Pam Brown's Blog l emission - control. net

Shouldering the Costs: Who Pays in the Aftermath of Hurricane Sandy

"A preliminary report by Strike Debt on the economic effects of Hurricane Sandy on New York City.  The report examines the use of loans, the main form of “aid” to disaster-impacted communities, as ineffective in addressing individual or community needs. Further, the use of loans may lead to disastrous longer-term economic consequences for the impacted communities."

"Implementation of federal disaster services in New York City reveals a policy whereby government responds to national disaster by transforming economic consequences into long-term, individual financial burdens. Most Americans believe that FEMA will be there to help in the event of a disaster. However, the vast majority of  FEMA’s resources and efforts are spent on public assistance grant programs that provide infrastructure restoration. Individual victims of disaster are mostly offered personal loans to help them “get back on their feet.” Although these loans might seem good on the surface, they have many features of predatory subprime lending techniques and ultimately make long-term financial burden the precondition for “recovery.”"

Shouldering the Costs

"To the financial establishment of the world, we have only one thing to say: We owe you nothing. To our friends, our families, our communities, to humanity and to the natural world that makes our lives possible, we owe you everything."

 

Education Debt in the Ownership Society

From Alternet:

Will the twin crises of housing and education debt freeze young people out of the American dream?

"Education and housing are inextricably intertwined in both the American imagination and our economy -- yet there has been very little talk about how the student debt crisis and the housing crisis relate to each other in terms of both long-term economic cycles and our changing American identity. As evidenced by the overblown debate over interest rates taking place in Congress, we remain focused on minor details, and have yet to examine the big picture of what these twin crises portend."

What Really is $1 Trillion in Student Loan Debt?

$1 trillion dollars is the equivalent of about $4,000 for every man woman and child in America.

If $1 were equal to 1 second, then $1 trillion would be 31,546 years.

Currently 58% of Americans with a college degree over 25 have some student loan debt.  This is about 37 million Americans.

Two thirds of the class of 2010 borrowed an average of about $25,000 dollars.  Only about 50% of them have a job at all, and about 75% of them returned to live home after college.

That same year, 2010, Americans borrowed more than 100 billion dollars for education.

Whereas 1 in 4 white students owes less than 13K, 1 in 3 black students owes more than 38K.

In 1972 Pell Grants covered 100% of tuition costs.  In 2011 they covered 34%.

41% of the class of 2005 is currently delinquent or in default. 

67 billion dollars in student loans are currently in default.  At any given point only 40% are in repayment.  Only 37% of student loans are paid without delay.

 

My Discussion of the $1 Trillion Student Debt Crisis on Democracy Now! on 1T Day