- EntertainmentUSA TODAY Entertainment
Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios VisualsThere’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.Support safe, smart, sane journalism. Sign up for Axios Newsletters here.By the numbers: Student debt — which stands at $1.55 trillion — is the biggest category of debt Americans owe, aside from mortgages. * Most borrowers are white, but Black college graduates owe an average of $25,000 more than their white counterparts. * According to a new Harris Poll survey, 64% of Americans support canceling some student debt, and 55% support canceling all of it.What's happening: Biden has proposed immediately cancelling $10,000 of federal student loan debt for every borrower. The move would cost around $370 billion. * That would eliminate debt for the 15 million borrowers that owe $10,000 or less — a broad-based approach that would help all 42 million borrowers.Yes, but: Here's what that alone wouldn't do: * It wouldn't make much of a difference for the nearly 30 million borrowers who owe more than $10,000. Many of them went to graduate school and owe hundreds of thousands. * It wouldn't stimulate the economy. Student debt stops many from investing or buying property, which is a drag on the economy, but canceling a small amount of debt wouldn't change that, experts say. * It wouldn’t target the most vulnerable borrowers. Canceling the same amount of debt for all doesn’t account for the fact that many Americans with student debt are also among the most well-educated and high-earning individuals. * It wouldn't help future borrowers. “The problem with forgiving student debt is that every day we’re making new loans in this broken system,” says Adam Looney, an economist at the University of Utah. “You’ve not solved the problem.”Insurmountable student debt is a recent phenomenon, Looney says. It's been growing at six times the rate of the U.S. economy, and it's only getting worse. * There are no limits on how much students can borrow and few restrictions on how they spend the money. * And, on top of that, the cost of college and graduate school is skyrocketing. As a result, young people are borrowing sums of money they can’t possibly repay and many are using that money to pursue degrees at online or for-profit colleges with higher than average dropout rates.What we're watching: Among the American public, canceling debt isn't a fringe or far-left idea any more. * In the Harris Poll survey, 78% support putting restrictions on the price of a university education. And 59% support no tuition at public universities.Be smart: sign up FREE for the most influential newsletter in America.
- LifestyleKCRA - Sacramento Videos
A person who received a COVID-19 vaccine died hours after receiving the dose, according to the Placer County Sheriff’s Office. Deputies say the person tested positive in late December and received the vaccine Thursday. The county’s public health department did not administer the vaccine. Officials said several agencies are investigating the cause of death. "There are multiple local, state, and federal agencies actively investigating this case; any reports surrounding the cause of death are premature, pending the outcome of the investigation," the sheriff's office said.
- PoliticsThe Telegraph
When Donald Trump was a bratty seven-year-old, his older brother Freddy dumped a bowl of mashed potato on his head during a particularly fractious dinner. The story became a family legend, retold at many a Trump gathering – not so much to tease the man who to many had gone on to become an even bigger brat in adulthood, as to remember and honour Freddy Trump, who died of a heart attack brought on by alcoholism at 42. The night of April 4th 2017 was no different, writes Freddy’s daughter Mary in her bestselling book, Too Much And Never Enough: How My Family Created The World’s Most Dangerous Man. Except that this family supper was the first to take place at the White House, and that boy was now President of the United States. Nevertheless when Mary’s aunt Maryanne brought up the story again, Donald was as furious as ever, listening “with his arms tightly crossed and a scowl on his face.” Even though he had made the highest office in the land, it still “upset him, as if he were that seven-year-old boy,” she says. “It was extraordinary to see what happened to him when that story was told. He clearly still felt the sting.” Ask Mary Trump what her uncle will have felt on Biden’s inauguration day, and the 55-year-old psychologist and author is in no doubt. “As though America was dumping a great pile of mashed potato on his head,” she tells me this on a Zoom call from her New York apartment. As “the only Trump who is willing to tell the world about the kind of man he is” Wednesday, she says, was “a day for me to break out the champagne.” It’s hard to believe they share the same DNA. Engaging and eloquent, Mary Trump is a fantastic interview and an accomplished writer, with an ability to see humour in the darkest of hours. Yet all levity disappears when she tells me how “the damage Donald has done to this country is incalculable. We’re just waiting to find out how much is irreparable.” And having described the horror she felt at sharing a name with the man responsible for that damage in the book, Mary Trump has come to a decision: “I am prepared to change my name if need be”, so worried she is about the connotations it may have in the future.
- WorldAssociated Press
President Joe Biden's first calls to foreign leaders went to Canadian Prime Minister Justin Trudeau and Mexican President Andrés Manuel López Obrador at a strained moment for the U.S. relationship with its North American neighbors. Mexico's president said Saturday that Biden told him the U.S. would send $4 billion to help development in Honduras, El Salvador and Guatemala — nations whose hardships have spawned tides of migration through Mexico toward the United States.