The AEI Housing Center’s Critique of “How We Investigated Racial Disparities in Federal Mortgage Data”

The Rest of the Story

The American Enterprise Institute’s Housing Center released a special briefing: “The Rest of the Story The AEI Housing Center’s Critique of ‘How We Investigated Racial Disparities in Federal Mortgage Data.‘” The call reports on the Housing Center’s analysis of and critiques of a widely-circulated report by The Markup/Associated Press: “How We Investigated Racial Disparities in Federal Mortgage Data (2018).

Audio Recording

Key takeaways

  • A recent The Markup/Associated Press (AP) analysis found that decline rates, after controlling for 17 independent variables, are higher for the protected classes than for Whites.
  • However, as we have pointed out for home valuations and appraiser bias*, these arguments alleging systemic racism do not hold up to close scrutiny.
  • The Markup’s analysis did not include applicant credit scores, which are highly predictive of defaults. It also ignores lending outcomes – the other half of the story.
  • We address these issues by incorporating credit scores and evaluating risk-adjusted default rates by race and ethnicity. This allows us to evaluate lending outcomes, not just lending inputs.
  • We find that risk-adjusted default rates are higher for protected classes than for Whites by a statistically significant amount.
  • Given data limitations on denials, especially lack of credit score, it is impossible to calculate risk-adjusted decline rates for protected and non-protected class applicants. However, because we found that loans to protected class borrowers have higher risk-adjusted default rates than for Whites, this indicates lenders are extending more lenient underwriting to protected class borrowers than would otherwise be justified based on risk characteristics. Thus, one may infer that risk-adjusted decline rates, if calculable, would be lower for protected class applicants than for Whites, the opposite of the finding by The Markup/AP.

If you would like to receive invitations to our monthly update calls, please subscribe here. For data on mortgage risk, please use our Mortgage Risk Index Interactive.

Biden White House Warns American Consumers Of Empty Shelves Come Christmastime

American consumers should expect to see higher prices and even some empty shelves during their holiday shopping this year, President Joe Biden’s White House told Reuters on Tuesday.

The warning comes as the Biden administration works frantically to push back on skyrocketing inflation and strained supply chains across the country. Economists predicted earlier this year that the final months of 2021 would see total consumer prices rising 3.2% over 2020.

“There will be things that people can’t get,” a senior White House official told Reuters on Tuesday. “At the same time, a lot of these goods are hopefully substitutable by other things. … I don’t think there’s any real reason to be panicked, but we all feel the frustration and there’s a certain need for patience to help get through a relatively short period of time.”

A Sept. 29 study from Salesforce predicted that retail prices could rise as much as 20% compared to 2020. Women’s clothing, jewelry and watches had already risen 11.9% and 12.9% respectively as of August.

“Barriers at ports and skyrocketing costs of containers, two major pressures shaping holidays, should cause consumers to be concerned about product availability,” Salesforce warned.

White House press secretary Jen Psaki and other administration officials have repeatedly insisted that the inflation is “transitory” and will normalize sometime in 2022. The White House has repeated the line numerous times since worries over the economy began to outpace COVID-19 in polls across the U.S.

“What is the White House’s message to average Americans, including those who are on limited income though who are experiencing higher prices right now for food and clothing and other goods and services? You mentioned it’s expected to die down next year, but what is your message to them in the meantime, is it simply just to wait it out?” a reporter asked Psaki during a press briefing in July.

“That’s certainly not what I’ve ever said,” Psaki responded. “Our message is that we understand the threat that inflation poses. We will be vigilant about any responses needed. It’s important for Americans to know and understand that these impacts are temporary, and some of these price increases are a result of the economy turning back on.”

Some experts have disagreed, however, arguing that the inflation is here to stay “for years” thanks to Biden’s unprecedented spending programs.

“The 100% cause of inflation is the government,” Peter Schiff, the chief economist and global strategist at Euro Pacific Capital, told the Daily Caller News Foundation. “It’s when the government spends money that it doesn’t collect in taxes and then the Federal Reserve monetizes the resulting deficits by printing money.”

COLUMN BY

ANDERS HAGSTROM

White House correspondent. 

RELATED ARTICLES:

Inflation Is Burning a Hole in Our Wallets; It’s Also Theft

Experts Slam Biden’s Economic Agenda Following June Jobs Report

The Numbers Are In, Biden’s Inflation Is Not Going Away

Fraudulent Biden White House Warns American Consumers Of Empty Shelves Come Christmastime

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

PPP’S PUBLIC – PRIVATE PARTNERSHIPS = THE DEATH OF FREE MARKETS

LIFE WITHOUT KNOWLEDGE IS DEATH IN DISGUISE

Remember: The issue is never the issue. The issue is always the REVOLUTION.

Have you wondered why so many companies were so quick to go WOKE and destroy America?  Could it be that as companies became GLOBAL, America became irrelevant?  Global Corporate CEO’s and VP’s took money, tax rebates, grants, subsidies etc.  from the American Taxpayer and many purchased multiple residents all over the world.  America was just another country, nothing special. In addition, the highly skilled American worker was too expensive and cut into their profitability. So as their choice, they screwed the American worker. The criminals in the government made up rules and regulations to eliminate competition of their favored company. Lastly let us not forget that by eliminating competition the “market” is favorable for investing in government favored companies so congress could make a fortune on insider trading, investing and creating new companies that will comply.

OK the pieces were beginning to fit.  Thanks to Karen Bracken’s incredible research on ESG (Environmental, Social ‘Justice’ Governance), the woke actions of these companies are evident and finally make sense. On Nov 8, 2019, Forbes had an article introducing ESG to the business community in 2020.   What is ESG?  ESG is the Environmental, Social and Governance score given to a business to determine how well they “follow the government message”  In other words go WOKE, “Hate America and hate the American citizen who votes against the DNC communist message.”   Apparently grading individuals on Social Credits is not enough for the communist Democrats. Limiting mobility, purchases and services based on how well individuals score by supporting everything the government does is not broad enough.  The corporations must follow orders as well.  Why would a corporation intentionally destroy their base?  Because once the world has opened as their customer, Americans are no longer the only game in town. Money, Money, Money!!!

ESG refers to a company’s commitment to do more than make a profit, such as actively strive to contribute positively to the environment or social causes and to conduct themselves responsibly. Why would a company do that?  Because ESG is now the way that investors rate the corporation for investment funding. Bad score= no money.  Trash America = more money. By forming Public Private Partnerships the government is now involved in business and can “suggest” certain actions or else no government contract, no access to grants or low interest loans and tax subsidies. Since many smaller middle class companies are totally private and do not rely on the government they must be destroyed. No Competition or dissention allowed. Covid accelerated this plan. We now have an answer to the question, is the government trying to destroy America? The answer is YES.

More money is made with global customers than American customers.

What is a PPP (PUBLIC – PRIVATE PARTNERSHIPS)?  A PPP is a way in which a corporation, through a new entity takes control of Government Assets.  The government, made up of unelected bureaucrats, people, make laws to regulate companies into the desired path.  The ESG (Environmental Social Governance) score keeps the corporations in line. Corporations are woke and must use the CRT method for reprogramming its workers.  They must get a good score or no government contracts. You can call it Global Corporate Fascism, reinventing government, transfer of wealth, but it is really a new structure of communism. The public pays, the private profits. This is a massive form of wealth redistribution. Once again the public gets screwed.

Let’s break this down.

Rules:

  • Public – (government) all levels of government, Local, State, Federal, Foreign, and of course the United Nations.
  • Private – Big power Corporations, National Corporations, International Corporations, Universities, Foundations, Associations, any entity with big money.
  • Partnerships – Business arrangement, which public and private combined together.
  • NGO’s – Non government organizations, any organization with environmental interest, like the Sierra Club, The Nature Conservancy, Florida Forever, etc. that takes control of assets. This would be in land acquisitions, conservation, land corridors, Greenways, Parks, Preserves, permanent easements, etc. It would be on coastal waters, lakes, rivers, streams, another means of taking assets, owning and having full control. With no representation to the people, the goal is profit. Sound familiar? It should by now it’s called the United Nations Sustainable Development, Agenda 21/2030/GND/Global Reset. The United Nations promote PPP’S, they play a very important role in their personal agenda making it easier for government to control businesses.  PPP are in direct opposition to any free market system. If a company needs government money, why are they still in business?

PPP’S are heavy into infrastructure because it crosses county and state lines which gives the government more control over local elected officials. With this economy, state and local governments do not have the money for roads, tolls, bridges, energy, water, and restoration. People do not want their taxes raised, as they are already tax enough.  When our elected representatives vote to empower appointed groups of people who are not accountable to the public, they are voting for Communism. That’s how Communism works. It is unelected groups of people who are authorized to make public policy using the agenda of some unseen apparatus in the background, coupled with the power of government to enforce it. In the case of the United States the transformation to Communism agenda is coming from the United Nations.

In Florida, PPP’s are abundant. PPP’S, Enterprise Florida, Public Service Commission (PSC), Workforce Florida, Inc. Duke Energy, Florida Power and Light, Progress Energy, ( Smart Meters) Florida Chamber of Commerce, and all of these promote Regionalism in Florida. Governor Scott signed H/B 85 to expand Public – Private Partnerships.  He was the same Governor that said there would be No Agenda 21 in Florida, more Lies.

Every county board, county administrator, city council, and manager in Florida works with PPP’S. All of Florida’s regional planning councils, (unconstitutional ) Sustainable Development Planners, Florida Association of Counties, due the bidding of PPP’S. But that’s not surprising since they work with U.N. organizations to implement the Agenda..

PPP’S are a Soviet structure. What is a Soviet… An elected governmental council in a Communist country.  Alliances are the PPP’S and they are implementing the socialist agenda thus transforming the United States into a Communist Country. The Public – Private Partnership (PPP) is yet another ruse of big government to steal your wealth and private property or other assets and, in the process, “fundamentally change America” and plunder the productive members of society.  A PPP is the essence of Marxism and crony capitalism. Elected government officials and their bureaucracy favoring corporations who support the political agenda of the ruling class, so both can profit at the expense of our individual freedom.  Why did Biden give up Afghanistan? Here is your reason…Money, Power, Control.

Communist are Technocrats, they seek to plan, organize, and streamline all aspects of life through central planning. (like unconstitutional regional planning councils). Thus people aren’t considered as discrete independent individuals.  Rather, people are considered assets of the state, factors of production, “human capital, human resources, human infrastructure” to be managed by  the owner of the state and the elite minions and useful idiots who administer the system.

September 13, 2013, the U.S. Department of Agriculture (USDA) Secretary Tom Vilsack and Coca-Cola Americans President Steve Cahillana announced a PPP to restore and protect damaged watersheds on National lands. Cahillana said to create healthier, more Sustainable Communities. This opened my eyes. United Nations Sustainable Communities, Agenda21 stated goals of controlling all forms of water supply. Today Biden’s unelected secretaries, including newly appointed Tom Vilack and local mayors collude with Chinese Communist party on Agriculture policy.

United Nations Agenda21 from the U.N. Bruntland Commission in 1992 says that No private enterprise should exist, only PPP’S.  Business is evil, should be controlled by the community, while the owner is responsible, and pays taxes. These ideas are tenets of Socialism/Marxism.

“ESG (Environment-Social(Justice)-Governance) Credit Score system that is replacing the traditional Credit Score system we have always used in the past.  This new credit score system will score businesses on how well they tow the globalist line.  WELL, what a coincidence….Biden(Obama) just announced he wants to do away with all the traditional credit bureaus.  Of course he said this is necessary because there are racial disparities in the current system.  But of course never mentions it will be replaced with ESG Credit Scores coming from the fascist government. There are several major banks that already use ESG and it is part of the Great Reset and the new economy, stakeholder capitalism (fascism).  Individuals that are patriots, conservative, vote Republican will end up on the low end of this system and will not be able to get a mortgage loan or a loan for any reason.  Again, this is why you are seeing businesses fighting states on their laws.  Business in bed with government ends up making slaves out the tax payer and destroys our Constitution and states rights. Again, using race to drive the Great Reset agenda.” Karen Bracken

Note: In the Infrastructure Bill of $3.5 Trillion, grants will be given to companies that comply.  Hefty penalties will be placed on companies that don’t demand their employees or customers vax, while rebates are given to those who buy union autos.

When your local government authorities start to exceed their constitutionally granted powers by working with Private International and National organizations through PPP’S, they no longer represent the people, the U.S. Constitution, freedom, and their oath of office. These are people that are so self centered with their own careers, self worth, and power status, that they have sold their souls to the communists.

Is America Worth Saving?

Will you make sure you research every candidate that you vote for? This is what we have to do as Americans to save our country, and to make sure our children are not made slaves to an un-Christian Nation of corruption.

Will you pay attention, run for office and attend meetings in your local community?

Will you share the truth with others who may not be like minded but want to hear the truth?

Will you contact your legislature and voice your opinion?  House 202-225-0911, Senate 202-224-0911, or contactmypolitician.com

G-d Bless America, and Her People.

©Karen Schoen. All rights reserved.

RELATED VIDEO: ‘Watters’ World’ investigates Nancy Pelosi’s financial dealings

Food Prices Hit Highest Level in a Decade Crushing Ordinary Americans

Gas is at a level not seen since the disastrous Obama years. But not to worry, the Democrat elite are getting richer and richer on the backs of the American worker.

Food Prices Hit Highest Level in a Decade

Food prices across the world have risen to their highest levels in a decade on the back of tightening supply conditions coupled with robust demand, according to the Food and Agriculture Organization of the United Nations (FAO).

By:  The Epoch Times, October 11, 2021:

The FAO’s food price index, which measures world food commodity prices, has surged by 32.8 percent in the 12 months through September, coming in at a reading of 130 points, a level not seen since 2011. On a month-over-month basis, the index rose 1.2 percent.

Accounting for the bulk of the rise in the index were higher prices of most cereals and vegetable oils.

The FAO vegetable oil price index was up 60 percent in September from a year earlier, and 1.7 percent higher than in August. The cereal price measure was up 27.3 percent over the year last month, and 2 percent from August.

Dairy and sugar prices also rose in September by an over-the-year 15.2 percent and 53.5 percent, respectively, while the meat price index was up 26.3 percent above its year-earlier level.

While much of the inflation story has been focused on surging energy costs and products affected by the semiconductor chip shortage such as used cars, rising food cost signals are increasingly flashing red.

As the U.S. economy rebounds, packaged food companies are grappling with inflation, with Conagra Brands Inc. saying on Oct. 7 that it would increase prices again on its frozen meals and snacks.

Conagra said it was facing rising costs of ingredients including edible oils, proteins, and grains, forcing it to increase prices on frozen goods by 3.5 percent and on staple meals by 3.3 percent.

Food-makers General Mills, Campbell Soup, and J.M. Smucker also have raised wholesale prices in response to rising ingredient and freight costs.

Pork and beef prices have surged in the past few months, while the Labor Department’s August inflation report showed that meat, poultry, fish, and eggs were up 8 percent over the past year and 15.7 percent from prices in August 2019, before the pandemic. Beef prices jumped 12.2 percent over the past year, and bacon was up 17 percent during the same period.

Experts say increasing energy costs around the world could exacerbate the problem.

“It’s this combination of things that’s beginning to get very worrying,” Abdolreza Abbassian, senior economist at the UN’s Food and Agriculture Organization, told Bloomberg in a recent interview. “It’s not just the isolated food-price numbers, but all of them together. I don’t think anyone two or three months ago was expecting the energy prices to get this strong.”

Food price inflation is also driving up consumer expectations for future price increases.

The New York Fed’s August survey of consumer expectations showed that Americans anticipate food prices to rise by 7.9 percent in a year, higher than the overall inflation expectation of 5.2 percent.

Federal Reserve officials have repeatedly characterized the current bout of inflation as “transitory” though they have increasingly expressed concern about the risk of a de-anchoring of inflationary expectations. That’s where confidence in the “transitory” narrative falls and people start to believe and behave as if inflation will be far stickier than previously believed, impacting wage and price-setting behavior and potentially even sparking the kind of upward wage-price spiral that bedeviled the economy in the 1970s.

RELATED ARTICLES:

Prices Are Continuing to Surge: Here’s What’s Becoming the Most Expensive

Biden White House Warns American Consumers Of Empty Shelves Come Christmastime

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

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California Town Sees Businesses Vanish Following Minimum Wage Hike

A couple of years ago, I praised federalism in part because state and local governments would be less likely to adopt bad policy (such as higher minimum wages) if they understood that jobs and investment could simply migrate to jurisdictions that didn’t adopt bad policy.

But “less likely” isn’t the same as “never.” Some state and local politicians can’t resist the temptation to raise taxes, even though that means workers “vote with their feet” for places with lower tax burdens.

And some state and local politicians continue to mandate higher minimum wages (see hereherehere, and here), even though that means workers have fewer job opportunities.

Today, we’re going to look at some fresh evidence from Emeryville, California.

The local newspaper has an impressively detailed look at what’s happened to the town’s labor market.

Representatives from the Mills College Lokey School presented data from its recent ‘business conditions’ survey to our City Council on Tuesday. The study confirmed what restaurant owners warned when the ordinance was hastily passed in 2015. They are struggling, rapidly raising menu prices and increasingly looking to leave. …It’s getting harder to find small food service businesses that were around in 2015 when the MWO was passed. Emeryville institution Bucci’s, Commonwealth, Farley’s, Scarlet City … all gone. In fact, nearly all the brick & mortar businesses that comprised the short-lived Little City Emeryville small business advocacy group have moved, folded or sold. …The survey also identified that “the restaurant industry is clearly struggling.” Specifically, small, independent, non-franchise establishments are having the most difficulty.

Here are some of the survey data on the negative effect.

Here is some specific information on how restaurants have been adversely impacted.

…nearly all the new businesses that have opened have embraced the counter service model that requires fewer employees. Paradita Eatery, whose original plan was for a full service sit-down restaurant, cited Emeryville’s wage ordinance specifically for ‘pivoting’ to a counter service model. Counter service models require fewer employees to offset higher labor costs. …The only full service restaurant that has opened since the Minimum Wage was passed was 612One Asian Fusion which folded after just two years in business.

One of the reasons for the economic damage is that Emeryville has gone further and faster in the wrong direction.

The local law is more onerous than the state law and more onerous than other nearby communities.

CLICK HERE TO VIEW EAST BAY CORE MINIMUM WAGE SCHEDULE COMPARISON

But it’s not just workers who are suffering.

Consumers are adversely impacted, as well.

One commenter, who identified herself as a resident, questioned why the survey did not include consumer data noting her dining frequency was altered by the drastic price increases she’s observed. …She noted that she used to frequent her local Doyle Street Cafe 2-3 times per month but last year went only twice. …Once franchise owner noted that the price increases they’ve been forced to pass along have ironically had the biggest impact on vulnerable communities that are more price-sensitive. “Our largest decrease in guests are folks over 50. Obviously our elderly, disabled, and folks on fixed incomes are unable increase their income to compensate for the price increases.”

Let’s close with a new video from Johan Norberg, which looks at the impact of minimum wage increases in San Diego.

P.S. If local communities are allowed to mandate minimum wages higher than the state level or federal, shouldn’t they also have the freedom to allow minimum wages that are lower than the state level or federal level?

P.P.S. A number of European nations have no mandated minimum wage. As explained in this video, that’s an approach we should copy.

P.P.P.S. If you want some minimum wage-themed humor, you can enjoy cartoons herehereherehere, and here.

This article was reprinted with permission from International Liberty.

COLUMN BY

Daniel J. Mitchell

Daniel J. Mitchell is a Washington-based economist who specializes in fiscal policy, particularly tax reform, international tax competition, and the economic burden of government spending. He also serves on the editorial board of the Cayman Financial Review.

RELATED ARTICLE: Labor Department Reports Record High Number of Workers Quitting Jobs Over Mandate (VIDEO)

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

How Much Per Person Does Your State Collect in Excise Taxes?

Either way, these policies rarely accomplish what policymakers intend them to do.


As the great French economist Frédéric Bastiat proclaimed,

When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.

And in living in a society with a moral code that glorifies taxation, you end up with what are known as “excise taxes.”

An excise tax is an indirect tax, unlike a sales tax. It is when the manufacturer/producer of a certain good has to factor a fixed tax or percentage into the cost of that good and then pay the government the tax themselves. Excise taxes are specific to individual goods and activities, whereas sales taxes or income taxes are levied on a general base.

Think of a pack of cigarettes or gasoline. Built into the advertised cost of those goods is a portion that is pure tax. A pack of cigarettes might cost $2, but 50 percent of its cost might be an excise tax levied by the local, state, or federal government, making the true cost $3. And that is before any sales tax.

So which states have the biggest excise tax burdens? Check out the Tax Foundation’s recent study on how much each state collected in excise taxes per person in the fiscal year 2016.

CLICK HERE VIEW STATE BY STATE INFO GRAPHIC ON EXISE TAXES

The 5 most taxed:

  1. Vermont – $1,075 in excise taxes per person
  2. Nevada – $993 in excise taxes per person
  3. Hawaii – $928 in excise taxes per person
  4. Maryland – $873 in excise taxes per person
  5. Minnesota – $858 in excise taxes per person

The 5 least taxed:

  1. South Carolina – $337 in excise taxes per person
  2. Arizona – $337 in excise taxes per person
  3. Nebraska – $352 in excise taxes per person
  4. Idaho – $357 in excise taxes per person
  5. Wyoming – $371 in excise taxes per person

Most excise taxes are what are known as “sin taxes,” which are taxes placed on goods that the government considers to be detrimental to a consumer’s health or well-being (think alcohol, cigarettes, gambling, junk food, etc…). The purpose is to get the consumer to engage less in undesired behavior because higher prices lead to reduced consumption, but there is very little evidence to support that claim. As Janelle Cammenga from the Tax Foundation states,

Soda taxes have unintended consequences that make any impact on obesity negligible at best. Cigarette taxes are an unstable source of revenue. Excise taxes are levied on a relatively narrow tax base, and many regressive, with a larger share of the tax burden falling on those with lower incomes.

So while many believe that levying taxes on unhealthy goods—which is determined by our benevolent politicians whom exercise wise judgement—is a good way to promote a healthy and virtuous citizenry, there is little evidence that suggests the taxes are accomplishing what they were set out to do.

One great example of the failure of excise taxes is found in Philadelphia’s “soda tax.” The tax was implemented in 2017 at 1.5 cents per ounce of a sugary drink, equal to $1 per typical two-liter bottle of soda (which is $1.56 pre-tax). The goal was to reduce obesity by discouraging consumption of sugary drinks by raising the prices, but the result was anything-but-intended.

Scholars at Stanford, Northwestern, and the University of Minnesota conducted a study of Philadelphia’s soda tax and concluded the following:

We draw several lessons about the effectiveness of local sweetened-beverage taxes from these analyses. First, the tax was ineffective at reducing consumption of unhealthy products. Second, in terms of revenue generation, the tax was only partly effective due to consumers substituting to stores outside of Philadelphia. Third, low income households are less likely to engage in cross-shopping, and instead are more likely to continue to purchase taxed products at a higher price at stores in Philadelphia.

The lower propensity for low income households to avoid the tax through cross-shopping leads to a relatively larger tax burden for those households. In summary, the tax does not lead to a shift in consumption towards healthier products, it affects low income households more severely, and it is limited in its ability to raise revenue.

And this case study is just one example of the same occurrences in numerous other places.

Excise taxes might sound like a harmless thing, but they are really a prime example of a policy judged by its good intentions rather than it’s results. As Milton Friedman said,

One of the great mistakes is to judge policies and programs by their intentions rather than their results.

At best, excise taxes simply shift the consumption of disincentivized “harmful” products to other areas where the goods are sold cheaper. At worst, excise taxes make goods more expensive for people (particularly poorer people) who will still buy the “harmful” products in their respective area.

Either way, these policies rarely accomplish what policymakers intend them to do—unless, of course, the true goal of these taxes is simply to fund an increasingly costly and inefficient government apparatus.

COLUMN BY

Tyler Brandt

Tyler Brandt is a copywriter at FEE. He is a graduate of UW-Madison with a B.A. in Political Science. In college, Tyler was a FEE Campus Ambassador, President of his campus YAL chapter, and Research Intern at the John K. MacIver Institute for Public Policy.

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

Who is Really Running the Destroy-America Biden Regime?

“Guilty as hell, free as a bird—America is a great country.” – Bill Ayers, Weather Underground founder (Oct. 7, 2021)

The main obstacle to a stable and just world order is the United States. – George Soros, hedge-fund billionaire.


In today’s chaotic political landscape, it is obvious that the Democrat Party in power is comprised largely of far-left radicals, many of them shockingly anti-American and predictably anti-Semitic  (as are all deranged leftists).

After all, with Barack Obama, they thought they were significantly closer to their 100-year goal of a socialist-cum-communist America, and believed that “President” Hillary would fulfill their cherished fantasy.

And then along came President Trump to smash that fantasy to smithereens.

When everything the Democrats tried to sabotage President Trump failed––the Russian hoax, the Ukraine hoax, the Stormy Daniels hoax, the impeachment fiascos, on and on––they pulled out the Wuhan lab surprise, effectively creating a pandemic.

The result was the entire world isolated in their homes, worldwide economies destroyed, and the unprecedented phenomenon of mail-in ballots, which essentially insured that the voter fraud Democrats are so famous for––ACORN, anyone?, and the Dominion voting machines used in “elections” in Venezuela and other banana republics to insure the desired outcomes––would succeed as it had in the past.

And it did. Today, however, with audits being conducted in every significant state, that colossal voter fraud is being proven…stay tuned! And with the arrest of Hillary’s lawyer, Democrats are also looking at the coming arrests of all those higher-ups who colluded in the criminal anti-Trump effort, including Ms. Hillary herself!

THE FIRST EIGHT MONTHS AFTER THE FRAUDULENT ELECTION

In less time than a normal human pregnancy, putative president Biden managed to accomplish the following:

And that’s the short list!

SO, WHO IS IN CHARGE OF THIS CATASTROPHE?

Is it Barack Obama? As writer Steve Weinstein spells out, Obama always had a lazy disregard for the tough work, and as we can see to this very day, is far more interested in displaying the conspicuous consumption that is part and parcel of his nouveau-riche persona than in the gritty fray of politics.

Is it Susan Rice? For sure, a reliable functionary and skilled to the nth degree at lying through her teeth, but with zero evidence of being a strategic thinker.

Is it Ron Klain? A clever guy, now Biden’s Chief of Staff, but more adept at managing a clearly diminished and doddering POTUS than orchestrating the complexities of an attempted coup d’état.

Is it Rahm Emanuel, Obama’s first Chief of Staff, or David Axelrod, the chief strategist of Obama’s two presidential campaigns? Clearly not, since neither was even invited to his lavish birthday party in August of 2021 at the Obama’s $15M waterfront mansion on Martha’s Vineyard ––although Jay Z and Beyoncé were among other very important people who were invited.

Is it Valerie Jarrett, Obama’s longtime senior advisor? She certainly has the brains, ability to think strategically, and fidelity to leftist ideology. She simply doesn’t have the burning hatred it requires to work so diligently for America’s downfall.

Is it Nancy Pelosi? Just the other day, the House Speaker twice referred to the president as Obama. Highly unlikely that this addled octogenarian is calling any shots! In fact, she can hardly cope with the far-left flank of her own Party. But she was certainly not too addled a few weeks ago to meet with the guy (and his son) who bankrolls her agenda and tells her what to do.

Is it Joe Biden himself? There are more than 330-million Americans who have eyes and ears to make that determination. In my opinion, not one of that massive number of people believes that the intellectually––and now cognitively––limited Joe Biden manages more than barely getting through the day.

Is it China’s leader, Xi Jinping, or Russia’s President, Vladimir Putin? It is certainly possible that they are colluding with each other against America, and even “speaking with” those who are directing things from the Oval Office. But both are too busy running their own massive countries to manage toppling a colossus like the U.S.A., especially when things are going so well in the direction they desire.

WHO THEN?

There are only two people, I believe, who qualify as possible candidates for choreographing the massive coup attempt currently taking place before our eyes. Both have spoken of their contempt ––if not searing hatred––for America, and both have tried mightily over decades to bring down our country. And, most important, both have the brains and power and track records to place them in frontrunner contention.

The first is Bill Ayers, now 76 and a retired professor of education at the Univ. of Illinois at Chicago. Ayers gained early fame when he founded the Weather Underground, a self-described communist revolutionary group that sought to overthrow America, and conducted a campaign of bombing public buildings (including police stations, the U.S. Capitol, and the Pentagon, et al) during the 1960s and 1970s.

In an early eighties interview, Ayers remembered his reaction upon learning that because of government overreach he would not be prosecuted for a Weather Underground bombing spree that killed a policeman. “Guilty as hell, free as a bird—America is a great country,” he exulted.

After that, he joined his version of mainstream society as a professor but was far from through with far-left politics.

In 1995, when Barack Obama was running for state senator in Illinois, Ayers held a fundraiser in his living room––while both insisted that they only knew each other casually. In fact, their cozy relationship had been public knowledge in Chicago for years.

And when prolific journalist and author Jack Cashill wrote Deconstructing Obama––based on his exquisite forensic analysis of Ayers’ former writings––he made an airtight case that it was Ayers who actually wrote Obama’s two bestsellers: Dreams of My Father and The Audacity of Hope.

According to blogger Bernie Quigley, Obama and Bill Ayers were “together from the beginning” [of Obama’s political career]. When Obama met with Ayers at “the salon gatherings of Chicago’s Beautiful People,” he added, “it was the kickoff of a political career which would lead, potentially, in little over a decade, from the house of the most notorious of the violent Amerika-hating revolutionaries from the ’60s still alive, Bill Ayers and [his wife and fellow terrorist] Bernadine Dohrn, to the White House.”

In fact, Quigley writes, between 1995 and 1999, Obama led the Chicago Annenberg Challenge (CAC) that Ayers founded––“a program that called for infusing students and their parents with a radical political commitment, and which downplayed achievement tests in favor of activism.’

So, what is Bill Ayers doing now? For one thing, lamenting on his blog the deaths of his fellow terrorists. And last year, upon observing the violence and destruction wrought by Antifa and Black Lives Matter in Portland and Kenosha, he remarked: “Am I the only one, or do you feel eerily that we’re living in Kansas, 1859 ––[when Kansans engaged in a violent guerrilla war between pro-slavery and anti-slavery forces which contributed to the coming Civil War]––and that tensions are boiling over, but only years later will people say, ‘Yes, the Civil War began there and then?’”

Clearly not through with politics, is Ayers now whispering into the ears of Joe Biden’s handlers exactly what to do to bring down America? He certainly seems a viable candidate to me.

WHO ELSE?

The second––and most likely––candidate is George Soros, now 91, the still active and vital hedge-fund billionaire whose brilliance is undisputed, whose political involvement and effectiveness in world affairs is second to none, who is considered both indispensable and formidable to his fans and terrifying to his adversaries, and whose financial resources are unlimited.

In a 2018, the editors at David Horowitz’s Discover the Networks wrote an exhaustive, riveting, must-read study of Soros, entitled: Who is George Soros and Why He Hates America. I urge everyone to read this article because it demonstrates the passion, the ideology, and––as the crime shows emphasize, the means, motives, and opportunity––that George Soros has had to pour his heart and soul and massive amounts of money into transforming America from a Democratic Republic into the ideals of his Open Society Foundations, founded in 1993. Those ideals are:

  • The diminution of American power.
  • The subjugation of American sovereignty in favor of global governance.
  • The implementation of redistributive economic policies—both within the U.S. and across national borders.”

The breadth, depth––the sheer magnitude––of what Soros has accomplished, worldwide, since he got deeply involved in politics in the mid-1980s, is breathtaking. “My spending rose from $3 million in 1987 to more than $300 million a year by 1992,” he said.

Imagine what it is today!

The above-cited article called Soros “one of the most politically powerful individuals on earth. Since the mid-1980s, he has used his immense influence to help reconfigure the political landscapes of several countries around the world—in some cases playing a key role in toppling regimes that had held the reins of government for years, even decades.” Not to omit that, famously, Soros broke the bank of England, raking in more than a billion bucks in the deal.

Vis à vis the United States, a strong case can be made for the claim “that Soros today affects American politics and culture more profoundly that any other living person.”

As of 2018, the OSF’s total assets exceeded $1.9 billion. Each year, the Foundations award scores of millions of dollars in grants to over 206 U.S. organizations, which, among other things:

  • Depict America as a nation whose enduring racism must be counterbalanced by racial and ethnic preferences in favor of nonwhites,
  • Disparage capitalism while promoting a dramatic expansion of social-welfare programs funded by ever-escalating taxes,
  • Promote open borders, mass immigration, a watering down of current immigration laws, increased rights, and benefits for illegal aliens, and ultimately amnesty,
  • Assert that virtually all American military actions are unwarranted and immoral,
  • Exhort the U.S. and Israel to negotiate with, and to make concessions to, Arab terrorist groups and regimes that have pledged to destroy America and Israel alike,
  • On and on and on.

AN OVER-ARCHING VISION

Among the central political ideas that unite Democrats––and certainly energize whoever is running the show––is the Cloward-Piven Strategy. Begun in 1966 and flourishing to this day, the founders of this plan, both from Columbia University, loathed America and insisted that capitalism could be collapsed by overloading the government with financial demands that could never be met.

Or as writer Jeff M. Lewis explains in “They Intend to Destroy America,” the plan is to “overload the American public welfare system and create a crisis that will bankrupt the nation, leaving no choice but to adopt a socialist/communist system of government.“

Cloward and Piven also formed voter-fraud schemes like Project Vote, ACORN, etc., still extant only with different names. And surprise, surprise––ACORN’s lawyer was none other than Barack Obama. Birds of a feather, and all that.

Their vision is exactly what we are witnessing today with the mad rush of hundreds of thousands illegal aliens pouring over our southern borders and being secretly ferreted to American cities, all with the promise of free everything––food, housing, medical care, education, even drivers’ licenses! And all with the implicit directive to Vote Democrat!

At the same time, we have the discredited “expert” on all things corona virus, Dr. Anthony Fauci, insisting on what Senator Ron Johnson (R-MN) calls the “totalitarian biomedical security state of forced vaccination.”

We also have:

A Cloward-Piven dream come true! Unsustainable debt, thousands more American streets becoming tent cities of the homeless, sick, hungry, addicted; rising unemployment, a compromised healthcare system, a drastically weakened military, an immobilized populace, a reviled education system, and that is the short list!

Ruth S. King––writer, editor, and international blogger––sees not only a coup, but an authentic insurrection: “When the established government does not recognize dissidents and calls them “domestic terrorists” and limits their speech, controls the media, alters the language, denies legitimate history, trashes tradition and culture, erases national borders, blurs the role of the military, destroys the canons of education, science and medicine, and uses the powers of government to spy on its citizens–that is an insurrection.”

And who is orchestrating this last-gasp attempt of the Left? Isn’t it obvious?

©Joan Swirsky. All rights reserved.

Biden Plan Would Sabotage U.S. Economic Competitiveness in One Huge Way, Analysis Finds

That’s not ‘Building Back Better’—it’s shooting ourselves in the foot.  


President Biden has heralded his $4.5+ trillion spending proposals and accompanying tax hikes as an investment in “leading the world versus letting it pass us by.” Yet, paradoxically, a new analysis exposes one huge way Biden’s plans would make the US less competitive on the global stage.

Key to financing the spending plans is a proposed increase in the corporate tax rate from 21 percent to 26.5 percent. When factoring in state corporate taxes, the US’s average corporate tax rate would reach a whopping 30.9 percent. And according to a new Tax Foundation analysis, this punitive level of business taxation would be the third-highest corporate tax rate among developed countries, outstripped only by Colombia and Portugal.

CLICK HERE TO VIEW THE TAX FOUNDATION INFOGRAPHIC

Why is this a problem?

Well, the US would become a less attractive place for business investment, which is bad news for entrepreneurs, workers, and customers alike. Businesses would understandably be less likely to conduct business in the US when they could go to dozens of other developed countries with lower tax rates. As a result, our economic competitiveness would suffer.

“Returning to near the top of the OECD in corporate tax rates would… disincentivize investment and encourage firms to shift profits and locate elsewhere, resulting in fewer job opportunities for Americans and less tax revenue for the U.S. government,” the analysis explains.

Yikes.

Biden claims his tax-and-spend agenda is meant to reassert America’s dominance. But the costly tax hikes the president seeks would set our economic competitiveness back on the global stage. That’s not “Building Back Better”—it’s shooting ourselves in the foot.

COLUMN BY

Brad Polumbo

Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic Education.

WATCHNew Biden Vax Mandate Doesn’t Make ANY Sense (Here’s Why)

EDITORS NOTE: This FEE column is republished with permission. ©All rights reserved. Like this story? Click here to sign up for the FEE Daily and get free-market news and analysis like this from Policy Correspondent Brad Polumbo in your inbox every weekday.

Democrat Senator Feinstein Introduces Bill to Require VAX to Fly on ALL Domestic Flights

Nazi tactics, plain and simple, the end of America.

FEINSTEIN INTRODUCES BILL TO REQUIRE VAX TO FLY ON DOMESTIC FLIGHTS

By: The DC Patriot, October 4, 2021:Sen. Dianne Feinstein (D-CA) has introduced a bill, The U.S. Travel Public Safety Act, that would require travelers on domestic flights in the U.S. to be vaccinated for COVID-19, test negative, or have had a previous infection.​If passed, it would require the Secretary of Health and Human Services to consult with the Federal Aviation Administration to develop national vaccination standards and procedures related to COVID-19 and domestic air travel.

Feinstein said on twitter, “We can’t allow upcoming holiday air travel to contribute to another surge in COVID cases. Today, I introduced legislation requiring passengers on domestic flights to be vaccinated, test negative or be fully recovered from a previous COVID illness.”

The bill would allow air passengers who don’t have proof of vaccination or a negative test to provide “written or electronic documentation of recovery from COVID-10 after previous SARS-CoV-2 infection.”

Dr. Anthony Fauci, President Biden’s White House coronavirus adviser said in September he “would support that if you want to get on a plane and travel with other people that you should be vaccinated.”

United Airlines announced it is firing about 600 employees who chose not to comply with the company’s vaccine requirement, while Frontier Airlines has announced similar policy requiring employees to be vaccinated or provide proof of a negative COVID-19 test. Frontier’s deadline for vaccination was October 1.

Most airlines have expressed opposition to a vaccine mandate, with the issue of the logistics of enforcement required.

American Airlines CEO Doug Parker told the New York Times in August, “Requiring vaccinations to travel and not requiring vaccinations to do anything else around the country isn’t something we’re looking to do.” He also emphasized “It would be physically possible to do without enormous delays in the airline system.”

Talking along the same lines, Delta Airlines CEO Ed Bastian also has argued, “The logistical challenge of getting vaccination paperwork and understanding exemptions, would cause a massive crimp on the operations.”

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

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Panic Has Led to Government “Cures” That Are Worse than the Disease, History Shows

Let’s take the novel coronavirus seriously, but let’s not throw reason, prudence, or the Constitution out the window.


Anyone who’s seen the John Hughes movie Ferris Beuller’s Day Off probably remembers the scene where Ferris’s economics teacher (Ben Stein) explains the Smoot-Hawley Tariff Act to a roomful of bored, sleeping students. The scene is brilliant for many reasons, perhaps most so because it perfectly demonstrated how some of the most boring things in history are also the most important.

Smoot-Hawley was, of course, one of the great blunders in history.

Passed in 1930 over the objection of more than a thousand economists, the legislation increased tariffs (which were already high) on imports to protect US industries and farmers, sparking a trade war that deepened the Great Depression. It’s a perfect example of authorities taking decisive action to alleviate a crisis—and making things much worse.

What many forget is that Smoot-Hawley didn’t cause the Depression. It was a response to the Depression. Indeed, it may never have passed at all without the catalyst—the Stock Market Crash of 1929—that sent the nation into a frenzy. Senate Republicans had defeated the GOP-controlled House bill the previous year, but trade restrictionists found a convenient crisis in Black Tuesday, which triggered widespread hysteria, allowing the law to squeak through. (President Hoover opposed the bill but signed it anyway because of political pressure, which included resignation threats from several Cabinet members.)

Designed to protect Americans during the economic crisis, Smoot-Hawley proved disastrous. Imports fell from $1,334M in 1929 to just $390M in 1932. Global trade fell by roughly 66 percent, government data show. By 1933 unemployment was 25 percent, the highest in US history.

To “correct” things, Americans elected Franklin D. Roosevelt, who launched a series of federal programs—which made the crisis even worse. The rest, as they say, is history.

Smoot-Hawley and the New Deal are hardly the only examples of government actions making a panic worse.

In his book Basic Economics, the economist Thomas Sowell recounts several instances in which governments turned small problems into major ones by using blunt force—often price controls—to respond to public panic about rising costs of a given commodity.

One of the more famous examples of this is the gasoline crisis of the 1970s, which started when the federal government took a small problem (temporary high costs of gasoline) and turned it into a big one (a national shortage).

It began when OPEC (the Organization of Petroleum Exporting Countries), a newly formed oil cartel, cut oil production, causing fuel prices to rise. To address the rise, the Nixon administration (and later the Ford and Carter administrations) resorted to price controls to keep fuel prices low for consumers.

The result? Mass fuel shortages across the country that led to long lines and many Americans unable to buy fuel. This “energy crisis,” as it was dubbed at the time, in turn wreaked havoc on the automotive industry.

As Sowell explains, however, there was not an actual scarcity of gasoline. There was nearly as much gas sold in 1972 as the previous year (95 percent, to be precise). Similarly, Americans in 1978 consumed more gasoline than in any other previous year in history. The problem was the resources were not being allocated efficiently because of state-imposed price controls.

The energy crisis was entirely predictable, two Soviet economists (who had vast experience in the arena of central planning-induced shortages) later observed.

In an economy with rigidly planned proportions, such situations are not the exception but the rule—an everyday reality, a governing law. The absolute majority of goods is either in short supply or in surplus. Quite often the same product is in both categories—there is a shortage in one region and a surplus in another.

No one likes high gas prices, but the energy crisis of the 1970s wasn’t truly a crisis until the government created it. Nor was the result unique. Similar examples can be found throughout history, from the grain shortages in Ancient Rome brought about by Diocletian’s “Edict on Maximum Prices” to the mortgage crisis in 2007 and the financial crisis that ensued.

This might seem obvious in hindsight, yet similar mistakes are made today during crises, just on a smaller scale. To address alleged crises in housing, California and Oregon recently passed rent control laws that will surely have a devastating impact on residents in those states. Similarly, anti-price gouging laws (and social pressure) regularly lead to mass shortages during national emergencies.

As America endures the most frightening pandemic in a century, the COVID-19 outbreak, it’s important that decisions affecting the lives, liberties, and livelihoods of hundreds of millions of people are being reached through reason, not collective fear.

Pandemics are clearly different from economic depressions and fuel shortages, but some of the same lessons apply. Like an economic panic, pandemics incite mass fear, which can lead to flawed and irrational decision making.

We know that human beings by nature are prone to crowd-following, especially during periods of social unrest and panic. This instinct has resulted in some of the greatest tragedies in human history.

COVID-19 may very well prove to be every bit as dangerous as we’ve been led to believe. Epidemiologists, vaccine researchers, and other medical experts agree it’s highly contagious and deadly, especially for certain at-risk demographics (the elderly and people with compromised immune systems and lung damage, for example). Yet many of the same experts disagree on the scope of the COVID-19 threat.

One of the problems medical professionals are encountering is they simply don’t have a lot of reliable data to work with.

“The data collected so far on how many people are infected and how the epidemic is evolving are utterly unreliable,” John P.A. Ioannidis, an epidemiologist and professor of medicine at Stanford University who co-directs the university’s Meta-Research Innovation Center, recently wrote in Stat.

Let’s face it: pandemics are scary. This is probably doubly true in the age of social media, when the scariest models tend to be the ones most shared, which fuels even more panic. Because of the heightened level of fear, it’s not unreasonable to think public officials could “follow the crowd,” which is a bad idea even when the crowd isn’t totally petrified.

“Crowds do not reason….they tolerate neither discussion nor contradiction, and the suggestions brought to bear on them invade the entire field of their understanding and tend at once to transform themselves into acts,” wrote Gustave Le Bon in his seminal 1895 work The Crowd: A Study of the Popular Mind.

It’s no secret or coincidence that crises—foreign wars, terrorist attacks, and economic depressions—have often resulted in vast encroachments of freedom and even given rise to tyrants (from Napoleon to Lenin and beyond). In his book Crisis and Leviathan, the historian and economist Robert Higgs explains how throughout history, crises have been used to expand the administrative state, often by allowing “temporary” measures to be left in place after a crisis has abated (think federal tax withholding during World War II).

“When [crises occur] … governments almost certainly will gain new powers over economic and social affairs,” wrote Higgs. “For those who cherish individual liberty and a free society, the prospect is deeply disheartening.”

Let’s take the novel coronavirus deadly seriously, but let’s not throw reason, prudence, or the Constitution out the window while doing so.

If we do, we may find the government’s “cure” for the coronavirus cure is even worse than the disease.

COLUMN BY

Jon Miltimore

Jonathan Miltimore is the Managing Editor of FEE.org. His writing/reporting has been the subject of articles in TIME magazine, The Wall Street Journal, CNN, Forbes, Fox News, and the Star Tribune. Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times.

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

Socialist Spending Bill Fails To Move Forward

Thank you for taking the time to send emails.


Socialism is hostile toward a wide range of liberties that Americans have cherished for hundreds of years.  Socialism is very oppressive toward religious liberties especially towards Christians and Jews.

“This is the biggest step toward socialism in my lifetime.”  U.S. Senator Lindsey Graham.

House Speaker Nancy Pelosi declined to take a vote on the $3.5 trillion dollar socialist spending bill by her September 30, 2021 deadline after approximately two dozen members of the house indicated that they would not vote for it.  Additionally, Senators Joe Manchin (D-West Virginia) and Kyrsten Sinema (D- Arizona) voiced their opposition to the fiscally irresponsible legislation.  Additionally, it appears that some other Democrat senators also indicated that they would not vote for the bill.

Since the overwhelming majority of Republicans are opposed to the $3.5 trillion dollar socialist spending bill Florida Family Association focused on encouraging 7 moderate Democrats in the Senate and 19 moderate Democrats in the House to oppose the legislation.   Florida Family Association launched several email campaigns that provided prepared emails for subscribers to send to these moderate Democrats.   These prepared emails were produced in a format that sent them through each subscriber’s own email client.  This embedded email format was chosen in order insure their delivery. Florida Family Association estimates that each official received over 15,000 emails from Florida Family Association subscribers.  Additionally and thankfully, there were conservative news media and talk shows that expressed grave concern regarding this radical legislation.

Why is Florida Family Association concerned about the $3.5 trillion dollar spending bill?  This legislation moves America ever closer to oppressive socialism.   U.S. Senator Lindsey Graham described the $3.5 trillion dollar spending bill as “This is the biggest step toward socialism in my lifetime.”  Socialism is hostile toward a wide range of liberties that Americans have cherished for hundreds of years.  Socialism is very oppressive toward religious liberties especially towards Christians and Jews.

High inflation and gas prices caused by recent excessive congressional spending are hurting millions of American families and threatening our economy.   Fox News Poll reports: “83% worry about inflation, majority says benefits hurting economy.  Inflation tops the list of economic concerns for voters– ahead of taxes, unemployment, the federal deficit, and interest rates.”   The increasing gasoline prices and energy costs will likely go even higher with the left’s obsession with the New Green Deal which is part of the $3.5 trillion reconciliation bill.

It is fiscally irresponsible for congress to throw more money on the inflation fire that will break the budgets of more American families and burden them with entitlement programs that will endure forever.   Additionally, the $3.5 trillion plan will require much more money from the private sector to pay for more entitlement programs thus pushing America even closer to socialism while hurting our robust economy.  This bill will increase energy costs and our dependence on foreign oil thereby weakening national security.

House Speaker Nancy Pelosi extended the deadline for voting on this irresponsible socialist legislation to October 30, 2021.  The $3.5 trillion amount will likely be reduced in order to garner votes.  However, the bill’s passage becomes much less probable following this failure and as the calendar nears the 2022 elections when voters will be more likely to hold these officials accountable.  Florida Family Association is prepared to launch more email campaigns if necessary.

Thank you for taking the time to send emails.  Your emails made a difference.

©Florida Family Association. All rights reserved.

Can The Government Mint a $1TRILLION Coin to Pay Its Bills?

Here’s why the fantastical notion of a trillion-dollar coin appearing out of thin air to pay the bills is so appealing—and perilous.


Gridlock in Washington, DC continues amid a fight over raising the debt ceiling, the legal limit on how much the federal government can borrow. Right now, the federal government will be unable to pay its bills on October 18 if the limit isn’t raised, which would prompt a default with disastrous economic ramifications. The most likely outcome is that Congress, in one way or another, comes together to raise the limit. But the deadlock is leading some progressives to push for an extreme and unusual solution.

What if the Treasury Department simply minted a $1 trillion platinum coin, deposited it, and used it to pay its bills without taking out new debt? Yes, seriously. The idea sounds fantastical, but is gaining traction.

“[President] Biden does have an ace in the hole if Congress doesn’t suspend the debt limit,” left-leaning economist Dean Baker wrote for CNN.com. “Due to a technicality in the law, the Treasury Department can print a platinum coin and assign a huge value to it—say, $1 trillion—and sell it to the Federal Reserve Board. This would get around the need to borrow.”

Others share Baker’s view. Writing for the Washington Post, Zachary D. Carter described the solution as “perfectly painless” and “economically meaningless.” New York Times columnist and left-wing economist Paul Krugman has endorsed the idea, as have members of Congress including Reps. Rashida Tlaib and Jerry Nadler.

But if this admittedly novel solution sounds too good to be true, that’s because it is.

In fact, there’s an intense debate over whether the federal government actually has the legal authority to pursue such a scheme. Florida Atlantic University economist and monetary policy specialist William J. Luther told FEE in an interview that he believes minting a $1 trillion “token” coin would be unlawful. (For wonky legal reasons explained in this thread.)

More importantly, it’s a bad idea on the policy front. For one, it undermines citizen accountability for the federal government’s spending policies.

“We don’t want bureaucrats at the Treasury circumventing the rules established by Congress,” Luther says. “If Congress wants to spend more without raising taxes, it needs to raise the debt ceiling. If it does that, voters can hold these elected officials accountable. But if you don’t have that vote, it’s hard to hold people accountable.”

Moreover, the economic ramifications of minting a $1 trillion coin are grave.

One of the most glaring concerns people raise with the idea is that minting a $1 trillion coin would lead to inflation by increasing the money supply while the economy otherwise is unchanged. But Luther explains that the Federal Reserve would likely counteract this effect.

“The Fed would neutralize the monetary effects of this coin by selling some of its treasury holdings back to the public and destroying the money it received,” the economist said. “On the one hand you have the Treasury creating a $1 trillion coin, on the other hand you have the Fed contracting the money supply by $1 trillion… so there’s no net monetary effect.”

This means inflation isn’t necessarily a worry—but also reveals why the $1 trillion coin is not actually “painless” or “economically meaningless.”

“Yes, it’s a way around the debt ceiling,” Luther explained. “[But] a trillion dollars that used to be in the private sector is now in the public sector.”

“There is a real resource constraint,” he continued. “Typically, if the government does more, the private sector does less… with some exceptions. [Generally], markets do the best they can with the resources they have. So, if the government bids more of those resources into its own projects, it is necessarily bidding those resources away from the alternative projects they would have been used to pursue. It doesn’t matter how they’re funded… those real resources are in the economy, the question is whether they’re going to be used by the public sector or the private sector.”

“We’re going to spend that $1 trillion on something,” Luther said. “If you spend a portion building a road, you’re going to have to hire employees, which means you’re bidding them away from other pursuits. You’re going to have to acquire machinery, which means you’re bidding away machinery from other projects. Those real resources are not going to be available for other purposes. Whenever the government is using real resources, that necessarily means someone else in the economy—the private sector—is not using those resources.”

Odds are, the bureaucratic and inefficient federal government will make worse investments with these resources than the private sector would have. After all, the free market allocates resources where they’re needed most in accordance with price signals. The government allocates resources based on lobbying and politics. So, it’s not even just a 1-1 trade-off facing us in the coin-minters’ fantasy, but likely even more lost in economic fallout.

Why does this matter? Well, progressives pushing this scheme are desperate to find a way they can fund their endless government spending ambitions and expansions of the welfare state without having to pay the price or deal with any consequences. That’s why the fantastical notion of a trillion-dollar coin appearing out of thin air to pay the bills is so appealing.

But there’s simply no getting around the basic economic reality of trade-offs and scarce resources, no matter how clever the scheme. Ultimately, government spending has costs that cannot be avoided—no matter how many trillion-dollar coins the Treasury mints.

COLUMN BY

Brad Polumbo

Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic Education.

WATCHNew Biden Vax Mandate Doesn’t Make ANY Sense (Here’s Why)

EDITORS NOTE: This FEE column is republished with permission. All rights reserved. Like this story? Click here to sign up for the FEE Daily and get free-market news and analysis like this from Policy Correspondent Brad Polumbo in your inbox every weekday.

Fauci: ‘Too Soon to Tell’ if Families Can Gather for Christmas [Video]

But it’s not too soon to indict and incarcerate this war criminal.

Fauci: ‘Too Soon to Tell’ if Families Can Gather for Christmas

By: Todd Starnes, October 3, 2021:

Dr. Anthony Fauci, President Biden’s chief medical adviser, told “Face the Nation” Sunday it’s “just too soon to tell” if families can gather for Christmas.

WATCH THE CLIP BELOW:

Many online have criticized Fauci for flip-flopping on masks, vaccines, and other issues from the very beginning of the pandemic. He told the American people there wouldn’t be mask or vaccine mandates, which he now supports.

RELATED ARTICLE: New Fauci Email Proves He Funded Lab Training for Wuhan’s Most Deadly Lab.

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

Quick note: Tech giants are shutting us down. You know this. Twitter, LinkedIn, Google Adsense, Pinterest permanently banned us. Facebook, Google search et al have shadow-banned, suspended and deleted us from your news feeds. They are disappearing us. But we are here. We will not waver. We will not tire. We will not falter, and we will not fail. Freedom will prevail.

Subscribe to Geller Report newsletter here — it’s free and it’s critical NOW when informed decision making and opinion is essential to America’s survival. Share our posts on your social channels and with your email contacts. Fight the great fight.

Follow me on Gettr. I am there. It’s open and free.

Remember, YOU make the work possible. If you can, please contribute to Geller Report.

Inflation Hits 30-Year High According to This Key Metric

It’s the biggest annual surge recorded since January 1991—roughly three decades ago.


Left-leaning media coverage has in recent weeks pushed the narrative that inflation is fading. But shocking new inflation numbers released today blow that media spin to smithereens.

The Labor Department just released the latest Personal Consumption Expenditures index (PCE), which is the Federal Reserve’s preferred metric for monitoring inflation. It shows a 4.3 percent rise in consumer prices from August 2020 to August 2021, with prices rising 0.4 percent last month alone. That’s the biggest annual surge recorded since January 1991—roughly three decades ago.

Even when factoring out volatile food and energy prices, the PCE still shows a 0.3 percent monthly rise in consumer prices and a 3.6 percent year-over-year increase. That’s the highest on that metric since May 1991!

This all may sound like abstract economic data, but it translates to a real erosion of everyday Americans’ living standards and purchasing power. As economist and FEE fellow Peter Jacobsen has previously explained, rising inflation means “the average consumer making the same salary this year has taken a pay cut when you consider what their paycheck can actually buy.”

Even the Federal Reserve is starting to acknowledge, much belatedly, that these persistent levels of inflation are not just a “temporary” problem.

“It’s also frustrating to see the bottlenecks and supply chain problems not getting better — in fact at the margins apparently getting a little bit worse,” Fed Chair Jerome Powell said earlier this week. “We see that continuing into next year probably, and holding up inflation longer than we had thought.”

“It’s very difficult to say how big those effects will be in the meantime or how long they will last,” he added.

Of course, Powell and his colleagues at the Federal Reserve have every incentive to downplay the inflation problem hurting Americans. After all, it is, in part, driven by the Fed’s own policy decisions.

As Jacobsen noted when the concerning inflation metrics first arose in May 2021, the Fed has created trillions of new dollars out of thin air during the pandemic to date. The natural consequence of this money-supply expansion, he explains, is that “If more dollars chase the exact same goods, prices will rise.”

But even the Fed’s preferred inflation metric, the PCE, is now recording the highest levels of consumer price increases measured in 30 years. This problem is becoming impossible for even the most obstinate observers to deny. And until policymakers change course, American families will continue to pay the price.

COLUMN BY

Brad Polumbo

Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic Education.


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

Smith & Wesson Abandons Massachusetts for Freedom-Loving Tennessee

An example every freedom loving American should follow.

Smith & Wesson Gun Maker Abandons Massachusetts for Freedom-Loving Tennessee

Iconic U.S. firearms maker Smith & Wesson has just ditched Massachusetts for freedom-loving Tennessee.

By Warner Todd Huston, October 1, 2021:

Iconic U.S. firearms maker Smith & Wesson has been headquartered in Massachusetts for 168 years, but that is no more as the company just ditched the deep blue state for freedom-loving Tennessee.

I a news release published on Thursday, the gun company announced that it has now finalized plans to move its manufacturing and corporate headquarters to Tennessee because of the state’s “unwavering support of the Second Amendment.”

S&W President and CEO Mark Smith said the decision was “an extremely difficult and emotional” one, but since Massachusetts passed a new law that would prevent it from manufacturing most of its products, the company was left with little choice.

“For the continued health and strength of our iconic company, we feel that we have been left with no other alternative,” Smith said, adding that even if the particular legislation were to be defeated, the continuing anti-gun atmosphere in the state made the future dicey at best.

“These bills would prevent Smith & Wesson from manufacturing firearms that are legal in almost every state in America and that are safely used by tens of millions of law-abiding citizens every day exercising their Constitutional 2nd Amendment rights, protecting themselves and their families, and enjoying the shooting sports,” the CEO explained.

Smith called the state’s attack on the Second Amendment “arbitrary and damaging.” But he praised Tennessee for its welcoming attitude.

“The strong support we have received from the State of Tennessee and the entire leadership of Blount County throughout this process, combined with the quality of life, outdoor lifestyle, and low cost of living in the Greater Knoxville area has left no doubt that Tennessee is the ideal location for Smith & Wesson’s new headquarters,” Smith said.

“We would like to specifically thank [Republican Gov. Bill] Lee for his decisive contributions and the entire state legislature for their unwavering support of the 2nd Amendment and for creating a welcoming, business friendly environment,” Smith added.

S&W is not the only Massachusetts-based gun company to make Tennessee its new home. Recently Troy Industries also ditched Mass. for a new home in Clarksville, Tennessee.

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

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