Biden’s Never-Ending Student Loan Scam: “The Supreme Court Didn’t Stop Me”
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Unleash Prosperity Hotline – Weekend Edition
Issue #962
02/23/2024, 02/24/2024, 02/25/2024
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1) Biden’s Never-Ending Student Loan Scam: “The Supreme Court Didn’t Stop Me”
President Biden has struck again in his efforts to buy millions of votes from young voters this November.
Yesterday over a hundred thousand emails went out under Joe Biden's name telling borrowers their loans had been discharged – we assume the "vote for me" was left as subtext.
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In some ways, Biden’s latest move is his most brazen yet. Other federal loan repayment plans forgive balances, but only after 20 to 25 years of payments. The Biden plan will require only 10 years of payments and will allow the Secretary of Education to FULLY cancel the loans of borrowers who he subjectively thinks “are at least 80 percent likely to be in default in the next two years.”
In other words, if a borrower meets one or more of the 17 categories of “hardship,” the loan is canceled in full.
This is likely a more costly and sweeping approach than the original Biden forgiveness plan that the Supreme Court invalidated last year. That plan capped cancellation of any borrower’s debt at $20,000, while the new plan can wipe out debts in full. The old plan was for a one-off forgiveness while the new plan allows the DOE to cancel debts on an ongoing, continuous basis.
College tuition has skyrocketed in large part BECAUSE OF all the federal subsidies, which administrations are happy to capture in tuition increases. Creating the expectation that loans will eventually be dumped on taxpayers can only make that worse.
Why are taxpayers on the hook to pay for deadbeats who don’t pay their loans? Why aren’t the universities who bilked families in the first place the ones who should be “forgiving” these loans?
And for all the tens of millions of Americans who HAVE paid back student loans, we have one word for you: SUCKER!
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2) Chart of the Day
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3) Chicago Suing Oil Companies for City’s Bad Weather
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Chicago’s Marxist Mayor Brandon Johnson’s latest gambit is to sue the oil companies for the crime of keeping the lights and heat on, and the factories and hospitals running in the Windy City.
Well, that’s not EXACTLY the way the mayor puts it. But that IS what oil companies do.
The city’s lawsuit alleges the six major oil companies — Exxon Chevron, et al — are running “a campaign of climate change denial” and that this harmed the city’s residents because of shoreline erosion and hot summers.
Yes, ladies and gentlemen of the jury, the mayor is actually blaming bad weather along the Lake Michigan lakefront on oil companies. “We will hold them accountable,” the mayor says of this shakedown. Too bad Jane Byrne — the Chicago mayor who got tossed out of office for failing to shovel the snow during an epic snowstorm — didn’t think of climate change as her excuse.
It’s all bogus finger-pointing given that the air has seldom been cleaner in Chicago thanks to the transition to natural gas, the shoreline was already receding for decades, and this city has had 100 years of extreme weather events. Given that Chicago has some of the most frigid weather in the nation, a little warming is better described as climate improvement not climate change.
What’s scary is that a jury of the residents of Chicago who elected this crazy mayor may actually buy this scam suit.
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4) Net Zero Fanaticism Is Deindustrializing the West
More than 100 major European companies have just launched the “Antwerp Declaration,” in which they jointly call on the European Union to relax carbon restrictions, lower energy costs and expand domestic mining for resources. The companies span the width of the economy – from chemicals to pharmaceutical to engineering firms.
Without such relief, the companies warn that European car companies could become endangered species. China has leveraged massive amounts of state aid and loans to flood the continent with Electric Vehicles that create a new reality: “sites are being closed, production halted, people let go… Europe needs a business case urgently.”
For once, the companies are not emphasizing raising tariffs to fight the Chinese, though the Declaration does make an unfortunate call for a government-subsidized "Clean Tech Deployment Fund." They are on firmer ground when they emphasize that China has vastly lower power costs while European prices have soared – in large part because offshore oil fields have been capped and fracking all but banned everywhere.
Luca de Meo, CEO of the French car maker Renault, notes that “with the internal combustion engine, our leadership was undisputed…and it was a barrier to entry for newcomers. Today, Europeans find themselves in a position of relative fragility”. Car makers point out that under current EU law, the sale of gas cars will be banned in 2035, thus ceding the Chinese a wide-open playing field.
America is now following in Europe’s footsteps.
We need an anti-net zero business revolt here in the U.S.
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5) Ohio Could Become 10th State without an Income Tax
Many of the states with no income tax — like Alaska, Texas, and Wyoming — have oil, gas, and mineral revenues to pay their bills. Ohio could follow that model by using natural gas revenues from the Marcellus Shale to finance the repeal of the income tax.
...Mathews said that lawmakers will have to find $8 billion to balance the budget after getting rid of the tax.
“We were able to find that $8 billion by looking at options without raising taxes and by looking at unleashing the resources underneath us whether that’s natural gas or otherwise,” said Mathews.
The bills would gradually reduce the tax rate each year until by 2030 the income tax would be eliminated.
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6) Isn’t the Dog’s Owner Responsible?
New FOIA disclosures reveal President Biden’s German Shepherd “Commander” bit Secret Service agents at least 24 times.
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