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China Exports More Cars Than Japan on Sales Surge to Russia
China Exports More Cars Than Japan on Sales Surge to Russia
China sold more cars abroad than any other nation in the first quarter in part because of a
2023-06-26 21:26
Supreme Court strikes down Biden’s plan to cancel student loan debts
Supreme Court strikes down Biden’s plan to cancel student loan debts
The US Supreme Court has struck down President Joe Biden’s plan to cancel student loan debts for millions of Americans, reversing his campaign-trail promise as borrowers prepare to resume payments this summer. Chief Justice John Roberts delivered the 6-3 decision from the court’s conservative majority on 30 June. The ruling, which stems from a pair of cases challenging the Biden administration and the US Department of Education, argues that the president does not have the authority to implement sweeping relief, and that Congress never authorised the administration to do so. Within 30 minutes on the last day of its term, the court upended protections for LGBT+ people and blocked the president from a long-held promise to cancel student loan balances amid a ballooning debt crisis impacting millions of Americans. Under the plan unveiled last year, millions of people who took out federally backed student loans would be eligible for up to $20,000 in relief. Borrowers earning up to $125,000, or $250,000 for married couples, would be eligible for up to $10,000 of their federal student loans to be wiped out. Those borrowers would be eligible to receive up to $20,000 in relief if they received Pell grants. Roughly 43 million federal student loan borrowers would be eligible for that relief, including 20 million people who stand to have their debts canceled completely, according to the White House. Roughly 16 million already submitted their applications and received approval for debt cancellation last year, according to the Biden administration. The long-anticipated plan for debt cancellation was met almost immediately with litigation threats from conservative legal groups and Republican officials, arguing that the executive branch does not have authority to broadly cancel such debt. Six GOP-led states sued the Biden administration to stop the plan altogether, and a federal appeals court temporarily blocked any such relief as the legal challenges played out. Lawyers for the Biden administration contended that he has the authority to broadly cancel student loan debt under the Higher Education Relief Opportunities for Students Act of 2003, which allows the secretary of education to waive or modify loan provisions following a national emergency – in this case, Covid-19. Justice Roberts wrote that the law allows the secretary to “waive or modify” existing provisions for financial assistance, “not to rewrite that statute from the ground up.” The Supreme Court’s final decision of its 2022-2023 term also comes one day after another major education ruling, as the same conservative majority upended decades of precedent intended to promote racially diverse college campuses, what civil rights groups and the court’s liberal justices have derided as the court’s perversion of the 14th Amendment and the foundational concept of equal protection. Moments before its decision in the student debt plan, the Supreme Court decided a case involving a website designer who refused to cater to same-sex couples, but the case did not involve any such couple. Likewise, the case at the centre of the court’s decision on student loans involved an independent loan servicer in Missouri that did not want to be associated with the lawsuit. The six GOP-led states that led the challenge – Arkansas, Iowa, Kansas, Missouri, Nebraska, and South Carolina – opposed the Biden administration’s plan for a range of reasons that amount to “just general grievances; they do not show the particularized injury needed to bring suit,” Justice Elena Kagan wrote in her dissent. “And the States have no straightforward way of making that showing – of explaining how they are harmed by a plan that reduces individual borrowers’ federal student-loan debt,” she added. “So the States have thrown no fewer than four different theories of injury against the wall, hoping that a court anxious to get to the merits will say that one of them sticks.” She admonished a decision in which “the result here is that the Court substitutes itself for Congress and the Executive Branch in making national policy about student-loan forgiveness.” “The Court acts as though it is an arbiter of political and policy disputes, rather than of cases and controversies,” and by deciding the case, the court exceeds “the permissible boundaries of the judicial role,” Justice Kagan wrote. Since March 2020, with congressional passage of the Cares Act, monthly payments on student loan debt have been frozen with interest rates set at zero per cent. That Covid-19-pandemic era moratorium, first enacted under Donald Trump and extended several times, was paused a final time late last year – until the Education Department is allowed to cancel debts under the Biden plan, or until the litigation is resolved, but no later than 30 June. Payments would then resume 60 days later. The amount of debt taken out to support student loans for higher education costs has surged within the last decade, alongside growing tuition costs, increased private university enrollment, stagnant wages and GOP-led governments stripping investments in higher education and aid, putting the burden of college costs largely on students and their families. The crisis has exploded to a total balance of nearly $2 trillion, mostly wrapped up in federal loans. Millions of Americans also continue to tackle accrued interest without being able to chip away at their principal balances, even years after graduating, or have been forced to leave their colleges or universities without obtaining a degree at all while still facing loan repayments. Borrowers also have been trapped by predatory lending schemes with for-profit institutions and sky-high interest rates that have made it impossible for many borrowers to make any progress toward paying off their debt, with interest adding to balances that exceed the original loan. One analysis from the Education Department found that nearly 90 per cent of student loan relief would support people earning less than $75,000 per year. The median income of households with student loan balances is $76,400, while 7 per cent of borrowers are below the poverty line. That debt burden also falls disproportionately on Black borrowers and women. Black college graduates have an average of $52,000 in student loan debt and owe an average of $25,000 more than white graduates, according to the Education Data Initiative. Four years after graduating, Black student loan borrowers owe an average of 188 per cent more than white graduates. Women borrowers hold roughly two-thirds of all student loan debt, according to the American Association of University Women. Mr Biden’s announcement fulfilled a campaign-trail pledge to wipe out $10,000 in student loan debt per borrower if elected, though debt relief advocates and progressive lawmakers have urged him to cancel all debts and reject means-testing barriers in broad relief measures. In November 2020, the president called on Congress to “immediately” provide some relief for millions of borrowers saddled by growing debt. “[Student debt is] holding people up,” he said at the time. “They’re in real trouble. They’re having to make choices between paying their student loan and paying the rent.” ReNika Moore, director of the Racial Justice Program with the ACLU, among civil rights groups that filed briefs with the Supreme Court to defend the loan cancellation plan, said the “one-two punch” to end affirmative action and block debt relief will lock Americans out of economic oppurtunity and worsen wealth equality. “We urge the Biden administration and the Department of Education to move quickly to explore other pathways to ease the debt load on student loan borrowers once payments resume after a pandemic-related pause, including new executive action under the Higher Education Act, a law that allows for student loan relief for certain groups,” she added. 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2023-07-01 01:49
Trump Liable for Sex Abuse, Must Pay $5 Million to Carroll
Trump Liable for Sex Abuse, Must Pay $5 Million to Carroll
A federal jury in New York found Donald Trump liable for sexually assaulting writer E. Jean Carroll and
2023-05-10 08:46
Valentino returns men as it sheds coed format for Milan fashion week
Valentino returns men as it sheds coed format for Milan fashion week
Italian haute couture house Valentino opened men's fashion week in Milan on Friday, abandoning its coed format of the past three years for men front...
2023-06-17 00:50
VinFast Electrifies Vancouver With Presence at 2023 Fully Charged Live Event
VinFast Electrifies Vancouver With Presence at 2023 Fully Charged Live Event
TORONTO--(BUSINESS WIRE)--Sep 6, 2023--
2023-09-06 22:57
Supreme Court Flexes Conservative Muscles in Term’s Final Days
Supreme Court Flexes Conservative Muscles in Term’s Final Days
The US Supreme Court waited until the end of its nine-month term to remind the country just how
2023-07-01 10:53
New Health-Conscious Beverage Lines From Clear Cut Brands Enter the Market
New Health-Conscious Beverage Lines From Clear Cut Brands Enter the Market
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2023-09-21 22:22
Amazon reports better-than-expected revenue and profits for the third quarter
Amazon reports better-than-expected revenue and profits for the third quarter
Amazon on Thursday reported strong revenue and profits from the summer months driven by growth in online sales and its advertising business
2023-10-27 05:20
Hydrogen-Powered Cars Can Race in Le Mans in 2026, Official Says
Hydrogen-Powered Cars Can Race in Le Mans in 2026, Official Says
Cars with hydrogen powered engines will be allowed to enter the 24 Hours of Le Mans — the
2023-05-27 16:15
German Defense Minister Cancels Iraq Trip on Security Concerns
German Defense Minister Cancels Iraq Trip on Security Concerns
German Defense Minister Boris Pistorius canceled a trip to Iraq at the last minute, citing security risks in
2023-07-23 17:48
Oatly Falls by Most Ever as Consumers Retreat in Asia
Oatly Falls by Most Ever as Consumers Retreat in Asia
Oatly Group AB cut its sales outlook and announced an improvement plan in Asia as consumers in the
2023-07-27 22:23
Former Wells Fargo exec Tolstedt avoids prison time in fake-accounts scandal - WSJ
Former Wells Fargo exec Tolstedt avoids prison time in fake-accounts scandal - WSJ
A former Wells Fargo executive Carrie Tolstedt would not serve prison time for her role in the bank's
2023-09-16 02:21