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☆ YouTube has a new 'rigid' culture as Google ad executives take over
▼ + stars: | 2022-11-01 | by ( Tom Dotan | ) www.businessinsider.com time to read: +7 min

In the last 18 months, at least nine top YouTube executives left and were replaced by longtime Googlers. "It's becoming very operationalized at YouTube," said one former YouTube executive. Google ad executive takeoverYouTube's chief business officer role has marked a significant shift toward the rising influence of Google's sales culture. 2019 is also when Google began keeping a closer reign on YouTube and started to stock it with Google ad executives. The point person for YouTube Originals, Susanne Daniels, who came from MTV, left YouTube in January, shortly before YouTube shut down its entire Originals content group.

☆ Op-ed: Democrats are better for our country and economy
▼ + stars: | 2022-10-31 | by ( Rep. Suzan Delbene | Chair Of The New Democrat Coalition | ) www.cnbc.com time to read: +6 min

All of this is a direct result of the work Democrats have done in Congress and in the White House. While Democrats are moving America forward, Republicans are working to move our country and economy backward. Under President Biden's leadership, Democrats have grown our economy 3 times faster than when Republicans controlled Congress and the White House. This is what a pro-business, pro-worker, pro-economic growth party and economic plan look like. While Republicans look to the past, New Dems look to the future – and in about a week, Americans will decide between the two.

☆ U.S. FY 2022 budget deficit halves to $1.375 trln despite student loan costs
▼ + stars: | 2022-10-21 | by ( David Lawder | ) www.reuters.com time to read: +3 min

Outlays for fiscal 2022, which ended Sept. 30, fell by a record $550 billion, or 8% from last year to $6.272 trillion. Register now for FREE unlimited access to Reuters.com RegisterThe move brought the September budget deficit to $430 billion, more than six times the prior-year September deficit of $65 billion. It also includes the extension of a COVID moratorium on all student loan payments until the end of 2022, which added about $21 billion in budgetary costs. Rising interest costs also will start to consume a bigger share of the federal budget, the non-partisan fiscal referee agency predicts. The CBO had forecast a fiscal 2023 deficit of about $984 billion, with deficits rising steadily thereafter to nearly $2 trillion by 2030.

☆ U.S. 2022 budget deficit halves to $1.375 trillion despite student loan costs
▼ + stars: | 2022-10-21 | by ( David Lawder | ) www.reuters.com time to read: +4 min

WASHINGTON, Oct 21 (Reuters) - The U.S. government on Friday reported that its fiscal 2022 budget deficit plunged by half from a year earlier to $1.375 trillion, due to fading COVID-19 relief spending and record revenues fueled by a hot economy, but student loan forgiveness costs limited the reduction. "You know, we've gone from an historically strong economic recovery to a steady and stable growth, while reducing the deficit," Biden said. Outlays for fiscal 2022, which ended Sept. 30, fell by a record $550 billion, or 8% from last year to $6.272 trillion. The move brought the September budget deficit to $430 billion, more than six times the prior-year September deficit of $65 billion. It also includes the extension of a COVID-19 moratorium on all student loan payments until the end of 2022, which added about $21 billion in budgetary costs.

☆ The fiscal risk comes from interest rates in the near term, says CBO Director Phil Swagel
▼ + stars: | 2022-10-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe fiscal risk comes from interest rates in the near term, says CBO Director Phil SwagelPhil Swagel, director of the Congressional Budget Office, joins CNBC's 'Squawk Box' to discuss how government spending could impact the nation's inflation response.

☆ The Student Loan Forgiveness Bill Comes Due
▼ + stars: | 2022-10-13 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Remember when the White House suggested, only weeks ago, that President Biden’s student-loan cancellation wouldn’t add much to the federal budget deficit this year? The Congressional Budget Office made that clear Tuesday in reporting that the write-off would cost some $426 billion and push the federal deficit to $1.4 trillion for all of fiscal 2022 that ended on Sept. 30. As recently as May CBO said the deficit would come in at $1 trillion or so. Tax receipts have since come in $60 billion more than estimated. The budget gnomes note in their deathless prose that the increase “primarily stems from $426 billion in costs estimated and recorded by the Administration in September 2022 to reflect the long-term costs of certain forms of student debt relief.”

☆ Federal Deficit Fell by $1.4 Trillion in Fiscal Year 2022, CBO Estimates
▼ + stars: | 2022-10-12 | by ( Amara Omeokwe | ) www.wsj.com time to read: 1 min

The Biden administration has highlighted the deficit’s decline, arguing its policies helped spur economic growth and labor-market strength. The federal deficit declined to $1.4 trillion in the just-ended fiscal year, as tax revenues increased and pandemic-related spending fell sharply, according to estimates from the nonpartisan Congressional Budget Office. The CBO’s preliminary deficit figures for the 2022 fiscal year, which ended Sept. 30, show the federal budget shortfall fell by half from nearly $2.8 trillion the prior year, a roughly $1.4 trillion decline.

☆ The student-loan forgiveness application will cost the US government nearly $100 million per year to process, Biden's Education Department estimates
▼ + stars: | 2022-10-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Education Department estimates the student-loan forgiveness application will cost nearly $100 million per year. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyCreating the student-loan forgiveness application isn't cheap, new documents show. On Tuesday, President Joe Biden's Education Department released the first preview of what the application for up to $20,000 in student-debt cancellation will look like. But the application cost could support points some Democratic lawmakers made prior to the debt relief announcement, in which they suggested the relief be made available to all borrowers without any means testing. With regards to the full cost of debt relief, the Congressional Budget Office estimated it would cost $400 billion over 30 years.

☆ The bottom half of American families hold just 2% of the country's wealth — while the top 1% of families have a third
▼ + stars: | 2022-09-29 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +3 min

A new report from the nonpartisan Congressional Budget Office tracks wealth distribution. The report finds that American families in the top 10% held 72% of the country's wealth in 2019. US families in the top 10% of the wealth distribution added about $60 trillion to their wealth from 1989 to 2019, while the bottom half of Americans added just under $1 trillion to their total wealth during the same time. The report, requested by Sen. Bernie Sanders, shows just how uneven wealth distribution is in the US — and how the rich have only gotten richer. "The total wealth held by families in the top 10 percent increased at a faster rate than wealth held by families in the rest of the distribution."

☆ Biden’s Student-Loan Forgiveness Plan Could Cost $400 Billion, CBO Says
▼ + stars: | 2022-09-27 | by ( Amara Omeokwe | ) www.wsj.com time to read: 1 min

A range of analyst estimates raises questions about how President Biden’s student-loan plan will ultimately affect the federal budget. President Biden’s plan to cancel student debt for some borrowers will cost the federal government an additional $400 billion, according to the nonpartisan Congressional Budget Office. The estimates released Monday are the latest to put a price tag on the administration’s student-loan modification plans, in the absence of a detailed accounting from the White House. A range of analyst estimates reflects the considerable complexity of projecting the performance of the federal government’s student-loan portfolio, and raises questions about how the moves will ultimately affect the federal budget.

☆ U.S. Education Department sued over Biden's student loan cancellation plan
▼ + stars: | 2022-09-27 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 27 (Reuters) - Conservative group Pacific Legal Foundation filed a federal lawsuit Tuesday against the U.S. Department of Education with the intent of stopping President Joe Biden's student loan cancellation plan. The lawsuit, which was filed in the U.S. District Court for the South District of Indiana, comes a day after the Congressional Budget Office (CBO) said that Biden's plan to cancel some student loan debt will cost $400 billion. "Congress did not authorize the executive branch to unilaterally cancel student debt," said Caleb Kruckenberg, an attorney at Pacific Legal Foundation. As of June 30, 43 million borrowers held $1.6 trillion in federal student loans. "It (Biden's plan) will only lead to more calls for government intervention in education at taxpayers’ expense," said Steve Simpson, another attorney at Pacific Legal Foundation.

☆ Biden’s student loan cancellation plan to cost $400B, Congressional Budget Office estimates
▼ + stars: | 2022-09-26 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Rebecca-Shabad-Circle-Byline-Template.Jpg | Rebecca Shabad | ) www.nbcnews.com time to read: +2 min

WASHINGTON — President Joe Biden's plan to forgive $10,000 in federal student debt for most borrowers will cost the government about $400 billion over 10 years, the nonpartisan Congressional Budget Office said in an estimate released Monday. The report also noted that the administration plan to extend a pause on federal student loans will also cost about $20 billion. The Committee for a Responsible Federal Budget, a group that advocates for lower deficits, said the CBO's predictions confirm "the outrageous cost" of Biden's student loan plan. "The Biden Administration’s student debt bailout is even more expensive than we initially thought," tweeted Rep. Andy Biggs, R-Ariz. "The current bailout will cost Americans $420 BILLION, according to the CBO. Rep. Mariannette Miller-Meeks, R-Iowa, tweeted, "President Biden isn’t forgiving student loans—he’s charging hardworking Americans $400 billion."

REUTERS/Evelyn Hockstein/File PhotoWASHINGTON, Sept 26 (Reuters) - U.S. President Joe Biden's executive actions cancelling some student loan debt will cost about $400 billion, about a quarter of funds owed, the Congressional Budget Office (CBO) said on Monday. As of June 30, 43 million borrowers held $1.6 trillion in federal student loans. The U.S. government in March 2020 temporarily suspended interest and payments on federal student loans at the start of the COVID-19 pandemic. The extension of that pause from September through Dec. 31 will increase outstanding student loan costs by a further $20 billion, CBO said. After accounting for those suspensions, CBO estimates that the cost of student loans will increase by about an additional $400 billion.

☆ Biden's student loan relief plan will cost $400 billion. Republicans call it 'unsustainable' and Democrats say it will give 'Americans more breathing room.'
▼ + stars: | 2022-09-26 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

A new report from the Congressional Budget Office finds student loan relief will cost $400 billion. Now, the nonpartisan Congressional Budget Office is shedding light on how much relief will cost: $400 billion, plus $20 billion from outstanding loan payments and interest being paused through December. The $400 billion also pales in comparison to major expenditures from the administration, like $796 billion on defense in 2022. The student loan relief will disproportionately impact Black and Latino borrowers, millennials, and public servants such as teachers, police, and non-profit workers. "Today's CBO estimate makes clear that millions of middle class Americans have more breathing room thanks to President Biden's historic decision to cancel student debt," Sens.

☆ Biden's student loan relief could cost $400 billion, Congressional Budget Office says
▼ + stars: | 2022-09-26 | by ( Emma Kinery | ) www.cnbc.com time to read: +2 min

Student loan borrowers stage an Aug 25, 2022 rally in front of the White House to celebrate President Joe Biden canceling some federal student debt. President Joe Biden's student loan cancellation plan will cost an estimated $400 billion, according to the Congressional Budget Office. In addition to the costs to forgive that debt, the CBO estimated the cost of Biden's pause on student loan payments from September through December 2022 will total to $20 billion. The Committee for a Responsible Federal Budget, a think tank opposed to Biden's student loan plan, has estimated the change will cost an additional $120 billion. The White House says more than 40 million Americans may be affected by the student loan changes, and half of those could see their entire balance wiped out.

Earlier this summer, Snap executives told managers they should put at least 10% of their teams on performance improvement plans. In a few weeks, Snap employees have gone from feeling relatively stable to joking that they now work at "Snapazon," a reference to the sometimes grueling, metric-heavy approach of Amazon. Snap is chopping the Snap Pixy mini drone, its accelerator program, Snap Originals, Snap Minis and its Games vertical. Other Snap workers expressed similar doubts about the company's acquisition strategy. AR likely will not be a major success story, despite Snap's leadership in the area.

☆ Congress treats the Congressional Budget Office like a crystal ball for legislation, but one economist says their models are built on flawed assumptions
▼ + stars: | 2022-03-12 | by ( Paul Constant | ) www.businessinsider.com time to read: +6 min

In a recent episode, he spoke with economist Mark Paul about the role of the Congressional Budget Office. They run these economic models that I think are the most important policy models out there." The CBO's models are built from flawed assumptions that don't necessarily reflect how legislation might actually behave in the real world. "In the economics literature, what we find is that on average public investment is at least as productive as private investment — and often more so," Paul said. "In fact, there's this really well-known review that shows that public investment is 50% more productive on average than private investment."

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