Thursday, August 25, 2022

Wake-Up Call: Biden Unveils Student Loan Forgiveness Plan

President Biden announced his plan yesterday to forgive up to $10,000 in student loan debut, fulfilling a campaign promise, with the cancellation available for those who earn less than $125,000 a year or families who earn less than $250,000. For borrowers who also receive Pell Grants, which are given to undergraduates with the biggest financial need, up to $20,000 would be forgiven. Biden said yesterday, "Both of these targeted actions are for families who need it the most: working and middle class people hit especially hard during the pandemic," adding, "All this means, people can start to finally crawl out from under that mountain of debt." Biden is also proposing capping the amount borrowers must pay monthly on student loans at five percent of their earnings, down from 10 percent. Additionally, the administration is extending the pause on student loan payments that began in March 2020 due to the pandemic through the end of 2022, in what Biden said would be the final extension.
Republicans blasted the plan, and legal challenges are expected. Senator John Barrasso, chair of the Senate Republican Conference, said, "Today’s announcement is an insult to every American who played by the rules and worked hard to responsibly pay off their own debt." Meanwhile, progressives had wanted Biden to do even more and forgive up to $50,000 of student loan debut, which he rejected. Nearly one-third of student loan borrowers owe less than $10,000 and about half owe less than $20,000, and the White House estimates the plan would erase the student debt of about 20 million people.


➤AT LEAST 22 KILLED IN UKRAINIAN INDEPENDENCE DAY TRAIN STATION ATTACK: At least 22 people were killed in a Russian rocket attack on a train station in the Ukrainian town of Chaplyne yesterday, on Ukraine's Independence Day, according to President Volodymyr Zelenskyy. Ukraine had been bracing for stronger attacks around the holiday that marks Ukraine's declaration of independence from the Soviet Union in 1991. Yesterday also coincidentally marked six months since Russia's invasion, which has turned into a war of attrition. Zelenskyy said in a holiday message, "On February 24, we were told: You have no chance. On August 24, we say: Happy Independence Day, Ukraine!" Meanwhile, President Biden announced a nearly $3 billion new U.S. military aid package yesterday to help Ukrainian forces battle in the long-term, for years ahead.


➤UVALDE SCHOOL BOARD FIRES POLICE CHIEF: The Uvalde, Texas, school board voted unanimously yesterday to fire the school district's police chief, Pete Arredondo, after allegations that he made several critical mistakes during the mass shooting at Robb Elementary School in May that left 19 students and two teachers dead. Arredondo has been most criticized for not ordering officers to immediately go into the classroom where the 18-year-old gunman carried out the attack and was holed up. Arredondo is the first law enforcement officer to lose his job over the response to the school shooting, in which police didn't breach the classroom for more than an hour. Arredondo didn't attend the meeting yesterday, but a letter released by his attorney lashed out at state officials and defended the police response as "reasonable." It also accused the school district of not being prepared for an attacker.

➤U.S. RESPONDS TO IRAN LATEST NUKE DEAL OFFER, WITH POSSIBLE AGREEMENT NEAR: The U.S. responded yesterday to Iran's latest offer on the most recent European Union proposal to resume its compliance with the 2015 nuclear deal that then-President Donald Trump withdrew the U.S. from in 2018, State Department spokesman Ned Price confirmed, without giving details of the response. Another exchange of technical details is expected, following by a meeting of the joint commission that oversees the deal, and AP says the new developments suggest an agreement reviving the deal could be near after negotiations began last year. However obstacles still remain, and there is opposition from both Democrats and Republicans in Congress to returning to the deal. Israel has also become increasingly concerned about a possible reviving of the deal. Prime Minister Yair Lapid yesterday urged President Biden and the other Western powers involved to call off the emerging nuclear deal, contending that negotiators are letting Iran manipulate the talks.

➤STUDY: ANTI-COVID DRUG PAXLOVID DOESN'T BENEFIT YOUNGER ADULTS: The results of a large Israeli study published yesterday found that Pfizer's Covid-19 medication Paxlovid has little or no benefit for younger adults, but confirmed that it reduces the risk of hospitalization and death for seniors, who are at higher risk from Covid. Researchers found that Paxlovid reduced hospitalizations among those age 65 and older by about 75 percent when given shortly after infection, which is consistent with earlier results. However, there was no measurable benefit for those between the ages of 40 and 65. The Biden administration has spent more than $10 billion buying Paxlovid and making it available at thousands of pharmacies. A White House spokesman yesterday cited several recent papers that suggest the drug helps reduce hospitalizations among those age 50 and older, saying in a statement, "Risk for severe outcomes from Covid is along a gradient, and the growing body of evidence is showing that individuals between the ages of 50 and 64 can also benefit from Paxlovid."

 
➤FLOTUS HAS REBOUND COVID CASE: First Lady Jill Biden has again tested positive for Covid-19, having a rebound case after she twice tested negative over the weekend, just as her husband did when he had his own recent bout with Covid. Deputy communications director Kelsey Donohue said the 71-year-old first lady hasn't had any symptoms return, and will isolate at the Bidens' Delaware vacation home. President Biden, who spent three days with his wife in Delaware after she left isolation over the weekend, continues to test negative. Jill Biden first tested positive on August 15th, when she and her husband were vacationing in South Carolina. She isolated there until she received two negative tests and returned to Delaware on Sunday. Both the president and first lady have been fully vaccinated and double-boosted. Jill Biden also took the antiviral Covid drug Paxlovid after first testing positive last week.


➤CALIFORNIA TO BAN SALE OF GAS-POWERED CARS: The state of California will ban the sale of gas-powered vehicles within its borders by 2035. Tougher rules on greenhouse gas emissions emitted by new cars will be phased in before then. California is the nation’s largest auto market. Governor Gavin Newsom called the move “one of the most significant steps to the elimination of the tailpipe as we know it.”

💸SURPRISE! IT’S A CHECK FROM THE IRS: If you paid a penalty for filing your taxes late in 2020 or 2021, you’re getting your money back. The IRS is refunding late fees paid by some 1.2 million Americans for late filing in those years, and it will forgive any late fees not yet paid for those years. There’s no need to file paperwork. The checks will be in the mail starting in late September. The IRS says it’s a form of pandemic relief for taxpayers.

➤‘GHOST GUNS’ LOSE THEIR ANONYMITY: “Ghost guns” built from gun kits are increasingly being found at crime scenes. And that’s a problem, since they have no serial numbers, making them untraceable, and they can be sold over the internet to anyone without a background check. A new federal rule that went into effect yesterday closes a loophole that kept these weapons out of the jurisdiction of the Bureau of Alcohol, Tobacco and Firearms. That means they must have serial numbers and buyers must submit to background checks.

➤SEX-CRAZED LATERNFLIES TAKE OVER NYC: The urban jungle has a buzzing invader! New York City's lanternfly invasion is worsening as the insects are looking for mates. The lanternfly turns redder in August, which makes it easier for potential mates to spot them.  The invasive species seems particularly attracted to trees in Central Park, which is an ideal breeding ground. New York officials are recommending squishing the bugs to save regional crops. “Yesterday I was screaming when they were flying all over the place near me," 56-year-old postal worker Donna Matthews said.  The lanternflies first appeared in New York in 2020.
 
➤FIRE RISK IN HYUNDAI AND KIA SUVS: Owners of some large SUVS made by Hyundai and Kia are being advised by the companies to park their vehicles outside and away from buildings. Faulty wiring on the trailer hitch is blamed for causing a number of fires. The companies haven’t yet figured out how to fix the problem permanently, but it plans to recall about 245,000 Hyundai Palisades and 36,000 Kia Tellurides from the 2000 to 2002 model years for a temporary fix.

➤JURY AWARDS KOBE BRYANT'S WIDOW $16 MILLION OVER CRASH SITE PHOTOS: A jury awarded Kobe Bryant's widow, Vanessa Bryant, $16 million yesterday as part of its $31 million verdict against Los Angeles County for deputies and firefighters for sharing photos of the NBA star, their 13-year-old daughter Gianna, and other victims from the site of the 2020 helicopter crash that killed them. Bryant's co-plantiff Chris Chester, whose wife and daughter were also killed in the crash, was awarded $15 million. The jurors agreed that the photos invaded Vanessa Bryant's privacy and caused emotional distress. She testified during the trial, "I live in fear every day of being on social media and these popping up. I live in fear of my daughters being on social media and these popping up."
🏌TOP PGA PLAYERS COMMIT TO 20-TOURNAMENT SCHEDULE UNDER NEW PLAN: The PGA Tour's best players will commit to a 20-tournament schedule in which they'll complete against each other up to 17 times for average purses of $20 million, according to a plan from the PGA yesterday. The news comes after a meeting of 23 top players led by Tiger Woods and Rory McIlroy last week to rally around the PGA Tour as it battles rival Saudi-backed LIV Golf. McIlroy said yesterday, "When I tune into a Tampa Bay Buccaneers game, I expect to see Tom Brady throw a football. When I tune into a Formula 1 race, I expect to see Lewis Hamilton in a car. Sometimes what's happened on the PGA Tour is we all act independently and we sort of have our own schedules, and that means that we never really get together all that often."


🏌WOODS, MCILROY LAUNCH VIRTUAL GOLF LEAGUE: Tiger Woods and Rory McIlroy announced a new virtual golf league project yesterday in which 18 players on six teams will compete in a series of technology-infused matches. Called TGL, it was revealed one day after the two announced a new media venture called TMRW Sports. Matches will be held in a purpose-built stadium where fans can watch three-man teams compete in the two-hour, 18-hole matches that will use simulators for long shots and live shots for shorter ones. It will start in January 2024 and feature 15 regular-season matches on Monday nights, followed by a semifinals and finals. Mike McCarley, the former Golf Channel president who formed TMRW Sports with Woods and McIlroy and is its CEO, said, "For the fans, think sitting courtside at an NBA game. It’s that type of environment -- music, player introductions. You’re right on top of the action as a fan."

🏀REPORT: TOP THUNDER DRAFT PICK HOLMGREN HAS POTENTIALLY TORN FOOT LIGAMENTS: The Oklahoma City Thunder's Chet Holmgren, who was taken as the second overall pick in the 2022 NBA Draft in June, has potentially torn ligaments in his foot, The Athletic reported Wednesday. The 20-year-old apparently suffered the injury while guarding LeBron James in a pro-am game Saturday. The Athletic said the Holmgren could be out for some time depending on the severity of the injury. He is scheduled to make his NBA debut on October 19th against the Minnesota Timberwolves.

⚾ALL 30 MLB TEAMS TO PLAY EACH OTHER IN SEASON FOR FIRST TIME IN 2023: All 30 MLB teams will play one another in a season for the first time in the interleague era, it was announced yesterday when the league released the 2023 season schedule. Because of that, division opponents will play each other just 13 times, down from 19. MLB chief operations & strategy officer Chris Marinak said, "This new format creates more consistent opponent matchups as clubs compete for postseason berths, particularly in the recently expanded wild card round. Additionally, this . . . provides fans with the opportunity to see more opponent matchups, with a particular focus on dramatically expanding our most exciting Interleague matchups, and offers more national exposure to the star players throughout our game."

➤HALL OF FAME QUARTERBACK LEN DAWSON DEAD AT 87: Hall of Fame quarterback Len Dawson, who led the Kansas City Chiefs to the Super Bowl IV championship in January 1970, died Wednesday after entering hospice care 12 days earlier. He was 87. Dawson, who spent 14 years with the Chiefs as a quarterback and 33 years as a broadcast analyst, was elected to the Pro Football Hall of Fame as both a player and broadcaster. Chiefs chairman Clark Hunt said he was "heartbroken," stating, "The franchise has lost a true legend." Many of Dawson's franchise records stood until current Chiefs quarterback Patrick Mahomes began breaking them.



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