“Excellent piece, and something we all desperately need to hear,” Sydney C. writes of Friday’s post-Independence Day “Adulting for Dummies” issue. 

“Unfortunately, the last administration (or lack thereof) left us with the notion that what's good for America is to be separate, hostile, prejudiced, unreasonable and eager to rescind other people's rights in favor of our own. 

“We need to remember that party loyalty isn't what made America great.” 

William S. adds: “In the mid ‘80s in Chicago, my wife and I had posters from opposing mayoral candidates in our yard, and the poll site for voting was right across the street. We got a lot of interesting questions from passersby.” 

Michael S. asks: “How does the right to life, liberty, and the pursuit of happiness square with imposing one's religious beliefs on the entire country, like the far-right wants to do?

“As a Catholic, I don't agree with some of the Left's policies, but it is wrong to try to force someone to accept your beliefs.

“Apparently, some have learned nothing from the Crusades, the Spanish Inquisition, and the Conquistadores butchering native Americans. I reject ‘Christian Sharia Law.’” 

Finally, Robert says: “After the debate, I was shocked at the rapidity of erstwhile friendly Dems throwing Joe under the bus. 

“It was the same dude who gave the (lauded) State of the Union address, albeit in a situation demanding more flexibility. He did what he could, which never was much.

“The same goes for most politicians. I cannot think of many situations improved by politicians.” 

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Your Rundown for Monday, July 8, 2024...

Biden Flexes on U.S. Courts

It’s no secret that federal student-loan forgiveness has been one of the White House’s pet projects. 

But the U.S. court system has been like a boil on Biden’s backside — stubborn and irritating as hell. 

For instance, when Team Biden introduced a plan to cancel up to $20,000 in federal student loans for an estimated 40 million qualified debtors… 

The Supreme Court confirmed something former Speaker of the House Nancy Pelosi already knew: Only Congress has the power to approve such a large-scale cancellation of federal debt. 

Nonetheless, Biden flexed on SCOTUS in February via the Education Department’s convoluted, income-based Saving on a Valuable Education (SAVE) plan. 

“In this newest glut of forgiveness, those who enroll in the SAVE plan, have made payments on their loans [for] at least 10 years and have a balance of less than $12,000 will get forgiveness immediately,” Reason reported.

For those still on the hook for federal student loans, the SAVE plan involves a devilishly complicated formula for repayment. The short hand: Monthly payments will be based on a percentage of the borrower’s “discretionary income.”

Which brings us to the White House’s February press release: “The Biden-Harris administration has now approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through more than two dozen executive actions.” 

How’s that going? 

“Republican-backed states, including Florida, Arkansas and Missouri, filed lawsuits against the SAVE plan earlier this year,” CNBC says. 

“The states argued that the Biden administration was overstepping its authority with SAVE, and essentially trying to find a roundabout way to forgive student debt after the Supreme Court blocked its sweeping plan last year. 

“In response, two federal judges in Kansas and Missouri temporarily halted significant parts of the SAVE plan on June 24.” 

But the Biden Administration successfully appealed the Kansas injunction — although the second injunction from a federal judge in Missouri remains in effect. 

“The case has not been decided yet, but at least for now the Education Department can proceed with reducing borrowers’ bills,” CNBC says. 

If you wonder what the big deal is… and why we’re none too keen on sweeping federal student-loan forgiveness… 

It’s this: For such a colossal debt jubilee, the final estimated price tag — for taxpayers, anyway — registers at $475 billion over the next 10 years. 

Let’s be real. Low-income and ultra-rich taxpayers won’t be on the hook. It’s those of us stuck in the middle who’ll pay. 

The sooner “forgiven” borrowers figure that out, the better. 

Market Rundown for Monday, July 8, 2024

The S&P 500 is up 0.20% to 5,575. 

Oil is down 0.75% to $82.53 for a barrel of WTI. 

Gold is down 0.65% to $2,382 per ounce. 

Bitcoin is down 0.15% to $57k. 

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