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#U.S. Economy
saywhat-politics · 3 months
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sleepyleftistdemon · 3 months
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The Consumer Financial Protection Bureau’s ambitious rule proposal to crack down on credit card late fees, a $14.5 billion income stream for credit card companies, will potentially roll out in January, nearly a year after it was released.
Global corporations and small banks alike are pushing back against the impending rule finalization with some help from business-friendly lawmakers.
Rep. Andy Barr, R-Ky., called the proposal, which is projected to save consumers nearly $12 billion each year by capping late fees at as little as $8, “unclear at best and likely harmful” in the long term.
The chair of a House subcommittee on financial institutions and monetary policy called on the Government Accountability Office to study the rule’s potential impacts weeks before it is set to go into effect.
The CFPB would not confirm when the rule would be finalized, but interest groups say banks are not yet signaling a preemptive fee change akin to their response to a proposal to ban overdraft and insufficient fund fees.
Late fees, which can reach $41 under a legislative loophole allowing banks to charge unimpeded under a certain threshold, disproportionately affect poor Americans and those with low credit scores, the American Economic Liberties Project reported.
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sbrown82 · 5 months
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sari-lee · 9 months
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Years of lovesickness, and a cup of Westie, can express this lovesickness.
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tearsofrefugees · 1 year
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saywhat-politics · 4 months
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therebelwrites · 2 years
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sataniccapitalist · 2 years
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kp777 · 10 months
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Progressives Condemn Biden-GOP Debt Ceiling Deal as 'Cruel and Shortsighted'
By Jake Johnson
Common Dreams
May 28, 2023
Update:
The text of the legislation, titled the , is now available here.
Earlier:
Progressive economists and advocates warned that the tentative debt ceiling agreement reached Saturday by the White House and Republican leaders would needlessly gash nutrition aid, rental assistance, education programs, and more—all while making it easier for the wealthy to avoid taxes.
The deal, which now must win the support of both chambers of Congress, reportedly includes two years of caps on non-military federal spending, sparing a Pentagon budget replete with staggering waste and abuse.
The Associated Pressreported that the deal "would hold spending flat for 2024 and increase it by 1% for 2025," not keeping pace with inflation.
The agreement would also impose new work requirements on some recipients of Supplemental Nutrition Assistance Program (SNAP) benefits and Temporary Assistance for Needy Families (TANF) while scaling back recently approved IRS funding, a gift to rich tax cheats.
In exchange for the spending cuts and work requirements, Republican leaders have agreed to lift the debt ceiling until January 1, 2025—a tradeoff that House Speaker Kevin McCarthy (R-Calif.) is pitching as a victory to his caucus, which includes far-right members who have demanded more aggressive austerity.
President Joe Biden, for his part, called the deal "a compromise, which means not everyone gets what they want."
"After inflation eats its share, flat funding will result in fewer households accessing rental assistance, fewer kids in Head Start, and fewer services for seniors."
Lindsay Owens, executive director of the Groundwork Collaborative, said in a statement Saturday night that "this is a punishing deal made worse only by the fact that there was no reason for President Biden to negotiate with Speaker McCarthy over whether or not the United States government should pay its bills," alluding to the president's executive authority.
"After inflation eats its share, flat funding will result in fewer households accessing rental assistance, fewer kids in Head Start, and fewer services for seniors," said Owens. "The deal represents the worst of conservative budget ideology; it cuts investments in workers and families, adds onerous and wasteful new hurdles for families in need of support, and protects the wealthiest Americans and biggest corporations from paying their fair share in taxes."
The agreement comes days before the U.S. is, according to the Treasury Department, set to run out of money to pay its obligations, imperiling Social Security, Medicare, and Medicaid payments and potentially hurling the entire global economy into chaos.
House Republicans have leveraged those alarming possibilities to secure painful federal spending cuts and aid program changes that could leave more people hungry, sick, and unable to afford housing, critics said.
"For no real reason at all, hungry people are set to lose food while tax cheats get a free pass," wrote Angela Hanks, chief of programs at Demos.
While legislative text has not yet been released, the deal would reportedly impose work requirements on adult SNAP recipients without dependents up to the age of 54, increasing the current age limit of 49. Policy analysts and anti-hunger activists have long decried SNAP time limits and work requirements as immoral and ineffective at boosting employment. (Most adult SNAP recipients already work.)
"The SNAP changes are nominally extending work requirements to ages 50 to 54. In reality, especially as the new rule is implemented, this is just an indiscriminate cull of a bunch of 50- to 54-year-olds from SNAP who won't realize there are new forms they need to fill out," said Matt Bruenig, founder of the People's Policy Project.
Diane Yentel, president and CEO of the National Low Income Housing Coalition, wrote on Twitter that the agreement is "cruel and shortsighted," pointing to the work requirements and real-term cuts to rental assistance "during an already worsening homelessness crisis."
"House Rs held our nation's lowest-income people hostage in exchange for lifting the debt ceiling," Yentel continued. "The debt ceiling 'deal' could lead to tens of thousands of families losing rental assistance... Expanding ineffective work requirements and putting time limits on food assistance adds salt to the wound, further harming some of the lowest-income and most marginalized people in our country."
Read more.
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reportwire · 1 year
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Biden says he doesn't think there will be a recession, if so it will be 'very slight'
Biden says he doesn’t think there will be a recession, if so it will be ‘very slight’
US President Joe Biden arrives to speak at the Volvo Group powertrain manufacturing facility in Hagerstown, Maryland, on Friday, Oct. 7, 2022. Craig Hudson | Bloomberg | Getty Images President Joe Biden said he doesn’t believe there will be a recession in the near future and if there is, he expects it to be a “slight” economic dip. “Every six months they say this. Every six months, they look…
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kenyatta · 1 year
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Timing isn’t the only external factor determining whether homeownership “works” for Americans. Paying off a mortgage is a form of “forced savings,” in which people save by paying for shelter rather than consciously putting money aside. According to a report by an economist at the National Association of Realtors looking at the housing market from 2011 to 2021, however, price appreciation accounts for roughly 86 percent of the wealth associated with owning a home. That means almost all of the gains come not from paying down a mortgage (money that you literally put into the home) but from rising price tags outside of any individual homeowner’s control.
This is a key, uncomfortable point: Home values, which purportedly built the middle class, are predicated not on sweat equity or hard work but on luck. Home values are mostly about the value of land, not the structure itself, and the value of the land is largely driven by labor markets. Is someone who bought a home in San Francisco in 1978 smarter or more hardworking than someone trying to do so 50 years later? More important, is this kind of random luck, which compounds over time, the best way to organize society? The obvious answer to both of these questions is no.
And for people for whom homeownership has paid off the most? Those living in cities or suburbs of thriving labor markets? For them, their home’s value is directly tied to the scarcity of housing for other people. This system by its nature pits incumbents against newcomers.
The Homeownership Society Was a Mistake - The Atlantic
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sari-lee · 8 months
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May was full in Jeju!🕊️ I didn't go out to play, but in the middle of my busy schedule, I had a happy time in Jeju!✨
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pressnewsagencyllc · 5 days
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Trump’s Not-So-Secret Plan To Blow Up The U.S. Financial system: Tariffs
Donald Trump likes to say he created the strongest U.S. economic system in historical past. However the centerpiece of his plans for a second time period — tariffs on imported items, particularly these from China — runs the danger of bringing the U.S.′ at present sturdy economic system to a screeching halt, and probably the world’s, as effectively. Regardless of warnings from even conservative…
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