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POSTED ON May 4, 2022  - POSTED IN Original Analysis

Student loan forgiveness has been in the news lately. There are a number of different plans being floated, from blanket debt repudiation up to various amounts, to more limited income-based schemes. But nobody ever talks about a key question: who is going to pay for it?

Well, you will.

POSTED ON August 4, 2021  - POSTED IN Key Gold Headlines

With the stimulus checks long ago spent, Americans have gone back to buying things the old-fashioned way – on credit.

Household debt surged by $313 billion in the second quarter to nearly $15 trillion, according to the Federal Reserve Bank of New York Household Debt and Credit Report. It was the biggest quarterly dollar increase in household debt since 2007. In percentage terms, household debt grew by 2.1%, the biggest surge since Q4 2013.

POSTED ON December 11, 2020  - POSTED IN Friday Gold Wrap

There is a lot of talk about student loan forgiveness. The idea is wildly popular and it would relieve a huge burden crushing millions of Americans. But is there any downside to this idea? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the student loan debacle and the possible downside of loan forgiveness. He also touches on the shaky labor market and why the bond market can’t tell us anything about inflation.

POSTED ON December 9, 2020  - POSTED IN Key Gold Headlines

Senate Minority Leader Chuck Schumer recently suggested that as one of his first acts as president, Joe Biden should wipe out $50,000 of student loan debt for every borrower by executive order. But what kind of impact would this have on the US economy?

It would certainly benefit a lot of people. But somebody would have to pay the bill. And that somebody is everybody else.

POSTED ON November 25, 2020  - POSTED IN Key Gold Headlines

US taxpayers are on the hook for a $435 billion loss on the $1.37 trillion in student loans that were on the government’s books at the beginning of this year, according to an internal study by the Department of Education recently reported by the Wall Street Journal.

That’s before any loan forgiveness program that might come down the pike under the Biden administration. And the massive number doesn’t account for any student loans issued going forward. It also does not include student loans issued by private lenders but still guaranteed by the federal government.

POSTED ON May 12, 2020  - POSTED IN Key Gold Headlines

Total household debt was over $1.6 trillion higher than the previous peak in 2008 even before the full force of the coronavirus pandemic government shutdowns hit the economy.

Household debt increased by $155 billion (1.1%) in Q1 to a total of $14.3 trillion, according to the latest data released by the New York Fed. The previous peak was $12.68 trillion in the third quarter of ’08 in the early days of the financial crisis.

POSTED ON February 11, 2020  - POSTED IN Key Gold Headlines

Americans are driving the US economy along with borrowed money. The question is how much longer can it last?

Consumer debt surged once again in December as Americans charged up their credit cards for the holidays. Total consumer credit grew by $22.1 billion in December, according to the latest data released by the Federal Reserve. That represents an annual growth rate of 6.3%. Total consumer debt now stands at a record $4.197 trillion.

POSTED ON December 2, 2019  - POSTED IN Original Analysis

Have you heard? The Democrats are going to fix the student loan mess! They’ve brought up the issue in almost every  Democratic Party presidential debate. All we need is a good government program and we can easily solve this $1.64 trillion problem.

Never mind that government programs caused the problem in the first place.

Just how big is the problem? And how did we get here? And most importantly, why should you care? You can get all of the details in SchiffGold’s fully updated report “The Student Loan Bubble: Gambling with America’s Future.

POSTED ON November 11, 2019  - POSTED IN Key Gold Headlines

Consumer debt set another record in September, but the pace of borrowing appears to be slowing. This could signal trouble for an economy built on American consumers spending money they don’t have.

Total consumer debt grew by $9.5 billion in September, according to the most recent data released by the Federal Reserve. That represents an annualized increase of 2.8% and pushed total consumer indebtedness to a new record of $4.15 trillion (seasonally adjusted).

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