I mean yes we are going to be living i mean i have an economic forecaster but everything i read suggests we are going to be living with an unusually high levels of unemployment, a lot of pain from over indebtedness and a quarter of the country is on food stamps. I mean its not a great depression. We are not repricing exactly what happened in the 30s but its a version of that. See the Consumer Financial Protection Bureau estimates that Student Loan Debt is more than a trillion dollars. Up next the Senate Budget committee looks at how that that affects borrowers and the economy as a whole. This is an hour and a half. [inaudible conversations] see this hearing will come to order. I want to thank senator johnson who is filling in today for my Ranking Member senator sessions. Welcome to you and all of our colleagues who are joining us today as well as a roomful. Welcome to all of you on a really important topic today. We are going to be talking about a challenge that 40 Million People aroun
People have to turn to Student Loans to help finance their education. In just a few moments you will hear from britney jones. Shes going to be talking about how taking out Student Loans made it possible for her to get a College Degree and britney id look forward to hearing more about your experiences. You were to start a teaching career and the same time paying down the student loan the but later college. Of course britney is not alone. Dealing with overbearing student debt is becoming a reality for growing number of americans. Statistics are staggering. Today the average College Graduate will have to pay back around 30,000 in Student Loans and a Record Number of young households owe student debt. Back in 1989, 16 of young households have student debt. By 2010 that figure had more than doubled according to the pew research center. More young people than ever before are dealing with more student debt than ever before and that can have lasting consequences. Americans who took out school
Programs. Rising income inequality has been associated with more federal Student Financial Aid Assistance and i dont think that is coincidental. In my written testimony i shall concerns about several Administration Initiatives including the College Rating system and gainful employment regulations but i want to briefly comment on the proposal of senator warren to lower Interest Rates on loans to pass borrowers. I think this is a bad idea for several reasons. Beginning with the fact that it does utterly nothing to address College Tuition inflation. Conscientious payers and debt obligations end up getting punished relative to nonpayers who get lower Interest Rates, a bad message. It will also add tens of millions of dollars to the deficit and national debt. There are other objections as well. We may be a senator johnson hinted over investing in some ways in Higher Education. The advantages of getting a degree are actually starting to decline not increase particularly for young graduates.
Between north Korean Leader kim jong un and President Trump is well into the planning process. We are in Constant Contact with north korea. We have actually worked out a time and a place. Kanye west must have some power. I doubled my africanamerican poll numbers. Thank you, kanye. Got to love this american ride abby that is a live shot this morning of Churchill Downs, the Kentucky Derby today, 6 46 p. M. If you have have ever been and gone to this track this time of the day the sun is not out yet. You get such a clear look. Ed why would you be there that early unless you were on fox friends. Great point. Dont start mint juleps until the afternoon. Pete that was your start on Kentucky Derby. Abby thats true. Ed everybody thought my tie was the clouds but its Kentucky Derby. Abby race for the roses, of course. Pete Fresh Flowers on the weekend. First time ever. Abby janice dean is down there. She will be with us all morning long. Stay here if you want updates on the Kentucky Derby and a
We get to hang with you. Griff i do have to wish my wife a happy birthday. Kathleen, happy birthday to you. She is going to be treated like a queen today by her friends and tomorrow i get to go home after the show and take her to dinner. Its going to be a big day today because, honestly its fall here but in washington its subpoena season. I talked about it as a reporter for this show and here we go now with more news today. Pete according to the New York Times, consider the source, the left is piling on when it comes to impeachment. There are reports now that a Second Intelligence official is weighing his or her socalled whistleblower on what happened in the ukraine. So you had, of course, over the last, what, week and a half we have been talking about now this individual who some call a whistleblower. I dont. I think he was a leaker who used official means to get information out because he doesnt like President Trump. In this case it looks like yet another individual will come out wit