III Scott

The 1967 Detroit Rebellion was the bloodiest of the urban riots in the United States during the “Long hot summer of 1967.” Hurt, Baby, Hurt takes a personal look at the Rebellion from the perspective of William Walter Scott, III. The Rebellion began when police raided an unlicensed drinking club owned by Scott’s father and continued for five days, resulting in forty-three deaths and even more injuries, fires, and arrests. Scott, who was just 19 at the time and working as a doorman at his father’s club, is widely recognized as the man who started the Rebellion by throwing a bottle at one of the police officers. This memoir recounts Scott’s life from his birth up through the Rebellion. It tells the story of how the Rebellion started and provides an on-the-ground account of the Rebellion and its immediate aftermath, including the police detainment of the people involved. Now with a new foreword by Austin McCoy that considers the lasting impact of the rebellion, Hurt, Baby, Hurt offers valuable insight into an important part of Detroit history.

This book traces how the student loan system has created insurmountable student debt traps for millions of student borrowers contrary to its original purpose of promoting social mobility. Today, approximately 45 million Americans hold over $1.7 trillion in student loan debt, with over 20% of borrowers in default. Student loan debt has the greatest negative impact of wealth-poor students, with Black and first-generation students less likely to attain a college degree, more likely to default on student loan debt, and less likely to gain the same type of wage premium from their college degrees than white student loan borrowers. The book also offers a wide range of policy solutions for remedying the student loan debt crisis.

This book traces how the student loan system has created insurmountable student debt traps for millions of student borrowers contrary to its original purpose of promoting social mobility. Today, approximately 45 million Americans hold over $1.7 trillion in student loan debt, with over 20% of borrowers in default. Student loan debt has the greatest negative impact of wealth-poor students, with Black and first-generation students less likely to attain a college degree, more likely to default on student loan debt, and less likely to gain the same type of wage premium from their college degrees than white student loan borrowers. The book also offers a wide range of policy solutions for remedying the student loan debt crisis.

The book covers financial inclusion in the southern cone (Argentina, Brazil, and Chile) and its impact on public finance. Possible negative consequences of greater financial inclusion are identified, but the book argues potential benefits outweigh costs. Financial inclusion has many definitions, but in this book, we interpret it as bank account ownership and the use of banking services. Financial inclusion in this context proffers advantages in the area of tax collection, perhaps the southern cone’s gravest economic obstacle given its future debt servicing commitments and its socioeconomic development challenges. Households with a bank account – or, the bank participation rate – began increasing significantly around 2002, and this increase has coincided with an unexpected rise in tax collection (especially value-added taxes (VAT)) spanning periods of macroeconomic growth (2003-2009) and stagnation (2010-2015). Correlation does not imply causation, yet using empirical methods this book shows financial inclusion contributes to better tax collection by encouraging more formal market transactions via the use of bank-provided credit and debit cards. Consumption represents the largest component of most economies and consumption taxes contribute more to public revenue in the southern cone than other taxes, hence more formal consumption enhances overall tax collection. ?