COVID PPP Fraud Could Exceed $100,000,000,000

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Unleash Prosperity Hotline
Issue #703
02/01/2023
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1) COVID PPP Fraud Could Exceed $100,000,000,000
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We’ve been reporting on these pages for almost three years of the massive fraud and financial incompetence of the trillions of dollars of Covid programs. This has been the biggest heist in American history and Dems shrug and say this is just a cost of doing business.

Finally, we have the House Oversight Committee held hearings on the fraud in the $800 billion Paycheck Protection Program.

Committee chair James Cormer compares the government’s incompetent oversight to the swindle of the “big bank bailout” of the Great Recession.

Here are just a few facts about the massive scale of PPP fraud:
* More than 15% of a sample of PPP loans had at least one indication of potential fraud. Around 1.8 million of the PPP's 11.8 million loans showed signs of fraud, according to an academic working paper cited by The New York Times.
* Researchers estimate that $76 billion in PPP loan money was taken illicitly. That’s almost 10% of the program’s nearly $800 billion budget. Some estimate a 12% fraud rate with would be $100 billion stolen from taxpayers.
* Financial lenders had the highest rate of “suspicious PPP loans. They made almost 30% of all PPP loans but accounted for more than half of its suspicious loans to borrowers
* The Chicago Sun-Times reports that the percentage of “suspicious loans” in the Chicago area was - are you ready for this - 35%!!

Did the government do anything about it? No. Most of those PPP loans were just written off at a loss and were forgiven, meaning they didn’t need to be repaid.”

And never will be. Just a cost of the government doing business.

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2) California Exodus Becoming A Stampede
Amazing analysis by the San Francisco Chronicle based on data from the California State Department of Finance.

California LOST a net 500,000 people to other states in just the last two years. [link removed]

Over the last 10 years, the state has lost one million domestic migrants. (This excludes immigrant entries from other countries.)

The chart below shows that nearly with each passing year, the flea market accelerates.

Los Angels has lost 300,000 residents to migration.

California Governor Gavin Newsom is regarded as a star performer by the Democratic Party. If he were to become president of all 50 states, then where would people flee? The Cayman Islands?

Talk about paradise lost!

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3) Bogus CNN Story On Deaths Of Kids From COVID
We pointed out yesterday that the official data now show for the last three years Covid caused a tiny number of deaths among children.

But then we see a new JAMA paper hyping COVID as "a leading cause of death in children" on CNN the last couple of days.

An earlier version of the same “study” was cited by the CDC in their pitch for child vaccination -- with the embarrassing error that it compared 26 months of COVID deaths to 12 months of deaths from other causes.

COVID data ace citizen-journalist Kelley Krohnert caught that error and the paper was revised.

Krohnert dismantles their frightening headline conclusion by the researchers at Imperial College in London that Covid was the “eighth leading cause of death of children:”

Is the 8th best scorer on your favorite sports team considered a “leading” scorer? That probably depends on who you ask, and how the points are distributed among players. What if that player only scored ~2% of the team’s points that season? Ranking just doesn’t tell the story very accurately. But it is an effective way to stir up fear about children and Covid, and bring out all the “experts” who fought to keep schools closed, sports cancelled, and children masked in perpetuity.

Her whole post is worth reading: [link removed]

By the way, accidents, such as falling down the stairs were responsible for about NINE times as many deaths as Covid for teens and children. One out of 100,000 kids and teens died from the virus.

This overstates the deaths for this age group because Covid crowded out the normal flu, which made overall pediatric respiratory deaths normal in the pandemic years.

Kelley's analysis won kudos from University College London Genetics Institute director Francois Balloux:

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4) Biden Wants Three More Months Of COVID Emergency
The Senate voted three times on immediately terminating the COVID emergency last year and it passed all three times – with growing Democratic support on each attempt, reaching 62 votes in November.

Nancy Pelosi never allowed a House vote. But House Republicans scheduled a vote for this week – likely today or tomorrow – and it was setting up as an embarrassing defeat for Biden with a large block of House Democrats likely to vote no.

That’s why Biden announced an end to the emergency in May, to give Dems cover to vote no.

That’s outrageous. The emergency ended a year and a half ago. It is dangerous and - to borrow a term from Biden - a “threat to democracy” to have the president act as a dictator.

One reason Biden doesn’t want to end the emergency: it allows him to continue dishing out money to his voters (I.e. student loan forgiveness and welfare benefits) unilaterally.

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5) Biden ESG Rule Takes Effect — But For How Long?
The Labor Department's new rule allowing fund managers to allocate assets based on ESG considerations rather than financial returns (prohibited under Trump's Labor department) took effect this week, but 25 state AGs have sued to block it.

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The full text of the lawsuit is available here:

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The case was filed in the Northern District of Texas – probably not coincidentally the same jurisdiction where the Obama-era Fiduciary Rule was struck down.

We have noted many times that ESG funds have severely underperformed other investment funds. Biden's outrageous rules - if allowed to stand - will cost Americans dearly in their smaller retirement nest eggs.

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6) Let's Fly

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