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Data: Federal Reserve Bank of St. Louis; Chart: Axios Visuals

For a period in 2018, tuition inflation was lower than the rate at which consumer prices were rising for the first time since the early 1980s, according to research from S&P Global Ratings.

The big picture: Baumol's cost disease, which says that tuition fees are always going to rise faster than inflation, might not be an iron law after all.

Is there a crisis in student loans? Maybe not.

  • Student debt burdens can be extremely unpleasant for individual borrowers, but they don't seem to be impeding the progress of the economy more broadly. The Americans with the highest student-debt burdens also tend to be the Americans most able to repay those loans: doctors, lawyers, and other professionals.
  • The highest student-loan default rates are found among the students with the lowest student debt burden: borrowers who owe the government less than $5,000.
  • The median ratio of educational debt to income for households under 35 fell 5 percentage points between 2013 and 2016. The situation isn't great, but it's getting better, not worse.

Yes, but: The stock of student debt is already dangerously high, at $1.5 trillion and rising. It has grown by 157% in the past 11 years, even as mortgage and credit-card debts outstanding have remained largely flat.

  • More than 10% of borrowers are more than 90 days behind on their student loans.

The bottom line: "Stronger income growth and slower cost increases are working to bend the leverage trend," as S&P puts it. "This trend of rising student debt isn't necessarily a bad thing. Education is an investment in human capital, and if the skills acquired are valued by employers, then going to college carries a positive net present value — even with debt financing."

Go deeper

The positions of key GOP senators on replacing Ruth Bader Ginsburg

Senate Majority Leader Mitch McConnell talks to reporters on Capitol Hill last Thursday. Photo: Chip Somodevilla/Getty Images

With President Trump planning to nominate his third Supreme Court justice nominee by next week, key Republican senators are indicating their stance on replacing the late Justice Ruth Bader Ginsburg just over six weeks out from Election Day.

The big picture: Senate Majority Leader Mitch McConnell (Ky.) has vowed that "Trump’s nominee will receive a vote on the floor of the United States Senate." But Sen. Lisa Murkowski (Alaska) told Alaska Public Media, "I would not vote to confirm a Supreme Court nominee. We are 50 some days away from an election."

Updated 58 mins ago - Politics & Policy

ActBlue collects a record $91 million in hours after Ginsburg's death

A makeshift memorial in honor of Justice Ruth Bader Ginsburg in front of the U.S. Supreme Court on Sept. 19. Photo: Samuel Corum/Getty Images

ActBlue received a record $91.4 million in the 28 hours following Supreme Court Justice Ruth Bader Ginsburg's death, the Democratic donation-processing site confirmed to Axios late Saturday.

Why it matters via the New York Times: "The unprecedented outpouring shows the power of a looming Supreme Court confirmation fight to motivate Democratic donors."

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 30,674,077 — Total deaths: 955,440— Total recoveries: 20,908,811Map.
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  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: The dwindling chances of eliminating COVID-19.
  5. World: Guatemalan president tests positive for COVID-19 — The countries painting their pandemic recoveries green.