debt

Grand Traverse County

Nate Alger is the new Grand Traverse County administrator. On Wednesday, the county board of commissioners unanimously approved Alger’s contract. Alger is expected to sign the contract with a starting salary of $124,000 and a start date of July 1.

 

Alger takes over a county that is dealing with instability as it tackles pension debt, suicides in the jail and employee dissatisfaction. Alger says stagnant pay and reduced benefits have caused some animosity with employees in the past, but he plans to work on that.

Grand Traverse County

Three volunteer members of Grand Traverse County's Pension Advisory Board submitted their resignations Monday.

The county has a pension debt of more than $50 million. The advisory board is working to identify ways to reduce it and present those findings to county commissioners.

In their letter of resignation the citizen members – Christopher Radu, Robert Zimmerman and Michael Gillman – say, "our recommendations have been solicited, but appear to be ignored."  

Taking on debt is a daily fact of life for most American households. The data show the highest-income households carry the largest amount of debt.

But debt levels among poor, near-poor and moderate-income households has ballooned over the past decade.

They tend to not want credit cards or cars. They are postponing marriage, frequently choosing to live at home with mom and dad.  They are grappling with a distressed economy and have high poverty rates to prove it.

They are the millennials, the 18-34 year olds of American society today.

New federal data shows Washington now holds more than $1.1 trillion in student loans taken out by nearly 40 million people.

And that dollar amount is up by more than 112% since 2007.

But should student debt get blamed for a wide range of economic troubles?

Beth Akers says maybe not. Akers is a fellow at the Brookings Institution's Brown Center on Education Policy.

In her article, Akers says there are a lot of narratives about how student loan debt is potentially creating a huge drag on economy through reduced consumption, depressed home ownership, and lower rates of entrepreneurship. But she says it's hard to back up that blame.