Commentary

Rep. Maxine Waters (D-CA) Statement at Hearing on National Debt

NNPA NEWSWIRE — “…The shameless GOP tax scam contains massive giveaways for the nation’s largest banks. According to Americans for Tax Fairness, the country’s six largest Wall Street banks will collectively save an estimated $14 billion in 2018 alone.”

Published

7 years ago

January 2, 2019

Oakland Post

WASHINGTON — Congresswoman Maxine Waters (D-CA), Ranking Member of the House Committee on Financial Services, gave the following statement at a full Committee hearing entitled, “The Peril of an Ignored National Debt.”

As Prepared for Delivery

Thank you, Mr. Chairman.
Mr. Chairman, since this hearing is about attention to the national debt, I think it is important for the public to understand that the Republican tax scam, pushed through by Congressional Republicans and Donald Trump during this Congress, explodes deficits by an estimated $2.3 trillion from 2018 through 2028, leaving future generations to foot the bill.
The shameless GOP tax scam contains massive giveaways for the nation’s largest banks. According to Americans for Tax Fairness, the country’s six largest Wall Street banks will collectively save an estimated $14 billion in 2018 alone.
And it’s not just banks – the tax scam includes a 20 percent deduction for pass-through businesses, which is a huge giveaway to hedge funds and other Wall Street firms.
To make matters worse, companies are overwhelmingly using the windfall from the tax scam not to hire more workers or raise wages, but to buy back shares from their investors.
This law has been very deliberately constructed by my colleagues on the other side of the aisle to benefit huge corporations on Wall Street and millionaires and billionaires, at the expense of hardworking Americans.
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The American public, and future generations will be forced to pay for these handouts to massive corporations because of the actions of the Republican-controlled Congress and this President.
And of course, Republican policies such as the Bush tax cuts – and the Iraq war – are also major contributors to the deficit.
So, when my colleagues on the other side of the aisle talk about fiscal responsibility and the perils of ignoring the national debt, it must be understood that their actions do not match their rhetoric, particularly when it comes to tax cuts for the wealthy.
When we return next year in the new Congress, with Democrats in the Majority, this Committee will reject harmful and reckless policies like these, and work to ensure that our financial system is fair. We will prioritize protecting consumers and investors, making sure strong safeguards are in place to prevent another financial crisis, expanding and supporting affordable housing opportunities, encouraging responsible innovation in financial technology, promoting diversity and inclusion in the financial services sector and ensuring that hardworking Americans and small businesses have fair access to the financial system and opportunities to thrive.
So, Mr. Chairman, I thank you and I yield back the balance of my time.

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Advice

Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

Published

2 weeks ago

March 17, 2026

Oakland Post

Sponsored by JPMorganChase

As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC