Economy
Silverman Reintroduces Bill to Ease Student Loan Debt
WASHINGTON INFORMER — The District has a number of people who are cool, smart and well-connected — and deeply in student debt.
The District has a number of people who are cool, smart and well-connected — and deeply in student debt.
But if D.C. Council member Elissa Silverman has her way, these productive residents will be able to keep this financial obligation under control.
On Feb. 5, Silverman (I-At Large) introduced the Student Loan Authority Establishment Act of 2019 that would create an independent agency to issue new low-interest rate student loans and refinance existing student loan debt for residents and students attending D.C. colleges and universities.
The legislation allows for student loans, parental loans and graduate student loans that would be covered by a robust income-based repayment system, a public service loan forgiveness program and deferred payment after graduation.
Silverman’s legislation would let the student loan authority operate similarly to the D.C. Housing Finance Agency by issuing tax-exempt bonds to fund both the origination and refinancing of the loans that would not affect the District’s ability to borrow funds for other issues or create a new liability.
The council member’s bill comes at a time when nationally students owe more than $1.5 trillion in educational loans, according to a number of studies on the subject. In the District, the average debt for the Class of 2017, for example, is $30,000 and nearly 10 percent of all city borrowers owe more than $100,000.
Given these staggering statistics, Silverman knew she needed to make sure that student loan borrowers have more options available to them.
“Lowering student debt not only makes higher education more affordable, but it also helps our residents save and work toward other life goals, such as renting or buying a home,” she said.
With the exception of the University of the District of Columbia, all of the city’s colleges and universities are private and thereby much more expensive than public institutions.
Silverman introduced the bill in October but Council Period 22 ended on Dec. 31 without the bill being considered. Nevertheless, fellow Council members Trayon White (D-Ward 8), Anita Bonds (D-At Large), David Grosso (I-At Large), Robert White (D-At Large), Mary Cheh (D-Ward 3), Vincent Gray (D-Ward 7), Jack Evans (D-Ward 2) and Brianne Nadeau (D-Ward 1) signed onto the bill in October and continue to support it.
Silverman’s bill is currently under council review.
Marcus Goodwin, president of the DC Young Democrats who ran unsuccessfully for an at-large seat on the council last year, said he fully supports Silverman’s bill.
“Student debt hurts the ability of people to buy property, make investments, further their education and start a family,” said Goodwin, who works as a real estate and economic development professional and volunteers at the Adams Morgan Youth Leadership Academy, where he teaches financial literacy and career preparedness to high schoolers. “Those who want to advance in their life are hindered by student debt and it may stifle their ambition to move forward in their career.”
Goodwin noted that it is mainly student loan debt acquired during undergraduate years that adversely affects people. He said many young people don’t make enough money to pay back the debt when they began to work after undergraduate school.
In addition, he said the District “is an expensive place to live,” and that serves as a barrier to paying back those loans.
Jeremiah Lowery, a well-known progressive activist in the District, agreed with Goodwin on Silverman’s bill.
“It’s a good start,” said Lowery, who also ran for an at-large seat on the council in 2018, said. “The end goal is debt-free college. I think Elissa Silverman’s bill will be good for residents across the city but especially those who live east of the [Anacostia] River. If the bill passes and is signed into law, there needs to be extensive outreach, particularly east of the River, to let residents know what this means for them.”
Lowery said many minority students take out different loans without knowing fully the payback requirements because they are focused on getting a degree.
“They lose track of the loans they are supposed to pay back and things get out of hand,” he said. “I think this bill will prevent that from happening.”
This article originally appeared in the Washington Informer.
Business
Special Interview: Rep. Barbara Lee Discusses Kamala Harris’ Plan for Black Men
On Oct. 16, California Black Media (CBM) spoke with Harris-Walz campaign surrogate, Congresswoman Barbara Lee (D-CA-12), who shared more insights on Harris’ agenda and the importance of securing the Black Male vote. “She has said very clearly that she wants to earn the vote of everyone. And that means earning the vote of Black men,” said Lee of Harris. “She understands the systemic and historic challenges that Black men have. You haven’ t heard of a presidential candidate coming up with a concrete actual plan and policy agenda.” The agenda includes five focus areas based on insights she gleaned from hosting discussions with Black men during her Economic Opportunity Tour.
By Edward Henderson, California Black Media
Last week, the Kamala Harris campaign released its Opportunity Agenda for Black Men.
On Oct. 16, California Black Media (CBM) spoke with Harris-Walz campaign surrogate, Congresswoman Barbara Lee (D-CA-12), who shared more insights on Harris’ agenda and the importance of securing the Black Male vote.
“She has said very clearly that she wants to earn the vote of everyone. And that means earning the vote of Black men,” said Lee of Harris. “She understands the systemic and historic challenges that Black men have. You haven’ t heard of a presidential candidate coming up with a concrete actual plan and policy agenda.”
The agenda includes five focus areas based on insights she gleaned from hosting discussions with Black men during her Economic Opportunity Tour:
- Provide 1 million loans that are fully forgivable to Black entrepreneurs and others disadvantaged groups to start businesses.
- Champion education, training, and mentorship programs that help Black men get good-paying jobs in high-demand industries It will also develop more accessible pathways for Black men to become teachers.
- Support a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.
- Launch a National Health Equity Initiative focused on Black men that addresses sickle cell disease, diabetes, mental health, prostate cancer, and other health challenges that disproportionately impact them.
- Legalize recreational marijuana and creating opportunities for Black Americans to succeed in this new industry.
“[Vice President Harris] knows that Black men have long felt that too often their voice in our political process has gone unheard and that there is so much untapped ambition and leadership within the Black male community,” the language in the agenda states. “Black men and boys deserve a president who will provide the opportunity to unleash this talent and potential by removing historic barriers to wealth creation, education, employment, earnings, health, and improving the criminal justice system.”
Diving into Harris’ agenda, Lee says, reminded her of her own record of supporting Black men over the years as an elected official. In the 90’s, she established the first California Commission on African American Males through which she pressured the state to address urgent economic, health and social challenges specific to Black men.
“No group of people are a monolithic group of people,” said Lee She’ s not taking any vote for granted. I’ve known her over three decades and I believe she is being herself. She’ s authentic,” Lee added.
Each of the 5 key points addressed in the Harris Campaign’s agenda, Lee says, has additional clauses that can potentially help Black men and their families thrive. This includes lowering rent; up to $25,000 in downpayment help for first time homebuyers; and cutting taxes for Black men in lower-wage jobs by increasing the Earned Income Tax Credit maximum to $1,500.
“I think the messages is one of empowerment for Black men — regardless of whether they’ re a blue-collar worker, if they’ re not working, if they’ re in business, if they’ re an entrepreneur, whatever background or whatever they’re doing or experiencing life. I think the authenticity of their experience can only be articulated through them,” said Lee.
Activism
Oakland’s Asian Community Rallies Against Recall of Mayor Sheng Thao
Thao was speaking at a rally Oct. 15 in Oakland Chinatown, backed by about 100 supporters. “Oakland has seen unprecedented challenges during and since the pandemic, Thao said. “But I stand with you today to tell you that “Oakland has seen 14,000 less crimes this year than last year. This year, we’re headed on the right track,” with fewer homicides than in 2019. “We are saving lives in Oakland. What we are doing work,” she said.
“We’re saving lives in Oakland. What we are doing works,” said Mayor Thao
By Ken Epstein
Self-assured and defiant, Mayor Sheng Thao strongly defended her achievements during her first two years as mayor and went on the offensive against billionaires who are funding the recall campaign against her.
Thao was speaking at a rally Oct. 15 in Oakland Chinatown, backed by about 100 supporters.
“Oakland has seen unprecedented challenges during and since the pandemic, Thao said. “But I stand with you today to tell you that “Oakland has seen 14,000 less crimes this year than last year. This year, we’re headed on the right track,” with fewer homicides than in 2019. “We are saving lives in Oakland. What we are doing work,” she said.
Local community and business leaders supporting Thao spoke at the rally, too, which was held in the courtyard of the Pacific Renaissance Plaza in Chinatown. They pushed back on corporate media portrayals of Chinatown residents living in fear of rampant crime and united in opposition to Thao.
“The billionaires, the millionaires, are going to want to tell you that it’s not working and that somehow you shouldn’t believe the data,” Thao continued. “(However) the data shows that we are saving lives. That is a huge win. It’s not good enough. But it’s a place where we’re proud to start from.”
“You know who is behind this recall. It is majority funded by one executive (of a) hedge fund who doesn’t even live in Oakland. He does not care if this brings Oakland into chaos, because that’s exactly what his recall will do. Imagine a city with no leadership (for many months),” added Thao.
Another speaker, Stewart Chen, owner of a small business in Chinatown and a prominent political leader, has taken a strong stand against the recall.
“Mayor Thao (was) in office for less than two months before the recall started. I think it’s unfair. She hasn’t had time to prove her policies and her leadership,” Chen said.
“(Only) two months. That is not democratic. She campaigned hard and was duly elected, -justly, legally, democratically,” he said.
“The Chinatown community, we’re all here, (because) we want to see Mayor Thao (here) for the next two years” to complete her term, Chen said.
Other speakers included Kenneth Tang, organizing director of Asian Pacific Environmental Network (APEN) Action – who said he and other APEN Action members came to the rally because, “We support Mayor Thao.”
Elaine Peng, president of Asian Americans for Progressive Alameda, (AAPA) brought out people to the rally. Her organization is also actively working to elect U.S. Vice President Kamala Harris.
Mariano Contreras of the Latino Task Force and a leader of the “Respect Our Vote – No Recalls!” coalition, said, “There was a time when African Americans could not vote. There was a time when Asians could not vote. There was a time when Latinos could not vote. That was called voter suppression. This is another form of voter suppression. We already cast our ballot for Mayor Sheng Thao. Please, vote ‘no’ on the recall.”
Activism
Oakland’s Clergy Leaders Say ‘No’ Vote to Recall of Mayor Sheng Thao
“The recall of the mayor is not needed and ill-founded. Oakland does not need chaos. Oakland does not need coal dust in the air,” said Pastor Jim Hopkins of Lake Shore Avenue Baptist Church. The pastor was referring to recall funder and hedge fund partner Phillip Dreyfuss, whose company has several billions of dollars invested in the coal industry at a time when Oakland is resisting the construction of a coal export terminal in the city.
By Post Staff
Local faith leaders spoke out at a press conference this week at the Democratic Party Election Headquarters office in Oakland to express their support for Mayor Sheng Thao.
They also urged Oakland residents to vote “No” on the recall on the Nov. 5 ballot.
The leaders in this interfaith coalition, representing the diversity of Oakland’s religious community, organized the press conference on Oct. 22 to show they are standing united against the recall. Speakers said they were concerned that a successful recall would throw the city and its finances into chaos.
If the recall were successful, the city would have five mayors in three years, creating dysfunction at a time the city desperately needs stable leadership to focus on its budget and continue to make progress on public safety, the leaders emphasized.
“The recall of the mayor is not needed and ill-founded. Oakland does not need chaos. Oakland does not need coal dust in the air,” said Pastor Jim Hopkins of Lake Shore Avenue Baptist Church.
The pastor was referring to recall funder and hedge fund partner Phillip Dreyfuss, whose company has several billions of dollars invested in the coal industry at a time when Oakland is resisting the construction of a coal export terminal in the city.
“I love Oakland, and we need to get behind our leadership. I’m excited we have a mayor who is concerned about the people of Oakland,” said Bishop Greg Payton of St. John’s Missionary Baptist Church in West Oakland.
Said Pastor Joe Smith of Good Hope Baptist Church in East Oakland, “Our homicides are down. Police force not fully staffed. She has the rate down. Black and Brown boys not getting killed. Mayor Thao has done this. United we stand, divided we fall. I’m here to say ‘No’ on the recall. I don’t believe in recalls. We have a good Mayor. Let’s stand with her.”
Speaking at the press conference, Mayor Sheng Thao said she has taken major steps to increase public safety, significantly reducing crime in the city. In addition, Thao added. “In less than two years, I’ve already invested in West Oakland, and in Deep East Oakland, (and) new investments are set to bring billions to the city,” Mayor Thao said
Many community organizations and leaders have stood with the mayor since the “No on the Recall” campaign launched on Oct. 6.
Those opposing the recall include the Alameda County Democratic Party, Rep Barbara Lee (D-CA-12), Sen. Nancy Skinner (D-Berkeley), Alameda County Supervisor Keith Carson, former Assemblymember Sandré Swanson, Oakland City Councilmember Carroll Fife, Oakland City Councilmember Dan Kalb, and 12 of the 16 candidates running for Oakland City Council.
In addition, a range of unions and political organizations have taken a stand against the recall effort, including the Alameda Labor Council, SEIU 1021, IFPTE Local 21, Alameda County Fire Fighters, NorCal Carpenters Union, as well as Oakland Rising Action, APEN (Asian Pacific Environmental Network), John George Democratic Club, Wellstone Democratic Club, the Latino Task Force, and others.
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