The Week Ahead: Ed’s Daily Notes for August 18th   Leave a comment

Here is the calendar for the week ahead, which looks pretty slow:

TUESDAY: The U.S. Consumer Price Index report for July will be released at 8:30 am EST. Home Depot (HD) will also be releasing their quarterly earnings report.
WEDNESDAY: The Federal Reserve’s Open Market Committee meeting minutes from their July 30th meeting will be released at 2 pm EST.
THURSDAY: U.S. Weekly Jobless Claims report released at 8:30 am EST.

And now for an editorial…

Time: The Coming Race War Won’t Be About Race

I haven’t discussed the situation in Ferguson, Missouri, mainly because I haven’t had anything to contribute to the discussion. Fortunately, Kareem Abdul-Jabbar takes care of that for me in the editorial above.

However, while he nails it with most of his editorial, I have to take exception with one point he made:

I’m aware that it is unfair to paint the wealthiest with such broad strokes. There are a number of super-rich people who are also super-supportive of their community. Humbled by their own success, they reach out to help others. But that’s not the case with the multitude of millionaires and billionaires who lobby to reduce Food Stamps, give no relief to the burden of student debt on our young, and kill extensions of unemployment benefits.

Food stamps and unemployment benefits don’t create opportunities for the poor. That is only the “bread” part of the infamous “bread and circuses”. It didn’t solve poverty in Ancient Rome, and it won’t do it in modern America either.

That said, the burden of student debt is something we need to be considering. My view is we need to be targeting certain educational degrees with student grants, instead of using the broad stroke loans for all college educations. If we need more engineers, then let’s give grants to college students studying engineering. If we need more computer programmers, give grants to those students too. If we need more auto mechanics, provide grants to the trade schools for those students. We don’t just need a generation of students with ANY college degree. We need them educated in fields where “we the people” have a need. Unfortunately, this needs to be done intelligently, which means the politicians can’t do it.

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Posted August 18, 2014 by edmcgon in Economy, Editorial/opinion, Federal Reserve, News, Politics

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