A Quote by Gordon Brown
Our approach is to reject the old vicious circle of the '80s-rising debt, higher long-term interest rates, higher debt repayment costs, lower growth, higher unemployment, then enforced cuts in public spending. That was the old boom and bust.
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The difficulty for Mr. Obama will be when the public sees where his decisions lead - higher inflation, higher interest rates, higher taxes, sluggish growth, and a jobless recovery.
People think of a business cycle, which is a boom followed by a recession and then automatic stabilizers revive the economy. But this time we can't revive. The reason is that every recovery since 1945 has begun with a higher, and higher level of debt. The debt is so high now, that since 2008 we've been in what I call, debt deflation.
I talked to a lot of employers who just are, are fearful of what's coming next out of Washington. It's all the spending, it's all the debt. It's their national energy tax, they want to call it cap and trade - more mandates, higher costs, more taxes. Their healthcare bill - more mandates, higher costs, higher taxes.
Since 1994, unemployment rates are lower. Median household income is higher. A greater percentage of Americans are graduating from college. Home ownership rates are higher. And the violent crime rate has decreased.
I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
College dropouts with significant debt struggle with repayment over the course of their lives and do not receive the benefits afforded to their peers who have debt but obtain higher-paying jobs as a result of college completion.
Student debt is crushing the lives of millions of Americans. How does it happen that we can get a home mortgage or purchase a car with interest rates half of that being paid for student loans? We must make higher education affordable for all. We must substantially lower interest rates on student loans. This must be a national priority.
Higher projected corporate and personal income tax receipts and lower public debt charges.
Student debt in the US has exploded in the past decade. One of the reason is that the private costs of attending college have risen sharply, with public higher education funding having been cut sharply. Average public funding per student was 15 percent lower in 2015 than in 2008, and 20 percent lower than in 1990. The burden of the public funding cuts has been worsened by the stagnation of average family incomes. By 2014, this figure had nearly doubled, to 35 percent of median household income.
By skimping on design, the owner gets costlier equipment, higher energy costs, and a less competitive and comfortable building; the tenants get lower productivity and higher rent and operating costs.
Higher educating has so many challenges, and private higher education has a special challenge of ever rising tuition costs.
I've found that when you can quickly knock out debt you get motivated because you see progress. Then you attack the other debt so fast that even if it's at a higher interest rate, you don't end up paying much more because you've gotten rid of it.
If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt.
The higher interest and higher inflation is a vicious cycle.
Any politician that says no tax revenue or zero spending cuts does not deserve reelection. Our hole is so deep in this country with the debt and the debt service, the interest on that debt, before the big expenses come for Social Security and Medicare - for we baby boomers in a few years - that everything has to be on the table.
You know what higher interest rates mean. To you it means a higher mortgage payment, a higher car payment, a higher credit card payment. To our economy, it means business people will not borrow as much money, invest as much money, create as many new jobs, create as much wealth, raise as many raises.
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