student debt

Wednesday, May 1. The seven stories you need to know today.

Read today's briefing.

Tuesday briefing: Solar eclipse; student debt forgiveness; Tesla Autopilot settlement; Jonathan Majors; U-Conn. Huskies; and more

Read today's briefing.

Jeanna Smialek, who covers the U.S. economy for The Times, will be 33 in a few weeks; she is part of a cohort born in 1990 and 1991 that makes up the peak of America’s population.

At every life stage, that microgeneration has stretched a system that was often too small to accommodate it, leaving its members — so-called peak millennials — with outsize economic power but also a fight to get ahead.

Guest: Jeanna Smialek, a U.S. economy correspondent for The New York Times.

Background reading: 

• When millennials gripe that they get blamed for everything, the accusers might actually be onto something.
• Millennials have the children, but boomers have the houses.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Megyn Kelly is joined by Judge Joe Brown, former TV host and lawyer, to discuss the relevance of when Fani Willis’ affair with Nathan Wade began, her paying Nathan Wade more than his peers, her lack of important disclosures to the court, her attitude while testifying last week, whether her comments about money could open her up to IRS violation issues, whether Willis lied while on the stand during her testimony, the key element of how she kept cash, and more. Then National Review's Charles C.W. Cooke joins to discuss President Biden finding a new way to move forward with his "student loan forgiveness" plan, his desire to override Congress and the courts, why this shows the Biden campaign and the Democrats are panicking, Biden's age as a major election issue, the death of Alexei Navalny, the Washington Post attacking Nikki Haley's high school, a biological male injuring girls in high school basketball, and more. Then it's Kelly's Court with Marcia Clark and Mark Geragos to talk about whether Gabby Petito's parents have a case against the parents of their daughter's killer Brian Laundrie, whether his parents were obligated to share what they knew, the Alec Baldwin movie set shooting case and how it will be affected by the "Rust" armorer on trial now, whose negligence will be found at fault, the orgasm cult criminal case, and more.

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They say they make companies more efficient through savvy management. Critics say they bend the rules to enrich themselves at the expense of consumers and employees. Can they both be right? (Probably not.)

RESOURCES:

• Plunder: Private Equity's Plan to Pillage America, by Brendan Ballou (2023).
• Two and Twenty: How the Masters of Private Equity Always Win, by Sachin Khajuria (2022).
• "Local Journalism under Private Equity Ownership," by Michael Ewens, Arpit Gupta, and Sabrina T. Howell (NBER Working Paper, 2022).
• “Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes,” by Atul Gupta, Sabrina T. Howell, Constantine Yannelis, and Abhinav Gupta (NBER Working Paper, 2021).
• “Leveraged Buyouts and Financial Distress,” by Brian Ayash and Mahdi Rastad (Finance Research Letters, 2021).
• “Have Private Equity Owned Nursing Homes Fared Worse Under COVID-19?” by Ashvin Gandhi, YoungJun Song, and Prabhava Upadrashta (SSRN, 2020).
• “When Investor Incentives and Consumer Interests Diverge: Private Equity in Higher Education,” by Charlie Eaton, Sabrina T. Howell, and Constantine Yannelis (The Review of Financial Studies, 2020).
• “The Economic Effects of Private Equity Buyouts,” by Steven J. Davis, John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, and Javier Miranda (SSRN, 2019).
• “How Acquisitions Affect Firm Behavior and Performance: Evidence from the Dialysis Industry,” by Paul J. Eliason, Benjamin Heebsh, Ryan C. McDevitt, and James W. Roberts (The Quarterly Journal of Economics, 2019).
• "In Silicon Valley, Even Mobile Homes Are Getting Too Pricey for Longtime Residents," by Tracy Lien (Los Angeles Times, 2017).
• “The Operational Consequences of Private Equity Buyouts: Evidence from the Restaurant Industry,” by Shai Bernstein and Albert Sheen (SSRN, 2013).
• "Private Equity and Employment," by Steven J. Davis, John C. Haltiwanger, Ron S. Jarmin, Josh Lerner, and Javier Miranda (NBER Working Paper, 2011).

EXTRAS:

• "Should You Trust Private Equity to Take Care of Your Dog?" by Freakonomics Radio (2023).
• "Do You Know Who Owns Your Vet?" by Freakonomics Radio (2023).
• "Mobile Home Parks," by The Economics of Everyday Things (2023).
• "The Secret Life of a C.E.O.," series by Freakonomics Radio (2018).
• "Extra: David Rubenstein Full Interview," by Freakonomics Radio (2018).

SOURCES:

• Brendan Ballou, special counsel at the Department of Justice.
• Dan Glickberg, venture-capital investor.
• Hannah Howard, food writer.
• Sachin Khajuria, investor.

Martin joins the 5live Teen 23 Summit to give financial advice to teenagers and students, with a guide to savings, inflation, credit cards and money that apply to everyone.

00:00 Introduction 05:58 Maintenance loans and top uni tips 22:34 Tell Us 27:05 Questions from teens 34:17 Podcast-only tips, National Trust and more 36:54 More teen questions 43:19 More Tell Us 45:23 Mastermind

New research and polling show that more and more Americans now doubt a previously unquestioned fact of U.S. life — that going to college is worth it.

Paul Tough, a contributing writer for The New York Times Magazine, explains why so many high-school students and their parents are souring on higher education and what it will mean for the country’s future.

Guest: Paul Tough, a contributing writer for The New York Times Magazine who has written several books on inequality in education.

Background reading: 

• Americans are losing faith in the value of college. Whose fault is that?
• In December, Colby-Sawyer in New Hampshire reduced its tuition to $17,500 a year, from about $46,000. The cut was a recognition that few pay the list price.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

The number of Americans with student debt is higher now than ever before. Trevor examines how student debt got so out of control in the U.S. and its potential effects lasting to the grave for many older borrowers. And Roy Wood Jr. examines breaks down the pros and cons of college.

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Krystal and Saagar discuss Credit card debt topping 1 trillion, CNN confronting the White House on Bidenomics, Senator Dianne Feinstein falls and gives up power of attorney to daughter, Utah Man killed in FBI Raid after online threats to Biden, Feds search Trump's Twitter account, Krystal looks into LA workers rebelling over Impossible Housing prices, Saagar looks into Dave Portnoy taking Barstool independent, and we're joined in studio by Ken Klippenstein to debate the merits of his new piece on the UFO whistleblower David Grusch.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:
(1) China's economy grows more slowly than expected as calls for stimulus grow.

(2) Kemi Badenoch admits to the very low chance of a UK-US trade deal.

(3) Vanguard's global expansion has struggled to gain traction.

(4) UK home sellers cut asking prices as rising mortgage costs put off buyers. 

See omnystudio.com/listener for privacy information.

In August, President Biden announced a loan cancellation plan that would erase an astonishing $400 billion in student debt — one of the most ambitious and expensive executive actions ever.

Now, in a far-reaching case, the Supreme Court will decide whether the president is authorized to take such a big step.

Guest: Adam Liptak, a Supreme Court correspondent for The New York Times.

Background reading: 

• The student loan case could redefine the limits of presidential power.
• Here’s how the arguments at the Supreme Court played out and what to expect in the coming days.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Ryan and Emily give their commentary on Trump/DeSantis beef, Ukraine, midterm results, Elon Musk & MORE!

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