway to try to reach an injured sailor whose yacht is disabled in the South Indian Ocean.

Abhilash Tomy, a 39-year-old Indian naval commander, was competing in the 2018 Golden Globe Race. The race is a nonstop, 30,000-mile solo yachting competition that bars the use of modern technology. To me, this sounds like a lot of fun and a lot of work. I always like to sail as the quiet of the water is soothing.

Abhilash Tomy boat the “Thuriya,” hit a storm in the South Indian Ocean. The 36-foot boat was one of several hit by 80 mph winds and 46-foot seas midway across the South Indian Ocean on Friday, day 82 days of the race. Thuriya’s mast was broken about 1,900 miles southwest of Perth, Australia and “at the extreme limit of immediate rescue range,” according to media statements.

Organizers became concerned after Tomy sent a text message reading: “ROLLED. DISMASTED. SEVERE BACK INJURY. CANNOT GET UP,” and then was unheard from for nearly 15 hours. In a later satellite text message, the sailor gave his location and wrote: “ACTIVATED EPIRB (Emergency Position Indicating Radio Beacon). CANT WALK. MIGHT NEED STRETCHER.”

What is the White House Deflecting from Now?

It is no secret one of the strategies used by the White House is to deflect attacks on their agenda by creating another emer . . . spectacle . . . gency when the news and the opposition gets close to defeating their plans. The attack on Rosenstein as led by the NYT is just too easy, convenient, and laughable (almost). The deflections have happened too many times already. Trump holds Fire

Continuing on this path; “Kavanaugh Accuser Agrees to Testify” I am sure Grassley and other members of the Senate, Hatch, Cornyn, Cruz, Hannity, and the tier two Senators such as Flake, etc. will make this debacle into another shameful attack on Ford, women, and the truth. What, no women on the Repub side? I am sure the 4 women on the Dem side can support Ford and strike back.

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