Discussing the potential removal of medical debt from credit reports, the influence of national donors on local elections, and Apple's new AI features changing emoji language.
Proposed rule to ban medical bills from credit reports to help with debt relief for 15 million Americans.
Growing trend of parents assisting young adults in home buying reflects challenges in affording homes.
Deep dives
Consumer Financial Protection Bureau Proposes Rule to Remove Medical Debt from Credit Reports
The Consumer Financial Protection Bureau has proposed a rule to ban medical bills from most credit reports following Vice President Kamala Harris's statement on the Biden administration's plan to eliminate medical debt from Americans' credit scores. Approximately 15 million Americans collectively hold $49 billion in medical debt despite past efforts to mitigate the impact on credit scores. Before the rule is finalized, a public comment period until August 12th allows individuals, especially those affected by medical debt, to shape these regulations.
Parents Increasingly Helping Young Adults Purchase Homes
More young adults are receiving assistance from their parents to purchase their first homes, reflecting a shift towards intergenerational wealth transfer as a means of homeownership. Parents are offering support by providing cash for down payments, borrowing against their own homes, or acting as co-signers on mortgages. This trend extends across income levels, indicating that parental assistance in home buying is not limited to wealthy families and underscores the challenges many face in affording homes.
Significant Role of Money in State and Local Elections Highlighted
Organizations supporting federal candidates are also active in funding state and local elections, influencing policy changes by investing in smaller, local races. This trend, emphasized by research from Open Secrets, underlines the impact of money in local politics where national movements can effectively shape policy decisions with relatively small financial contributions. Emphasizing the importance of paying attention to local elections, the involvement of national organizations in shaping legislation at state levels demonstrates the significance of grassroots movements in influencing political outcomes.
About 15 million Americans collectively have $49 million in medical debt on their credit reports, according to the Consumer Financial Protection Bureau. But a new proposed rule might remove these bills from their credit scores. We’ll explain. Plus, the domino effect of local elections being funded by national players. And, how Apple’s new AI features could change the language of emoji.
Join us tomorrow for Economics on Tap! The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern. We’ll have news, drinks, a game and more.
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