Monday, September 26, 2022

Moore v. Harper Will Determine The Fate For State-Conducted Elections

gerrymandering picture explanation

In 2021, the Republican-controlled North Carolina legislature passed a partisan gerrymander, which is an adjustment of district borders in order to intentionally benefit one political party over another in the context of the structure of the electoral college; in this case, the Republican party. 

In this case, it would essentially secure the Red win of North Carolina in the 2022 congressional elections, but it was overturned by the state court and has been taken on by SCOTUS in June 2022 because of its significance in the future of state-conducted elections. 


To illustrate the situation of gerrymandering, even if Democrats and Republicans got the same amount of votes, 10 out of the 14 congressional seats would still be given to Republicans. Gerrymandering has been used by political parties to secure partisan wins in the past, and is a big threat to democracy as it does not accurately reflect a state’s voter scene. 


This new map was debated in state courts among voters, since SCOTUS has ruled that federal courts cannot judge partisan gerrymandered maps. The North Carolina Supreme Court rejected the new map. The contention in the form of Supreme Court case Moore v. Harper (legislators vs the state court) is hinged in independent state legislature theory: referencing the Elections Clause, which basically renders federal elections a state power. In reference to the Elections Clause, the usage of the word “Legislature” is the core of the debate. Does it mean that state legislatures are fully in charge of elections? Does it mean, as the first source points out, that “When it comes to federal elections, legislators would be free to violate the state constitution and state courts couldn’t stop them?” 


If SCOTUS rules in favor of the legislators, it would be so. The first source (which seems more biased towards SCOTUS overturning independent state legislature theory) illustrates the outcome of adopting the idea of independent state legislature theory: state constitutional restrictions on how elections should be run, as well as rules set in place for fairness, would be rescinded. It would make it “nightmar[ishly]” possible that state legislatures could just ignore all the rules and pick the winner themselves, with barely a glance at the popular vote. This theory was one that Trump and his supporters rallied behind in an attempt to overturn the election, calling on states to determine the winner of the election themselves. According to former federal judge J. Michael Luttig in this first source, this theory is just the “Republican blueprint to steal the 2024 election.” It essentially diminishes the voting power of the people and gives more power to the people’s representatives, entrenched with the ideals of a republic versus a democracy: should the people’s opinions matter more, or their higher, mightier, and wiser reps, as the Framers meant it to be?


Another source illustrates the opposite perspective: conservative-run organization Honest Elections Project claims that the “2020 election was marred by… undemocratic efforts to use courts to weaken voting safeguards and skew the rules for partisan advantage.” PBS references the official statement from the executive director of this project, who claims that the opposing side “ignore[s] the history and text of the Constitution, sew[s] chaos and confusion, and put[s] faith in elections at risk.” I see this statement as relatively ironic and nebulous, as the problem that they are opposing reform to is gerrymandering, which is the glaringly clear culprit of the loss of election integrity. 


It essentially boils down to the interpretation of the Constitution. Though SCOTUS has had a history of turning down the independent state legislature theory, the stakes, of the balance in states’ election powers, are high this time, and three justices have historically supported this theory. The consequences of allowing state legislatures to have full control over federal elections, including inevitable manipulation of voter outcome in the form of widespread gerrymandering, seems detrimental to democracy, a core value of the country.


Source 1: https://www.brennancenter.org/our-work/research-reports/moore-v-harper-explained 

ISLT explained: https://www.brennancenter.org/our-work/research-reports/independent-state-legislature-theory-explained 


Source 2: https://www.pbs.org/newshour/show/how-the-outcome-of-moore-v-harper-could-impact-federal-elections

Thursday, September 22, 2022

Former President Trump and DOJ Fight Over Power of Appeals Court in Access to Mar-A-Lago Classified Documents


                           

Department of Justice shows recovered documents labeled 
classified at Trump's Mar-A-Lago home (Source: WP)

    In further investigation of Trump's handling of classified documents after his presidency, the federal judge was tasked with reviewing the seized documents from former President Donald Trump’s Mar-A-Lago residence as a result of Thursday's court filing. District Federal Judge Raymond Dearie states that the Department of Justice must provide unclassified documents for review. 

    Trump denies any fault, arguing the documents are declassified. ​​Trump claims “you can declassify just by saying ‘it’s declassified,’ even by thinking about it”. Yet, the former president has yet to provide any evidence concerning the classification of said documents-- raising the question of what power he currently holds to declassify such material.  

    District Judge Aileen Cannon, whom the former President had appointed himself, ordered the removal of the classified documents from the special master's review. As I see it, it is a legally baseless, privileged review. Undoubtedly, her ruling seems to be irregular since such review lies within the duties of the Department of Justice, a part of the Executive branch, all while Trump is no longer president. To what extent does corruption impede the government's efforts to maintain national security? As I see it, Trump's efforts look to be a painfully obvious attempt at cheating the legal process given the special privilege of once being president. 

Special Master Raymond Dearie
(Souce: WP)

    The power struggle between the Executive Branch, and the former president seems unprecedented since Trump is no longer in a position for a special master's review. I guess one may say that the distribution of powers in a federal government may never be perfect. Moreover, Trump's abuse of public power for personal gain screams political corruption and exposes the flaws of the U.S. federal government. 

    It appears to be our federalist government is prone to corruption due to the power struggle present among America's elected government officials. The additional layers of government which make up a federalist structure may impede the central government's efficiency and call into question the pros and cons of such government. 



Sources: 




Monday, September 19, 2022

Will History Repeat as Hurricane Fiona Strikes Puerto Rico?

   

Fixing a downed power line on Sunday (source: NYT)

5 years after Hurricane Maria devastated Puerto Rico, Hurricane Fiona threatens a similar rampage. Hurricane Maria caused $90 billion in damages, destroyed 80% of the country's electricity grid, and left more than 3,000 dead. 

    What responsibilities does the US owe to Puerto Rico as a territory? Surely, if a state like Hawaii was severely threatened by a natural disaster, the federal government would devote billions to ensuring the islands' safety (climate change notwithstanding). 

   Well, obligations aside, the US devoted $63 billion to help Puerto Rico in 2017 after Hurricane Maria. Seems generous, but humanitarian crises  require immediate and significant funding. Yet 4 years later, 71% of this aid hadn't been received by Puerto Rico, and the territory was still struggling to rebuild. Tens of thousands flocked to America. So, the question is: What can, and should, the US do to help avert a humanitarian crisis in our territory of Puerto Rico? 

As Hurricane Fiona begins its tear through Puerto Rico, the US territory, we are left to wonder if Puerto Rico and the US will implement a better response than before.

Without roads, transportation means are limited

    The US already has 300 emergency helpers in Puerto Rico, but with 70% of households and businesses lacking access to potable water and 2 people already reported dead (and almost certainly more to follow), is this enough?

    As a wealthy neighbor to Puerto Rico who benefits from their tourism industry, culture, and immigration, it's only rational for the US to step in and provide significant aid to our territory. 

Besides, if Florida can spare $12 million in plane costs to kidnap migrants, we can undoubtedly find room in the budget for an island which desperately needs support.

Sources:
https://www.nbcnews.com/news/latino/puerto-rico-four-years-hurricane-maria-far-recovery-rcna2073 

https://www.nytimes.com/live/2022/09/19/us/hurricane-fiona-puerto-rico?login=email&auth=login-email


Thursday, September 15, 2022

Florida Governor Flies Immigrants to Massachusetts in Immoral, Corrupt Political Stunt


Immigrant Victims Taking Refuge in Martha's Vineyard Church - Credit: CBS

On September 14th, Florida Governor Ron DeSantis flew two planes filled with Venezuelan immigrants from Texas to Martha's Vineyard, a small island off the coast of Massachusetts. According to the migrants, a Spanish speaking member of DeSantis' staff, in the guise of a shelter worker, lured the migrants onto the planes with the promise of expedited work papers. Many of the migrants, including several families and small children, had no idea they were being flown to Martha's Vineyard. Some migrants later revealed to reporters that they had families remaining in Venezuela and now had no way to return to help them.

One might assume that at the very least, DeSantis would have given Martha's Vineyard advance warning to prepare for the migrants' arrival, but no, the Florida governor appeared content to surprise the island's officials and residents with the two planes full of migrants who needed food, water, and shelter.

Was this just a political stunt?  Was it a savvy attack on liberal immigration policies?  Was it more like a kidnapping of the migrants themselves?  However it might be characterized, this move by DeSantis is part of a pattern of Southern Republican states sending migrants to unknown destinations with no support. In particular, these past weeks we have seen busloads of migrants sent from Texas to northern "sanctuary cities," and even to the doorstep of Vice President Kamala Harris. Was DeSantis targeting former President Obama? The Obama's have a home on Martha's Vineyard, which might lead one to think that DeSantis' actions are not even for any rational cause, and are instead partisan attacks on the former Democrat President at the expense of migrant workers.

If the goal of DeSantis' stunt was to show that liberals, and particularly those in sanctuary cities, are not as compassionate towards immigrants as they publicly profess, he was immediately proven wrong. The members of the island acted quickly to come together and provide food, blankets, clothing, and even emergency shelter in a church. 

DeSantis' actions are an alarming indicator of his willingness to sacrifice humane morals in order to push a political point and leave many, like myself, wondering how his grand scheme was concocted...

Well, the recent stunt unfortunately echoes similar antics of politicians in the 1960's who transported Southern African Americans to northern cities under empty promises of jobs. The deception used against African Americans in the 60's had a similar goal to DeSantis' actions today: remove the people of color from Southern states and attack Northern liberal policy that welcomes minorities. When we take a step back and compare what DeSantis has done to what happened in the 60's, it's hard to ignore the pattern.

Finally, Florida plans to spend $12 million in taxpayer dollars on actions like the Wednesday kidnapping (let's call it what it is) of the Venezuelan migrants.

As DeSantis grows in popularity among the Republican Party and appears to be a leading candidate in the 2024 presidential election, we are left to wonder if disrupting the lives of dozens of immigrants to prove a political point is the best use of millions of taxpayer dollars. To many like myself, DeSantis' grossly corrupt use of government funds demonstrates his clear incapacity to govern his state, much less the US as a whole. Florida, which almost leads the nation in homelessness among an excess of other social, economic, and political problems, clearly has more pressing needs for millions of dollars in state funding. 

Despite the transparent use of state funds for a racially motivated political gimmick, the island of Martha's Vineyard leaves us with hope for humanity. It's fortunate that the migrant workers received such generous care from the residents of Martha's Vineyard - much more generous care than they would've received anywhere in Florida.

Sources: 



Sunday, August 7, 2022

Go Dons

 I came across this graphic today cleaning up my desktop in anticipation of the school year and reflected on the ongoing challenge of teaching and learning about a range of opinion when voices across that range of opinion are actively seeking to purge anyone flirting with an opposing view. The long history of this blog makes me proud of our students for modeling what democratic discourse can be when the liars and bigots don't have a loud mob backing their degenerative idiocy. Also, Hitler in pajamas on a rainbow sled is hilarious for some reason I don't understand... 


Monday, May 23, 2022

Biden says the U.S. would defend Taiwan militarily in a China invasion

 


President Joe Biden speaks during a news conference with Japanese Prime Minister Fumio Kishida at Akasaka Palace, Monday, May 23, 2022, in Tokyo.

Evan Vucci/AP


On Monday, President Joe Biden said the U.S. military would intervene if China attempted to forcibly overtake Taiwan. However, the White House said it doesn’t anticipate a change in U.S. policy. Biden stated that, while the U.S. agrees with the One China policy that acknowledges Taiwan to be part of China, the policy doesn’t acknowledge Beijing’s control of the island. While the U.S. has supplied weapons to Taiwan, it hasn’t made itself clear on whether it would militarily defend the island in a Chinese attack. Biden has been visiting various countries in Asia in efforts to unite them in the fight against China’s efforts to increase its powers with surrounding countries. 


China responded by expressing “strong dissatisfaction and firm opposition,” maintaining that it won’t tolerate meddling in its “internal affairs.” Xi Jinping maintains that “reunification” will occur between Taiwan and China. Tension has been high with the Chinese military’s war planes close to the island.  


Biden also likened China’s potential invasion of Taiwan to Russia’s attack on Ukraine and continued with warnings against China, stating that efforts to forcibly shift the status quo will not be accepted. 


Questions: 

  1. Why do you think Biden made such an unequivocal warning that surprised even his top administration officials?

  2. Do you think the U.S. would intervene militarily in the circumstance of a Chinese invasion of Taiwan? Explain. 


Sources:

https://www.cnn.com/2022/05/23/politics/biden-taiwan-china-japan-intl-hnk/index.html 

https://www.npr.org/2022/05/23/1100655012/biden-says-u-s-intervene-with-military-to-defend-taiwan

Shanghai to lift lockdown on June 1

 Shanghai announced that its months-long lockdown will end on June 1. 



People queue for COVID-19 tests in Shanghai. 

Wang Gang/VCG via Getty Images. - Business Insider


In compliance with China’s zero-COVID policy, Shanghai implemented a stringent lockdown on March 28 to curb the growth of Omicron cases. However, the lockdown, which spanned seven weeks, quickly spiraled into a dystopian-like nightmare, as travel became extremely limited, thousands of people were sent to quarantine centers following a positive test or exposure, teams of people in white suits entered homes to spray disinfectant, and complaints regarding shortages of food and other resources arose. 


The Communist Party restricted discussion regarding its approach, stating it would not accept criticism. As shops and factories were closed, the economy suffered heavily. Shanghai factories will need to pick up production again with the lockdown lift, which may be difficult: for instance, Tesla shut its Shanghai factory for three weeks, but despite reopening, challenges obtaining parts have slowed its production. Shanghai’s port is also struggling with a tremendous backlog. China’s statistics bureau reported that retail sales by more than 11% year-over-year in April. Many analysts foresee a GDP slump: according to CNBC, “Goldman Sachs analysts reduced their forecast for China's GDP from 4.5% to 4%, adding that they do not expect to see an increase before the second quarter of 2023.” Furthermore, there are fears that China’s extreme lockdown patterns could decrease investments in China.


While Shanghai’s lockdown will end soon, the long-term ramifications of the economic shutdown it caused will continue to affect people and businesses. As consumers and businesses learn to adapt to these changes, shifts may result. 


Questions:

  1. How have/will global manufacturers adapt their production in consideration of the Shanghai lockdown?

  2. How do you predict consumers’ purchasing habits may change following the Shanghai lockdown?

  3. Summarize the Shanghai lockdown’s impact on the economy using terms we studied in macroeconomics, including the impact on its GDP, employment, investments, etc. 


Sources: 

https://www.businessinsider.com/shanghai-lockdown-restrictions-starbucks-apple-economy-supply-chain-2022-5 

https://www.bbc.com/news/59882774 

https://www.bbc.com/news/59882774 


Canada bans Huawei Technologies from 5G networks

Amidst concerns about China’s cyberespionage, Canada has banned Huawei Technologies, a Chinese telecommunications equipment company, from 5G networks. All members of the Five Eyes intelligence alliance, including Australia, Britain, New Zealand, the U.S., and now Canada, are restricting Huawei technology use. 


"A woman wearing a face mask walks past a Huawei store temporarily closed due to coronavirus-related restrictions in Beijing, Thursday, May 12, 2022. China's leaders are struggling to reverse a deepening economic slump while keeping a 'zero-COVID' strategy that has shut down Shanghai and other cities.

Mark Schiefelbein/AP" - from NPR.org 


Cyberespionage is a cyberattack in which an unauthorized user steals sensitive information for the purpose of taking advantage of a company or government (VMware Glossary). Huawei is the largest provider of network gear for phone and internet companies. The U.S. places the company under strict scrutiny due to security concerns. Last year, China, the U.S., and Canada performed a prisoner swap “involving a top executive from Huawei who had been charged with fraud by the U.S.” (NPR). After Canada arrested Huawei’s CFO, who is also the founder’s daughter, on a U.S. extradition request, China put two Canadians in jail. China sent them back to Canada at the same time U.S. authorities allowed Huawei’s CFO to return to China. 


A big concern is China’s cybersecurity law, which requires companies in China to use equipment and software that shares their data and communications with China’s Cybersecurity Bureau. The law does not grant exceptions to foreign companies, and VPNs are barred, which means any entity that engages with Huawei could be exposed to violations of data protection. 


While Huawei’s founder adamantly denies that the company engages in cyberespionage, Huawei has been associated with data breaches and involvement with intelligence officials. In 2018, France’s Le Monde discovered that Huawei had installed a system in the African Union’s headquarters that stored the AU’s data on unknown servers in Shanghai (FP). In 2020, “Senior security officials in Uganda and Zambia told the Wall Street Journal that Huawei technicians played a direct role in helping their governments spy on political opponents, and that Huawei staff had encouraged security officials to travel to Algeria to study Huawei’s ‘intelligent video surveillance system,’ which Uganda subsequently purchased for $126 million” (FP). According to the Wall Street Journal, Huawei has had a history of allegations of intellectual property theft and questionable conduct. In 2019, the Australian Strategic Policy Institute released a report revealing Huawei’s involvement in Xinjiang’s surveillance and detention camps, demonstrating its involvement in Uyghur persecution. 


Considering Huawei’s less-than-perfect track record and potential for danger, limiting its reach may be a good option. 


Questions:

  1. How should countries further bolster their security and enforcement against potential cyberespionage? 

  2. What supply chain issues could arise from cutting out Huawei? 


Sources:

https://www.npr.org/2022/05/20/1100324929/canada-bans-chinas-huawei-technologies-from-5g-networks 

https://foreignpolicy.com/2021/04/30/huawei-china-business-risk/#:~:text=Reports%20alleging%20that%20China%20and,an%20agent%20of%20Chinese%20espionage


Saturday, May 21, 2022

National Baby Formula Shortage - A Failure in the Market


Over the course of the pandemic, we have experienced shortages in grocery stores – the most prominent images being empty shelves and harbored container ships. Supply shortages have definitely impacted consumers, people in communities. Unfortunately, a major supply shortage is currently affecting babies and toddlers. There is a massive national shortage of baby formula.

A major plant in Michigan that makes baby formula was shut down in February, and has not reopened. As a result, stores have reported stocking 43% less baby formula than usual. Parents all over the US have been desperately trying to get formula, fearing not being able to feed their children. Carrie Fleming is one of these parents, a mother of a 3 month old. As the New York Times conveys, “Her 3-month-old daughter, Lennix, can tolerate only one brand of formula, and Fleming could not find it anywhere near her. She finally located four small cans in New York — for $245.” For many families, baby formula is an absolute necessity. Like Fleming, babies may require formula because of an allergy. Babies may also be not able to drink breast milk, or lower income mothers may not have time to breastfeed. So, a shortage of baby formula is absolutely devastating.


Connecting to the economics lesson, the supply of baby formula (strained by the pandemic) has fallen behind with the demand from growing families. The baby formula supply chain is especially impacted by this strain, likely because of the relative monopoly that three companies hold over the baby formula market. If there were many businesses producing baby formula, I believe that the closure of one plant wouldn’t affect the whole market so devastatingly. 


There is a bit of hope though. I’ve seen women on social media volunteering to give their breast milk to other families in need, and breast milk banks have been collecting donated breast milk. Reading the NPR article, economists are suggesting solutions like importing formula from foriegn countries (despite its high taxes and regulation) and more government regulation. I personally support the idea of more government regulation, specifically in regulations encouraging and supporting more baby formula producers to enter the heavily dominated market.


Questions:

  1. What is your reaction to this supply chain issue?

  2. What solutions do you agree with? Or, what solutions do you propose, based on principles of economics?


Sources:

https​​://www.nytimes.com/2022/05/13/briefing/baby-formula-shortage-us-economy.html


https://www.npr.org/2022/05/17/1099587513/economists-are-weighing-in-on-americas-baby-formula-shortage


Recession... But When?

 

The last time the US was in a recession was in the year 2007 to 2009. Disastrous times for people living in the country. Recessions usually occur due to a drop in confidence by the consumer, business failure, and other factors that come into play with the same end result. According to the Federal Reserve History, GDP fell 4.3 percent, unemployment rates rose to 9.5 percent and even reached 10 percent at a certain time. During the “Great Recession” home prices began to fall to about 30 percent, everything began to drop in value. And this was all happening because specifically, supply was outrunning demand and the housing market was going to flames. Recessions means suffering, and now there has been murmurs and paranoia of a new one on the way. 


Credit: Washington Post


According to Yahoo News, experts warn of an economic downturn, with the only way of an intervention seeming to be policy making.  A very noticeable characteristic is the stock market as at the moment some company shares are plummeting, with Target going down 26% and quarterly profits, reported earned shares per a three month interval, dropping 52%, reducing business finance. The Washington Post informs that the Federal Reserve has raised interest rate by 0.75% leading to banks raising their brow at anyone wanting to get a loan. With overstocking and poor sales the market is receiving unexpected blows, the ones that hurt the most. Through CNBC, it is informed that chief economist Gus Faucher predicts a recession to not happen this year, but rather it will be a build up, and that it will hit in a year or two. 



Questions:


  1. How likely is a recession this year?

  2. What can be done to prevent an eventual recession?

  3. What policies can be put into place?




Sources:


https://finance.yahoo.com/news/u-may-barreling-toward-recession-190815179.html


https://www.federalreservehistory.org/essays/great-recession-of-200709


https://www.cnbc.com/2022/05/20/us-economy-is-nowhere-near-a-recession-this-year-says-economist.html


Friday, May 20, 2022

Monkey Business? No, Monkeypox.



Originating from Central Africa, the disease isn’t that well known due to most cases being dormant since the 70s, initially being discovered in the 50s by researchers working with a lab monkey. It’s transmitted through actions such as coughing and sneezing saliva, and respiratory droplets doing the rest of the work. Symptoms of the disease are very similar to the infamous smallpox as it originates from the Orthopoxvirus family. Most cases outside of Africa have come from international travel with no spread. Monkeypox symptoms include fevers, backaches, chills, and many more symptoms that are relative to our very own  COVID-19. However the most notable features comes with the physical impediments which are an excessive amount of rashes and blisters that cover the entire body. What’s relevant about this now is that it has finally seen some rapid spread around the world.



We have learned to live with Covid-19 and accommodate its needs in order to survive. As time passed first came the waves, as things seemed to begin to sort out and the Earth was catching its breath, a surge of Covid cases would hit and it was back in business. At the same time, news of different variants emerging made it clear to everyone that this mutable disease was never ending. As of today, Massachusetts is the home to the very first American case of a disease known as Monkeypox. What’s interesting to note is that this disease is physically noticeable, therefore predictable and easy to isolate from. But this cannot distract you from the fact that this disease has had an outbreak of sorts around the world. With reports brought forth by Nature.com there have already been 120 confirmed cases around the world, alarming scientists and leaving them and everyone else wondering as to why this is happening. And according to AP News, scientists say that for these cases to be appearing in different parts of the world means that the disease transmissions have been present for some time. Luckily, this disease has a low fatality rate (3-6%) with most cases going away with time, proper care, and a vaccine.  Not being likely to spread further than it already has, let's hope I don’t jinx myself. 


Questions


1. How likely do you think a Monkeypox spread is?

2. Does animal exportations or international travel play bigger part in the spread?

3. Would you rather get Covid or Monkeypox?


Sources:

https://www.nature.com/articles/d41586-022-01421-8


https://www.cnbc.com/2022/05/20/what-is-monkeypox-and-how-dangerous-is-it-cases-are-rising-globally.html


https://www.washingtonpost.com/health/2022/05/18/monkeypox-faq/


https://apnews.com/article/science-health-africa-france-56c405d91f650a41593a4a03c0ab9d79

Relieve Me, Biden. Relieve My Debt!

   Money is on everyone’s mind. However at this point in time many students are thinking about how they are going to pay their way through college. How much will scholarships cover, where will money be pulled from, and how much will be from their own pockets. Many resources cannot cover it all and therefore what ends up happening is the price tag of such education becomes a burden in the background, as it is always there, but mostly focused on after graduating. According to Credible, the average student loan debt for newly graduated 4 year students is $28,400 and the national average, students who have already graduated, a crisp $39,351.  From the years 2019 to 2021 student loan debt has increased $5,697. All of this money, depending on the financial situation of one and the amount, is a hassle to pay. It’s cumulative obviously to the individual but also the country as the federal student debt is sitting at $1.57 trillion. 


With the US having sunken into the abyss of debt targeting student debt would all for some relief. President Biden has started to forge a relief plan to alleviate millions of their debt with debate circulating around how much money will be given. According to CNN, it seems that $50,000 was a proposal given to the president by many, most notably Elizabeth Warren, but the White House has clarified that the amount that President Biden is willing to work with is $10,000. Most of the aid has come from stoppages on interests and payments have brough relief, but no progress to the overall goal of reducing federal student loan debt.

 

Credit: The Boston Globe 


The talks of action did not come without criticism. According to Business Inside, Senator Mitt Romney and his fellow Republican lawmakers have brought forth a bill in an attempt to combat Biden’s promise of getting rid of student loan debt. This retaliation involves the Student Loan Accountability Act: “It would prohibit Biden's Education, Justice, and Treasury Departments from taking any action that would cancel or forgive student-loan borrowers'' (Insider). This act would also apply to any previously existing student loan debt assistance program. The reason some Republicans are proposing this is because they believe that it will contribute to inflation and will overall be a waste of time due it not being too believable to them.  Personally, who wouldn’t want some help to get rid of some debt. Jesus get your mind together people… looking at you, Romney!  


Questions 


  1. How much should be taken off of a student’s balance?
    2. What do you think of Republican efforts to take down Biden’s plan?
    3. Do you think the Republican plan has any chance of going through?


Sources:

https://www.credible.com/blog/statistics/average-student-loan-debt-statistics/#average-debt-recent-graduates


https://www.cnn.com/2022/04/28/politics/student-loan-debt-joe-biden/index.html


https://www.bostonglobe.com/2022/05/01/opinion/student-loan-forgiveness-is-savvy-political-move-right-thing-do/

Tuesday, May 17, 2022

New Inflation Data Shows Record High Prices

  Inflation in March was at its highest in the past 40 years. As of right now, it is currently too early to see if we are past the peak, but inflation has been going down and will hopefully continue to do so. This comes as a result of multiple issues around the world. COVID Stimulus has played a role in inflation, though how much it contributed is still debated among policymakers. Another factor in the high inflation rate would be a large spike in demand for commercial products in the US and the rest of the world in combination with supply not being able to keep up leading to a rise in prices. The US has also seen a rapid spike in job growth which further contributes to the issue which could lead to a wage-price spiral. Supply changes around the world are still not fully recovered from the pandemic either, and likely will not be back to what they were beforehand for some time. According to The Guardian, airfares have gone up by 40 percent in the past 3 months. The war in Ukraine has led to a large increase in gas prices as well as also interfering with the already struggling supply chain for products around the world. 

From a New York Times survey of about 1900 people, the items that have been most impacted by rising prices are food and gasoline. The federal government has attempted to help mitigate gas prices by slowly releasing gasoline from a reserve that they have access to. These price increases are most likely due to the war in Ukraine contributing to ongoing supply chain problems. Another large market that has impacted many is the housing market. A Pew Research survey indicated that 49% of its respondents considered affordable housing to be a large problem in their area. In response to the recent inflation that the government has seen, the federal reserve is looking to raise interest rates to bring things back in line with the norm. However, increasing interest rates has the potential to send the US into an economic recession, and this looming threat has also hurt the stock market. 

Credit: New York Times

    The American people are divided on what truly caused the large spike in inflation. A survey from the New York Times shows that around 45 percent of respondents greatly blame rising prices on the pandemic and supply chain disruptions. About 30 percent of respondents also believe that relief plans and the Ukraine War contributed “a lot” to inflation. However, 30 percent of respondents on the survey also believed that those same factors did not factor into inflation at all. In my opinion, all 4 of the factors have played large roles in increasing prices and while it may not be ideal, overstimulating the economy would have been better than not stimulating enough. Other factors are relatively outside of the government’s control, and so not much can be done to lower inflation other than increasing interest rates. That being said, the risk of a recession has been hurting the stock market and if one were to actually occur, it would be even worse. Should the federal government raise interest rates, they should do so while airing on the side of caution and seeing if a lower increase can slow things down enough for the time being.

Questions:

1. What do you think the government should do to mitigate the effects of inflation?

2. Do you think that the government could have done a better job with stimulus and how it handled support packages concerning the possibility of inflation?

3. What do you notice most about rising prices in your day-to-day life?

Sources: