DiscretionarySpending Tag

The economy might just have been saved by last week’s debt ceiling deal, however the tradeoffs to avert disaster are about to force a latest reckoning for student loan borrowers. Under the terms of the deal between President Joseph Biden and House Speaker Kevin McCarthy, the roughly 43 million Americans with student loans are going to have to start out making payments again in September. That might come as a splash of cold water for the already struggling fashion world after a three-and-a-half-year reprieve from repayments, which helped support the pandemic splurge on apparel and other goods.  Joseph Brusuelas, chief economist on the RMS consultancy, estimated that the repayments will over time amount to an almost $40 billion reduction in disposable income.  While the...