Over the past 25 years, household debt in America has risen significantly. From the 1950s until the 1980s, the ratio of debt to disposable income held steady at between 60 and 65 percent. By 2001, this figure hit 100 percent, and five years later, the amount reached 130 percent. This explosion was due in part to borrowers’ easy access to credit, which added an extra $6 trillion to the collective debt between 2000 and 2008. The collapse of the subprime mortgage industry and resultant epidemic of unemployment made it difficult for people to pay off what they owed. As a result, many defaulted on their loans and other financial obligations.
In addition to personal debt, government debt has also plays a major role in our current economic situation. The country’s percentage of debt to gross domestic product increased from 60 to 100 percent. However, this occurred in less than a decade, and it shows no sign of decreasing. Programs such as Social Security, Medicare, and Medicaid serve as some of America’s most expensive policies.
Focusing on Palestinian youth, the ADNI plans to create a network of individuals skilled in information technology, computer science, and related fields. Internet businesses serve as a key area for this body, as it will train its members in multiple programming languages, thus enabling them to create a variety of sites. Moreover, Mercy Corps introduced an Arabic-language version of its MicroMentor platform to further aid in the ADNI’s success.
When interviewed, Stephen Robert, Co-Chief Executive Officer of Source of Hope Foundation, talked about the importance of the endeavor, including how economic growth can encourage better and more peaceful societies. Outside of this initiative, Stephen Robert and Source of Hope Foundation contribute health care, food, water, and other necessities to people in need across the world.
Stephen Robert, financial expert and public intellectual, has been outspoken in his opposition to quick fixes for deep-seated economic problems. In his articles and essays, Robert has argued that Washington must focus on the underlying economic weaknesses in order to produce a long-lasting improvement in employment and GDP. Unlike many pundits, Stephen Robert does not simply popularize his theories on building a strong economy. He also puts them into practice through Source of Hope Foundation.
Source of Hope Foundation, founded, run, and funded by Stephen Robert and his wife, Pilar Crespi Robert, provides seed money for sustainable solutions to the problems of poverty. With projects throughout the developing world, Source of Hope seeks to alleviate poverty through food, clean water, education, healthcare, and microfinance. The charity prefers to fund programs that will give people the tools they need to break out of their day-to-day struggles and build a strong economic foundation for future growth. One current project focuses on creating jobs and economic growth in the West Bank and Gaza through Palestine’s fledgling information technology sector. By ensuring that people have access to the essential building blocks of prosperity, Source of Hope can promote peace and general well being.
Source of Hope Foundation assists individuals around the world through humanitarian assistance, in the form of health care and education, as well as through the distribution of food and water. The organization has also provided disaster relief following catastrophic natural events. In order to support communities in their long-term economic development, the foundation provides microfinance for local enterprises. Projects support has been directed to countries in Africa, the Middle East, the Caribbean, and Latin America.
Source of Hope Foundation devotes a portion of its resources to projects in the United States. In New York, the foundation has addressed the needs of individuals with low income who often face difficult and frustrating delays in addressing urgent health problems. Columbia Presbyterian Hospital, which operates under New York-Presbyterian Hospital, provides care for a predominantly low-income population, the majority of whom rely on government-funded health coverage or are uninsured. The population often utilizes the emergency room for primary care, waiting an average of nine hours to be seen in this overcrowded setting. To help alleviate this crisis, the Source of Hope Foundation has funded the construction of a rapid evaluation unit that can expedite patient diagnoses and treatment. For more information on Source of Hope Foundation, visit www.sourceofhope.com.
About the author: Stephen Robert and his wife Pilar founded the Source of Hope Foundation. An expert in the finance industry, Mr. Robert guided The Oppenheimer Fund as its President and later as its CEO/Chairman until 1997. Among his other philanthropic roles, Stephen Robert has served on the governing boards of New York-Presbyterian Hospital and WNET, New York City’s public television station.