Javier Milei Delivers Argentina’s First Surplus in Over a Decade—and U.S. Media is Silent

Argentines witnessed something amazing last week: the government’s first budget surplus in nearly a dozen years.

The Economy Ministry announced the figures Friday, and the government was $589 million in the black.

Argentina’s surplus comes on the heels of ambitious cuts in federal spending pushed by newly-elected President Javier Milei that included slashing bureaucracy, eliminating government publicity campaigns, reducing transportation subsidies, pausing all monetary transfers to local governments, and devaluing the peso.

Milei’s policies, which he has himself described as a kind of “shock therapy,” come as Argentina faces a historic economic crisis fueled by decades of government spending, money printing, and Peronism (a blend of national socialism and fascism).

These policies have pushed the inflation rate in Argentina, once one of the most prosperous countries in Latin America, above 200 percent. Today nearly 58 percent of the Argentine population lives in poverty, according to recent study.

And Milei rightfully blames Argentina’s backward economic policies for its plight—policies that, he points out, are spreading across the world.

“The main leaders of the Western world have abandoned the model of freedom for different versions of what we call collectivism,” Milei said in a recent speech in Davos. “We’re here to tell you that collectivist experiments are never the solution to the problems that afflict the citizens of the world—rather they are the root cause.”

The revelation that Argentina has done something the US government hasn’t done in more than two decades—run a budget surplus—seems like a newsworthy event.

Yet to my surprise, I couldn’t find a word about it in major US media—not in the New York Times, the Associated Press, the Washington Post, or Reuters. (The New York Sun seems to be the only exception.)

I had to find the story in Australian media! (To be fair, the Agence France Presse also reported the story.)

One could argue that these outlets just aren’t very interested in Argentina’s politics and economics, but that’s not exactly true.

The Associated Press has covered Argentinian politics and Milei extensively, including a recent piece that reported how the new president’s policies were inducing “anxiety and resignation” in the populace. The same goes for Reuters and the other newspapers.

A cynic might suspect these media outlets simply don’t wish to report good news out of Argentina, now that Milei is president.

Indeed, in the wake of the news that Milei’s reforms had already resulted in a budget surplus, both Reuters and the AP ran articles highlighting a new study under the headline “Poverty in Argentina Hits 20-year High.”

Why US media would choose to ignore Milei’s budgetary accomplishments and highlight Argentina’s soaring poverty, which is decades in the making, is a difficult question to answer.

The decision could stem from the fact that these outlets have described Milei as a “far-right libertarian,” and a “Trump-like” figure (even though Trump, unlike Milei, is not a libertarian or classical liberal).

Another possibility is that these media institutions are suffering from something known as “media capture.”

Media capture can come in various forms and has numerous definitions, but the Center for International Media Assistance (CIMA) defines it as “a form of governance failure that occurs when the news media advance the commercial or political concerns of state and/or non-state special interest groups controlling the media industry instead of holding those groups accountable and reporting in the public interest.”

The most obvious examples of media capture would be outlets refusing to cover stories due to explicit threats of retaliation from powerful actors.

Maybe a sponsor says they’ll pull advertising if you run a story about the side effects of their product, or maybe a powerful Hollywood director threatens reprisals if you report his sexual abuses. Perhaps a certain Royal Family threatens to cut off interview access to your network if you run an interview with a sex trafficking victim who says she was victimized by a member of that Royal Family.

These are all very real scenarios of captured media, and such situations can have a profound impact on independent journalism.

“Captured media can go from vigilant watchdog to toothless public relations machine, ignoring the news of the day,” CIMA notes.

This is why the government takes such an interest in media. The economist Murray Rothbard famously wrote that because “its rule is exploitative and parasitic,” the state has a great incentive to shape opinion and ideology, which are the source of power.

Few tools are more effective at shaping thought than media, which is no doubt why the greatest tyrants of the 20th century went to great lengths to control it.

Constitutional systems of course require more subtlety. Which is why, as Rothbard wrote, the state purchases “the alliance of a group of ‘Court Intellectuals,’ whose task is to bamboozle the public into accepting and celebrating the rule of its particular State…”

The state has various methods to “purchase” the allegiance of media and others who can shape opinion, and some of these are downright shocking.

Writing for Rolling Stone in 1977, legendary reporter Carl Bernstein exposed records showing that hundreds of US journalists had been paid by the CIA over years to do work on the Agency’s behalf.

“Some of these journalists’ relationships with the Agency were tacit; some were explicit. There was cooperation, accommodation, and overlap. Journalists provided a full range of clandestine services,” wrote Bernstein, who along with Bob Woodward broke the Watergate scandal.

He continued:

Some of the journalists were Pulitzer Prize winners, distinguished reporters who considered themselves ambassadors without-portfolio for their country. Most were less exalted: foreign correspondents who found that their association with the Agency helped their work; stringers and freelancers who were as interested in the derring-do of the spy business as in filing articles; and, the smallest category, full-time CIA employees masquerading as journalists abroad. In many instances, CIA documents show, journalists were engaged to perform tasks for the CIA with the consent of the managements of America’s leading news organizations.

To be clear, I’m not suggesting the CIA is paying the above-mentioned media organizations not to write flattering stories about Milei.

Media capture, as mentioned, comes in various forms. And my hunch is that it typically involves applying pressure and offering incentives in more subtle ways than overt quid pro quos.

What I am saying is that no institution is more effective at media capture than the government, which has even more resources and power than Hollywood directors and royal families. And chief among the state’s many agendas is its own self-preservation. This puts the state at odds with free-market libertarians like Javier Milei who wish to create a more prosperous society by reducing (or eliminating) government’s influence over our lives. And this is the reason a resounding free-market success story in Argentina is likely unwelcome news to both the state and the Court Intellectuals who serve it.

The problem is, free-market economics is the only force that can save Argentina from proceeding further into an economic death spiral.

From countries like Hong Kong and Ireland to former Soviet Bloc countries such as Estonia and beyond, free markets have transformed struggling and impoverished economies with what Adam Smith long ago recognized as the surprisingly simple recipe for prosperity: “peace, easy taxes, and a tolerable administration of justice.”

It will do the same in Argentina, given the opportunity—whether media choose to cover it or not.

What do you think of Javier Milei? Is he a mad libertarian? Is he the saviour of Argentina? Does he need a better barber? Tell us in the comments below. 

This article was originally published on FEE.org. Read the original article

AUTHOR

Jonathan Miltimore is the Editor at Large of FEE.org at FEE.

EDITORS NOTE: This Mercator column is republished with permission. ©All rights reserved.

Poll Shows Biden Unpopular among Voters as Immigration, Inflation Worsen

A sprawling new survey is revealing that voters are getting sick of the Biden administration, and Trump’s popularity is holding strong. According to the latest Harvard CAPS/Harris poll, President Joe Biden’s approval rating is floundering, underwater at 45% (23% strongly approve, 22% somewhat approve), with his disapproval rate (39% strongly disapprove, 15% somewhat disapprove) remaining fairly steady since January of 2022. Nearly half of voters (48%) said that Biden is getting worse as a leader, while 27% (mostly Democrats) said he’s improving and 25% said he’s pretty much the same.

Furthermore, voters are disappointed with Biden’s performance on key issues. The 81-year-old president’s approval rating is low regarding his management of immigration (35%), inflation (39%), the economy (43%), rising crime rates (41%), and others. The only area where voters said Biden has done a good job was in responding to COVID-19. When asked what Biden’s biggest achievement has been as president, more voters (30%) said he hasn’t had a big achievement than voters (28%) who agreed that lowering the cost of prescription drugs is the biggest feather in Biden’s cap.

The Biden administration’s biggest failure is, according to voters, its border policy. Forty-four percent of voters (including about a third of Democrats and nearly half of Independents) believe Biden’s biggest failure was overseeing “an open borders policy and a historic flood of immigrants.” Runners-up for the title of “biggest failure” include weak leadership, “rampant inflation,” “a shameful withdrawal from Afghanistan,” and a failure to tackle surging crime rates.

Immigration, inflation, and the economy are the top issues that voters are concerned about heading into the next presidential election. Thirty-six percent of voters expressed concern over immigration, 33% over inflation and price increases, and 24% over the economy and jobs. Inflation was rated the most important issue to voters personally with 42% of voters responding that they have been personally impacted by rising prices, up four percentage points just since January. Immigration and crime were next, at 18% and 11% respectively. Additionally, 54% of voters said their personal financial situations were suffering under Biden and upwards of 70% said they fear that inflation is “here to stay.”

On immigration, 63% of voters said that the border crisis is worsening (including 42% of Democrats and 65% of Independents) and a staggering 71% said that the U.S. needs tougher laws against illegal immigration (including 56% of Democrats and 76% of Independents). A majority of voters also believe the federal government already has the power and authority it needs to fix the illegal immigration crisis and that Department of Homeland Security (DHS) Secretary Alejandro Mayorkas is simply not enforcing existing border control laws. Sixty-two percent of voters (including nearly half of Democrats) support impeaching Mayorkas “under the charge that he is willfully not enforcing immigration laws and securing the border…”

Also according to the survey, Biden would lose against former President Donald Trump if the election were held today. Forty-eight percent of voters said that they would pick Trump over Biden, with 9% saying they weren’t sure. When that 9% were asked which way they lean, Trump would beat Biden 53% to 47%. Significantly, Trump would earn 52% of the Independent vote and even 13% of the Democratic vote.

When third-party players are introduced, Trump still comes out on top, with former Democrat Robert F. Kennedy Jr. taking a substantial portion of the vote (nearly 10%) that would otherwise go to Biden. Trump also garnered nearly 80% support among GOP voters for the Republican presidential nomination, with former South Carolina governor Nikki Haley earning a paltry 14%. Biden would also beat Haley (41% to 39%, 19% undecided) if the two were to go head-to-head.

Even if Trump were to be convicted of the numerous indictments leveled against him by leftist prosecutors and Biden’s Justice Department, voters would still likely go for him over Biden. A whopping 54% of voters said they’d vote for Trump even if he were convicted of inciting the riot at the U.S. Capitol on January 6, 2021. Only 46% said they’d back Biden, which is actually down from 52% just a month ago. Fifty-two percent of voters said they would still vote for Trump if he were convicted of election interference charges in Georgia, but voters were split on whether to vote for him if convicted of allegedly mishandling classified presidential documents, with 50% backing Trump and 50% backing Biden.

A clear majority of voters (58%) also believe that the prosecutions against Trump are politically motivated. Even a surprising 42% of Democrats said they think that the Biden administration is “using the legal system in biased ways to take out a political opponent.” Voters were split when asked if Trump poses a “threat to democracy,” with 50% saying he doesn’t and 50% saying he does, which is down from 52% a month ago.

When asked if Trump will impact the nation “for the better,” 56% of respondents said yes, while 44% said he’s “a danger to democracy and will hopelessly divide the country if elected.” Nearly 60% of respondents also agreed with the statement, “I miss Donald Trump’s policies on the economy, immigration and crime,” and 62% agreed that Democrats “are trying to unfairly scare the voters over Donald Trump by labeling him as a dictator.”

When asked, nearly 60% of respondents said that they think Trump did a good job as president — that includes a majority in every age range polled, a majority among urban, suburban, and rural voters, 53% of independents, and even 29% of Democrats. Trump was also rated among the political figures with the highest net favorability, while Biden, his son Hunter, and other Democrats like Vice President Kamala Harris, Senate Majority Leader Chuck Schumer (D-N.Y.), Representative Alexandria Ocasio-Cortez (D-N.Y.), California Governor Gavin Newsom (D), and others received some of the lowest scores.

This comes as numerous other polls show Trump leading Biden in November and concern over illegal immigration skyrocketing.

AUTHOR

S.A. McCarthy

S.A. McCarthy serves as a news writer at The Washington Stand.

To learn more please visit: BIDENOMICS IS BAD ECONOMICS

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EDITORS NOTE: This Washington Stand column is republished with permission. All rights reserved. ©2024 Family Research Council.


The Washington Stand is Family Research Council’s outlet for news and commentary from a biblical worldview. The Washington Stand is based in Washington, D.C. and is published by FRC, whose mission is to advance faith, family, and freedom in public policy and the culture from a biblical worldview. We invite you to stand with us by partnering with FRC.

Are You Sick and Tired of Sending Your Tax Dollars to a Federal Government that Doesn’t Give Damn about You?

As we the tax paying citizens of America approach the 2024 tax season, we are witnessing a growing anger against the federal government.

Washington, D.C. doesn’t give a damn about you, they just want your money to spend on everything and anything that keeps them in power.

All three branches of government are wasting our money in different ways.

Big Government Writ Large

Let us look at a list of our top criticisms and recommendations of the Big Federal Government spending troika.

Truths and recommendations (a short list):

  1. They tax us more and more and then spend furiously on things that do nothing for the American citizen. BTW, when was the last time you saw a tax cut?
  2. The growing national debt, now reaching $34+ trillion. Printing money isn’t the answer, cutting government spending, except for mandatory items like Social Security, Medicare, and Medicaid, is.
  3. Spending more and more money to support illegal aliens, a.k.a. illegal migrants/drug cartel members/foreign terrorists/child traffickers/drug traffickers, who are coming across our borders by the thousand each and every week.
  4. Spending billions on foreign wars, with the exception of fully supporting the state of Israel. It’s time to defund foreign wars and use that money to build up our own prosperity.
  5. Buying foreign oil and natural gas when we have abundant amounts right under the ground and off the shores of America.
  6. Investing in private green companies that waste our tax dollars and then go broke.
  7. Bailing out students who took out federal government loans to go to college or university. What are we teaching our children about taking responsibility for their own debts? We need to return student loans back to the private sector.
  8. Using our tax dollars to fund foreign entities, e.g. the PLO, and even terrorists organizations, like Hamas, via our monetary support of the United Nations and U.N.R.W.A.
  9. Funding federal department that are unconstitutional, e.g. the Department of Education.
  10. Stop over paying our federal elected officials, their staff, appointed members of the various departments and their staffs and the growing numbers of federal employees, e.g. the IRS armed agents. Cut the pay at every level.
  11. Wasting our tax payer dollars to attack we the people, via a two-tiered and militarized justice system, that seeks to destroy our Constutional Republican form of government.
  12. Finally, making us taxpayer fund a bloated Executive Branch, Congressional and Supreme Court staff. Cut each branch in half and you will see half the damage done to we the people.

The Bottom Line

Many today are addicted to a bloated, corrupt, and wasteful big government.

It’s past time to cut government and with it government spending.

Time to implement the Fair Tax and get rid of the federal income tax.

We live in the free state of Florida. Florida gets its income from a state 6% sales tax. Florida has a multi-billion dollar surplus.

Get the idea?

Time to defund, defang and damn the federal government to hell.

©2024. Dr. Rich Swier. All rights reserved.

RELATED VIDEO: CBS POLL: More Than Half Of Americans Say Prices Will Keep Going Up If Biden Is Re-Elected

POST ON X: Here is how big government is working to stay in power.

Another weapon of mass destruction: Central Bank Digital Currency

Liberty Counsel has launched a petition to pressure Congress to prevent the CBCD trainwreck by passing two all-important bills: H.R. 1122, and Senate Bill 887.

Liberty Counsel continues to fight the good fight.

Those interested can sign their petition or send faxes to pressure Congress to stop the planned Central Bank Digital Currency that would make cash obsolete, and bind us to a Social Credit score system as in Communist China.

Here’s what Liberty Counsel Chairman Mat Staver has to say:

“A CBDC in the hands of government spells doom for American liberty. Suddenly, politicians and government agents won’t simply “suggest” you follow their increasingly bizarre policies like replacing beef with bug protein or buying electric cars whose batteries poison the earth. With a CBDC, the government will be able to dictate these decisions by preventing you from using your own money to buy a steak or a tank of gas.”

“Americans have already experienced tyranny firsthand, thanks to COVID lockdowns and the planned destruction of the U.S. economy. We MUST NOT allow them to take the next step in financially enslaving Americans to their bizarre progressive policies.”

Liberty Counsel is working with several legislators to stop Joe Biden’s CBDC plans in their tracks.

Link below:

We need YOUR HELP to compel Congress to pass the CBDC Anti-Surveillance Act (HR 1122 and S 887). Please, fax Congress NOW to protect YOUR financial future.

©2023. Cherie Zaslawsky. All rights reserved.

Please follow Cherie on her Substack: https://cheriezaslawsky.substack.com/

Save our Republic—Shut Down the Government on March 8th, 2024

The weak do nothing Congressional Republican and Democrat socialists and Communists are still unable to script a balanced budget that eliminates the massive fraud waste and abuse of U.S. taxpayers hard earned money.

Currently the congress have not been able to agree on legislation to fund the departments of Veterans Affairs, Agriculture, Energy, Transportation and Housing and Urban Affairs. Only the Veterans Affairs and military construction, all of which have legitimate constitutional standing.

But with that said.

The Communists and Socialists in Congress have no problem printing more money in the Treasury Department and borrowing more money from Communist China to fund the traitorous impeached Homeland Security Secretary Alejandro Mayorkas’s salary.

The do nothing weak Republican led Congress have no problem funding the woke led Pentagon which allows woke indoctrinated military members to slaughter their pre-born children.

The Pentagon uses our tax dollars to reimburse the travel costs allowing these woke military members to kill these pre-born future Americans who are denied their constitutional protections of life and liberty.

The Marxist Biden administration’s climate agenda designed to dismantle our free markets and capitalist entrepreneurial enterprises is still funded driving inflation to its highest levels in 50 years.

The minority group of conservative congressional patriots like Matt Gaetz (R-FL) continue to fight for the fiscal economic sanity of our Republic which could result in a much needed partial government shutdown after March 1 2024 to stop this Marxist agenda.

Globalist Socialist Republican In Name Only (RINO) and non functioning geriatric GOP Senate Leader Mitch McConnell (KY) has no problem funding billions of unaccounted for tax payer money to the corrupt Ukraine.

But then he screams to his House GOP colleagues on February 26th 2024 that shutting down the government due to fiscal restraints put in place by conservatives is not an option.
“Shutting down the government is harmful to the country. And it never produces positive outcomes — on policy or politics,” he warned on the Senate floor.

I’m thinking the massive national debt created in part by loser Mitch McConnell and his out of control spending with his Socialist / Marxist Republican and Democrat pals is far more damaging to our Republic.

The useless UniParty have a deadline to fund the rest of the government by March 8th 2024.

I’ve got no problem shutting the government down until these worthless members of congress initiate a balanced budget that reduces significantly our 34 trillion national debt and eliminates totally this unconstitutional fraudulent spending.

If a government shutdown hurts the reelection of these Republican and Democrat traitors to our Republic then so be it. Good riddance to them come Election Day. But the end result will be the survival of our Republic.

©2024. Geoff Ross. All rights reserved.

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Mercedes-Benz Walks Back On Huge Electric Vehicle Commitment Amid Slowing Demand

Mercedes-Benz on Thursday walked back plans to have an all-electric line-up by 2030 as consumers decline to adopt electric vehicles (EV) at the rate automakers expected.

The company has changed its expectations to have only 50% of its sales be EVs by 2030, announcing that it will be updating its current line-up featuring the internal combustion engine into the next decade, according to Mercedes-Benz in its fourth quarter report. EV sales grew 21% year-over-year in 2023, but total car sales remained relatively the same, bucking hopes that EVs would fuel growth as the automaker pushes electric models.

“It is almost like we will have a new lineup in 2027 that will take us well into the 2030s,” Ola Kaellenius, CEO of Mercedes, said following the report, according to Reuters. Kaellenius noted near the end of last year that even European markets, which are more likely to adopt EVs, might not be able to reach the 2030 all-electric goal due to consumer reservations about issues like lack of charging infrastructure and appealing models.

The Biden administration has sought to ease charging concerns as the president pushes for an EV transition, allocating $7.5 billion for charging infrastructure. Despite the huge investment, lack of demand, regulations and union requirements have stalled construction, with only two charging stations having been built as of December 2023.

Mercedes-Benz also posted its fourth quarter results, with revenue declining a disappointing 1.8% year-over-year but up slightly by 2.1% comparing 2023 to 2022, according to a release from the company. Net profit was down 21.5% in the quarter year-over-year and 1.9% for 2023.

The company also announced a 3 billion euro stock buyback in an effort to boost its stock price, according to the fourth quarter report.

Other automakers have also had to cut EV goals, including Ford, which announced that it would be reducing production volume of its F-150 lighting as of January after losing a total of $4.7 billion on EVs in 2023. General Motors reported a $1.7 billion loss in the fourth quarter in the production and sale of its EV line, despite being profitable otherwise.

“Our overall goal remain unchanged: Our Ambition 2039,” Mercedes-Benz said in a statement to the Daily Caller News Foundation. “Thereby, the ambition is to make our entire fleet of new vehicles net carbon-neutral along the entire value chain and over the vehicles’ entire life cycle by 2039. Therefore, we continue to put our company in a position to go all electric.”

AUTHOR

WILL KESSLER

Contributor.

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EDITORS NOTE: This Daily Caller column is republished with permission. ©All rights reserved.


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Read The Lie Filled Letter I Got From Joseph Robinette Biden Jr.

I received a letter, below, from Joseph Robinette Biden, Jr. in response to my concern about the rising cost of energy in America.

After reading his letter I didn’t know if I should laugh or cry. It was so filled with myths, lies and propaganda.

Here are some of the lies in the letter below:

  1. Biden blames Russia for our energy crisis, when in fact it is due to his green energy policies, which are anti-fossil fuels, anti-drilling and anti-building new pipelines to deliver oil and natural gas nationwide.
  2. It claims that by releasing millions of barrels of oil from our Strategic Petroleum Reserve it brought prices down at the pump. The truth is that prices at the pump in some areas keep rising and that robbing oil from our Strategic Petroleum Reserve and don’t drill policies are making the U.S. energy dependent on foreign oil and natural gas.
  3. Biden wrote, “When I signed the Inflation Reduction Act into law, we made a historic move to transition America to a clean energy economy and create millions of good-paying jobs in the process.” This statement is false as many of the “green companies” that Biden sent our hard earned tax dollars to have either gone bankrupt or are losing billions in revenue a year. These green companies are barely staying afloat only because they are being subsidized with billions of our tax dollars.
  4. Biden claims that the Inflation Reduction Act, “It will make it easier for families to install energy efficient appliances and make home upgrades so they can save on household energy costs. ”  This is a lie because now were are seeing this act used to eliminate certain appliances and the use of things like natural gas stoves, home heating and cooling units and even gasoline driven lawn mowers.
  5. Finally Biden wrote, “And it [the Inflation Reduction Act] will make it easier to buy electric vehicles so that more Americans never have to pay at the gas pump again.” This again is a lie in that many of Biden’s charging stations are either not working or are being provided electricity from diesel generators. In fact, there are NO EV charging stations at Interstate rest stops because of Biden’s policies. On August 16th, 2023 even Newsweek wrote an article titled “One Year Later, President Biden’s ‘Inflation Reduction Act’ Is a Total Flop.” One paragraph states, “The legislation mostly consisted of green energy subsidies, healthcare subsidies, tax increases, and more funding for the Internal Revenue Service. Yet the President sold it to the public as a way to bring down the crushing inflation that continues to bankrupt the American people. (The typical U.S. family spent $709 more on monthly expenses last month, July 2023, than it did in July two years ago.)”
  6. Biden ended his letter with the BIG LIE! He wrote, “At this critical inflection point, we are finally taking historic steps to break our reliance on foreign energy, lower energy costs for American families, and protect our children’s futures from the impacts of climate change.  And we’re bringing true energy security to America, making us stronger and cleaner than ever before.” Since January 20th, 2021 America has become less and less energy secure. Biden has take historic steps to see that we are not energy secure via his Green New Deal policies. Never before have I feared that the future of our son, his wife and our two grandchildren is in such great peril. Finally, I don’t give a damn about climate change because mankind cannot control the weather let alone the climate. Climate change is a hoax and a myth to take control of all of our choices on what cars we buy, how to heat and cool our homes and made everything more expensive all at the same time.

America is going bankrupt, its people are deeper in debt and our nation is no longer safe. Put that in you pipe and smoke it.

Letter from Joseph Robinette Biden, Jr. I reply to my dissent to his energy policies:

On November 5th, 2024 we have a choice between Biden’s failed energy policies or Trump’s drill baby drill and make American truly energy independent policies.

Chose wisely.

©2024. Dr. Rich Swier. All rights reserved.

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CEO of Cardone Capitol To Team: “Immediately Discontinue All Underwriting on New York City Real Estate” In Wake of Insane Ruling in Trump Case

It begins. As predicted, one of the most successful private equity real estate firms has called for a cessation of business in New York.

Grant Cardone to Team: “Immediately Discontinue All Underwriting on New York City Real Estate”

By: Joey Solitro, Yahoo News, Feb 21, 2024:

Grant Cardone is less than pleased with the ruling against former Donald Trump, in which Trump has been ordered to pay $355 million in penalties plus interest. If Trump were to pay the full amount of the penalty today, it would cost him roughly $450 million.

In a post on X, formerly Twitter, Grant Cardone said, “Dear Cardone Capital team, Immediately discontinue ALL underwriting on New York City real estate. The risk outweigh the opportunities at this time. Recent political decisions will continue to deteriorate price and benefit states that don’t have these challenges. Focus on Texas & Florida.”

Cardone’s comments echo what Kevin O’Leary said in a recent interview, calling the decision to fine Trump “unjust,” “appalling,” and “Un-American.”

“That fact that he was found guilty, you might as well find guilty every real estate developer on Earth,” O’Leary said.

Continue reading.

AUTHOR

RELATED ARTICLE: Insane Trump’s Penalty Will NY Businesses To Flee to FLA, as New York State Becomes ‘Legal Banana Republic’: Experts

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EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.

Rich Investors Are Scooping Up Cheap Property As Commercial Real Estate Sector Suffers

Investors flush with cash are looking to buy up commercial real estate properties that developers are putting on the market at deep discounts as companies struggle to pay debts, according to The Wall Street Journal.

Many investment firms are looking to buy up discounted real estate after stacking up cash during the COVID-19 pandemic, including Ares Management, which is buying up 3 million square feet of office space with offers to buy up assets related to $500 million in high-priority property debt, according to the WSJ. Commercial real estate is facing around $2.81 trillion in loans that are set to expire through 2028 at a time when the industry is struggling with low demand and huge debt costs from high interest rates.

“We’re in a period of time where it’s great to have dry powder,” Rich Banjo, co-president of Artemis Real Estate Partners, told the WSJ. Artemis recently closed a $2.2 billion fund at the end of last year that has been buying up discounted properties.

Private-equity firms operating global real estate funds had $544 billion in cash in the second quarter of 2023, up from $457 billion in the fourth quarter of 2022, according to the WSJ. Around $85.8 billion of commercial property was in distress at the end of 2023, up from $56.9 billion at the end of 2022.

Investors in particular are looking at struggling office building owners who have had their profits cut from a widespread shift to remote work that began during the COVID-19 pandemic, lowering office space needs, according to the WSJ. Hotel owners who have failed to keep up with repairs and apartment buildings that are behind on construction schedules due to pandemic-related supply chain shortages and work stoppages have also been targets for investors.

Interest rates for commercial properties are facing upward pressure from hikes to the federal funds rate by the Federal Reserve, which has been placed in a range of 5.25% and 5.50%, the highest rate in 22 years, in an effort to combat high inflation.

The collapse of top developer China Evergrande Group, prompted by a judge in January, has led to the liquidation of more than $300 billion in liabilities, which could depress global property prices as the firm sells off assets. The increases in the cost of borrowing have resulted in a $1 trillion loss in office property values around the world.

AUTHOR

WILL KESSLER

Contributor.

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Nearly 90% Of Americans Think Biden Is ‘Too Old’ To Serve Another Term As President: POLL

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Budget Office’s 10-Year Forecast: Historic Deficits, Record Debt, Higher Taxes

America’s fiscal future is gloomy, according to the 10-year forecast released Wednesday by the economic meteorologists (accountants, really) at the Congressional Budget Office (CBO). The CBO projected that by 2034 the U.S. federal government will run a $2.6 trillion deficit, equivalent to 6.1% of GDP, while public-held debt would nearly double from $26 trillion to $48 trillion, reaching a record 116% of GDP. These numbers are “mind boggling” and “absolutely astounding,” said Heritage Foundation research fellow Jeffrey Griffith on “Washington Watch.”

Indeed, the historic nature of America’s irresponsible borrowing binge is so unprecedented that it earned multiple mentions in the CBO’s report summary. The CBO noted that a debt equivalent to 116% of GDP represents “an amount greater than at any point in the nation’s history.” That’s more debt — both in absolute terms, and as a percentage of GDP — than the U.S. accumulated during any war, including the Revolutionary War and World War II, during any economic crisis or peacetime spending binge, or even during the century and a half that the government survived without an income tax.

Regarding the deficit reaching 6.1% of GDP (the 50-year average is 3.7%), the report noted that “deficits have exceeded that level” only three times since the Great Depression: “During and shortly after World War II, the 2007-2009 financial crisis, and the coronavirus pandemic.” In other words, soon the U.S. federal government will be running up the credit card as fast as it did during America’s largest international war and the two worst economic crises of this millennium — for no discernable reason at all.

The problem, fundamentally, is too much spending. The CBO estimated government revenues to average 17.8% of GDP over the next 10 years, slightly above the 50-year average of 17.3%. That estimate was based on the assumption that the 2017 tax cuts will be allowed to expire in 2025. By contrast, the CBO estimated that government spending will average 23.5% over the next decade, topping out at 24.1%, far higher than the 50-year average of 21%.

Although the CBO’s statistics might be useful for comparisons over time, they fail to communicate the gravity of America’s current economic peril. Griffith bridged the gap by converting the trillions into numbers that can be brought home to each family. “We owe $400,000 per family in federal debt,” he said. “We’re expected to add another quarter million dollars per family over the next 10 years.” Who’s ready for a third mortgage?

Two types of spending were leading culprits in the CBO’s growing deficit projection: “Growth in spending on programs that benefit elderly people and rising net interest costs” — in other words, mandatory entitlement spending and servicing the debt. The CBO projected that mandatory spending will increase steadily to 15.1% of GDP, net interest payments will increase to 3.9%, while discretionary spending (both military and domestic) will actually decrease to 5.1% by 2034 — if you can believe it.

Forecasters have known for decades about the fiscal turbulence catalyzed by the rising longevity of America’s aging population. The relatively new factors are the recent arrival of a high interest system and its costly interaction with mountains of recently accrued debt.

According to the Committee for Responsible Budget, for the first time, net interest payments exceeded Medicaid spending in 2023 and will exceed defense spending and Medicare spending in 2024. “Starting next year,” wrote CBO, “net interest costs are greater in relation to GDP than at any point since at least 1940, the first year for which the Office of Management and Budget reports such data.”

Griffith translated, “We’re already paying around $10,000 per family per year, just on the interest on the federal debt. And that is going to nearly double to close to $20,000 per family per year.” Sorry, Jimmy, I know you wanted to go to college. But now your Uncle Sam needs that money to pay off his gambling debts.

These factors, combined with sultry stagnation of Bidenomics, are cooking up the perfect fiscal storm. Americans can expect a “Poor Front” to follow. “Such soaring debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook,” analyzed the CBO. “It could also cause lawmakers to feel more constrained in their policy choices.” Coming from an agency that reports to Congress, that last sentence is the bureaucratic equivalent of, “Don’t say I didn’t warn you, boss.”

Based on historical precedents, Griffith described “multiple ways this can pan out.” Through Door Number One, America could fully embrace European socialism. We already have most of the social programs; now we just need the taxes to match. This solution could avoid the fiscal crisis at the cost of “a long-term relative decline in our prosperity,” said Griffith. Through Door Number Two lies the fate of Portugal, Italy, Greece, and Spain, who nearly went bankrupt during the Great Recession through extreme profligacy. To obtain the foreign loans they needed to stay afloat, they were forced to make deep spending cuts dictated by outside countries — which naturally caused massive social unrest. Through Door Number Three, Griffith described “very extreme examples” of hyperinflation, such as Argentina and Venezuela. “None of the scenarios are good,” he warned.

Predicting the future is notoriously impossible, and CBO budget forecasters are usually no more successful than weather meteorologists. If anything, however, the CBO’s debt estimate is a conservative, even “optimistic” one, as The Wall Street Journal editorial board remarked skeptically. “They assume no recession and that the 2017 individual tax cuts and Inflation Reduction Act’s sweetened ObamaCare subsidies expire in 2025. Oh, and that Congress doesn’t lather on more spending, and more student debt isn’t canceled by executive decree.” That’s four unsafe assumptions that each lower the CBO’s 10-year debt estimate.

Undeterred by the glowering forecast, the Biden administration has planned a weekend cook-out. “Over the past three years, the Biden administration has driven an historic recovery,” Treasury Secretary Janet Yellen declared during Thursday testimony before the Senate Banking Committee, with all the cheeriness of a turnip. She later conceded under questioning that “we need to reduce deficits and to stay on a fiscally sustainable path,” an answer as effective as a clogged culvert. “By suggesting that we need to stay on a sustainable path, she’s saying we’re on one right now,” Griffith responded. “We are already on the path to unsustainability.”

Yellen further argued that America’s current debt burden is nothing to worry about. “Thus far, in real terms, the interest burden of the debt has remained within or below historical norms,” she said. According to the CBO, the 50-year average of net interest expenditures is 2.1% of GDP; the U.S. government spent 2.4% of GDP servicing the debt in 2023 and will spend 3.1% of GDP servicing the debt in 2024. Coming from a current Treasury Secretary and former Federal Reserve chair, Yellen’s remark is akin to an air traffic controller arguing, “Thus far, in real terms, that jet airliner accelerating down the runway has not yet become airborne.”

In response to a question from Senator Mike Rounds (R-S.D.), Yellen said she had “seen no sign” of waning foreign interest in U.S. debt, an “absolutely ludicrous” remark in Griffith’s estimation. “Over the last two and a half years, foreign investors have only been willing to purchase about one penny of every new dollar of federal debt that we’ve taken on. In years past, foreign investors bought about one third of our federal debt,” Griffith explained. “With investor demand drying up for that debt, that means that the federal government has to pay more to those who will lend us money. … That trickles down directly to us as consumers.”

While the Biden administration may be unconcerned about the debt, at least some members of Congress have sought to restore sanity and accountability to the budgeting process. Thus far, their achievements have been flimsy at best. As a result of the spending cuts Republicans negotiated in the debt limit deal last summer, the CBO reduced their estimated deficit for 2024 by $0.1 trillion (4%) and their estimated cumulative deficit for 2024-2033 by $1.4 trillion (7%). You could as easily dig a trench with a teaspoon, or stop a locomotive’s momentum with a Q-tip, as resolve America’s budgetary crisis with such puny half-measures.

This situation illustrates the truth that elections have consequences. The reason why congressional budget hawks can’t achieve any significant savings is that there are too few of them, compared to their colleagues who want to keep spending money. At root, this is a problem that can only be solved when voters and candidates get serious about demanding and delivering fiscal sanity in Washington. America is barreling straight toward a fiscal cliff. Will anyone care enough to stop her?

AUTHOR

Joshua Arnold

Joshua Arnold is a senior writer at The Washington Stand.

EDITORS NOTE: This Washington Stand column is republished with permission. All rights reserved. ©2024 Family Research Council.

The Washington Stand is Family Research Council’s outlet for news and commentary from a biblical worldview. The Washington Stand is based in Washington, D.C. and is published by FRC, whose mission is to advance faith, family, and freedom in public policy and the culture from a biblical worldview. We invite you to stand with us by partnering with FRC.

High Consumer Prices among Top Concerns as Voters Lose Confidence in Biden, Polls Show

As new polls indicate that American voters remain worried about the persistently high cost of goods and have largely lost confidence in President Joe Biden’s handling of the economy, a leading economist is pointing out that the economies in red states that feature free market policies are outpacing the economies of blue states.

An NBC News poll published Sunday revealed that Biden lagged behind former President Donald Trump by over 20 points on the question of “which candidate would better handle the economy.” Overall, the poll found that Biden’s approval rating has reached the lowest point of his presidency at 37%.

The survey comes as voters say that the economy is among their top concerns going into the November elections. A recent Harvard CAPS-Harris poll found that inflation was the primary worry for 32% of respondents, a close second behind the border crisis at 35%.

While inflation has largely leveled off since reaching a high of 9.1% in June 2022, consumers are still worried about the persistent rising costs of virtually all goods since the 2020 pandemic that have not come back down. As reported by CNN, “More than 90% of the items tracked in the Consumer Price Index are more expensive than they were in February 2020, with most price increases landing north of 20% and some (fuel and margarine) approaching 55%.” Overall, food prices have risen almost 25%.

Stephen Moore, distinguished fellow in Economics at The Heritage Foundation, joined “Washington Watch” last week to discuss the current economic outlook in America.

“What’s happening in America today is you’ve got red states with low taxes, less regulation, [and] right-to-work that are doing extraordinarily well,” he explained. “You know, they’re actually booming [in] Texas, Florida, Tennessee, Utah, Idaho. So many of these states, [like] South Carolina, the southern states are doing amazing. … [B]y the way, the South now is the number one leading region in the economy. It used to be the northeast for 100 years. But the northeast is losing its people, its businesses, its capital. And they’re going to states like Florida and Texas and Arizona … because the taxes are lower [and] there’s a more pro-business atmosphere. They follow free market policies. That’s what American businesses want. That’s what workers want.”

Moore, who also serves as a senior economist at FreedomWorks, went on to argue that the Biden administration’s federal spending policies have negatively affected the economy.

“[T]he question becomes, ‘Why don’t we do, on the national level, what works in the states? Why don’t we cut our taxes, reduce our regulations? Why don’t we get our budget under control?’ We’re running a $1.5 trillion debt. … It’s because we’ve got a president who is spending and printing and borrowing a trillion and a half dollars a year — it’s as obvious [as] the sun ris[ing] in the East and set[ting] in the West when you have that kind of out of control spending. You know what? You’re going to get inflation.”

At an event last week, Biden accused grocery stores of “ripping people off” through “price gouging, junk fees, greedflation [and] shrinkflation.”

“That’s the way all these Democrats are,” Moore responded. “They keep saying, ‘Oh, the profits are too high.’ Why don’t you go out there and show you can make a profit? It ain’t so easy to do it. These are businesses that are providing jobs, providing growth for our economy, putting food on our table. I’m sick of him criticizing American businesses.”

AUTHOR

Dan Hart

Dan Hart is senior editor at The Washington Stand.

EDITORS NOTE: This Washington Stand column is republished with permission. All rights reserved. ©2024 Family Research Council.

The Washington Stand is Family Research Council’s outlet for news and commentary from a biblical worldview. The Washington Stand is based in Washington, D.C. and is published by FRC, whose mission is to advance faith, family, and freedom in public policy and the culture from a biblical worldview. We invite you to stand with us by partnering with FRC.

17 Establishment RINO Senators Vote with Democrats to Provide $95B Foreign Aid to Ukraine, Israel, Gaza & Taiwan – 11 Voted Multiple Times with Democrats


Neither of Florida’s Senators voted for this ridiculous spending bill.

If one of your Senators voted for this, you should seriously consider never voting for them again.  Each of these spending allocations should have been voted on separately and not combined.

More funding for corrupt Ukraine should not have occurred without a forensic audit of the 130 B already given to Ukraine without accountability (not to mention more billions in military equipment).

At list below I have annotated those Senators who also voted to impeach POTUS Trump and/or have voted with Dems 3-4 times before on key legislation favored by the left.  See attachment for list of their bad votes favoring Democrat positions.

JUST IN: Senate Advances $95B Foreign Aid Bill for Ukraine, Israel, Gaza, and Taiwan, Omitting Border Security Provisions — Here are the 17 GOP Senators Who Voted with Democrats | The Gateway Pundit | by Jim Hᴏft

America last!

The U.S. Senate has cast a contentious vote, advancing a massive $95 billion foreign aid package that supports Ukraine, Israel, Gaza, and Taiwan, but notably omits any provisions for bolstering U.S. border infrastructure.

In a 67-32 cloture vote, the Senate crossed party lines, with several RINO senators joining Democrats to move the foreign aid bill forward.

Republicans who joined Democrats in voting in favor include:

  • Lisa Murkowski (R-AK)  voted to impeach Trump –  consistently votes w Dems on other Key Legislation 
  • Mitch McConnell (R-KY) consistently votes with Dems on Key Legislation
  • Bill Cassidy (R-LA) voted to impeach Trump – consistently votes with Dems on Key Legislation
  • Roger Wicker (R-MS) consistently votes with Dems on Key Legislation
  • Todd Young (R-IN) consistently votes with Dems on Key Legislation
  • Susan Collins (R-ME) voted to impeach Trump – consistently votes with Dems on Key Legislation
  • Shelley Moore Capito (R-WV) voted to impeach Trump – consistently votes with Dems on Key Legislation
  • John Kennedy (R-LA)
  • John Thune (R-SD)
  • Dan Sullivan (R-AK)
  • Mitt Romney (R-UT) voted to impeach Trump – consistently votes w Dems on other Key Legislaltion
  • Joni Ernst (R-IA) consistently votes with Dems on Key Legislation
  • Mike Rounds (R-SD)
  • Thom Tillis (R-NC) consistently votes with Dems on Key Legislation
  • John Cornyn (R-TX) consistently votes with Dems on Key Legislation
  • Chuck Grassley (R-IA)
  • Jerry Moran (R-KS)

According to Capitol Hill correspondent Jamie Dupree, the bill is “likely to pass the Senate – maybe by Tuesday or Wednesday of next week.”

According to CNN’s Manu Raju, Senator Mike Rounds (R-SD) explicitly stated his support for the bill’s final passage, while Senator John Cornyn (R-TX) is non-committal.

This comes after the Republican Senators on Wednesday voted against advancing a compromised ‘border security bill’ that would have allocated more money to foreign countries while largely ignoring the US border.

Initially, the $118.28 billion national security supplemental package includes:

  • Foreign Aid Commitments:

      • $60.06 billion in support for Ukraine amidst Russian aggression
    • $14.1 billion in security assistance for Israel
    • $2.44 billion to address U.S. Central Command operations and conflict-related expenses in the Red Sea
    • $10 billion in global humanitarian assistance
    • $4.83 billion to support Indo-Pacific allies against Chinese encroachment
    • $2.33 billion for displaced Ukrainians and other refugees worldwide
  • Border Security and Immigration Provisions:

    • $20.23 billion for border operations, policy enforcement, and narcotics interdiction
    • Introduction of the Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act
    • $400 million for the Nonprofit Security Grant Program
    • Provisions for government intervention at varying thresholds of border encounters
    • Work authorizations for illegal aliens

“A motion to proceed to the package failed by a vote of 49-50, with most of the Senate GOP conference voting against it. Republican Sens. Susan Collins (Maine), Lisa Murkowski (Alaska), James Lankford (Okla.) and Mitt Romney (Utah) voted to advance the measure,” The Hill reported.

Senate Majority Leader Chuck Schumer said he will be moving forward with a backup plan.

“Schumer told members of his caucus and the White House last week that if the Republicans scuttled the bipartisan border and supplemental agreement, he had prepared a plan to use the motion to reconsider to force Republicans to vote on the supplemental without border [reforms],” the aide said, according to The Hill.

In a statement to the media, Schumer said, “First, Republicans said they would only do Ukraine and Israel humanitarian aid with border. Then they said they would not do it with border. Well, we’re going to give them both options. We’ll take either one. We just hope they can come to yes on something.”

“We knew about a week ago when Trump mixed in and know wanted to be political and said he’d prefer chaos at the border because he thinks it helps him electorally. We knew that we might have to have a second option. So, I then called the White House and told my caucus that if, unfortunately, the big supplemental bill failed, we would do everything but border,” he added.

On Thursday, Schumer fulfilled his promise, and the Democratic-led Senate advanced a streamlined bill aimed at providing aid to Israel, Ukraine, and Taiwan, but not the southern border that is currently invaded by illegal immigrants.

Senate Majority Leader Chuck Schumer (D-N.Y.), who drafted the bill, hailed the vote as a critical juncture for U.S. national security.

“President, it’s a very good thing that the Senate has just voted to proceed to the national security supplemental. This is a good first step. This bill is essential for our national security, for the security of our friends in Ukraine, in Israel, for humanitarian aid for innocent civilians in Gaza and for Taiwan. The bill also strengthens our military at a time when they need it most. Failure to pass this bill would only embolden autocrats like Putin and Xi who want nothing more than America’s decline,” Schumer said.

“Now that we are on the bill, we hope to reach an agreement with our Republican colleagues on amendments. Democrats have always been clear that we support having a fair and reasonable amendment process. During my time as majority leader, I have presided over more amendment votes than the Senate held in all four years of the previous administration. For the information of senators, we are going to keep working on this bill until the job is done.”

WATCH:

NBC News reported:

Senate advances Ukraine and Israel aid after GOP blocked larger border bill

It’s still unclear if the aid package can pass Congress. The Senate will need to take additional votes and House…

The vote of 67-32 means the Senate can begin consideration of the $95 billion package, although the next steps are uncertain and it’s not yet clear it will the votes for final passage in the chamber.

While nearly all Democrats favor passage, Senate Republicans are divided on whether to approve the bill or filibuster it. They held a morning meeting to discuss their options and potential demands for amendments to wrap up passage speedily.

If the bill passes the Democratic-led Senate, it would go to the GOP-controlled House, where prospects are also uncertain. Speaker Mike Johnson, R-La., did not indicate on Wednesday whether he would allow a floor vote, saying, “We’ll see what the Senate does.”

Senators prefer to wrap up the aid package before a two-week recess is scheduled to begin next week. After that, Congress’s priority will be a government funding deadline in early March.

In a statement to Manu Raju of CNN, Senator Rand Paul (R-KY) criticized the proposed legislation as being inferior to the existing laws. His stance underlines a fundamental dispute over national priorities, particularly in terms of border security.

Manu Raju wrote on X, “Rand Paul told me he will force the Senate to drag out the process on the $95 billon aid package. “I think we should stay here as long as it takes. If that takes a week or a month, I’ll force them to stay here to discuss why they think the border of Ukraine is more important than the U.S. border.” Paul voted to block the bill with the bipartisan border deal, arguing it was “worse” than current law Any one senator can object and force time-consuming votes.

Copyright 2024. Royal A. Brown III. All rights reserved.

The Congressional Uni-Party Continues to Bury America, like Venezuela, Deeper and Deeper into Debt

The Constitutional Republic of the United States is currently being run like a Communist Venezuelan “Democracy.”

The interest alone on the out of control U.S. national debt is approaching the annual appropriations price tag for our military and national security defense expenditures.

Megan Henney  from FOX Business reported,

The U.S. national debt is climbing at an astronomical pace and has shown no signs of slowing down despite the heightened scrutiny on government spending.

The national debt — which measures what the U.S. owes its creditors — fell to $34,088,375,076,993.31 trillion as of Wednesday afternoon, according to the latest numbers published by the Treasury Department. That is down about $21 billion from the $34,109,378,375,744.03 figure reported the previous day.

By comparison, just four decades ago, the national debt hovered around $907 billion.

The Congressional House Republican and Democrat Communist ran Uni-Party control all expenditures from the Treasury Department.

So the buck stops with those individuals in the Uni-Party congress approving the appropriations currently burying our nation in debt. Instead of a balanced budget they continue to fund useless back door Continuing Resolutions.

Our fractured political system Is ran by two incompetent political parties with massive corruption and the rampant tax and spend fleecing of the American tax payer will probably eventually collapse our economy.

The fake news media continues to blame former President Trump for adding 2 trillion plus to the deficit for his tax cuts instead of blaming the congress for failing to stop the insane spending.

This intentional internal attack on our republic by the Uni-Party Communists will eventually lead to another civil war in my opinion.

Our founding fathers did make sure to include a 2nd amendment in our Bill of Rights to prepare for and approve of this eventuality.

Right now we also have political prisoners incarcerated for trying to bring attention to a massive fraud election via a peaceful (for the most part) constitutionally protected 1st Amendment protest on the Capital on January 6th 2021.

Now in February 2024, Instead of securing our borders with walls and razor wire the Communists are trying to decide how much money to borrow from Communist China to build walls and put razor wire around judicial buildings in the swamp filled Washington, D.C.

This tax payer expense is for Trumps upcoming banana republic trial initiated by Biden’s Marxist weaponized Justice Dept.

Apparently the Biden Administration is afraid of we the people initiating action to protect Trump from their illegal fraud prosecution of our former President vice securing our borders.

As an example, over 7.7 million Venezuelans have left Venezuela, a nation that the United States Congress and Biden economic policies are emulating.

Where can Americans flee now to escape political persecution and the economic turmoil headed our way if our nation collapses like Venezuela?

My Venezuelan wife was granted asylum in the republic of Colombia for 10 years before relocating to Florida to be with me via the “legal” immigration process.

Let’s not destroy our republic with the Biden Uni-Party Marxist agenda as there is no place else left to go.

The majority of the 800,000 Venezuelans and two million plus Cubans living legally in the USA support Trump.

Those who have been granted U.S. citizenship will no doubt be voting for him. They have no place else to go for freedom.

So take a stand and vote in November 2024 to return Trump back to the White House. Our children and grandchildren are depending on us and Trump to keep them free.

©2024. Geoff Ross. All rights reserved.

RELATED ARTICLE: U.S. National Debt of $34,088,375,076,993.31 Trillion is a Ticking Time Bomb

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U.S. National Debt of $34,088,375,076,993.31 Trillion is a Ticking Time Bomb

As the crushing crises increase at dizzying speed, it’s almost impossible to know where to look first.

Whiplash. And perhaps the Democrats objective.

U.S. national debt tracker for Jan 25, 2024: See what American taxpayers (you) owe in real time

US national debt is climbing at rapid pace — and shows no signs of slowing down

By Megan Henney · FOX Business

The U.S. national debt is climbing at an astronomical pace and has shown no signs of slowing down despite the heightened scrutiny on government spending.

The national debt — which measures what the U.S. owes its creditors — fell to $34,088,375,076,993.31 trillion as of Wednesday afternoon, according to the latest numbers published by the Treasury Department. That is down about $21 billion from the $34,109,378,375,744.03 figure reported the previous day.

By comparison, just four decades ago, the national debt hovered around $907 billion.

The unrelenting increase is what prompted Fitch Ratings to issue a surprise downgrade of the nation’s long-term credit score in mid-2023. The agency cut the U.S. debt by one notch, snatching away its pristine AAA rating in exchange for an AA+ grade. In making the decision, Fitch cited alarm over the country’s deteriorating finances and expressed concerns over the government’s ability to address the ballooning debt burden amid sharp political divisions.

“This is a warning shot across the U.S. government’s bow that it needs to right its fiscal ship,” Sean Snaith, an economist at the University of Central Florida, told FOX Business. “You can’t just spend trillions of dollars more than you have in revenue every year and expect no ill consequences.”

The outlook for the federal debt level is bleak, with economists increasingly sounding the alarm over the torrid pace of spending by Congress and the White House.

The latest findings from the Congressional Budget Office indicate that the national debt will nearly double in size over the next three decades. At the end of 2022, the national debt grew to about 97% of gross domestic product. Under current law, that figure is expected to skyrocket to 181% at the end of 2053 — a debt burden that will far exceed any previous level.

Should that debt materialize, it could risk America’s economic standing in the world.

Read more.

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EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.

Hawaii Has Been Named the ‘Most Corrupt State’ in America

In a recent evaluation conducted by the Institute for Corruption Studies at Illinois State University, Hawaii, known as the Aloha State, has once again claimed the rather unwelcome title of the most corrupt in the United States.

At the forefront of this unsettling distinction is Honolulu, Hawaii’s state capital, which stands out with the highest percentage of public corruption convictions per capita, as revealed in the comprehensive report covering the years 1976 to 2024. Other major cities like Washington, D.C., Los Angeles, New York, and Chicago also find their place on this regrettable list….

fostering a culture where loyalty, partiality, and personal connections often take precedence over honesty, transparency, and responsibility…heavily reliant on tourism and military spending, Hawaii becomes susceptible to external influences. Foreign investors, lobbyists, and contractors exploit the state’s resources by collaborating with local politicians and officials who accept bribes, kickbacks, and campaign contributions in exchange for support and influence….

The dominance of the Democratic Party in Hawaii’s state legislature since 1954 has resulted in a lack of political diversity, reducing checks and balances and enabling power abuse….

Major corruption instances, including the Bishop Estate scandal, problems with the Honolulu rail project, and the Kealoha Scandal, vividly highlight corruption’s pervasive nature across all levels of Hawaii’s government.


Hawaii Has Been Named the Most Corrupt State in America!

by Avery Stuckey

In a recent evaluation conducted by the Institute for Corruption Studies at Illinois State University, Hawaii, known as the Aloha State, has once again claimed the rather unwelcome title of the most corrupt city in the United States.

At the forefront of this unsettling distinction is Honolulu, Hawaii’s largest state capital, which stands out with the highest percentage of public corruption convictions per capita, as revealed in the comprehensive report covering the years 1976 to 2024. Other major cities like Washington, D.C., Los Angeles, New York, and Chicago also find their place on this regrettable list.

he report’s author, economist Oguzhan Dincer, who also directs the Institute for Corruption Studies, identifies several factors contributing to Hawaii’s elevated corruption levels:

Historical Legacy: Hawaii’s history of colonization, annexation, and statehood has left a legacy of political and economic inequality, fostering a culture where loyalty, partiality, and personal connections often take precedence over honesty, transparency, and responsibility.

Geographic Vulnerability: Situated remotely and heavily reliant on tourism and military spending, Hawaii becomes susceptible to external influences. Foreign investors, lobbyists, and contractors exploit the state’s resources by collaborating with local politicians and officials who accept bribes, kickbacks, and campaign contributions in exchange for support and influence.

Institutional Weakness: The dominance of the Democratic Party in Hawaii’s state legislature since 1954 has resulted in a lack of political diversity, reducing checks and balances and enabling power abuse. The state’s underfunded legal system faces challenges in effectively prosecuting and penalizing corruption cases.

Illustrative Examples of Corruption in Hawaii

Corruption is pervasive across all branches and levels of government in Hawaii, as exemplified by notable instances:

Kealoha Scandal: The conviction of former Honolulu Police Chief Louis Kealoha and his wife Katherine in 2019 exposed a conspiracy and obstruction of justice. Their plot involved framing a relative for mailbox theft to conceal financial deception and theft. Several law enforcement officers and officials faced charges related to power abuse, record-keeping fraud, evidence tampering, lying to investigators, and civil rights violations.

Rail Project: Initiated in 2005 to alleviate traffic congestion, the Honolulu rail project encountered mismanagement, corruption, and cost overruns. Originally projected at $5.3 billion, the project’s cost skyrocketed to $12.4 billion due to continuous delays. Federal investigations and audits revealed fraud, waste, misuse, and conflicts of interest involving contractors, consultants, officials, and politicians.

Bishop Estate: Founded in 1887 as a private school system and trust, the Kamehameha Schools (formerly Bishop Estate) faced scandals involving alleged violations of fiduciary duties, self-dealing, nepotism, and fund mismanagement among its trustees. With assets exceeding $10 billion, the estate’s troubles underscore systemic corruption challenges in Hawaii.

Conclusion

Honolulu, Hawaii, emerges as the most corrupt city in the United States, according to the Institute for Corruption Studies. Economist Oguzhan Dincer’s analysis, spanning convictions for public corruption per capita from 1976 to 2024, attributes this designation to historical injustices, geographic susceptibility, and institutional flaws, notably the prolonged dominance of the Democratic Party. Major corruption instances, including the Bishop Estate scandal, problems with the Honolulu rail project, and the Kealoha Scandal, vividly highlight corruption’s pervasive nature across all levels of Hawaii’s government.

RELATED VIDEO: Maui’s Recovery Spotlighted: Governor Addresses Devastating Fires In State Of The State

EDITORS NOTE: This Hawaii Free Press column is republished with permission. ©All rights reserved.