17 Burst results for "Beth Acres"

"beth acres" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:06 min | 3 d ago

"beth acres" Discussed on Bloomberg Radio New York

"To the state help provide perspective on where the aid is most needed. The fema chief said that's key since disaster start and end at the local level. George's election laws will stand following a ruling by a federal judge. The state's exact match system for absentee ballots was the subject of a lawsuit filed by fair fight action. I'm Tammy trujillo. And I'm Susanna Palmer in the Bloomberg newsroom. Tesla deliveries missed expectations, Tesla delivered 343,830 cars worldwide in the third quarter. The results posted today missed expectations of analysts surveyed by Bloomberg they were looking for 358,000 vehicles. The OPEC plus group of oil producers will consider cutting output by more than 1 million barrels a day when it meets in Vienna on Wednesday, that, according to delegates, a cut such as that would reflect just how concerned OPEC members are that the global economy is slowing fast in the face of tightening monetary policy. In the UK, Liz truss, new prime minister, said the controversial decision to remove the highest rate of UK income tax was taken by Chancellor of the exchequer quasi Quartet, and that her government is sticking with it despite market chaos. Princeton University is taking steps to sever financial ties with fossil fuel companies we get more about that from Bloomberg's Larry kofsky. Susanna, the university is poised to break ties with 90 firms, including ExxonMobil, which has a 5 year research partnership with Princeton's and linger center for energy and the environment. The university's endowment, fourth largest in the U.S., will also eliminate all holdings in publicly traded fossil fuel companies before taking any final action, Princeton said it's writing to the affected companies and inviting them to provide information that might resolve its concerns. Bloomberg's Larry kofsky. Billionaire JD.com founder Richard Liu has reached a settlement with the Minnesota student who accused him of rape in 2018. That brings to a close a civil suit less than 48 hours before a trial was set to begin. Richard Liu is one of China's most powerful businessmen. Global news, 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Susanna Palmer. This is Bloomberg. You're listening to balance of power with David Westin on Bloomberg radio. Last month, President Biden announced he was canceling up to $10,000 of student debt for people earning $125,000 a year or less, but we didn't know until now with the price tag would be. The congressional budget office has spoken and it will cost the US Treasury at least $400 billion. For more on where that money will go, I spoke to Beth Akers, senior fellow at the American enterprise institute. Not a huge surprise, I think, for those of us who were skeptical of what The White House was selling on this and there has been sort of an alarming lack of transparency from The White House on this issue in terms of what work they have done behind the scenes to understand where these benefits would go and how much it would cost. So again, not a big surprise, but just reinforcing what we have been saying for weeks now, which is that this is going to be a hugely expensive program that's delivering benefits to some very well off Americans. So to get a little wonky here with you Beth, one of the things I think CBO says is it's hard to know exactly how much it'll cost because you don't know how much of this money would have gotten repaid anyways. Maybe it was bad debt anyway. What do you think about that? Yeah. Well, I mean, that's definitely a fair point. And I don't put a ton of stock in the specific number that we have here. Part of the challenge is that we had a huge existing set of programs so that the truly poor out there who has student loans, they weren't going to pay back their loans anyway. So we have to take that into account and thinking about how much this cost relative to what realistically would have come back to the treasury. But then, you know, say we're in a huge economic downturn in coming years, let's knock on wood. That's not the case. But if that were true, a lot of more people would have gone into lower income categories that would have allowed them to get forgiveness in the plans that we already had on the table. And so it becomes very complicated to project what would have come back into the treasury without this action and of course it's easy to know now what's not coming back. That's the very big number. But yes, it's very complex. And I don't envy them for having to do this job of giving us a number that many people are going to be hanging their hats on. One of the admonitions you've given us is don't be so sure this is going to happen because it may not be lawful. Yeah, so they have identified a borrower who has legal standing to file suit against the administration for this step. It has been widely discussed that the courts would be likely to overturn this effort, especially if it were in the hands of a conservatively appointed judge. The borrower that was identified for this case is someone who was already going to have their loans forgiven, but because they're now going to be given forgiven through this program rather than the old program, they're going to have a bigger tax bill as a consequence. And so this person has standing because of those potential damages to raise the suit. Whether or not that's going to hold water legally, I'm not quite sure, but my guess is that this is the first of many legal challenges that we're going to see in the next few weeks before the money starts going out the door. One of the questions I like to ask about public policy decisions is sort of an opportunity cost question. If somebody gave you a $400 billion check and said, invest it in higher education, how would you invest it? How would it be better invested than this? Yeah, so the answer on this is easy. Right now we give out money to the poorest students and even up to the middle class through the pell grant program. That's just cash that goes to these people to help them pay the really high prices and higher education. Right now, we're spending about 28 billion per year in that program with the 400 billion that we will be spending if this goes through on loan cancellation. We could have doubled pal spending for more than ten years. That's the initial proposal that Biden had on the campaign trail. Make college more affordable through pell grants. And that's something that has support on both sides of the aisle. It could have been done. It would have made a lot of sense. But we've blown the money on something that doesn't make sense. Quite unfortunately. So Beth, understanding you have a point of view on this and you haven't been shy about your point of view, but taking into account, then how do we get here? I mean, because these are smart people, these are decent people they're trying to do their best. I'm sure, how do they make a decision like that? If you're right. I'm really struggling to identify a policy motivation for this staff. I think the political motivation is clear. You know, I hate to be so cynical to think that that's the only thing that has driven The White House to take this step. But it just seems that there's a policy problem that you're trying to solve. This is probably the last solution that you would go for, right? It doesn't make college more affordable. It's likely to make college more expensive. So it's just very hard for me to see that there's any rationale other than the political motive, which is to put hands or put dollars into the hands of the voters that this party believes they, the Democratic Party may need coming into midterms and in the next presidential cycle. Thanks to Beth acres, senior fellow at the American enterprise institute. Coming up a potential climate disaster looms as leaks in Nord stream gas pipelines spew out methane. I'll talk about it with President Biden's special climate envoy John Kerry, and we'll

Bloomberg Susanna Palmer Larry kofsky Richard Liu Tammy trujillo OPEC Tesla Liz truss exchequer quasi Quartet Princeton's and linger center President Biden David Westin Bloomberg radio US Treasury CBO Beth Akers
"beth acres" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

07:51 min | 2 months ago

"beth acres" Discussed on WNYC 93.9 FM

"The final word in this round. Sure, I want to address the discussion about the social justice issue related to student debt cancellation. I'm absolutely sympathetic to the concerns that our opponents have today regarding wealth disparities and disparities and opportunity across different racial groups. The problem I have is that this is the wrong mechanism for fixing that problem. What we see is a symptom of that problem showing up in the student loan space and the outcomes that people are facing with education outcomes and with their borrowing outcomes. But we need to address that problem more directly perhaps with reparations or through grant aid on the front end of education. I'm not opposed to either of those things, but I'm absolutely opposed to trying to do that through this because I just think it's the wrong way to get it done. Okay, I think I see the beginning of perhaps some coming ground emerging, but we're not going to be able to get into that because that concludes round two of this intelligence squared U.S. debate. Where our resolution is forgive student debt. Now we move on to round three and round three will be brief closing statements from each debater in turn. Those statements will be two minutes each. So let's move on to closing statements. First, making her final argument for the motion forgive student debt here is Ashley Harrington. $1.7 trillion, 44 million people is unsustainable. It doesn't work, it hasn't worked. And tinkering at the margins is no longer an acceptable response when we are in an recession and in a pandemic, and this is a time that none of none of us were prepared for or ever that saw coming. It is no longer okay to just do the bare minimum and expect people to get along. They are not getting along. And our economy is impacted by it. It's not just the 44 million. It's their families. It's their communities as our entire society. And we can't get away from that. Yes, this is not the end all be all solution to society's ills or even to higher education ills. But it is, it has to be part of the solution. It is the first step that enables us to do better to create a more equitable system, where everyone doesn't have to take out 30 grand in debt to get through it. And where black and brown people don't have to stay in repayment for 20 plus years, where interest doesn't continue to grow, where people actually get to reap the benefits of their hard work. And we also get to reap the benefits because it is a public good. We can do so much. This is the time for bold action if we can do a $1.7 trillion tax cut. If we can put hundreds of billions of dollars into small business in a way that has never been done before, we can absolutely do something about the student debt crisis that is plaguing 44 million people. And we can fix it so that we don't end up here again. There are many ways and many of us are agreed on how to do that. But the first step is canceling student debt in $50,000 per borrower will have a tremendous impact that will be felt across the board. Thank you, Ashley Harrington. Our next statement, closing statement comes from Nick Gillespie, he will be arguing against the resolution. Yeah, I am against ubiquitous or student loan debt forgiveness, because I think it mistakes first the reality, the social reality, again, 56% of people of students graduate college with student debt. The typical payment is about $300 a year. $300 a month. And if I said to you, I'm going to help you boost your earnings by 250,500 $1000 a $1 million over the course of your year, and you're going to have to take out some debt. That's actually a smart move. And again, not everybody does that. And the median student debt is much lower than $30,000 or $300 a month. We need to have a system that allows people to participate fully in higher education. One sign that we're doing well on that is that consistently the number of people who graduate high school who directly enroll in some form of higher education is high. It's around 70% and it's been creeping up over the past several decades. That's a good site. We can make college cheaper and more affordable by giving grants to low income people and people who need help. We can also increase the amount of supply of higher education, which never gets talked about, but that's the proven way to reduce prices when there's rising demand. But to say simply we're going to wipe out money that people have voluntarily entered into a relationship to pay and to have is problematic. It sets up a bad precedent. It is an insult to people who have saved hard, including low income people who have saved hard and scrimped in order to go to college. This is not the way forward. We want more educated people. We want college to be more affordable, wiping out student debt in a way that will benefit particularly rich people as much or more in dollar amounts than poor people is just a missed opportunity and the wrong direction. So please don't vote to get rid of student debt. Thank you, Nicolas B and we move forward with closing statements next up will be DIA Jimenez, who is arguing for the resolution to forgive student debt. Equal access to education opportunity is a civil right. Unfortunately, we have, we have not been doing very well in giving equal access to educational opportunity. Nick talks about the number, the amount of money that someone can expect to earn after they get a college degree. Well, 40% of borrowers do not get a college degree, 56% of black bars do not get a college degree. They do not see those lifetime earnings. They don't see and they never see them the number that he's talking about because that number is primarily based on white people. People earning $100,000, $200,000 a year aren't necessarily wealthy. They may be, but they're not if they don't have family wealth. And that is primarily black and brown people who did not have family wealth. I am all for grants for low income people and changing the way that we're doing our educational funding. But that doesn't help the 44 million people who had debt right now. And that 11% tour in delinquency or who were pre COVID. In 2019, a federal student borrowed defaulted every 26 seconds. That's more than four times the rate of mortgage foreclosure. And keep in mind, default in the context of a student loan means that you did not pay for 9 months. In theory, the income driven repayment programs should mean that anyone who's struggling should not have to pay because they would not make enough money. And so they might even have a $0 repayment that they might have to every year recertify for 20 to 25 years. We are making people jump through all these hoops and meanwhile playing paying debt collectors that servicers to service all this debt that may never come in. In fact, we know for many of them that debt will never actually come into their books. It is just wrong. President Biden needs to forgive student debt and I hope that you will vote for this motion. Thank you very much, Daly, Jimenez. And finally, our last argument will be against the resolution forgive student debt. Here is Beth acres. We live in an economy that's largely defined by capitalism. We don't have an excess of social safety nets in this country, like we see in some others. And in order for

Ashley Harrington Nick Gillespie Nicolas B DIA Jimenez U.S. Nick brown
"beth acres" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

07:48 min | 2 months ago

"beth acres" Discussed on WNYC 93.9 FM

"Intelligence squared U.S. let's get back to our debate. Our final opening statement is against the resolution to forgive student debt. Beth acres, the screen is yours. Thank you For giving student debt, it's the policy sledgehammer that we have now on the table as a solution to all the ails higher education. The problem is is that what we need is a much more nuanced solution. And there are two primary reasons for that that I want to argue right now. First, people with student debt are not this homogenous group of economically downtrodden individuals that is often characterized in the media. What we know is that children from higher income families actually take on more student debt than children from more disadvantaged families. That's because they go to school longer, they go to more expensive schools and they often go on to graduate school. The other fact is that more than half of the outstanding student loan balance in the economy today is held by people who are in the top 40% of the income distribution. What that means is that if we were to forgive this debt, this would be a hugely regressive policy. Yes, people with low income would benefit. But people with high income would actually benefit statistically much more. To me, that's a very poor way of crafting a solution. And the last thing is that we see that people who are defaulting and actually really struggling on these loans are not those 6 digit borrowers that you often read about in the newspaper. What we see is that the ones who are hurting are people with small balances, statistically, the people with less than $5000 in student debt are the most likely to default on their student loans. That's because they don't have the benefit of a degree to go out into the labor market and have the extra earnings to make that repayment affordable. Here's the other thing I'm worried about. If we do this, things are about to get way worse. So we've had my fellow debaters referencing tuition inflation as a problem. Over borrowing, people using the loan system to finance their entire education. These are concerning things today. What happens if we wipe away all of the student debt today to the student who's going to college tomorrow? If we have mass cancellation today, very likely in the next few years, we're going to have tremendous pressure building up on politicians who will just go ahead and do that again. The next effect of that is that we've got colleges with students coming to them saying, I've got all this cash to spend through the federal lending program and the colleges are going to increase their prices. So the problem of out of control tuition inflation that we're already seeing today will only be exacerbated by the problem that people are able to borrow with the expectation that they're not going to have to pay it back. So we're compounding the problems that we all see as core problems today. And that's why I think that we need to go no student loan cancellation. We need a much more nuanced solution. Thank you very much, Beth Akers, and that concludes round one of our intelligence where debate where our resolution is. Forgive student debt. And what I think I heard in the opening round was definitely some areas of agreement. I think everybody on the panel agrees that college has become ridiculously expensive. I think everybody agrees that college at least in theory is a ticket to a better life to more opportunity potentially to hire incomes depending on their status and situation. So there's some agreement there, but there's clearly disagreement on the past and the present effects of the loan programs that have been in effect since the mid 1960s. And I want to take to you Ashley the question your opponents are what I hear them opposing is a kind of present day mass forgiveness of debt, which is to some degree on the table as a result of recent political campaigns and the Democratic Party. And your opponents are saying across the board doesn't make sense. We should be targeting individuals if we're going to forgive because not everybody needs it. Then I heard your argument really focused around people of color being those who are the ones who are challenged. So my question to you is, is there some actually room for agreement in the sense that you're not actually arguing either for across the board because you are focused seem to be on people who are more challenged by being economically marginalized. So what about that? Across the board is a way to go. And that's for a number of reasons. I tend to be optimistic and think that we live in a country where we can implement and have more than one policy solution at a time. We can absolutely cancel student debt and make lives better for millions of people and healthy economy and do something about the rising cost of college and the affordability crisis. Because what's driving up tuition will not be canceling student debt. It's going to be the budget holes in the state government budgets, like after the last Great Recession and all of that and some of that cost being passed on to students and families. It's the lack of accountability for for profit colleges in the system that raised tuition for a poor quality product and are responsible for most of the defaults and non completions. So there are other ways to deal with the rising cost of college as being passed on to students and families doubling the pell grant that we can do and we can do these things simultaneously. Also, let's remember incoming wealth are not synonymous. And it is a very different experience at the same income level. When you have generational wealth and you don't, and most people have this in color in this country, don't. Black families have a tenth of the wealth of white families. Latino families have an 8th of the wealth of white families. So this is very different. I think we have to we have to remember to put this in context. And so across the board is best because whenever a barrier is placed, whenever we make someone prove they are deserving of something, I want to be very clear. The only people that we make prove they are deserving or something in this country are poor people when we want to give out benefits. We make people prove they deserve to have benefits. But we don't do that any other time. So when you put up barriers, you automatically are putting up berries that are going to leave out the marginalized, the vulnerable, right? That's the same thing that we see. Dahlia was talking about the problem with income based forgiveness. Only 32 people have gotten IBR forgiveness. Very few people have gotten public service loan forgiveness. So Nicolas B what I think I hear Ashley saying is across the board is sort of the way to get it done. Because I think what I heard actually arguing is that it removes the barrier for people to have to prove that they need it. If the program can be just and John, I just want to say we're advocating $50,000 of cancellation per borrower. Okay, which is going to take care of most undergraduate only 2% of undergrads have more than 50% in student loans. But again, as Beth was talking about, that includes a huge number of rich people. And by rich people, let's say people are making 50% more than the median household income. You know, 90 or a $100,000, there is no reason on God's green earth that wealthy people should not be paying their way. And when they take out loans or their kids take out loans, they should pay them back. We do not have an unlimited amount of money that the government can simply start saying, we're going to start paying things off. Debt service for the federal government is already the third largest annual item on the federal budget and it's going to assume be bigger than Medicare and defense spending. We should live in a society where people with

Beth acres Beth Akers U.S. Ashley Democratic Party Nicolas B Dahlia Beth John federal government
"beth acres" Discussed on On Point with Tom Ashbrook | Podcasts

On Point with Tom Ashbrook | Podcasts

06:32 min | 1 year ago

"beth acres" Discussed on On Point with Tom Ashbrook | Podcasts

"This hour. We are exploring the ideas and the debate over forgiving student. Loan debt in the united states. A little earlier you heard the voices from some on point listeners. Telling us the impact that carrying student loan debt has had on their lives. We also heard from some listeners. Who did not support the idea of widespread. Loan forgiveness. I will lose my mind if they do that. Student loan forgiveness. When i went to college. I chose a college. That was a state school. Because that was what i could afford. I worked four jobs while i was in college so that i didn't have any debt when you take out you know what you're signing for and it's a choice. Life's all about choices. I'm not for it you know i. I guess i was lucky in that. I had a family who raised me to be wary of that <hes>. Ultimately ended up joining the military. So i can pay for college. I just don't see where the equity is there so those are some on point listeners from west virginia and from new york professors. Odi the when we say equity right. I mean <hes>. Nathan the caller. There used that that that very word it's being used in different contexts right like just in the previous segment. We talked about how the disproportionate impact of student loans on black students. For example. there's a. There's a kind of itchy trying to achieve equity there as well but i want to just get street to what does fairness mean here because i think you probably remember from the presidential primaries last year gotta might as well be five hundred years ago but it was last year. There was a moment where think it was in iowa. Where an iowa voter confronted senator elizabeth warren about this idea of student loan debt forgiveness and the voter was saying like hey. His daughter's getting out of school. He saved all his money and even worked multiple jobs so that she didn't have to have any student loans. So would he get that money. Back and senator. Warren said no and he just infuriated him because he he made the decisions to not give his daughter a legacy of debt <hes>. And there would be no payoff for that or no. Other people who chose the debt path would have forgiven. So what do you think about that. Fairness question yeah. I think it's an interesting question i mean. What does fairness in this instance. Let's say we don't cancel any of the debt. He's still not going to get that money back. But it might prevent you know the next generation of people from having to work multiple jobs and do all of this <hes>. Extra work to get their children educated so failing to cancel anyone's debt doesn't really solve problems here. You now <hes>. Would also we does doesn't solve problems in terms of like the underlying cost of higher ed correct and also then. The same thing will just continue to happen. Is it fair to that guy that everyone else must suffer the same way. Okay well so. But i mean failing to cancel. That doesn't solve that problem. But how does cancelling the debt solve the problem of very expensive higher education in this country. I think that it has to go hand in hand with policies that address. That exact problem the fact that the college tuition year over here has increased far beyond inflation. And they're just like structural issues at universities. I think that a lot of these universities. They've had to invest so heavily in responding to the corona virus and they are out of resources and local and state governments are also low on resources. So it's likely the federal government is going to have to invest in these institutions of higher education. So it seems like a good opportunity to deal with that underlying problem at the same time as as as addressing what we've been doing for the past several decades the fact that that yeah no no no. I didn't mean it up you there but <hes>. I'm agreeing like this. This to me is the core issue. Cancellation are no cancellation's short-term decision with an with impact on yeah forty-three potentially forty three million americans right now but does it you. You were talking about next. Generations do really anything to via the problem for them. There's one more question to ask about fairness and feel free to tell me that. This is a terrible comparison. But you know every single day mean especially after the financial crisis americans or the housing crisis. I should say from eight americans have been told. Don't buy a house outside your means but by the house that you can afford. Shouldn't we have the same encouragement for education. Yeah so that's interesting. I mean it might be a good opportunity. To contrast with what's happening in europe for example in denmark you get six years of free tuition room and board and a stipend to attend higher education. What they're going to have is an educated people an educated workforce and etiquette educated citizenry. If what we're going to say instead is if your parents are not wealthy don't go to a good school. don't go to an expensive school. I mean that's one way of building a society. I'm not sure that it's the best. One we know is going to be then financially. Racially socio economically exclusive. And that's not the idea that we have about america right. You're supposed to be able to go to school and move up in life. Higher education as a tool for social mobility and also and very often not even mobility but just hanging onto. Where wherever it is that you were able to achieve in the last generation just stasis just like being really part of a society. Most jobs require a college degree these days so we we want to tell people. You can't afford to go to school. So don't

senator elizabeth warren iowa west virginia Nathan united states Warren new york federal government lindell beatty denmark biden administration europe beth acres Beth manhattan institute Shoop
"beth acres" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:52 min | 2 years ago

"beth acres" Discussed on Bloomberg Radio New York

"Slash mortgages. This is Bloomberg Wall Street Week With David Western from Bloomberg Radio leading up to election markets seem to be getting ready for Ah Democratic victory across the board that would bring more spending, more borrowing and mohr inflation. By election night. They were having some second thoughts. Now it looks like we may have a divided government. How much change in direction? Are they likely tohave for for their perspectives? Welcome now. Charming. Mubarak Money. She's chief investment officer for Wealth management of Goldman Sachs and Beth Acres. Senior fellow at the Manhattan Mr. So Welcome to both of you sure, great to have you back with us. So start with that question. How did the market rate is on the election itself? There were violent reactions, including in the 30 year for the Treasuries and equities futures and then settle down. Actually, the equities kind of liked it over all over the course of the week. We think that they're two drivers that have driven the market this week, one election related. The mere fact that we don't have uncertainty anymore that the election actually occurred in the process was generally smooth. Was important Second, I think in terms of the fact that you have mentioned this is well that it was 50 50 split very close everywhere, so there's a strong signal that policymakers should not go too far to the left or to far to the right. That the markets won't like That, and the electorate with such incredible participation confirms that they don't want extreme policies and most importantly, divided government if we go back to 1928, or we just look at the post World War two period Returns, both for equities and bonds during periods of divided government are close to double that of single party government. So the markets the financial markets do not also like extreme policies. So that's a perspective in terms of looking at the election results, and then from a fundamental perspective, we've had 83% a few as stocks at the S and P 500 reporting earnings. Exceeding expectations, both on revenues and on earnings so very solid fundamentals. We had the third quarter GDP number at 33 Prosper sent so very strong momentum going into the fourth quarter. Helping offset some of the risk that we're going to have with the surgeon infections, so that's very important. And then in addition, we just had the nonfarm payroll numbers and claims so very good support there and incredible decline in the unemployment rate with an increase in participation, So very good. General Elizabeth you follow labor economics in particular, In addition to the election this week and the Federal Reserve, we also had some jobs numbers were that were pretty encouraging, actually. Better than had been expected. How much help does the labour market really need from either the Congress or the administration at this point? I'd say as much as it can get. I saw a lot of people starting to celebrate the good report that we had and were quickly mobbed by economists who wanted to remind them that while this was good news today, we are not in a good labor market. So as professor Hubbard pointed out in the earlier segment We lost 20 million jobs at the onset of the pandemic, and then we have begun to crawl out of that hole. We've got about halfway out 10 million warrior jobs is a long way to go. It's especially a long way to go when you realize that a lot of the people who have come back into employment at the early stages of I guess what we could call a recovery are people who returned to the same job that they were temple. It temporarily laid off from a lot of the people that we're seeing who remain unemployed. Today, We're completely separated from a job. And so as you can imagine, it's going to be harder to get this population. Back to work, So I think a lot of support is needed not advocating for legislation myself. So we need a lot of support in the labor market. But Charmaine do we need a lot of support for the other market? Because, as a practical matter, it looks like if we don't have too many taxes, it's not too disruptive. It sort of Goldilocks sort of just right in the middle, particularly of low interest rates. It makes equities worth a lot. I think there's no doubt that we need some support as we get through the continued acute phase of the pandemic, and we know what the surge that we've seen. The number is not just in the US, but in other parts of the world, we're going to have a very difficult November and December In terms of infections and what that means for the economy. If you look at the high frequency data, whether you're looking at Google Mobility data, apple mobility data say travel open table data. You are seeing a flattening of that improvement, so the next several months will be tough. But the assumption is that if we get a vaccine and these therapeutic sometime in the first quarter of the year that have some level of efficacy, no doubt that none of these are going to be magic bullets. But if you have something that's going to help Then you need some support. But gradually, the unemployment rate will improve. If you think of our forecast for 7% By the end of the year, we already got it. The glasses more than half full, then it is empty. So Beth briefly here getting the last word is a grave even rougher in the labor market because we didn't bring all those 10 million people back, and if we have to shut down some or it's gonna be worse. Well, The good news is that we had a good bump this night with such which it sets us at a higher level for any potential deterioration in the coming months as the pandemic potentially gets worse. Yeah, I would say we're in for a long winter, both with the pandemic and the labor market. Quite. Unfortunately, exactly so were a lot to look forward to. We hope it's better than we expect. Many thanks Nata Sharmeen most of our money of Goldman Sachs and Beth Acres of the Manhattan Institute for giving us a rundown on the job market as well as what's going with equities and debt uneventful four years ahead of us without a doubt. Coming up. How badly is the pandemic hitting the realestate industry and what is the long term damage likely to be? We ask Sam Zell, founder and chairman of equity group Investments, just like a lot of small businesses. Ah, and small restaurants will re open. I think in the same way we're going to see a really attrition in the number of hotels. They're functioning going forward. Hotels over unique forms of real estate. They have very, very high, you know, kind of minimum operating cost bottles and therefore they leaving the door open. I say 7% occupancy eyes really, really pretty awful on the same time. You know, we're not I'm not suffering. The country's not doing anyway near as badly as the newspapers headline.

Goldman Sachs Bloomberg Wall Bloomberg Radio Manhattan US Beth Acres Mubarak David Western Senior fellow chief investment officer Federal Reserve Sam Zell professor Hubbard Congress Charmaine General Elizabeth
"beth acres" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:09 min | 2 years ago

"beth acres" Discussed on Bloomberg Radio New York

"People out of work. And with a Corona virus that doesn't know the difference between Republicans and Democrats, and that gets its own sort of vote in our collective future. Help was start to make some sense of it all. We welcome now the man who advised President George W. Bush on the economy Glenn Hubbard. He served as the chairman of the Council of Economic Advisers under President George W. Bush, who went on to be dean of the Columbia business School and is now professor of finance and economics there. Thank you so much. It's great to have you contributed his program. So Glenn give us a sense. In addition, by the way to the election, we also had some jobs numbers. They come out at the end of the week, and they were quite heartening. Although they're still 10 million over 10 million Americans. You don't have a job who did before the pandemic. Give us your sense of the common right now. And what does it need going forward, No matter who the president is, well, David. The jobs numbers do indicate a bounce back, particularly in private sector employment, which is higher government attraction. Rob, but we've got a long way to go. We have not bounced fact. Anyone close As you said through 10 million jobs, short and economists view I think that you level out but won't recovered so well into not wait next year relative to what it was this past February, you got a long way to go with the economy needs a moment. Obviously, it's first and foremost getting the virus under control that prophylactic practices in the near charm. It's a vaccine in the media mind, but we also need a more fiscal support, was heartened to see that there's a discussion of a package that could include things like eight states. Picking up unemployment insurance compensation, and I would hope some assistance for small and midsize businesses as well. That's I think what we need in the midterm So I think just about everybody. This point agrees. We need to get some more stimulus here. Fiscal stimulus. We heard addition from J piled the chairman fed saying just that this week right now, Glenn, I think it looks like the president's gonna have to govern from the middle. No matter what the one thing that seems clear from this election is the people basically got together and said We don't like the far right. We don't like the far left. We'd like something in between. Where could they be common? Cause you mentioned infrastructure is that a source of common agreement perhaps between the parties are there others? Well, I think infrastructure could be common agreement. It would be a stretch to say that he is so at the moment, but I think focusing on problems facing working class Americans, which go the gamut from Training the support for low wage work aid to some places in the country that have been left behind in the ship's horn. Technological changes. Globalisation. These are all things that we can do. If they don't to me have a Democrat or Republican feel to it. They're good economics should also be good politics, given what we're seeing in the holes surrounding the race. So I would hope that's governing from the middle, trying to do more extreme programs, either. The white from the left don't seem like they would have a political support. Glenn One thing that has no partisan orientation that we wear his covert 19 is, is the non discriminatory. Afflict ER as in effect eyes. There's something we can do economically. Tio address covered 19 Do we need more money for testing for tracing things like that? Certainly that Koven 19 is affecting our economy. We do. I mean, the quickest way we can get the economy better is obviously the virus under control. Not part of that waits for a vaccine, But we do have the need for public support for the public health care system. For example, we need more funds for testing and tracing. This has been around for some time number. Proposals are out there to do that, and I would hope that whatever package President of president elect could could agree on with Congress would involve that. So Glenn in addition to the election, in addition to the jobs numbers, we also had the Federal Reserve meeting and deciding and Jay Paul giving a news conference this week. The federal serve has been front and center for the economy for some time now unnecessarily so. As we look forward to next four years could we expect the perhaps the Fed is not quite so central because essentially, maybe the feds done what it could do. I think the Fed will still be central to conduct the monetary policy is important. And the Fed has send it when keep its low interest rate environment for a while, But I continue to believe that we've asked way too much of the fact. And I hear tear Powell's view that we should be asking, but Congress for more fiscal support. It's not just that monetary policy isn't the best medicine. It's not the physical support would be better. It's that it also runs the risk of over inflating asset prices. It runs the risk of fanning income, inequality of wealth and equality. So I think we are to let the Fed fixed crises when they occur. Let the head conductor reasonable Monetary policy would not count on it to always be the economy. See, Glenn, you're an economist. I'm not gonna be a political analysts at the same time. Some people say that there are places such as Europe, for example, what appears that fiscal and monetary policy arm or coordinated UK as well, that seems to be truly saw that this week is there some hope in this new world that we can coordinate better because we've had at least three different sources. Now we've had the Treasury with Secretary Kim Yushin and President Trump. We've had Nancy Pelosi Speaker House and then we've had Mitch McConnell, the Republicans. The Senate. Seems like we had at least three different players here. Well, Thea damage of our kind of democracy is sometimes that attention is worthwhile. I think there will be more coordination of fiscal and monetary policy in the sense that Some of the Fed's newer programs do involve credit risk and Treasury involvement. So in a sense that is going on, so I think the identity of whoever the new Treasury secretary is To work with cheer. Powell is going to be an extremely important one for markets in the economy. Okay, It's always a delight to have you with us. That is Professor Glenn Hubbard, the Columbia Business School Wall Street Week contributor. Coming up. The markets did an about face on those expectations for inflation going to the election. But have they got it right way? Ask charming most of our money of Goldman Sachs and Beth Acres of the Manhattan Institute. That's next on Wall Street Week on.

Fed Glenn Glenn Hubbard President George W. Bush president Columbia business School chairman Powell professor of finance and econo Glenn One Congress Council of Economic Advisers Treasury Goldman Sachs President Rob ER
"beth acres" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:44 min | 2 years ago

"beth acres" Discussed on Bloomberg Radio New York

"Bloomberg Radio leading up to election markets has seemed to be getting ready for Ah Democratic victory across the board that would bring more spending, more borrowing and mohr inflation. By election night, they were having some second thoughts. Now it looks like we may have a divided government. How much change in direction? Are they likely tohave for for their perspectives? We welcome now Charming must've borrowed money. She's chief investment officer for Wealth management of Goldman Sachs and Beth Acres, Senior fellow at the Manhattan Institute. So welcome to both of you Sure, great to have you back with us. So start with that question. How did the market rate is on the election itself? There were violent reactions, including in the 30 year for the Treasuries and equities Futures, and they settled on. Actually the equities kind of liked it over all over the course of the week. We think that they're two drivers that have driven the market this week, one election related. The mere fact that we don't have uncertainty anymore that the election actually occurred in the process was generally smooth. Was important Second, I think in terms of the fact that you have mentioned this is well that it was 50 50 split very close everywhere, so there's a strong signal that policymakers should not go too far to the left or to far to the right. That the markets won't like That, and the electorate with such incredible participation confirms that they don't want extreme policies and most importantly, divided government if we go back to 1928, or we just look at the post World War two period returns both for equities and bonds. During periods of divided government are close to double that of single party government, So the markets of financial markets do not also like extreme policies. So that's a perspective in terms of looking at the election results, and then from a fundamental perspective, we've had 83% a few as stocks at the S and P 500 reporting earnings. Exceeding expectations, both on revenues and on earnings so very solid fundamentals. We had the third quarter GDP number at 33 Prosper sent so very strong momentum going into the fourth quarter. Helping offset some of the risk that we're going to have with the surgeon infections, so that's very important. And then in addition, we just had the nonfarm payroll numbers and claims so very good support there and incredible decline in the unemployment rate with an increase in participation, So very good. General Elizabeth you follow labor economics in particular, In addition to the election this week and the Federal Reserve, we also had some jobs numbers were they were pretty encouraging, actually. Better than had been expected. How much help does the labour market really need from either the Congress or the administration at this point? I'd say as much as it can get. I saw a lot of people starting to celebrate the good report that we had and were quickly mobbed by economists who want to remind them that while this was good news today, we are not in a good labor market. So, as professor Hubbard pointed out in the earlier segment, we lost 20 million jobs at the onset of the pandemic, and then we have begun to crawl out of that hole. You've got about halfway out 10 million warrior jobs is a long way to go. It's especially a long way to go when you realize that a lot of the people who have come back into employment at the early stages of I guess what we could call a recovery are people who returned to the same job that they were temple. It temporarily laid off from a lot of the people that we're seeing who remain unemployed. Today, We're completely separated from a job. And so as you can imagine, it's going to be harder to get this population. Back to work, So I think a lot of support is needed nine advocating for legislation myself, so they need a lot of support in the labor market. But Sharmeen do. We need a lot of support for the other market? Because, as a practical matter, it looks like if we don't have to made taxes, it's not too disruptive. It sort of Goldilocks. Sort of just right in the middle, particularly have low interest rates. It makes equities worth a lot. I think there's no doubt that we need some support as we get through the continued acute phase of the pandemic, and we know what the surge that we've seen. The number is not just in the US, but in other parts of the world, we're going to have a very difficult November and December In terms of infections and what that means for the economy. If you look at the high frequency data, whether you're looking at Google Mobility data, apple mobility data say travel open table data. You are seeing a flattening of that improvement, so the next several months will be tough. But the assumption is that if we get a vaccine and these therapeutic sometime in the first quarter of the year that have some level of efficacy, no doubt that none of these are going to be magic bullets. But if you have something that's going to help Then you need some support. But gradually, the unemployment rate will improve. If you think of our forecast for 7% By the end of the year, we already got it. The glasses more than half full, then it is empty. So Beth briefly here getting the last word is a good even rougher in the labor market because we didn't bring all those 10 million people back, and if we have to shut down some or it's gonna be worse. Well, The good news is that we had a good bunch this mind with such which it sets us at a higher level for any potential deterioration in the coming months as the pandemic potentially gets worse. Yeah, I would say we're in for a long winter, both with the pandemic and the labor market play. Unfortunately, exactly, so we have a lot to look forward to. We hope it's better than we expect. Many thanks not to Sharmeen most of our money of Goldman Sachs and Beth Acres of the Manhattan Institute for giving us a rundown on the job market as well as what's going with equities and debt uneventful four years ahead of us without a doubt. Coming up. How badly is the pandemic hitting the realestate industry and what is the long term damage likely to be? We ask Sam Zell, founder and chairman of equity group Investments, just like a lot of small businesses. Eyes on restaurants will re open. I think in the same way we're going to see a really attrition in the number of hotels, they're functioning going forward. Hotels over unique forms of real estate. They have very, very high, you know, kind of minimum operating costs, bottles and therefore a leaving the door open. I say 70% activity eyes really, really pretty awful. Um And same time, you know, we're not. We're not suffering. The country's not doing anywhere near as badly as the.

Beth Acres Goldman Sachs Manhattan Institute Bloomberg Charming chief investment officer US Senior fellow Federal Reserve Sam Zell professor Hubbard Sharmeen Congress General Elizabeth Google
"beth acres" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

05:37 min | 2 years ago

"beth acres" Discussed on WNYC 93.9 FM

"In Los Angeles on Cairo. It is Friday. Today, everybody the fourth day of September. Good as always to have you along. A macro and an economic number of the day as this pandemic get set to enter its seventh month if you can believe that is 1.37 million that his jobs added to this economy in the month of August. Three million people had been temporarily laid off came back to work and that helped bring the unemployment rate down. Almost 2% points to 8.4%. All of that is good. Like I said. But a chunk of those jobs a quarter million or so our temporary census workers. We're going to be out of work again soon. And more to the point. Job growth is slowing a million plus in August, as I said it was nearly five million a month back in June. What else? What you bear in mind Marketplaces? Mitchell Hartmann is on the putting The jobs report in context beat today. This economy has been through a lot since mid March. About 15% of all the jobs in America evaporated in just a few weeks. We've been clawing back those jobs ever since. Here's how Brad McMillan at Commonwealth Financial Network rates the latest report. It was good. It wasn't great, but it was certainly solid, it says. We're continuing to make progress, but we also have a long way to go. Gaining 1.4 million jobs would be blockbuster in normal times. But economist Beth Acres at the Manhattan Institute says Now that number may be giving the impression that we're doing pretty well digging out of this hole. But the reality is that we're only about halfway out a little over 10 million of the 22 million jobs we've lost have come back. And job gains. Air Slowing, Acres, says This is really a tale of two recoveries, Employment levels for higher income workers have almost come back to pre crisis level. Where is employment levels for low wage workers remain significantly below where they were, and it's also unclear when those workers will be able to get back to work. Jobs in bars and restaurants, for instance, are still down 25% from before the pandemic, which leaves a lot of workers out of the recovery so far. Like Cody Sorenson. He's 33 worked as a server at an upscale Italian restaurant in West Hollywood until mid March. Sorenson's on indefinite layoff. He's still getting health benefits and a $400 a week unemployment check when that runs out. I mean, I'm just gonna have to go and find like another job, or are you just going to move? I guess back on the Texas you know where he hopes they'll be less competition for any new jobs that come up. I'm Mitchell Hartmann for marketplace. All right, with that, as backdrop, let's dig in a little bit on jobs and the other news of the day. And this week, genius Milik is with The New York Times. K. Davidson is at the Wall Street Journal. Hey, you two I can't. Okay, let me start with you. Ah, picking up on Mitchell's spot, and he gave a nod to this, but I want to. I want to make sure people get it. There is despite this good, not great report today. There's some underlying fragility in this economy. Right? 29 million people on some kind of unemployment benefit small businesses closing left and right, Yeah. That's right. A cz You sort of hinted at sky. It was kind of it was kind of a mixed report. You know, on the one hand 8.4% Unemployment is much lower than where many people thought we'd be at this point, But things are still really bad. And I guess the thing to understand is that the people who are still out of work, many of them are people at the lower end of the wage scale that have jobs and industries that have been harder hit by the pandemic. Hotel workers, restaurant workers, people in industries Are still struggling to come back on. And the longer these people stay out of work. The risk is that those more and more of those job loss has become become permanent. So it's on the right track. But you know a long way to go still. Hear those permanent job losses that longstanding damage the economy. Gina is something Fisher Pala talks about a lot haven interview to morning edition this morning is gonna air I think on Monday the transcript is out for those who wanted again. I wantto parts a couple of things you said number one. Low interest rates in this economy are going to be here, and this is quoting pal for a period measured in years. That is, I mean, it's kind of we know it, but it's kind of amazing. Yeah, yeah, no surprise to bond markets, which are, you know, obviously recognizing that we're in for a really long period of low interest rates, But I think that Yeah, it's it's remarkable if you remember back to 2007 to 2009 recession and, you know, sort of within within, not a very long time span people we're talking about, you know, when is lift off? When is the fed going to raise rates? You know what? When did they start moving this extraordinary accommodation and I feel like You know, in the over the last decade, That conversation is just fundamentally shift and shifted. And a lot of that was T Drum pal who has been very clear about communicating that we're in this federation. You know, they're not planning on just like immediately raising rates As soon as we get past sort of the worst of this recession. We're in this this environment for a really long time until the job market has, you know he owed and really after what the Goddess said quite clearly is until inflation picks up. Which goes back to what he was talking about last week in pseudo Jackson Hole, As or Kate, one of the other things that pallet talked about with morning Edition today is.

Mitchell Hartmann Cody Sorenson morning Edition Cairo Los Angeles Manhattan Institute Texas West Hollywood Commonwealth Financial Network Beth Acres Brad McMillan America Wall Street Journal T Drum Milik Kate K. Davidson The New York Times
"beth acres" Discussed on KCRW

KCRW

08:25 min | 2 years ago

"beth acres" Discussed on KCRW

"In Los Angeles on fire is not it is Friday. Today, everybody the fourth day of September. Good as always to have you along. A macro and an economic number of the day as this pandemic get set to enter its seventh month if you can believe that is 1.37 million that his jobs added to this economy in the month of August. Three million people had been temporarily laid off came back to work and that helped bring the unemployment rate down. Almost 2% points to 8.4%. All of that is good. Like I said. But a chunk of those jobs a quarter million or so our temporary census workers. We're going to be out of work again soon. And more to the point. Job growth is slowing a million plus in August, as I said it was nearly five million a month back in June. What else would you bear in mind? Marketplaces? Mitchell Hartmann is on the putting The jobs report in context beat today. This economy has been through a lot since mid March. About 15% of all the jobs in America evaporated in just a few weeks. We've been clawing back those jobs ever since. Here's how Brad McMillan at Commonwealth Financial Network rates the latest report. It was good. It wasn't great, but it was certainly solid, it says. We're continuing to make progress, but we also have a long way to go. Gaining 1.4 million jobs would be blockbuster in normal times. But economist Beth Acres at the Manhattan Institute says Now that number may be giving the impression that we're doing pretty well digging out of this hole. But the reality is that world about halfway out a little over 10 million of the 22 Million jobs we've lost have come back and job gains air slowing. Baker says. This is really a tale of two recoveries. Employment levels for higher income workers have almost come back to pre crisis level. Where is employment levels for low wage workers remain significantly below where they were, and it's also unclear when those workers will be able to get back to work. Jobs in bars and restaurants, for instance, are still down 25% from before the pandemic, which leaves a lot of workers out of the recovery so far. Like Cody Sorenson, he's 33 worked as a server at an upscale Italian restaurant in West Hollywood until mid March. Sorenson's on indefinite layoff. He's still getting health benefits and a $400 a week unemployment, Jack when that runs out, I mean, I'm just gonna have to go and find another job or I'm just going to move. I guess back on the Texas you know where he hopes they'll be less competition for any new jobs that come up. I'm Mitchell Hartmann for marketplace. All right, with that, as backdrop, let's dig in a little bit on jobs and the other news of the day. And this week, genius Milik is with The New York Times, K. Davidson. Is that the walls Street journal? You too. I can't. Let me start with you. Ah, picking up on Mitchell's spot, and he gave a nod to this, but I want to. I want to make sure people get it. There is despite this good, not great report today. There's some underlying fragility in this economy. Right? 29 million people on some kind of unemployment benefit small businesses closing left and right, Yeah. That's right. A cz You sort of hinted at sky. It was kind of it was kind of a mixed report. You know, on the one hand 8.4% Unemployment is much lower than where many people thought we'd be at this point, But things are still really bad. And I guess the thing to understand is that the people who are still out of work, many of them are people at the lower end of the wage scale that have jobs and industries that have been harder hit by the pandemic. Hotel workers, restaurant workers, people in industries Are still struggling to come back on. The longer these people stay out of work. The risk is that those more and more of those job loss has become become permanent. So it's on the right track. But you know a long way to go still. Those permanent job losses that longstanding damage the economy. Gina is something Fisher pal talks about a lot. Hey, gave an interview to morning Edition. The morning is gonna air. I think on Monday the transcript is out for those who wanted again. I wantto parts a couple of things, he said. Number one. Low interest rates in this economy are going to be here, and this is quoting pal for a period measured in years. That is, I mean, it's kind of we know it, but it's kind of amazing. Yeah, yeah, no surprise to bond markets, which are, you know, obviously recognizing that we're in for a really long period of low interest rates, But I think that Yeah, it's It's remarkable if you remember back to 2007 to 2009 recession and, you know, sort of within within, not a very long time span people we're talking about, you know, when is left off? When is the fed going to raise rates? You know what? When did they start moving this extraordinary accommodation and I feel like you know in the Oval Decade. That conversation is just fundamentally shift and shifted. And a lot of that was T drum pal who has been very clear about communicating that we're in this regeneration. You know, they're not planning on just like immediately raising rates as soon as we get past sort of the worst through this recession. We're in this this environment for a really long time until the job market has, you know he owed and really, after what The fact is, they don't quite clearly is until inflation picks up. Which goes back to what he was talking about last week in pseudo Jackson Hole, As or Kate, one of the other things that pallet talked about with morning Edition today is Ah debt and fiscal policy and specifically, he said, You know what? We need help now in fiscal policy. This is not the time to worry about debt and fixing that structure, which goes to a piece You wrote this week about the size of the federal debt and how it's going to be this coming fiscal years as big as the entire economy. That's right. We've seen since March, given all the spending to fight the pandemic and tax revenues going down because people out of work the debt to GDP ratio that is, the level of death that we have compared to the size of the economy is almost at 100%. And at the end of last year for just some point of reference, it was just about 80%. That's a huge jump. Doesn't mean anything, though. I think if we listen to what chair Pal was saying, and like, Gina said, we look at bond markets. They're kind of saying Not really. Interest rates are so low and that means that the government can borrow with, you know for very, very little money for lack of a better term. You know, the costs of that dead are going down and the Congressional Budget Office put out a report this week saying that despite this, you know Serious, significant deterioration in the economic outlook. Despite all the sex, you're spending, they actually see us spending less over the next 10 years on interest costs than they did in March before the pandemic, which is just really remarkable, and that suggests that we still have a lot of room to borrow. And so you have, you know, legislators and and a lot of economists, frankly saying There's no reason not to do this. We can't afford this. We should be spending more to support the economy right now. And even if it adds to the debt, it's well worth it. Yeah, but look, you know, I super don't want to get political on this because it's it's really front. But you can see and we have seen in the past number of months. The idea of Oh my goodness. Federal debt. We have to cut cut cut becoming a factor in this election, right? I think certainly you do see that. I think I think certainly you here a little bit of about it from Senate Republicans in particular, it was notable that you didn't hear anything about it at the RNC at the Republican National Convention last week, basically no mention of the data the deficit, which makes sense piece, it's run up dramatically under President Trump's leadership. I imagine that will change after the election, depending on who who's in office. But I do think it is a really interesting question to watch sort of how the politics of debt change. As as Kate mentioned, you know, we clearly leave some of these historical limitations on what it means to run a big national debt in the past, along with higher interest rates. Kate. How do you stop people like just who read The Wall Street journal New York Times and Freak out about the fact that the dead is so big. It is a scary number and people sort of look at it and go. Oh, my goodness. We have to stop. It's so hard..

Mitchell Hartmann Kate morning Edition New York Times Gina Cody Sorenson Los Angeles Texas Commonwealth Financial Network America Manhattan Institute Congressional Budget Office Brad McMillan walls Street journal West Hollywood Beth Acres RNC
"beth acres" Discussed on KGO 810

KGO 810

05:57 min | 2 years ago

"beth acres" Discussed on KGO 810

"If we're going to hold at this level. Of health and safety of this city and get better. We have to deal with the fact that the quarantine must be applied consistently. Anyone who's travelled Steve Kastenbaum, New York Let's point out some problems with Jim Bohannon at 20 before the hour, Jim, you've got problems. I've got problems. A lot of people have problems during the pandemic, and one group that has a problem would be higher Education. Taking in total. They face a precarious financial problems right now and to take a look at that. Beth Acres, joins a senior fellow at the Manhattan Institute of former Council of Economic Advisers, economist And what is the problem that that schools are facing in his inasmuch as students are tending? I think to go back to school. They're just not going to be there in person. That's right. So we actually have colleges universities employing a mix of strategies in the face of covert this fall. Some have stated that there switching entirely virtual program for the master and others still contend to be planning for an in person semester. Some of that might be driven by the fact that if you don't return to campus, many colleges and universities Are going to be in a very, very precarious financial position, and that's because a lot of their revenues really a surprising amount of the revenue comes from the auxiliary services that are offered on campus. That's the revenues coming from Dining halls, other types of food service storms and even things like parking Now, then I note that the heck Inger Foundation are the Ninja report. To be more precise, has created a financial fitness tracker for Ah, ah institutions of higher education. They look at things such as enrollment, tuition revenue, public funding. And in down but health and they find that more than 500 colleges and universities nationwide have warning signs in terms of their financial stability. Also, they find this is not evenly spread out, for example. Ohio and Illinois have more than 10% of all the institutions in trouble. Your thoughts? That's right. So you know, it used to be in decades past that a college closing because of financial concerns, just exceedingly rare, But you know, your your listeners may recall over recent years hearing Ah lot about college. Closer closure than what we're seeing is that colleges are growing more and more financially precarious and they have been in the past and so many are in a very poor position. To be ableto face this financial financial challenge that's being imposed upon them by Cove it now I understand that some students might might be looking at what's known as a gap year. That is to say, taking a year off turning a a four year program into a five year program. Which many students of course I do. A za matter, Of course, for other reasons, academic difficulties and money troubles. What have you is? Is that going to be a big trend now? And if so, how will that impact the financial stability of colleges? Yeah, You know a lot of media and get a lot of attention to the idea of a gap year, traditionally is referring to someone taking a year off after high school before going to college or somewhere along the way. So you know, I think we have to remember is that it takes quite a lot of financial privileged to be able to exercise the You know the choice to take a gap year student who are enrolled in college are able to have their living expenses fully paid for by student financial aid if necessary, and so You know they be having to give that up in order to venture out into the economy on their own And But now is not exactly the time to want to be doing that, especially without a college degree. Then there is, of course, the possibility of turning to a college is endowment Fund. I know that not every school has Harvard's over $40 billion endowment. But nonetheless, some have. Shall we say something short of ah of a bankruptcy situation. Some RR nicely fixed, right? So they're definitely a number of colleges, universities that are sitting on a pile of cash and often we call upon them to use that in one way or another, and a lot of people are looking at this moment for For them to lean on that rather than a bailout from the federal government. Unfortunately, it's just not a great policy solution for a system as a whole because the number of colleges were in a position Tau really have the resources to make a difference. Just really small and so sure we may see that Harvard is going Tio reduce their cost for students fall and may rely a bit on their endowment to do that. I don't think we'll see that happening very often. Nor is it a really great solution, Systemically. Also, a lot of schools are, shall we say Not exactly efficient in their allocation of resource is they pay a huge salaries, huge benefit packages and some have an array of middle management. That is, at the very least questionable. Yeah, that's right. I think a potential silver lining for us out of this crisis, which is probably difficult for people to see at this point, because we are really Right into the depths of this higher education crisis is that we could potentially be pushing colleges towards utilizing the more efficient online platform for delivering education. We've had online education and virtual schooling for a couple of decades. But for the most part we have not increased class size is not changed the format of classes. They're staffing and we haven't taken advantage of the potential cost savings. I'm really hopeful. That by creating infrastructure for virtual learning through this crisis moment that you know the existence of that infrastructure will encourage more colleges universities in the next few years to make use of that potentially seek out a more efficient business model. Beth Acres senior fellow at the Manhattan Institute, their website Manhattan hyphen institute dot organ. 14 before the hour, a new contact tracing APP adopted by one state.

Beth Acres senior fellow Jim Bohannon Manhattan Institute of former Steve Kastenbaum Manhattan Institute endowment Fund Harvard Inger Foundation New York Manhattan Illinois Ohio
"beth acres" Discussed on KQED Radio

KQED Radio

04:37 min | 2 years ago

"beth acres" Discussed on KQED Radio

"And see how low paycheck looks the next two weeks. That was April Oliver in Bozeman, Montana. Marine. Marius is in Brooklyn confined the last couple of conversations we've had with them at our website marketplace or at yours. Do it wouldn't tell us about your personal There's some organized labor news to pass on that is fit to print. So to speak. California home child care workers voted to unionize on Monday. These air independent providers Work mostly out of their own homes or in the homes of the families that they work for. They'll be able to collectively bargain with the state, which pays and licenses most of these businesses to provide subsidised care for low income communities. A handful of other states have seen something similar happened. But California is by far the biggest as the country grapples with a childcare crisis during this pandemic. From the workplace culture desk marketplaces Megan McCarty. Carina has that one toilet. Toma, Seeing only about 1/3 of her usual business has a Los Angeles daycare provider and our expenses are going up for cleaning supplies, face shields and masks from spending right now, all this money in and I'm gonna see it because I don't know if the kids are coming back or not. Comma hopes the union she fought for will be able to negotiate more livable wages, access to healthcare and paid sick leave, which most workers like her don't have in the middle of a pandemic. Nobody's allowed to get take care. It's it is a scary it is scary. Child care workers are among the lowest paid in the country. In California. The majority are women of color and 1/4 live in poverty. It's a work force that has received very little attention and very little financial resource is UC Berkeley childcare expert Leah Austin surveyed childcare providers and found 1/4 had closed, while many others remained open. Despite financial and health concerns. They have their own income. They're taking on personal credit card debt to cover their program expenses and one in five have Mr Rent or mortgage payments. Not only is the industry unsustainable for providers, but families as well, says Kristen Ro Finkbeiner at the advocacy group Mom's Rising childcare in most states already cost more than public college. She says. Caretaking has been devalued. Not just for individuals but our entire society. The U. S is the on ly wealthy country without some kind of national childcare program. I'm Megan McCarty, Carino for Marketplace. Okay. School K through 12. Yes District are figuring that out. Colleges and universities are as well, some going online only some going with some kind of hybrid, but nothing that could remotely be called normal. So if you're a college student or the parent of same one of the economic calculations you're making about whether to go back or maybe take some time. Marketplaces. Mitchell Hartmann did some asking around. When colleges shutdown in March and sent students home to finish the semester online schools worried if their students would re enroll in the fall. Sally Mae, the giant private college lender, surveyed families in the spring and what we found was there's really no gap year here. Martha Holler at Sallie Mae says only 2% of students plan to take time off from their education. The overwhelming majority are planning on returning to their current school. Fitch Ratings has also found most students plan to continue college in the fall and want to be on campus analyst Emily Wadhwani says. Administrators are trying to calm families fears working with health professionals They have planning team's in place protocols that will ideally keep the students and staff and faculty safe as best they can, and it's not like the choice to take time off would be an easy one, says Beth Acres at the man. Hatin Institute, to be in a position of taking Gap year requires a lot of financial privilege. So a lot of students who are in college are older. They maybe have Children, and they may be relying on financial aid to pay their household expenses. Many schools, they're still finalizing their fall plans. Robert Franek at the Princeton Review says the 100% online model maybe the right thing for some schools in the pandemic, but Do you still want to be face to face in class or some hybrid model? And he says, some students are waiting to find out if they'll be on campus or home with their parents before they re enroll. I'm Mitchell Hartmann for Marketplace..

California Megan McCarty Toma Mitchell Hartmann Robert Franek Bozeman April Oliver Marius Montana Kristen Ro Finkbeiner Sallie Mae Brooklyn Sally Mae UC Berkeley Carina Los Angeles Fitch Ratings Mr Rent Hatin Institute
"beth acres" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

04:43 min | 2 years ago

"beth acres" Discussed on WNYC 93.9 FM

"Paycheck looks the next two weeks. That was April Oliver in Bozeman, Montana. Marine Marius is in Brooklyn. Find the last couple of conversations we've had with them at our website marketplace warden at yours, too. It wouldn't tell us about your personal account. There's some organized labor news to pass on that is fit to print. So to speak. California home child care workers voted to unionize on Monday. These air independent providers Work mostly out of their own homes or in the homes of the families that they work for. I'll be able to collectively bargain with the state, which pays in licenses most of these businesses to provide subsidised care for low income communities. A handful of other states have seen something similar happened. But California is by far the biggest as the country grapples with a childcare crisis during this pandemic. From the workplace Culture desk marketplaces Megan McCarty, Carina has that one. Soy La Toma, seeing only about 1/3 of her usual business as a Los Angeles Day care provider, and our expenses are going up for cleaning supplies, face shields and masks from spending right now, all this money and I'm not gonna fear because I don't know if the kids are coming back or not Tomahawks, the union she fought for will be able to negotiate more livable wages. Access to healthcare and paid sick leave, which most workers like her don't have in the middle of a pandemic. Nobody's allowed to get take care. It's it is a scary it is scary. Child care workers are among the lowest paid in the country. In California. The majority are women of color and 1/4 live in poverty. It's a workforce that has received very little attention, and very little financial resource is UC Berkeley childcare expert Leah Austin surveyed childcare providers and found 1/4 had closed while many others remained open. Despite financial and health concerns. They have their own income. They're taking on personal credit card debt to cover their program expenses and one of five have Mr Rent or mortgage payments. Not only is the industry unsustainable for providers, but families as well, says Kristen Ro Finkbeiner at the advocacy group Mom's Rising childcare in most states already costs more than public college. She says. Caretaking has been devalued. Not just for individuals but our entire society. The U. S is the on ly wealthy country without some kind of national childcare program. I'm Megan McCarty, Carino for Marketplace. Okay. School K through 12. Yes District are figuring that out. Colleges and universities are as well, some going online only some going with some kind of hybrid, but nothing that could remotely be called normal. So if you're a college student or the parent of same one of the economic calculations you're making about whether to go back or maybe take some time. Marketplaces. Mitchell Hartmann did some asking around. When colleges shutdown in March and sent students home to finish the semester online schools worried if their students would re enroll in the fall. Sallie Mae, the giant private college lender, surveyed families in the spring and what we found was there's really no gap you're here. Martha Holler at Sallie Mae says only 2% of students plan to take time off from their education. The overwhelming majority are planning on returning to their current school. Fitch Ratings has also found most students plan to continue college in the fall and want to be on campus analyst Emily Wadhwani says. Administrators air trying to calm families fears working with health professionals They have planning team's in place protocols that will ideally keep the students and staff and faculty safe as best they can, and it's not like the choice to take time off would be an easy one, says Beth Acres at the man. Hatin Institute, to be in a position of taking a gap year requires a lot of financial privilege. So a lot of students who are in college are older. They need to have Children, and they may be relying on financial aid to pay their household expenses. Many schools air still finalizing their fall plans. Robert Franek at the Princeton Review says the 100% online model maybe the right thing for some schools in the pandemic, But students still want to be face to face in class or some Hybrid model. And he says some students are waiting to find out if they'll be on campus or home with their parents before they re enroll. I'm Mitchell Hartmann for Marketplace..

California Megan McCarty Sallie Mae Carina Mitchell Hartmann Robert Franek Paycheck Bozeman April Oliver Montana Brooklyn Kristen Ro Finkbeiner Los Angeles UC Berkeley Fitch Ratings Mr Rent Princeton Review Hatin Institute Martha Holler
"beth acres" Discussed on KCRW

KCRW

04:36 min | 2 years ago

"beth acres" Discussed on KCRW

"Next two weeks. That was April Oliver in Bozeman, Montana. Marine Marius is in Brooklyn. Confined the last couple of conversations we've had with them at our website Marketplace ward at yours, too. It wouldn't tell us about your personal account. There's some organized labor news to pass on that is fit to print. So to speak. California home child care workers voted to unionize on Monday. These air independent providers Work mostly out of their own homes or in the homes of the families that they work for. I'll be able to collectively bargain with the state, which pays in licenses most of these businesses to provide subsidised care for low income communities. A handful of other states have seen something similar happened. But California is by far the biggest As the country grapples with a childcare crisis during this pandemic. From the workplace Culture Desk MARKETPLACE and Megan McCarty. Carina has that one. Soy La Toma, seeing only about 1/3 of her usual business as a Los Angeles Day care provider, and our expenses are going up for cleaning supplies, face shields and masks from spending right now, all this money in and I'm gonna fear because I don't know if the kids are coming back or not Tomahawks, the union she fought for will be able to negotiate more livable wages. Access to healthcare and paid sick leave, which most workers like her don't have in the middle of a pandemic. Nobody's allowed to get take care. It's it is a scary It is scary. Child care workers are among the lowest paid in the country. In California. The majority are women of color and 1/4 live in poverty. It's a workforce that has received very little attention and very little financial resource is UC Berkeley childcare expert Leah Austin surveyed childcare providers and found 1/4 had closed, while many others remained open despite financial and health concerns. They have their own income. They're taking on personal credit card debt to cover their program expenses and one of five have Mr Rent or mortgage payment. Not only is the industry unsustainable for providers, but families as well, says Kristen Ro Finkbeiner at the advocacy group Mom's Rising childcare in most states already costs more than public college. She says. Caretaking has been devalued. Not just for individuals but our entire society. The U. S is the on ly wealthy country without some kind of national childcare program. Megan McCarty, Carino for Marketplace. Okay. School K through 12. Yes District are figuring that out. Colleges and universities are as well, some going online only some going with some kind of hybrid, but nothing that could remotely be called normal. So if you're a college student or the parent of same one of the economic calculations you're making about whether to go back or maybe take some time. Marketplaces. Mitchell Hartmann did some asking around. When colleges shutdown in March and sent students home to finish the semester online schools worried if their students would re enroll in the fall. Sallie Mae, the giant private college lender, surveyed families in the spring and what we found was there's really no gap you're here. Martha Holler at Sallie Mae says only 2% of students plan to take time off from their education. The overwhelming majority are planning on returning to their current school. Fitch Ratings has also found most students plan to continue college in the fall and want to be on campus analyst Emily Wadhwani says. Administrators air trying to calm families fears working with health professionals they have planning team's in place protocols that will ideally keep the students and staff and faculty safe is as best they can, and it's not like the choice to take time off would be an easy one, says Beth Acres at the man. Hatin Institute, to be in a position of taking Gap year requires a lot of financial privilege. So a lot of students who are in college are older. They need to have Children, and they may be relying on financial aid to pay their household expenses. Many schools air still finalizing their fall plans. Robert Franek at the Princeton Review says the 100% online model maybe the right thing for some schools in the pandemic, But students still want to be face to face in class or some Hybrid model. And he says some students are waiting to find out if they'll be on campus or home with their parents before they re enroll. I'm Mitchell Hartmann for Marketplace..

California Megan McCarty Sallie Mae Carina Mitchell Hartmann Robert Franek Bozeman April Oliver Montana Brooklyn Kristen Ro Finkbeiner Los Angeles UC Berkeley Fitch Ratings Mr Rent Hatin Institute Princeton Review Martha Holler Leah Austin
"beth acres" Discussed on WTMJ 620

WTMJ 620

06:44 min | 2 years ago

"beth acres" Discussed on WTMJ 620

"Welcome back to Jim Baker is our guest senior fellow at the Manhattan institute former council of economic advisers economist she also has some thoughts about to student debt and we'll ask you about that in a moment but right now to Brian in Nixa Missouri hello Brian thank you I love your show thank you thank you bye listen to it every night and I just wanna say I I've got three quick thoughts in there click number one I think that we need to quit supporting big business in a way that they're getting subsidize right now but switch that over to small businesses and start lifting up the small business of this country and then secondly I would say the big business where we can drive whatever it takes to get you from China team here and we realized the labor force is going to be cheaper over there than here so let's figure out what the law is of that figure out what the value is that and how the government set aside funds that you're going to come over here and the third thing I think about when I think about where we're at today is I think we need to come out of the country to understand but China is at war with us their body had all types of and federal with the better we become ad at the Qatar Carnegie will straighten it out the battle that particular we need to realize that the only way that we can beat them if you get a strong hold on NATO and other areas he what we see and and I think we need to boycott them I think we were talking to them the boycott the Chinese you may ride absolutely okay and I think by doing that by by pulling back from them they're gonna be hungry and it may correct a lot of problems all right just like they did well the interesting opinions and we'll play them Pasdar guested Beth acres first of all if you ever look up the the federal government's definition of small businesses all over the map but mostly it sounds pretty big I mean mom and pop operations are not even anywhere near the outer limits of how Uncle Sam the fines small business there are many towns in this country which the biggest company in that town is still small business by federal standards yeah that's right so the B. category in the small business generally we're looking at a firm that has left the five hundred workers felt good pretty generous definition I think there's a lot of people who are using it with a collar with their his frustration over big business is getting what seems like some of the first dollars coming out of that the K. the bailout some of that was very factually because there was some mistakes and you know there is that that PPP loan program designed for small businesses that support them to be able to continue to pay their payroll even though that that that that had been shut down there are a lot of stories about some large businesses and their local franchise locations in getting those loans to cover payroll costs because yes technically they were categorized as small business we've largely seen those funds returned so some of the house and you know recognize that way but yeah I think concern I think that a lot of people are sharing and it is good to see that that PDP was part of the initial big push to get find out into the economy to protect those jobs and the majority of them all right small businesses because also talked about the idea of that but I think the basket production you know I think that a lot of people would agree with that right now that there's an argument in favor and bring a lot of production back to the U. S. unfortunately it imposes additional costs on on people when they're purchasing products that have been made in the United States and and that's the trade off well this is a worthwhile tradeoff nod for you terms of making brooms on me which is the example I always turn to I don't really care where our brooms are made but we could be blackmailed over things like where pharmaceuticals are made and obviously so far we haven't become such total prostitutes that we're trying to do farm out are a manufacturer of M. one tanks or F. thirty five fighters to China because they G. per but a lot of the ages of this world should not be made on the economic basis alone and there are certain things out of which we absolutely have to have domestic capability and and and weak you cannot have to China making this stuff yeah that's exactly right I was in there the economic costs that that are imposed but the trade off as you pointed out is the national security concerns when I even think the current circumstance house has raised the question of what is necessary to be able to produce a masterly I'm too concerned about medical supplies at the moment and food supplier are of a heightened concern in a way that I don't think they would have been previous to this incident I think that that will put a request on my property and I wouldn't I wouldn't be opposed to to an embargo I mean the whole effort to to to try and give advertising into a civilized nation post mounts a tomb was worth trying it failed and and they just they break every agreement they signed from currency manipulation to intellectual property protection and I have no problem just give us a look either you agree or you don't get into our market at all well you know we we we we were making some progress on that ground we had a trade in that the trade agreements with China prior to that that was requiring China to import so many ads coming line of goods from the U. S. it seems that that's going to fall apart in the wake of the Kobe crisis well we're coming up on a break here that doesn't move regrettably so we will pause at level four calls for better thinkers on the planet show in a moment bring medic here for holiday Mazda in Fonda lack Tolentino holiday to help us all move forward together to a better healthier tomorrow online at holiday Mazda dot com as a young boy I asked him that question our last name is Smith then why when you started the company did you call it Austin plumbing and not Smith plumbing with a chuckle and a smile all at the same time he warmly replied well Eric Smith plumbing is just too generic plus the letter eight comes long before the letter S. in the phone book knowledge meant as a ten year old boy the A. before asking the phone book logic went right over my head but the rest he shared hit me right in the heart he said Eric when your name is on the side of the truck it's like putting everything that you believe in and everything that you stand for on the side of the truck as well just be good he said that a lot as a kid I used to think he meant behave but that's not at all how he meant it I think even this time of the year in April of twenty thirteen was when he met his great grandson for the first time you should.

Jim Baker senior fellow Manhattan institute
"beth acres" Discussed on KTAR 92.3FM

KTAR 92.3FM

06:06 min | 2 years ago

"beth acres" Discussed on KTAR 92.3FM

"The Manhattan institute former council of economic advisers economist she also has some thoughts about to student debt and we'll ask you about that in a moment but right now to Brian in mix of Missouri hello Brian thank you I love your show thank you thank you I listen to it every night and I just want to say I I have about three quick thoughts and they're quick number one I think that we need to quit supporting big business in a way that they're getting subsidize right now but switch that over to small businesses and start lifting up the small business of this country and then secondly I would say to big business we're going to construct a dis whatever it takes to get your from China to hear it we realized the labor force is going to be cheaper over there than here so let's figure out what the law is of that figure out what the value is that and how the government set aside funds to subsidize that you're going to come over here and the third thing I think about when I think about where we're at today is I think we need to come out of the country to understand but China is at war with us their fight against all types of and federal with the better we become ad executives are gonna be will strengthen us to battle that particular we need to realize that the only way that we can beat them if you get a strong hold on NATO and other areas see what we see and and I think you need to boycott them I think we do but we got them to boycott the Chinese you made right absolutely okay and I think by doing that by by pulling back from them they're gonna be hungry for victory and it may correct a lot of problems all right just like they did well the interesting opinions and will play them past our guests to Beth acres first of all if you ever look up the the federal government's definition of small businesses all over the map but mostly it sounds pretty big I mean mom and pop operations are not even anywhere near the outer limits of how Uncle Sam the fines small business there are many towns in this country which the biggest company in that town is still small business by federal standards yeah that's right though he he kind of ran a small business generally we're looking at a firm that has less than five hundred workers so they're pretty generous definition I think there's a lot of people who are using it with a collar with their his frustration over big business is getting what seems like some of the first dollars coming out of that the K. the bailout fund that was reversed actually because there was some mistakes and you know there is that that PPP live program designed for small businesses that with which to support them to be able to continue to pay their payroll even though their businesses had been shut down there are a lot of stories about some large businesses and their local franchise locations in getting those loans to cover payroll costs because yes technically they were categorized as small business we've largely seen those funds returned so some of the house and you know recognize that way but yeah a big concern I think that a lot of people are sharing and it is good to see that that PDP was part of the initial big push to get funds out into the economy to protect those jobs and the majority of them are at small businesses because also talked about the idea of that but I think the best introduction you know I think that a lot of people would agree with that right now that there's an argument in favor of bringing a lot of production back to the U. S. unfortunately it imposes additional costs on on people when they're purchasing products that have been made in the United States and and that's the trade off well but that's I think it's a worthwhile tradeoff nod for you terms of making brooms I mean which is the example I always turn to I don't really care where our brooms are made but we could be blackmailed over things like where pharmaceuticals were made and that obviously so far we haven't become such total prostitutes that we're trying to do farm out our manufacture of M. one tanks or F. thirty five fighters to China because they'd be cheaper but a lot of the stations in this world should not be made on economic basis alone and there are certain things out of which we absolutely have to have domestic capability and and while I didn't wake you cannot have China making this stuff yeah that's exactly right obviously there's the economic costs that that are imposed but the trade off as you pointed out is the national security concerns when I even think the current circumstance has has raised that the discussion of what is necessary to be able to produce domestically I would be concerned about medical supplies at the moment and food supplier are about heightened concern in a way that I don't think they would have been previous to this incident so I think that this will put a refresh on the numbers and I I wouldn't I wouldn't be opposed to to an embargo I mean the whole effort to do to try and get virtual ID into a civilized nation post mounts a tomb was worth trying it failed mmhm and and they deserve a break every agreement they signed from currency manipulation to intellectual property protection and I have no problem just give us a look either you agree or you don't get into our market at all well you know interestingly we were making some progress on that ground we had a trade in or that the trade agreements with China prior to that that was requiring China to import so many values of goods from the U. S. it seems that that's going to fall apart in the wake of the Kobe crisis well we're coming up on a break here that doesn't move regrettably so we will pause and back with more calls for Beth acres on the Bohannon show in a moment there is no news news station KTAR news on ninety two three FM KTAR dot com and streaming live on the KTAR news at rocket mortgage and the rock family of companies every one of our team members know zero my uncle Paul who works long hours at the grocery store to make sure that people can put food on the table we really want to thank my wife's cousin Marie who works so hard as a nurse saving others thank you for being a hero in our.

Brian Manhattan institute Missouri
"beth acres" Discussed on 600 WREC

600 WREC

09:32 min | 2 years ago

"beth acres" Discussed on 600 WREC

"For sure my goodness what all we got going on today well gets us some great interviews coming up that we got mark Meckler were to be talking with mark here just a few moments about the debate coming up tonight the Democrats and Michael Bloomberg's gonna be part of it he apparently he got his way in he had fundraising numbers I guess when you take out the bottom on your bucket of spending I guess you can spend your way into the debate we'll talk about that coming up also windy Patrick seven fifteen will lawyer up with her Jeff nosso John decker next half hour also we'll talk about that student loan debt to with Beth acres at six forty five on the program in the meantime though let's talk a little bit about birthdays today February the nineteenth and we go all the way back for starters to seventeen forty three and born on this day to give me not seventeen forty three fourteen seventy three necklace coupon against the Polish mathematician and astronomer he theorized that planets revolve around the sun for those you into signs that would be called heliocentric and that he was born in Poland and lived to be about seventy years old also on this date we're gonna skip the fifteen sixteen seventeen eighteen hundreds we're gonna go to nineteen twenty four on this date Lee Marvin the actor was born on this date also on that born on February the nineteenth nineteen forty it was Bobby Rogers vocalists from the miracles the song you really got a hold on me this morning the state also born on this day in nineteen forty Smokey Robinson born William Robinson in Detroit Michigan I also on this date in nineteen fifty five Jeff Daniels from dumb and dumber speed something wild and whole bunch of other movies to turn sixty five day also celebrating a birthday today more on this date nineteen fifty nine Roger Goodell turned sixty one the NFL commissioner on this date in nineteen sixty three see all the English singer songwriter turns fifty seven and turning fifty three today but a C. O. del Toro license to kill usual suspects even was in Star Wars the last Jenna hi had a brief appearance in there there you have it there's birthdays on this date February the nineteenth all right let's turn our attention from birthdays to the debate stage to Vegas Las Vegas sands city baby and turning our attention and helping us out preparing for the Democrat debate joining us now the president of the convention of states action committee mark Meckler with this mark thank you for joining me here in Memphis how are you I'm great good to be with you this morning I I in in tonight should be interesting now that by Bloomberg my Bloomberg has has gotten his way onto the disc the stage with a last minute in PR poll yeah I mean proving that you can buy happiness or at least the slot in the debate right and I'm wondering if if there was any donation in P. R. if he got you know a nice canvas bag from NPR for viewers and listeners like you I don't think you got a nice box to stand on at the debate well that's a good that's a that's a good one marked out tonight they'll be up on stage and of course there's there's already been a couple of debates and Bloomberg's just jumping right into this it's got it's it's gonna be interesting television to watch right because I mean this is his first rodeo in this I think there's there's numerous interesting things about this and one not to make a joke out of it one is actually his height how do they deal with he's a very short guy clearly five four I'm not a tall guy I'm only five ten so I understand but he's very short and so how do they present him on a stage so that he doesn't just look obviously like a very short guy you don't want to draw attention to that's not the need to hide it but he's gonna have a physical issue some curious to see how they deal with that and then also just if you watched any tape of him and I sent a bunch of time watching tape of them right now he's not engaging human beings is not Charmy tends to be condescending he says that tend to say things that irritate people and he's just at best boring so can be very interesting to see him on that stage and how he can hold his own or not one of the squares in my debate bingo game tonight drinking game water of course mark but in my bingo game panders to farmers which candidate will admonish him for his comments about farming at to get you get some cheap applause tonight yeah it'll be interesting to see what it because I'm if I had to guess the person that they can actually pull that office Amy Klobuchar who does come from a farming state yes seems to be that Elizabeth Warren can't do that maybe P. booted judge but I think he's probably about as far away from farming is you can get got to be somebody who knows a little something about farming so I get ahead I'm gonna have to go to closure no disrespect mark but I mean to be honest with Elizabeth Warren's heritage this is she come from thousands of years of farming it may be old you might be able to verify you know way back then you put a dug a hole put if even the ground covered in dust waited for rain maybe she understands what he was talking about when he was amazed to grow the the debate tech I got tonight and it I I would assume president trump's just gonna be sitting back and having a look at this with with at least just a I'm a bit of mild curiosity at who's gonna try to tear each other up well in in is this Joe Biden's last standard next to last standard close the last stand it certainly close to its last stand and and I think it's a it's a personal thing more than anything else he seems to lack the stamina to make it through this election I mean both further along he goes the worse the gaskets it seems like he's unable to string together coherent sentences any longer his latest campaign ad seemed made out of desperation it's you know we ain't no ways tired I think that's one of the phrases in there it's just seems to be that the wheels are coming off the bus yeah it's a yeah I would tend to agree with that anybody else that might be just kind of hanging on for the ride on this one you know I I think everybody else that's up there potentially has a shot booty get booty gag is claiming he's playing for the moderate wing I think over the long haul yes problems you might be okay in Nevada but you get him down into the south and the Midwest I don't think he flies clover chore is good from obviously where's the area she's from from the rust belt I don't think she plays well in the south or even in the Midwest I mean right now to me this looks like Bernice to lose though I don't believe he's going to be a little lock up enough delegates prior to the convention and I think you're gonna see an opener brokered convention the whole the whole lot thing that we heard a few days ago and I don't I'm not even sure exactly where it came from other than drugs about perhaps Bloomberg teaming up with Hillary Clinton is that just a trial balloon that either his campaign or maybe somebody a and and in the in the Clinton camp just floated out there for the heck of it yeah I don't know if it was a troubling or joke I think there's so much pain wrapped around the idea of Hillary Clinton from the last election I find it hard to believe that they would do that she's she's got a gigantic ego I don't think she and Mike Bloomberg could fit in the same car I don't think that I don't think that's life no way yeah unless I would guess maybe mark if there was some maybe agreement maybe a handshake agreement that should Bloomberg their fingers quote commit suicide that she would then you know be able to step up and finally become president yeah I wanna might fit in with the conspiracy theories surrounding the ones for so many years right now that number whatever he might be on a serious note though mark thank you so much for your insight tonight Blumberg joins the fray in Vegas will be watching with a keen eye and would love to chat with you along the way as we get closer and closer move through some of these big primaries coming up sure I got my popcorn ready will be watching all right very good there's mark Meckler everybody about this morning news it is six forty one we have a temperature of thirty eight degrees but a wind chill of twenty nine degrees and get ready for some a mild weather will call it today no the afternoon was actually pretty cold out but yesterday today will actually be on the upswing of temperatures rather than this absolute chill out that we had yesterday tiger basketball coming up tonight is the Tigers taken on the ECU pirates this evening six o'clock as your tip off from FedEx form pre game will be at five with home your tiger six hundred W. R. E. C. ninety two point.

mark Meckler Democrats Michael Bloomberg
"beth acres" Discussed on Newsradio 700 WLW

Newsradio 700 WLW

10:17 min | 3 years ago

"beth acres" Discussed on Newsradio 700 WLW

"Got slow here seven hundred W. O. WSK got the discussion about college in paying off college and everything in the new study out from the Manhattan institute and that basically saying and make a case of colleges should be held accountable for what they sell me think about it right a college education is a pretty right risky proposition for students in well for moms and dads for taxpayers and that something like less than six in ten students who started agree program will ever finish meaning what that well I mean if you do to get a good job that's great but this lesson six intend to start never finish with the degree but ten other ten will still have to pay that back to grey or not then that means they won't see a return on the money they've invested to attend and if they took out a loan on top of that from the federal government they may be a left with with a lot of debt that they can't pay back at all and colleges let's face it it's a it's a win win for colleges the college game itself and collegiate education this country something like an almost two trillion dollar a year business which towards a lot of businesses and it's almost like a license to print money and if you think about it when it comes to the fact that we have so many people so many college age are are college graduates are saddled with that that can't get into homes and have to live in a what with roommates for ten years or move back in with mom and dad and can't afford to buy cars and essentially delay of marriage and and having children later because of the tremendous debt that they've incurred through I think partly by their own fault but let's face it you have a captive audience and also not educated one and that things got a change in and when you start talking about alleviating dad I I think we have to start looking at reforming college to joining me Anne catering centers dot com hotline is Beth acres she to study with Manhattan to to good morning how are you very good morning yeah I think I said that up okay and and I guess the problem is you know we hear a lot about this about the term predatory right and so if I'm a sixteen or seventeen year olds kid and I'm young I have very little if any financial Ackerman whatsoever because I've never had a mortgage or pay taxes or any of that stuff that's of old people there right and I guess all of a sudden assume a fifty seventy eighty ninety thousand dollar unsecured loan and expected to repay that regardless of the product work for me or not that that the cost is usually in most cases way higher than the return on the investment is that by definition predatory well it in a sense yeah let me give you a couple facts to fill in there so we've got it and going and and finishing undergraduate degree if they're borrowing on average about thirty thousand dollars so we kind of all tend to think that it's more than that because of the way that the media covered this issue but three thousand dollars a lot of money especially for a young person yeah it's predatory in the sense that absolutely we don't give these students any idea why they are not that they're going to be affordable for them in the future department of education the federal department education has long program in place where people have access to borrow decide regardless of what they're studying or whether or not it looks like they'll be able to pay it back so anywhere else in credit markets we would probably you know label that as for a landing in education we convince ourselves that hot because of the case in this just so valuable at any cost people should be able to dial and then we're turning around and putting that that back on students but you know there is there are the things that make it somewhat safer but a lot of people don't know about that and don't take advantage of that who graduate school or don't graduate from school but end up with an income than that what and what it really takes to be able to afford those monthly payments people are eligible for reduced Hey man and if they fail affordable for a long enough time don't have their debt forgive it and for that good for students but for the ones that know about it but what it does is it turns around and put the cap on the cross right back and taxpayers were colleges are just you know on the gravy train of of getting access to cast coming from the apartment well I think that's the main point here too we talk about more and more money for education we got to subsidize it more which just drive the cost up because you're talking about the artificial costs up front if your if your value waiting in giving subsidy to something at the front bed there's gonna be real money to pay the back and somebody has to pay and now it's starting actually shipped it sounds like from the students and and parents directly back to the taxpayers because you can now legally default on on alone is that what you're saying yeah that's exactly right so it's not technically considered the thought what it can do better than that if you have a low enough income for a long enough time after you start repaying your loan you're eligible to have your debt forgiven so interestingly we're hearing Democrats in the primary talk about these huge sweeping loan forgiveness program what's really bizarre is that they're not talking about the fact that we already have widespread bone forget that anybody you at the federal it loud who have to make a payment for twenty years reduce payments based on their income will have their entire gap forget that right now the the taxes on the not the ticket then but that seems reasonable enough and it's likely that that will get overturned with legislation in the future anyway yeah so it's it's putting the burden on the individual students and their parents are paying tuition up front they're borrowing some of those funds from the federal government which means taxpayer dollars and then when they're not able to repay it goes back on the taxpayer dollars to fill in that okay but what you're saying is takes a period of twenty years before this kicks in right which means you're still playing a lot a principal and and a hell of a lot of interest on a what four to six percent loan typically for for a twenty year period that's still a lot of money and it's still going to keep the person paying it off behind the eight ball before they even qualify to have debt forgiveness the program is actually more generous than you'd probably imagine for people who have low enough income their payments are reduced to zero so yeah interfering the principal and that the principal balance on their loans increasing over that twenty year period but in the end they're going to have that hi balance totally forget it anyway so you know if someone doesn't have enough income that they're not eligible for payment they're going to pay off their loan within that twenty years anyway because at the end of the payment terms for dialogue I mean that came back alone this is the owner and for young people today have the band historically because the prices are so high what we've seen is that on average it's worth right people borrow to pay for a degree because it allows them to make more money in the future over the course of their lifetime we made that a bachelor's degree is worth about a million dollars if they're borrowing thirty thousand dollars to get that boosted income that's a pretty reasonable deal but the problem is there's so many students they were starting college borrowing to pay for it or even using savings to pay for it but not finishing and so they're not being the return so you know is regarding the you know one crisis we talk a lot about the graduate students who have a hundred thousand dollars in debt those people are doing just fine they almost never default on the loan for the really high earners the people who are struggling are the ones who have less than five thousand dollars and that is why he because they started contest at a community college or for profit institution thank goodness succeeding graduating which means they don't have the credentials to go out to the labor market and get that earning that come being a college graduate it also depends on the degree program talking to Beth acre she's the man had since the Manhattan institute and the questions when I teach colleges should be held accountable for what it is they sell and that is a degree in this case we've heard about these loan forgiveness programs that have been around it's and and and I guess maybe that's another thing you're to bath is you know if if it's quite a cord free money generally people gravitate like that to mark the flame what why is this more widely advertised or or known about it does it it probably newstips news to me if there's a lot of people it made a lot of people probably knew the people who need it the most interesting way that people who have the most to gain are the people who borrow a lot I'm going to graduate school and what we stop with that here's the god when the program was put into place that law school the graduate school of our coaching their students how to borrow and then take advantage of this don't forget so yeah I mean it is exactly what you expect to be true people who can that benefit the most are going to be able to take advantage of it either probably also the most sophisticated bar or so we definitely got to reform the system because people don't know about it for one and then the people who do know about it it's actually really difficult to sign up for it stay involved in it and I'm keep keep up to date with your income verification everything like that so there's been a lot of work to be done that need to happen through legislation for that enrollment in the programs that this kind of odd that so that you know how he is and how much money earning a tell me what I owe don't just automatically based on my income that would be a much better solution and it's about do much much more fair and that people who need it that would be able to access it without having to be really sophisticated financially I know we're gonna get some calls or emails about this in and so if if you're on a point somebody in a direction to examine that long forgiveness plan that's not well advertised where would you go the federal department of education website that the dot gov website there's a site that describe all of the what they call the income driven retain and plant the whole set up on which the confusion but they are similar things which is reduce the monthly payments something to be careful of is that there are some companies out there who are trying to make money off of it and not knowing what to do here and coach them in refinancing their lan or just giving them a hand in getting enrolled in the pharmacy since program so you do not need to pay anything in order to get that right you can go directly to the front of the park education website and again the best way to know that you're in the right places that dot gov yeah I don't feel like I can make a lot of money off this like one of those late night infomercials like I'll teach you the secret to huddle totally forgive your student debt.

W. O. WSK Manhattan institute