The Daily Valet. - 8/25/22, Thursday

✔️ A Big Bold Move

August 25, 2022

Thursday, August 25th Edition

Cory Ohlendorf, Editor in Chief of Valet.

Can we get debt forgiveness for those of us tricked into signing up for store credit cards?

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s edition is presented by

Today’s Big Story

Biden Cancels Student Debt

The plan, forgiving up to $20,000 in federal loans, could help more than 40 million Americans

On Wednesday, millions of debtors received the news they’d been waiting to hear. In a much anticipated yet hotly debated move, President Biden announced the government will forgive some federally held student-loan debt.

Fulfilling a campaign promise, Biden is erasing $10,000 in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000. He’s canceling an additional $10,000 for those who received federal Pell Grants to attend college. And many borrowers will be eligible for automatic relief.

According to internal documents shared with the Washington Post, the White House estimates that around 43 million people will be eligible for some relief and more than 20 million will have their debts canceled entirely. The Department of Education estimates that, among borrowers who are no longer in school, nearly 90% of relief dollars will go to those earning less than $75,000 a year.

Biden also announced an extension of the pandemic pause on student loan payments through the end of this year. Loan payments were set to resume for millions of borrowers after Aug. 31. “I understand that not everything I’m announcing today is going to make everybody happy,” he said. “But I believe my plan is responsible and fair.”

And he was right. Mitch McConnell channelled the GOP response calling the move “socialism” and a “slap in the face to working Americans who sacrificed to pay their debt.”

The BBC raised the question of fairness and even the Associated Press points out that while it’s seen as an unprecedented attempt to stem the tide of America’s rapidly rising student debt, the plan doesn’t address the broader issue—the ever-increasing costs of higher education. The Intelligencer says that Biden can’t address that all on his own. Congress will have to act, and one such solution would be to make public college free.

↦ Dig Deeper: These four charts by NBC News capture the current state of student loan debt in the U.S.

Airbnb Has More Hosts Now Thanks to Inflation

Get a room ... then rent it out to make some serious cash

Airbnb started in 2008 during the Great Recession—at a moment when some people were looking for new ways to save on accommodations, while others were eager to earn extra income. Now, in the midst of similar economic uncertainty, hosting has proven to be incredibly lucrative.

New Airbnb hosts in the U.S. made 34% more income in 2021 compared to pre-pandemic times, with a typical host earning over $13,800 in 2021—an increase of 85% over 2019. Most use the added revenue to pay for their mortgage, property taxes, homeowners insurance and utilities.

“It's both a safe and crazy way to start a business, because nobody really wants to rent out where they live,” one couple (making $13K a month in passive income) told CNBC. “But we're both willing to take calculated risks, and the rewards have been pretty huge.”

Of course, not everyone loves all these new Airbnbs popping up. Several cities and neighborhoods are enacting regulations against short-term rentals because of how often they attract loud parties. In fact, after making its global party ban permanent in June, Airbnb is testing new “anti-party technology” in the U.S. and Canada as it attempts to catch the kinds of bookings that are likely to result in unauthorized house parties.

↦ FYI: The base price on an Airbnb isn’t what you’ll end up paying. NerdWallet says to always compare final prices when booking.

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Baseball’s New Balanced Season

All 30 Major League Baseball teams will play one another in a season for first time in 2023

Next season, when Major League Baseball switches to its first balanced schedule since 2000, every team in baseball will play every other team in baseball at least once for the first time in history.

As a result of the format switch agreed to in the March lockout settlement, high-profile games between division rivals such as Yankees-Red Sox, Dodgers-Giants and Cubs-Cardinals will be reduced from 19 down to 13. According to Sports Illustrated, a team will host all of the other 29 clubs at least once every two seasons.

“This new format creates more consistent opponent matchups as clubs compete for postseason berths, particularly in the recently expanded wild card round,” MLB chief operations & strategy officer Chris Marinak told ESPN. “Additionally, it provides fans with the opportunity to see more opponent matchups, with a particular focus on dramatically expanding our most exciting Interleague matchups, and offers more national exposure to the star players throughout our game.”

Another upside? No one gets left out on Opening Day and July 4. For the first time since 1968 (weather permitting, of course) every team will play on Opening Day, and all 30 clubs are also set to take the field on Independence Day.

↦ FYI: The 2023 regular MLB season begins March 30 and ends Oct. 1.

Here Come the Holograms

Who needs the metaverse when you can have an interactive and 3-D future?

Holograms have been around for a while, but they've been considered a little unsettling and/or unnecessary. Or sold as a strange Zoom replacement. And frankly, this hasn't been the cool, cinematic future we were promised.

But according to InsideHook, one company seems to have figured out a practical and engaging use for holograms. ARHT Media is a company that offers several forms of holograms, which have gotten good use lately. Hillary Clinton appeared virtually at London's Tech Week while Ukraine President Volodymyr Zelensky spoke virtually in June to tech entrepreneurs and investors at four different European tech events.

They even set up an installation for Paramount+ so Star Trek Discovery fans could become a hologram before their own eyes as they “beamed up” just like characters from the show.

As InsideHook's Kirk Miller points out, when you're speaking with an ARHT hologram, you begin to forget that you're not talking to an actual person in the room with you. CEO Larry O’Reilly says this is because you're not stuck inside a bulky augmented reality headset. “Without having to wear 3-D glasses, your brain is telling you that person is here,” he explains. “This tech creates a different perception between you and your audience.” Okay, now I want to try it.

↦ FYI: The world’s first-ever international holographic teleportation has just been conducted.

In Other News

↦ White House Moves to Formalize DACA and Shield It From Legal Challenges

↦ Vanessa Bryant Awarded $16 Million in Trial Over Kobe Bryant Crash Photos

↦ The ‘Ferris Bueller’s Day Off’ Sequel Is Happening—With a Twist

Other Things We’re Talking About Today

Daniel Arsham

How mirrors are made

Writer fighters?

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So it's dire, yes. But it's such a complex problem—it's hard to know where to start and what to do. I recycle and bike most places, but still I know I could and should do more. And, let's be real—switching to paper straws just ain't gonna cut it. That's where Wren comes in. The buzzed-about start-up is making it incredibly simple for everyone to make a meaningful difference in the climate crisis.

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What We’re Eyeing

If you haven't embraced the pearl necklace trend yet, this might be your gateway accessory. This bracelet by cult jewelry designer Roxanne Assoulin features small, 4mm pearlized glass beads, acceded with a metal button closure and red macrame braided knots. It's a simple and subtle piece that still makes a statement.

↦ Get It: $50 by Roxanne Assoulin