Society - February 23
Chinese propaganda, student debt cancellation and rising home evictions
Anything but democracy in China
..yet the Chinese government wants the world to believe everything is just rosy
ProPublica and The New York Times exposed yet another Chinese government propaganda operation - a massive social media campaign to warp the global image of China with the backdrop of the winter Olympics in Beijing. This is not the first time the Chinese government has gone to such lengths..
Biden cancels more student debt
..is it enough?
Last week, the Biden Administration made headlines and stirred controversy by announcing it canceled $415 million in federal student loan debt owed by borrowers who were defrauded by colleges. This brings the total to ~$2 billion under this administration for defrauded borrowers and roughly $16 billion total in student loan cancellations. Prior to the pandemic, national student debt totaled more than $1.7 trillion, which would mean that even though the Biden administration has done more than any of his predecessors to cancel student loans, his administration has only forgiven about 1% of the total. Some critics are pushing for Biden to go much further to help Americans mired in debt while others claim the President does not have the right to spend federal taxpayers’ dollars (as the ‘power of the purse’ legally resides with the House of Representatives)..
Evictions to rise with rent prices..
What can be done?
In a recently published 2021 rental analysis by Realtor.com, median rent increased nearly 20% year-over-year (YoY) for 0-2 bedroom homes. That increase is more than five times the growth rate reported just prior to the beginning of the pandemic two years ago. Of the 0-2 bedroom homes, the need for increased space (likely due to new working conditions) led to the greatest spike in rent prices to be for 2 bedroom homes - nearly 12% YoY in 2021 compared to only ~4% YoY in 2020. In addition to rising rent prices, the ripple effect could be a cause for concern for all Americans..