0 Comments · Wednesday, June 11, 2014
At a time when charges for borrowing
money have hit nearly historic lows, students and those currently
repaying federal student loans have been locked into older, higher
by Rachel Podnar
50 days ago
at 01:45 PM | Permalink
New bill would save students and government money, but tax those with big bucks
something that homeowners, business and local governments can do that college
from buying alcohol, everyone else can refinance loans for lower interest rates. But at
a time when charges for borrowing money have hit nearly historic lows, students have been
locked into their older, higher rates. A new bill looks to remedy that and promises to not only pay for itself, but cut government spending.So,
students, graduates and budget hawks are happy, and everybody wins.
tricky part — paying for the program — is something called the
Fair Share Tax. The reduction in spending would come from the second part of the bill.
called “The Buffet Rule,” named after Warren Buffet and championed by Elizabeth
Warren, the tax mandates a minimum rate of 30 percent on those who bring in a
million dollars or more a year.
students loans without a refinancing option is a profitable business — the
government is set to take in $66 billion on interest alone from loans issued
between 2007-2013, according to the Government Accountability Office. Eliminating that money would have big budget implications. That's where the Fair Share Tax comes in.The
Banking on Students Emergency Loan Refinancing Act would allow those with
loans issued before August 9 last year to refinance at the rates passed in 2013 — 3.8 percent
for undergraduate loans.
including Sen. Sherrod Brown, are trying to gather support for the bill. Brown filed the bill with Massachusetts Sen. Elizabeth Warren.
Warren introduced the bill in the Senate on May 5. She, Brown and other Democrats will be pushing it in the
“Every dollar a current borrower pays
in interest is a dollar he or she can’t spend on a car, on a mortgage, or on
starting a small business,” Brown said in an email sent out on Thursday requesting signatures to support the bill.
So far, 36 senators have signed it.
year, Congress lowered the rate of new loans but left existing rates the
Those higher rates are drowning graduates, keeping them stuck in their parents' basements, Warren said on the Senate floor last month. “Make no mistake, this is an
emergency,” she said. “Student loan debt is exploding and it threatens the
stability of young people and the future of our economy.”
The Congressional Budget Office released a report on the bill Wednesday. The report found that lowering
the rates of outstanding loans would increase spending by $51 billion, but with the new tax thrown in, the bill would also
increase revenue by $72 billion between 2015-2019.
report said deficits could be reduced in the next 10 years by about $22
billion. Congressional Republicans are sure to oppose the tax increase, considering most have signed
Americans for Tax Reform’s taxpayer protection pledge to not raise taxes.
won’t be the first time congressional Republicans have opposed the proposed
tax. It was introduced in 2012 as the Paying a Fair Share Act and fell short of
the votes needed to leave the Senate.
the meantime, student loan debt totals $1.2 trillion, greater than all
outstanding credit card debt.
0 Comments · Wednesday, June 4, 2014
For many Cincinnatians, the scariest part
of going across the Western Hills Viaduct is not knowing which lane you
should be in as you wrap around that McDonald’s that greets you on the
West Side — one wrong turn and you could be headed down State Street and
wondering both what year it is and if parts of Gummo were filmed
by German Lopez
Environmental groups call on Sen. Brown to show support
More than 200 Ohioans gathered at the Ohio Statehouse on
Saturday to call on U.S. Sens. Sherrod Brown and Rob Portman to support federal
regulations that would attempt to curtail human-caused global warming.
The regulations would impose stricter pollution limits on
power plants across the nation, which Environment Ohio says are
responsible for 41 percent of U.S. carbon emissions — a primary contributor to
The new rules are part of the climate plan President
Barack Obama proposed in June to skip legislative action from a
gridlocked Congress and slow down global warming by using the
already-established regulatory arm of the Environmental Protection
“Our message today is clear. The time is now to act on
climate,” said Christian Adams, state associate with Environment Ohio,
in a statement. “Global warming threatens our health, our environment
and our children’s future. Ohioans support President Obama’s plan to
clean up the biggest carbon polluters.”
The Obama administration proposed regulations on new power
plants on Sept. 20 that effectively prevent any new coal power plants
from opening up if they don’t capture and sequester carbon pollution.
Experts argue those limits will have little effect on future carbon emissions because new coal power plants are already being phased out by natural gas.
But the statehouse rally asked Ohio’s senators to support
incoming regulations that will impose further restrictions on existing
power plants and — if they’re effective — reduce the amount of carbon
going into the atmosphere.
The regulations could have large implications for Ohio. A previous report from Environment Ohio found Ohio’s power plants pollute more than those in any state except Texas.
Coal companies warn the regulations could cost jobs. St. Louis-based Patriot Coal says “burdensome environmental and governmental regulations” have already “impacted demand for coal and increased costs.”
But the regulations could simply shift jobs to cleaner energy sectors. A 2012 report from Environment Ohio found Cincinnati could become the regional capital of solar power and help revitalize its economy with new jobs in the process.
Scientists have historically called for reducing global
warming to 2 degrees Celsius to avoid the worst effects of climate
change. That would involve greatly reducing the amount of carbon that
goes into the atmosphere over the next few decades, according to the
Intergovernmental Panel on Climate Change (IPCC).
In the IPCC’s 2013 report, scientists said they are at least 95 percent certain that human actions contribute to global warming.
Many economists argue a carbon tax and a cap-and-trade system
are better ways to tackle climate change than regulations. But those
policies would require legislative action that is unlikely in the
current political climate, especially since many Republican legislators deny the science behind human-caused global warming.
Gabrielle Giffords visits Cincinnati to support responsible state gun legislation after NRA defeats federal attempts
4 Comments · Wednesday, July 10, 2013
Gun control advocates lobby for legislation, even as it falters at the federal level.
by German Lopez
Ohio senator goes after big banks, governors clash, Ohio reduces prison re-entry
Ohio Sen. Sherrod Brown is putting forward legislation
that would break up the big banks to avoid what has been colloquially
dubbed “too big to fail.” The liberal senator is teaming up with Sen.
David Vitter, a very conservative Republican from Louisiana, to put together the bill, which Brown says will make the economy safer, secure taxpayer
money and help create jobs. In his push, Brown has compared the big
banks to Standard Oil, which was broken up by the U.S. Supreme Court in
1911 after the oil giant breached antitrust laws.
Indiana Gov. Mike Spence fired back
at Ohio Gov. John Kasich for insulting Indiana in recent remarks:
“Indiana is the best state in the Midwest to start a business, grow a
business and get a job. … With the Hoosier state consistently winning
the competition for fiscal responsibility and reform, somebody should
remind the governor of Ohio that trash talk usually comes before the
game.” In a speech Monday, Kasich said, “This is not Indiana where you
go to Indianapolis … and then say, ‘Where else are we going to go?
Ohio is a leader in reducing prison re-entry,
and that’s translating to millions of dollars for the state’s
taxpayers. Ohio’s recidivism rate, which measures how many prison
convicts are returning to prison after being released, dropped to 28.7
percent in 2009, from 39.5 percent in 2003. The
latest data is from 2009, so it’s before Gov. John Kasich took office
and passed measures to further reduce prison recidivism, which provide
new ways for criminals to get records expunged, allow released criminals
to obtain a certificate of qualification from courts for employment and
offer sentence-reduction incentives for prisoners to get job training
and education programs while in prison.
The Ohio House approved a bill
that would effectively shut down Internet sweepstakes cafes, which
state officials claim are havens for gambling and other criminal
activity, by limiting their prize payouts to $10. The bill received
support from law-enforcement groups, Ohio Attorney General Mike DeWine,
some charity organizations and the state’s casino operators.
Mayoral candidate John Cranley says the city should redirect funding meant for the streetcar to the MLK/I-71 Interchange project,
but the funding is set up through federal grants that are highly
competitive and allocated specifically to the streetcar project.
Opponents of the city’s parking plan briefly celebrated
yesterday when they assumed Graeter’s had joined their efforts, but the
ice cream company says it was all a misunderstanding.
Graeter’s is allowing opponents to gather petition signatures in front
of its stores because the sidewalks are public property, but the company says it didn’t give permission to gather signatures within the stores.
Cincinnati’s Findlay Market earned a glowing review in The Boston Globe, sparking a wave of celebration on social media.
The Smale Riverfront Park is forging ahead largely thanks to the help of private funders, who have made up for an unexpected drop in state and federal funds.
The Ohio Senate paved ahead with legislation that will raise the speed limit
on some highways, particularly in rural areas, to 70 miles per hour.
The bill contains obvious time benefits for drivers, but environmental
groups say higher speed limits mean worse fuel efficiency and insurance
groups say it will make roads more dangerous.
A West Chester trucking company is cutting 250 jobs.
Popular Science has nine reasons to avoid sugar to save your life.
Ohio Sen. Sherrod Brown finds bipartisan support for bringing America’s biggest banks in line
1 Comment · Wednesday, March 13, 2013
In 1911, Standard Oil underwent what many
of today’s conservatives would decry as government and judicial
overreach; the petroleum giant — 41 years old and originally from
Cleveland — was taken apart by the U.S. Supreme Court.
0 Comments · Thursday, December 27, 2012
A lot happened in Cincinnati and Ohio in
2012, and, for the most part, the year was good to progressives around
the nation and in Cincinnati.
by German Lopez
In-person early voting is underway in Ohio. Find your nearest polling booth here.
If there’s a Democrat-led war on coal in Ohio, it’s not showing in
the numbers. PolitiFact checked Democratic Sen. Sherrod Brown’s claim that coal
jobs and production have gone up in the state since five years ago, and it turns out he’s right. Brown’s remark was in response to Republican challenger Josh Mandel’s claim that Democrats are leading a war on coal. Brown and Mandel are fighting for Ohio's U.S. Senate seat, which CityBeat covered in-depth here. Currently, Brown leads by 5.5 points in aggregate polling.
The presidential campaigns are turning it up in Ohio. Ann Romney was in Greater Cincinnati yesterday to campaign for her husband, echoing past visits from Michelle Obama. President Barack Obama will be in Cincinnati Sunday. Mitt Romney will hold a big rally in West Chester on Friday. Ohio could be the state to decide whether Romney or Obama is the next president. Due to Ohio’s importance, lawyers from around the county will be keeping a close eye on the state. With six days of voting left, aggregate polling shows Obama up 2.3 points in Ohio and the race tied nationally. FiveThirtyEight, The New York Times’ forecasting model, says Obama has a 79.9 percent chance of winning Ohio and a 79 percent chance of winning the election.
The Coalition Opposed to Additional Spending and Taxes (COAST) is suing Cincinnati Public Schools (CPS) for allegedly using city resources to campaign for Issue 42,
which will renew a CPS levy from 2008. In the emails, school officials
discuss voter registration drives, signing up to support the levy and
contributing to the levy campaign. But in a few emails, Jens Sutmoller, campaign coordinator for Issue 42, asks for personal emails to properly respond. COAST has endorsed a “No” vote on Issue 42. CityBeat covered Issue 42 and the problems facing CPS here. CityBeat also endorsed a “Yes” vote on Issue 42 here.
Dropping enrollment in urban district schools, including CPS, has caused some schools to revise building programs downward,
saving the state money. In CPS in particular, the school’s project has
dropped down to 50 buildings from 66 partly in response to a decline in
about 10,000 students since 2002 to about 32,687 enrolled students today. The shift apparently has less to do
with students moving to the suburbs and more to do with the greater
availability of charter and private schools.
The Port of Greater Cincinnati Development Authority’s CEO Laura Brunner laid out the Port Authority’s strategic plan yesterday.
The Port Authority seeks to fight poverty, attract residents and increase jobs by
expanding inland port operations, developing land, stabilizing targeted
communities, upgrading its public financing plan and transparently
communicating progress, according to Brunner.
A small fraction of absentee ballots might have been rejected due to a state data glitch.
The glitch caused Ohio Secretary of State Jon Husted to deliver 33,000
updated registration records to local elections issues. Tim Burke,
chairman of the county Democratic Party and county Board of Elections,
expressed mixed feelings about the error: “Obviously, you hate like hell
to have the secretary of state’s office, which had promised to have a
very efficient election, popping something like that on us seven days
out. … Having said that, I’m glad at least once they recognized that
these names are out there they moved to get them to us so that we can do
our best to ensure that these folks are not disenfranchised because of
some administrative glitch.”
In related news, Husted got the emergency stay he asked for on a recent voting ruling. Husted said he was happy with the decision in a statement:
“With six days to go before Election Day, I am pleased that the Court
has granted a stay in this case so that I can give the 88 county boards
of elections the clear direction they need on the rules for processing
There are a few teachers campaigning for office in Ohio, and NPR says the campaigns could give Democrats and Obama a boost.
The surge of teachers is largely attributed to Senate Bill 5, which
tried to limit collective bargaining among public employees. The
teachers figure the only way to prevent another Senate Bill 5 is by
There are also Ohio Board of Education candidates on this
year’s ballot. StateImpact Ohio has a look into some of those candidates
found small firms are doing very little to prepare for Obamacare. Most
don’t know what the national health care plan will even do for them.
About 70 percent were unsure or incorrectly believed Obamacare will make
them pay a tax. Ever want to play Tetris with a pumpkin? Well, apparently someone has.
Ohio's ugly Senate race has national repercussions
1 Comment · Wednesday, October 31, 2012
The world will be watching Ohio this week, waiting
largely to see which presidential candidate’s weeks of time and millions
of dollars spent wooing Buckeye State voters will pay off. But slightly down the ballot is another race nearly as
important: for one of Ohio’s U.S. Senate seats.