For a century or more, opening a checking account and learning how to write a check was a milestone on the path to adultnood. And a learning experience: "Why do I have to writer the amount out in letters when I just wrote it in numbers?" But the end is nigh. Target has announced that, as of July 15, it will no longer accept personal checks for payments.
All too soon old folks will be hearing the inevitable question: "Grandpa, what was a bank?"
The explosive growth of the national debt.
In the absence of fiscal restraint, the interest rate for servicing this debt can only go higher. As interest rates go higher, the debt gets bigger, even if other federal spending is held constant—which it won't be. Both Republicans and Democrats will vote for higher deficit spending, the only question is how much higher.
This path is not sustainable. A bipartisan agreement removed the debt limit entirely, but only until next January. The next President will have the mother of all financial calamities to deal with.
Baylor scores high for endowment returns, according to the Wall Street Journal.
But why are these multibillion dollar funds tax free, and my personal investments are not? The tax-free sector has gotten much too large for a healthy economy,
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