Tag Archives: economy
The Dow Jones has hit a rough patch in recent days, deflating slowly to the point where it is poised to go under 15,000. This comes at a time when more and more economists are predicting dark days ahead. Some, like Peter Schiff — who predicted the 2007 meltdown many months before it happened — insist we are already in a recession.
On Friday, President Obama signed a bill from Congress that lowered student loan interest rates. The rates had jumped up to 6.8% and now have been brought down to 3.9%. This is still higher than the 3.4% from before, and nowhere near Senator Elizabeth Warren’s plan to reduce them to 0.75%, but it does represent a move in the right direction. Obama himself admitted that more still needed to be done, and we should all encourage both him and Congress to finish the job.
As is the case with most glaring economic issues, the general public tends to turn a blind eye to the trade deficit. Can you blame them? Average Americans have enough trouble balancing their own checkbooks, let alone finding a solution to an abstract debt that eclipses their own mortgage by trillions of dollars.
Facebook co-founder Eduardo Saverin has sparked outrage by renouncing his U.S. citizenship in advance of his company’s initial public offering (IPO) today. It appears that his motivation for doing so was to avoid paying what could amount to hundreds of millions of dollars in capital gains taxes in coming years. Saverin claims that he has always been a “global citizen,” even while a U.S. citizen, and that leaving his citizenship behind is only motivated by the desire to live in Singapore. Whatever the true reasons for the move, the fact remains that someone who made an immense fortune can slip away without paying their fair share to the country that helped them succeed.