Student loan forgiveness on the docket: On Tuesday, the Supreme Court will begin hearing oral arguments over President Biden’s student loan forgiveness program, which is being challenged by six GOP-led states. A ruling, due later this year, could have far-reaching consequences for a president’s power to make rules unilaterally.
Retailers in the spotlight: This week’s slate of earnings is all about retail. Target, Dollar Tree, Macy’s, Kroger, and others will give us an update on American consumer health in this period of ripping inflation.
New month alert: March arrives on Wednesday and with it St. Patrick’s Day, March Madness, Ted Lasso Season 3, and an extra hour of daylight in the evenings.
Congress gets back to work today following a break.
Tesla is holding its Investor Day on Wednesday.
Read Across America Day is also on Wednesday. That’s Dr. Seuss’s birthday (not a coincidence).
Stat: For millennials, “adulting” has meant racking up debt at a historic pace. Americans in their 30s have accumulated 27% more debt from late 2019 to late 2022, per the New York Fed. That’s a bigger increase than any other age cohort and the highest rate of debt accumulation for Americans in their thirties since the 2008 financial crisis, the WSJ notes.
Quote: “Either an economic illiterate or a silver-tongued demagogue…”
In his annual letter to shareholders, Berkshire Hathaway CEO Warren Buffett blasted critics of stock buybacks as Econ 101 dropouts. Some lawmakers, such as Sen. Elizabeth Warren, have vilified the practice as a misuse of corporate funds that only benefits the elite. Buffett responded that buybacks benefit all shareholders by lifting the intrinsic value of the stock they own. Berkshire spent $7.9 billion on stock buybacks last year.
Read: Forget what you’ve heard—this is how large language models like ChatGPT actually work. (Stephen Wolfram)