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Senate Minority Leader Chuck Schumer is pushing the incoming Biden administration to cancel up to ,000 in federal student loans when the president-elect takes office in January.His announcement comes as the nonpartisan Congressional Budget Office released data indicating that America’s student loan debt had increased by 700% during the period from 1995 through 2017.Schumer said that Biden can forgive the debt by executive action due to the Higher Education Act. The Trump administration previously cited the Higher Education Act in authorizing a freeze in student loan payments, which has been extended through the end of January.If Schumer has his way, the freeze would be made permanent for millions of student loan customers."College should be a ladder up but student debt makes it an anchor down. For far too many students and graduate students, some years out of school, student loans and federal student loans are becoming a forever burden," Schumer said. "They stand in the way of people getting the job they want, they stand in the way of buying a home, of starting a family, of buying a car and they hurt our economy dramatically.”Biden has not indicated support for the plan, and has instead offered a more modest recommendation of canceling up to ,000 in federal student loans.Loan burden increasingData released this week by the Congressional Budget Office shows that America’s collective student loan burden has increased seven times from 1995 through 2017 for a multitude of reasons.The CBO lays out a number of reasons why this has happened. One culprit is that borrowing from private, for-profit colleges has skyrocketed. Adding insult to injury, those who attend for-profit colleges and universities are more likely not to graduate, resulting in fewer job opportunities.The CBO also says that enrollment increased at universities across America through the late 90s and 00s, meaning there were simply more students to go into debt. The number of students taking out new loans did subside some after a 2011 peak, but remained higher in 2017 than they did in the 90s and much of the 00s.There has also been an arms race at universities to increase services to students, which increases costs. This comes while state support for public universities has decreased in recent years.Are student loans themselves responsible for increases to tuition?The CBO says that until recently, there was no evidence that an expansion to the federal student loan program was responsible for tuition increases at universities. But the CBO claimed that more recent data has suggested that federal student loans could result in increased tuition.The CBO cited a study conducted by Dr. Robert Kelchen of Seton Hall called “An Empirical Examination of the Bennett Hypothesis in Law School Price” among other studies.“Using data from 2001 to 2015 across public and private law schools and both interrupted time series and difference-in-differences analytical techniques, I found rather modest relationships across both public and private nonprofit law schools,” Kelchen wrote.College grads still fare better overallDespite all of the debt many college graduates face in the years, and even decades, after attending school, those with bachelor’s degrees or higher fare much better in the job market.According to the US Census’ 2019 data, the median income for a householder with a bachelor’s degree was ,036, with those with advanced degrees making even more. For those with an associate’s degree, a degree generally given to community college graduates, the median income was ,242. Those who attended some college, but did not have a degree, earned ,380 a year, while those who were high school graduates earned ,803.During the height of the pandemic, those with at least a four-year college degree were more likely to hang on to their job. The unemployment rate increased from 2.5% to 8.4% for those with a bachelor’s degree from March to April of 2020. Those with an associate’s degree or some college experience, but not a four-year degree, saw an unemployment rate increase from 3.7% to 15%.For those who graduated high school but did not attend college, the unemployment rate during the same period jumped from 6.8% to 21.2%.The most recent job figures, which were for the month of October, showed an unemployment rate of 4.2% for those with at least a four-year degree, 6.5% for those with an associate’s degree or some college, and 8.1% for those with a high school diploma and no college experience. 4529

SpaceX’s test flight of its next-generation Starship rocket was deemed a success, despite a bit of an explosive landing.As part of the launch, SpaceX attempted to perform a “flip landing” of the rocket. Although the flip landing resulted in the rocket blowing up, the finish was not unexpected.“Lot of things need to go right, so maybe 1/3 chance,” SpaceX founder Elon Musk said last month about the odds of the rocket nailing the landing.The rocket’s mission was not to leave Earth’s atmosphere, but to test several parts of the Starship rocket.“This suborbital flight is designed to test a number of objectives, from how the vehicle’s three Raptor engines perform to the overall aerodynamic entry capabilities of the vehicle (including its body flaps) to how the vehicle manages propellant transition. SN8 will also attempt to perform a landing flip maneuver, which would be a first for a vehicle of this size,” SpaceX said before the flight.SpaceX said even if not everything went correctly, there would be plenty to learn from this test to improve on future flights.“With a test such as this, success is not measured by completion of specific objectives but rather how much we can learn, which will inform and improve the probability of success in the future as SpaceX rapidly advances development of Starship,” SpaceX said.Musk deemed aspects of the launch a success.“Successful ascent, switchover to header tanks & precise flap control to landing point!” Musk tweeted.The rocket remained airborne for over six minutes, and it was slated to reach an altitude of 41,000 feet. 1591

Senate Republicans released their own version of a tax plan Thursday, and it varies just enough from the House's bill to set the two chambers up for a dramatic showdown over tax policy in upcoming weeks.As they emerged from a closed-door briefing, senators laid out some of the details Thursday.According to Sen. John Hoeven, a Republican from North Dakota, the Senate tax bill includes more individual tax brackets than the House bill (seven instead of four). Hoeven also said that the Senate bill fully repeals the state and local tax deduction, which has become a must-save item for moderate Republicans in the House. The House bill repealed the deduction for state and local income and sales taxes, but preserved the property tax deduction up to ,000 to assuage concerns from New York and New Jersey Republicans.But the differences don't end there. While the House bill eventually repealed the estate tax in its entirety, the Senate bill won't repeal the tax, members said, but instead will limit the number of families affected by it.RELATED: CBO says GOP tax plan would increase deficit by .7 trillion The Senate bill also maintains a provision to allow individuals to write off medical expenses that exceed a certain amount of their income, something the House bill scrapped entirely. The issue has become a major flashpoint in the debate in the House, and Hoeven acknowledged that watching the fights play out in the House helped inform the Senate bill."Look, as we hear things from our constituents and analyze them, it's helped us," Hoeven said.Republican senators were briefed on their legislation Thursday morning just as House Republicans were preparing to vote their own bill out of committee Thursday afternoon.Most members emerging from the meeting said that the Senate bill was at the very least a step in the right direction."The conversation, the negotiation will continue until we arrive on consensus," Sen. Ted Cruz, a Republican from Texas, said of the initial plan he saw in the conference. "This is an ongoing discussion."Republicans on both sides of the Capitol have laid out an aggressive timeline to pass their tax bills out of both chambers. The ultimate goal is to have a tax cut bill on the President desk before the end of the year.Senate Republicans unveiled their plan just days after Democrats swept state races in New Jersey and Virginia -- an election GOP members said was a wake-up call that their party needs to pass at least one major legislative accomplishment or else face electoral backlash in the midterms."If we don't produce, it'll get worse," Sen. Lindsey Graham, a Republican from South Carolina told CNN. "The antidote to this problem is to pass a tax cut that Americans believe helps them and their families, to replace a broken health care system with something better. And if we do those things, I think we'll do fine in the fall."Senators are especially feeling the weight of the task ahead. Unlike the House where after fits and starts the party eventually came together to overhaul Obamacare, the Senate failed to pass a repeal of the Affordable Care Act this summer and members are emphatic that they cannot afford to be 0-2 heading into the 2018 midterms, no matter how good the map looks for them.Senators are constrained in a way that House tax writers technically aren't. Under Senate rules, the Senate finance committee must produce a tax plan that doesn't increase the deficit by any more than .5 trillion over the next decade.That is part of the reason that Senate Republicans are considering phasing in a new corporate rate of 20% rather than starting it right off the bat, which is expensive. While President Donald Trump has been clear he wants to see a corporate tax rate reduction from 35% to 20% immediately, the cost may be too great."We haven't made that decision ultimately on that delay," said South Carolina Sen. Tim Scott. "There's a lot of pressure to do it now."Some Senate Republicans Including Florida's Marco Rubio have also lobbied to increase the child tax credit to ,000 up from the increase to ,600 in the House bill. And Sen. Susan Collins of Maine has lobbied the committee not to fully repeal the estate tax, which the House bill repeals after 2023."The bill is going to be released either tomorrow or Friday. Until it is, I've been asked not to comment on the specifics," Collins said. "But it certainly is true I've expressed reservations about having complete repeal of the estate tax."Another major change in the Senate bill could be a full repeal of the state and local tax -- also known as SALT -- deduction.SALT, as it's known on Capitol Hill, became a major touchstone in the US House where more than a dozen Republicans from high tax states like New Jersey and New York fought to preserve at least a core part of the tax write off. After a handful of closed-door meetings in the House, Ways and Means Chairman Kevin Brady announced he'd preserve the tax deduction for property taxes up to ,000, but that deductions on income or sales taxes would be repealed.However, unlike the House where the GOP's majority is dependent on a handful of members from swing districts in blue states where property taxes are high, most of the Republican senators hail from lower-tax states that are more solidly Republican and less dependent on the SALT deduction.Still, House Republicans are warning that a full repeal of SALT could be trouble for passing the tax bill through the full Congress."I will be very clear. Repealing the state and local tax deduction is just not a policy that will make its way through the House side. The Senate indications that they may potentially do that, I just don't see how that math works to get to tax reform," said Rep. Tom Reed, a Republican from New York.Reed said he'd been talking to senators about the issue."I think it's very clear. You have 73 Republicans from the House that come from high-tax states. If you go down the path of trying to repeal the entire state and local tax in the Senate, than that is just not going to work," he said.Adding to the complications for the Senate is the margins by which Senate Republicans have to pass a tax bill. Majority Leader Mitch McConnell can only afford to lose two of his own senators if he is going to pass the bill along party lines.There is some effort to bring Democrats on board, but after a closed-door meeting in the Library of Congress Tuesday afternoon between a handful of Democrats, White House legislative director Marc Short and White House economic adviser Gary Cohn, Democrats were still waiting to see how the process would move forward before committing to sign on. During the meeting, Trump called in from Asia to try and sell Democrats on the plan, telling them he'd be a "big loser" if the GOP plan is signed into law."If they put this bill out Friday and then try to jam it on Monday, move it through ... it's not real bipartisanship," warned Ohio Democratic Sen. Sherrod Brown.Overall, Republicans are still optimistic that they can shepherd their bill through committee and pass it on the floor."I feel different than with healthcare," said Kansas Sen. Jerry Moran. "That there's a greater likelihood that involves passage of tax reform."As to how they will settle what could be grave differences between the House and the Senate bill?"I think this process is a healthy one. We're going to look to improve out bill at every step in the way. We hope the Senate passes their very best version of tax reform, as well," Brady told CNN's Phil Mattingly in an exclusive interview Wednesday. "What I'm confident of (is) we will reconcile and find common ground in the end." 7682

Some Marjory Stoneman Douglas High School students say going to school in the morning now feels more like going to an airport, or even worse, going into a prison.FULL COVERAGE: Parkland school shooting“I’m all for school safety implementations, but I don’t like the feeling of a prison," said Jack Macleod, a junior. "It’s supposed to be a place of education and I can’t really get back into that sense of academia and creativity with all that’s going.”On their first day back from spring break, Broward County School District enacted new security measures at the high school in an effort to keep students safer.Jack and his classmates weaved through rows of barricades to get into school. Jack tweeted a video of the experience.“It’s seriously like the TSA," he said in the video.Jack's peers also took to Twitter to share their thoughts on the security measures.“Posting stuff like that gives the whole audience of Twitter a big insight into what it’s like now in the day of Marjory Stoneman Douglas," Jack said.Jack said there are no metal detectors at the entrances yet, but he's expecting that to come soon.Some students tweeted asking if pre-check will be available like at the airport and if they need to start taking off their shoes when they get to school.However, the new clear backpacks got most of the heat on social media. “I don’t think that it does anything," Jack said. "I don’t think the issues that have come out of this movement that people are debating and disputing about are backpack related.”Students call the backpacks a violation of privacy. “We earned that right to privacy and we kind of got it confiscated when two knives were taken to school," said Annabel Claprood, a sophomore.Camern Lo put a piece of paper in her new clear backpack saying, ‘This backpack is probably worth more than my life.'Some students say while they understand the intentions are good, these measures are band-aids to cover up the real problems."I don’t think that it does anything," Jack said. "I don’t think the issues that have come out of this movement that people are debating and disputing about are backpack related."Students also have to wear their I.D. badges at all times. They received lanyards Monday to wear them on."They did not check my I.D.," Annabel said. "They did not check anything. I walked in. No questions asked. It was just like it was before nothing’s really changed except now you can see our personal items.”Annabel took her ideas on how to make her school safer straight to the superintendent during a meeting right before spring break."Bring your voice to the people who will listen who are going to do something with your voice," she said.She said she wants to see more modern technology used to secure the school. She says that’s what would make her and her peers feel safer, something she knows adults are trying to do.“Until we see all of us on the same page working together, nothing’s going to happen," she said.“I don’t know what exactly America needs right now, but I do know that we’re all talking about it," Jack said.Florida Highway Patrol troopers are guarding entrances to the school as Governor Rick Scott promised nearly two weeks ago. Broward County Sheriff’s Office has a heavy presence outside the school as well. 3282

Sources: The AAF will suspend all football operations today. New owner Tom Dundon will lose approximately million on his investment. Dundon makes decision against wishes of league co-founders Charlie Ebersol and Bill Polian.— Darren Rovell (@darrenrovell) April 2, 2019 287