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POSTED ON August 26, 2022  - POSTED IN Friday Gold Wrap

This week, President Biden announced a plan to forgive $10,000 to $20,000 in student loan debt. It sounds nice and some people will certainly benefit, but as SchiffGold Friday Gold Wrap podcast host Mike Maharrey explains, we’re all going to pay for this. In this episode, Mike also talks about Jerome Powell’s upcoming Jackson Hole speech, the state of the economy and some interesting gold market news.

POSTED ON August 24, 2022  - POSTED IN Key Gold Headlines

President Biden is expected to announce student loan forgiveness on Wednesday (Aug. 24). The plan will reportedly cancel $10,000 in student loan debt for anybody making less than $125,000 per year.

A lot of people think this is like waving a magic wand — poof — the debt is gone. But somebody has to pay and that somebody is the American taxpayer.

POSTED ON August 3, 2022  - POSTED IN Key Gold Headlines

Personal income from all sources adjusted for inflation — real income — fell for the second straight month in June and was down 1% on the year. But American consumers continue to spend. How can this be?

They’re running up debt at a dizzying pace.

This undercuts the narrative claiming the American consumer is “healthy.”

POSTED ON November 13, 2019  - POSTED IN Key Gold Headlines

American consumer debt pushed to a new record of $4.15 trillion in September. Part of that equation – the continued surge in the levels of student loan debt.

Student loan balances jumped by $32.9 billion in the third quarter this year, pushing total outstanding student loan debt to a new record of $1.64 trillion. Student loan balances have grown by 5.1% year-on-year.

Over the last decade, student loan debt has grown by 120%.  Student loan balances now equal to 7.6% of GDP. That’s up from 5.1% in 2009.

POSTED ON September 26, 2019  - POSTED IN Peter's Podcast

During a recent podcast, Peter Schiff talked about the student loan debacle.

In a nutshell, it’s the government’s fault.

Democratic presidential candidates have been talking about the student loan crisis. And it is indeed a crisis. The total of the outstanding student loans in the US has more than doubled since 2009 when it was $675 million. The rate of delinquency on student loan debt pushed up to 9.5% in the first quarter of 2019, even as total student loan debt climbed to $1.49 trillion. Currently American owe more than $1.5 trillion in student loan debt. That’s more than their outstanding credit card balances.

POSTED ON April 15, 2019  - POSTED IN Peter's Podcast

In his most recent podcast, Peter Schiff talked about recent Congressional hearings that featured Rep. Maxine Waters scolding bankers for creating the student debt crisis, ignoring the fact that the student loan program was nationalized a decade ago.

Peter described it as the political theater of the absurd.

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