Category: ECONOMY

Graduating with a Degree in Debt: The Average Student Debt Balance for Seniors is now $40,000

MB 360–The runaway cost to attend college just continues to sprint ahead.  The average student loan balance for graduating seniors is now $40,000.  This is astronomical considering the per capita wage of Americans is in the high $20,000 range.  The math behind this astronomical debt is rather clear and simple to follow.  Student debt is one of those categories where your ability to pay said debt back is completely devoid from reality.  For example, you can go into one hundred thousand dollars of debt for a degree in art that has little earnings potential in the market.  Is that wise?  Depends on who you ask but you can’t walk into a car dealership and purchase a $50,000 car without some financial backing and ability to pay it back.  This applies to most things but the way we fund college is somewhat dysfunctional.

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Student loan company accused of delaying debt forgiveness for teachers and social workers

A student loan company is creating barriers for teachers, social workers and others to get the loan forgiveness they’re entitled to, according to the Attorney General of Massachusetts.

Attorney General Maura Healey sued the Pennsylvania Higher Education Assistance Agency (PHEAA) on Wednesday, accusing the company of mishandling borrowers’ accounts and prolonging the amount of time they’d have to wait to have their debt wiped away under the Public Service Loan Forgiveness program (PSLF).

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Macy’s quietly lays off 100 in cost saving move

Beleaguered mall stalwart Macy’s is eliminating about 100 jobs as it consolidates its merchandising, planning and private brands operations into one department.

It has also named a former eBay executive, Hal Lawton, as its new president.

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Household Debt in the US Just Hit an All-Time High

Americans’ debt level notched another record high in the second quarter, after having earlier in the year surpassed its pre-crisis peak, on the back of modest rises in mortgage, auto and credit card debt, where delinquencies jumped.

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Worst Restaurant Recession since 2009…Households at lower 80% of income scale are maxed out

WOLF STREET–“July proved to be a tough month for chain restaurants,” the report said.

Foot traffic at chain restaurants fell 4.7% in July year-over-year. Same-store sales fell 2.8%, the 17th month in a row of year-over-year declines, the longest downturn since 2009.

On a two-year basis, same-store sales fell 4.2% from July 2015, and traffic fell 8.7%.

Sales rose in only 12 markets and fell in 183 markets. California was once again the least bad region, with same-store sales down 0.7% and foot traffic down 3.6%. In other words, no region had positive results. The Midwest was the “worst region” with sales down 3.6% and foot traffic down 5.2%.

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