The Unforeseen Negative Effects of Biden’s Student Debt Forgiveness Plan

Biden’s Student Debt Forgiveness Scheme Is Unforgivable

Last week, President Biden announced he is creating a new program forgiving 10,000 dollars of student loan debt for those with income under 125,000 dollars a year. The amount rises to 20,000 dollars for borrowers who are Pell Grant recipients. Biden flip-flopped on the issue as he previously denied that the president has the authority to create a new student loan debt forgiveness program. He now claims a 2003 law allowing the Education Department to waive or modify provisions of federal student financial assistance programs to help students affected by war, other military operations, or a national emergency gives him the authority. Biden says debt forgiveness is necessary because of a continuing covid national emergency.

It seems odd that Biden would claim covid is a national emergency when even the Centers for Disease Control (CDC) has stopped recommending lockdowns, masks, and “social distancing.” A broad student loan forgiveness program also does not seem to fit the purpose of this statute, which was to provide student loan forgiveness for military personal, first responders, and others engaged in fighting the “war on terror.” Another basis offered for the president having the power to cancel the loans is a provision in the 1965 Higher Education Act that gives the Education Department limited authority to modify or forgive student loan debt. Given the Supreme Court’s recent decision narrowing the scope of a federal agency’s ability to unilaterally enact major new policies based on limited grants of authority, it is a definite possibility that the courts will overturn the student loan forgiveness program.

If the courts uphold the president’s action, then as many of 43 million Americans could have significant amounts, or even all, of their student debt forgiven. Of course, the debt does not go away; instead, the “forgiven” debt will simply be added to the national debt to be paid by the taxpayers either in the form of direct taxes or the hidden inflation tax. Thus, these loans will be paid off in part by taxpayers who did not go to college, paid their own way through school, or have already paid off their student loans. Since those with college degrees tend to earn more over time than those without them, this program redistributes wealth from lower to higher income Americans.

The student loan forgiveness will add between 300 and 500 billion dollars to the national debt. This is a greater increase in debt than the supposed “deficit reduction,” which consists of tax increase and expanding the IRS, contained in the phony Inflation Reduction Act.

President Biden also announced he is extending the student loans payment moratorium through the end of the year. “Temporary” federal benefits are rarely, if ever, truly temporary. When the time comes for the moratorium to expire, Congress will almost certainly extend it in response to pressure from constituents who benefit from the program, which includes colleges and universities in Congress members’ states and districts. The expectation that more student loan debt will be forgiven will also encourage more students to take out loans and will give colleges a new incentive to raise their tuition. This will raise the cost of the student loan and loan forgiveness programs.

Increasing debt caused by expanding student loans and loan forgiveness will increase pressure on the Federal Reserve to keep interest rates low, leading to continued price inflation and an eventual major economic crisis. A step in avoiding this and reversing course is convincing a critical mass of people to understand that the welfare-warfare state and the fiat money system that underlies it are impractical and immoral.

From Global Research, here.

How Was the COVID Virus Created?

The Biotech Plan To Destroy Us

Covid has generated a great of controversy, but one thing can’t be doubted. Covid, and the misguided attempts to combat it, have wreaked havoc since March 2022.  How was the Covid virus created? An answer, devastating in its implications, has just come to light. (Thanks to the heroic Ron Unz for tipping us off on this). What you’re about to read sounds like something you would expect from one of our authors at LRC, authors whom the Left is quick to dismiss as “conspiracy theorists.” But the person we’re talking about has impeccable leftwing credentials. He’s the economist Jeffrey Sachs, famous for his work on “sustainable development” and “third-world poverty.” You couldn’t miss reading about him in the mainstream media—at least until recently.

In an interview published online in Current Affairs, on August 22, “Prof. Sachs explains how he, as the head of the COVID-19 commission for a leading medical journal, [The Lancet] came to the conclusion that powerful actors were preventing a real investigation from taking place. He also explains why it is so important to get to the bottom of the origins of COVID: because, he says, there is extremely dangerous research taking place with little accountability, and the public has a right to know since we are the ones whose lives are being put at risk without our consent. “

The “official” view is that the Covid virus was an accident that came from contaminated animal parts in the Wuhan market in China. Sachs suggests that studies that purport to confirm this account have been faked. “Well, the funny thing is those scientists who are saying that said the same thing on February 4, 2020, before they had done any research at all. And they published the same statement in March 2020, before they had any facts at all. So they’re creating a narrative. And they’re denying the alternative hypothesis without looking closely at it. That’s the basic point. “

That’s the “official” truth, in other words the government lies, about Covid. What does Sachs think was really going on? “The alternative hypothesis is quite straightforward. And that is that there was a lot of research underway in the United States and China on taking SARS-like viruses, manipulating them in the laboratory, and creating potentially far more dangerous viruses. And the particular virus that causes COVID-19, called SARS-Cov-2, is notable because it has a piece of its genetic makeup that makes the virus more dangerous. And that piece of the genome is called the ‘furin cleavage site.’ Now, what’s interesting, and concerning if I may say so, is that the research that was underway very actively and being promoted, was to insert furin cleavage sites into SARS-like viruses to see what would happen. Oops!”

It gets worse. The “scientists” who published the “accidental market mishap” theory knew it was false, but they circulated this lie to cover up biotech research they didn’t want disturbed. “At the beginning, which we could date from the first phone call of the National Institutes of Health (NIH) with a group of virologists on February 1, 2020, the virologists said ‘Oh my god, that is strange, that could well be a laboratory creation. What is that furin cleavage site doing in there?’ Because scientists knew that was part of an active ongoing research program. And yet, by February 3, the same group is saying ‘No, no, it’s natural, it’s natural.’ By February 4, they start to draft the papers that are telling the public, ‘Don’t worry, it’s natural.’ By March, they write a paper—totally spurious, in my view—called the proximal origins paper that is the most cited bio paper in 2020. It said: it is absolutely natural. [Note: the paper’s conclusion is ‘we do not believe that any type of laboratory-based scenario is plausible.’] But they didn’t have any of the data that you read about in the New York Times. They didn’t have any of this. They just said the labs weren’t working on this alternative. But you know what, they don’t know what the labs were working on, because they never asked, and NIH hasn’t told us.”

Sachs is emphatic about this: “So my point is, there is a huge amount of reason to believe that that research was underway. Because there are published papers on this. There are interviews on this. There are research proposals. But NIH isn’t talking. It’s not asking. And these scientists have never asked either. From the very first day, they have kept hidden from view the alternative. And when they discuss the alternative, they don’t discuss the research program. They discuss complete straw men about the lab, not the actual kind of research that was underway, which was to stick furin cleavage sites into SARS-like viruses in a way that could have created SARS-Cov-2.

What I’m calling for is not the conclusion. I’m calling for the investigation. Finally, after two and a half years of this, it’s time to fess up that it might have come out of a lab and here’s the data that we need to know to find out whether it did.”

When you read this, you of course want to know more details about motives for the plot Sachs has uncovered. Sachs has an answer: “One thing that is rather clear to me is that there is so much dangerous research underway right now under the umbrella of biodefense or other things that we don’t know about, that is not being properly controlled. This is for sure. And that’s happening around the world. And governments say ‘don’t poke your nose into that.’ That’s our business, not your business. But it’s actually our business. It’s our business to understand what is going on with this. This is not to be kept secret. We don’t trust you.

Continue reading…

From LRC, here.

Why Is Ellul Davka in the Agricultural Season?

Ten Daze of Teshuva

A faithful chasid, who had spent an uplifting Rosh Hashana in Belz, basking in the presence of the holy R’ Yissocher Dov zt”l, prepared to return home on Tzom Gedalia. He entered the Rebbe’s sanctum and requested a farewell blessing. To his surprise, the Rebbe told him to stay behind in Belz.
“Today is a fast-day. You will certainly find the journey taxing, and will have no headspace to learn Torah. Tomorrow, you will be drained from the ride and need a rest. Instead of spending two days without any Torah, stay here in Belz and learn without distractions.”
“But, Rebbe…! You know that I am a vintner, and my work is very seasonal. Harvesting at the right time is one of the crucial steps in producing good wines. And that time is now. I can’t afford to miss it. Furthermore, many poor Jews are relying on me for employment in the vineyards. For them too, every day counts; time is money!”
“The Aseres Yemei Teshuva must be spent studying Torah and works of Mussar,” countered the Rebbe, unconvinced.
After hearing such firm words, the chassid decided that he would heed them, irrespective of the impending financial losses.
Hearing his chassid’s decision, the Rebbe turned to him and said, “I’ve always had the following question: Why on earth did Hashem choose the months of Elul and Tishrei as months of Judgement and a 9-day holiday? It’s the busiest time of the agricultural year! In fact, the Torah itself refers to Sukkos as the Holiday of the Gathering [of the crops]. It would have been so much more convenient to relegate these holy days to the winter months of Teves and Shevat, when the days are short, the nights are long, and you have plenty of spare time for Torah study, etc.!
“The answer is that had these days been placed during the ‘easy’ months, then any slacking off from Teshuva would have been viewed in Heaven as a great infraction. But since the Teshuva period was set for the year’s pressurized months, even a small amount of sincere Teshuva is considered of value in Heaven. A person who steals time from his work to enter the Beis Hamidrash, even for a few minutes here and there, will be rewarded amply. How kind it is of Hashem to create such a beneficial arrangement.”
With that message firmly embedded in the chassid’s mind the Rebbe deemed it safe to send him home. “Vos a Yid tut iz altz revach. For gezunterhait!” [What a Jew does now is all profitable. Off you go, to your home, and may you be successful!]
[Tiferes Banim (Toisig) Vol 2 P223-4]

You Support ‘Limits to Growth’? Fine. Accept Them Personally!

Jordan Peterson from behind the Telegraph paywall:

Peddlers of environmental doom have shown their true totalitarian colours

Deloitte is the largest “professional services network” in the world. Headquartered in London, it is also one of the big four global accounting companies, offering audit, consulting, risk advisory, tax and legal services to corporate clients.

With a third of a million professionals operating on those fronts worldwide, and as the third-largest privately owned company in the US, Deloitte is a behemoth with numerous and far-reaching tentacles.

In short: it is an entity we should all know about, not least because such enterprises no longer limit themselves to their proper bailiwick (profit-centred business strategising, say), but – consciously or not – have assumed the role as councillors to believers in unchecked globalisation whose policies have sparked considerable unrest around the world.

If you’re seeking the cause of the Dutch agriculture and fisheries protests, the Canadian trucker convoy, the yellow-jackets in France, the farmer rebellion in India a few years ago, the recent catastrophic collapse of Sri Lanka, or the energy crisis in Europe and Australia, you can instruct yourself by the recent pronouncements from Deloitte.

Whilst not directly responsible, they offer an insight into the elite groupthink that has triggered these events; into the cabal of utopians operating in the media, corporate and government fronts, wielding a nightmarish vision of environmental apocalypse.

Outlandish claims

In May this year, Deloitte released a clarion call to precipitous action trumpeting the climate emergency confronting us. Called ‘The Turning Point: A Global Summary’, it is a stellar example of a mentality more common among officials in the EU: one of fundamental bureaucratic overreach (and one which generated Brexit – a very good decision on the part of the Brits, in my view) that threatens the very survival of that selfsame EU.

The report opens with two claims: first, that the storms, wildfires, droughts, downpours, and floods around the globe in the last 18 months are unique and unprecedented – a dubious claim – and implicitly that the “science” is now at a point where we can say without doubt that experts can and must model the entire ecology and economy of the planet (!) and that we must modify everyone’s behaviour, by hook or by crook, to avoid what would otherwise be the most expensive environmental and social catastrophe in history.

The Deloitte “models” posit that “climate impacts” could affect global economic output, and say that unchecked climate change will cost us $178 trillion over the next 50 years – that’s $25,000 per person, to put it in human terms.

Who dares deny such facts, stated so mathematically? So precisely? So scientifically?

Let’s update Mark Twain’s famous dictum: there are lies, damned lies, statistics – and computer models.

“Computer model” does not mean “data” (and even “data” does not mean “fact”). “Computer model” means, at best, “hypothesis” posing as mathematical fact.

No real scientist says “follow the science.” Yet this is exactly what bodies such as the EU consistently pronounce, pushing for collectivist solutions that do more harm than good.

Solutions in sovereignty 

What might we rely on, instead, to guide us forward, in these times of accelerating trouble and possibility?

Valid authority rests in the people. Truly valid structures of authority are local, not centralised for reasons of efficiency and “emergency”. This must not become the generation of yet another top-down Tower of Babel. That will not solve our problems, just as similar attempts have failed to solve our problems in the past.

Ask yourself: are these Deloitte models – which are supposed to guide all the important decisions we make about the economic security and opportunity of families and the structures of our civil societies – accurate enough even to give those who employ them any edge whatsoever, say, in predicting the performance of a stock portfolio (one based on green energy, for example) over the upcoming years?

The answer is no. How do we know? Because if such accurate models existed and were implemented by a company with Deloitte’s resources and reach, Deloitte would soon have all the money.

That is never going to happen. The global economy, let alone the environment, is simply too complex to model. It is for this reason, fundamentally, that we have and require a free-market system: the free market is the best model of the environment we can generate.

Let me repeat that, with a codicil: not only is the free market the best model of the environment we can generate, it is and will remain the best model that can, in principle, ever be generated (with its widely distributed computations, constituting the totality of the choices of 7 billion people). It simply cannot be improved upon – certainly not by presumptuous power-mad utopians, who think that hiring someone mysteriously manipulating a few carefully chosen numbers and then reading the summarised output means genuine contact with the reality of the future and the generation of knowledge unassailable on both the ethical and the practical front.

The impact of delusional thinking

Why is this a problem? Why should you care? Well, the saviours at Deloitte admit that there will be a short-term cost to implementing their cure (net-zero emissions by 2050, an utterly preposterous and inexcusable goal, both practically and conceptually). This, by the way, is a goal identical to that adopted last week by the delusional leaders of Australia, which additionally committed that resource-dependent-and-productive country to an over 40 per cent decrease by 2005 standards in “greenhouse gas emission” within the impossible timeframe of eight years. This will devastate Australia.

Here is the confession, couched in bureaucratic double-speak, from the Deloitte consultants: “During the initial stages the combined cost of the upfront investments in decarbonization, coupled with the already locked-in damages of climate change would temporarily lower economic activity, compared to the current emissions-intensive path.”

The omniscient planners then attempt to justify this, with the standard empty threats and promises (the suffering is certain, the benefits ethereal): “those most exposed to the economic damages of unchecked climate change would also have the most to gain from embracing a low-emissions future.” Really? Tell that to the African and Indian populations in the developing world lifted from poverty by coal and natural gas.

And think – really think – about this statement: “Existing industries would be reconstituted as a series of complex, interconnected, emissions-free energy systems: energy, mobility, industry, manufacturing, food and land use, and negative emissions.”

That sounds difficult, don’t you think? To rebuild everything at once and better? Without breaking everything? Fixing everything in a few decades in a panicked rush while demonising anyone who dares object?

And what will it take to do so? Here’s the most alarming part: nothing more than “a coordinated transition” that “will require governments, along with the financial services and technology sectors to catalyze, facilitate and accelerate progress; foster information flows across systems; and align individual incentives with collective goals.”

A clearer statement of totalitarian inclination could hardly be penned.

Certain outcomes versus predicted outcomes

The one thing the Deloitte models guarantee is that if we do what they recommend we will definitely be poorer than we would have been otherwise for an indefinite but hypothetically transitory period.

Yet any reduction in economic output (however “temporary” and “necessary”) will be purchased at the cost of the lives of those who are barely making it now. Period.

Have you noticed that food has become more expensive? That housing has become more expensive? That energy is more expensive? That many consumer goods are simply unavailable? Can you not see that this is going to get worse, if the Deloitte-style moralists have their way? How much “short-term pain” are you going to be required to sustain? Decades worth? All your life, and the life of your children?

It’s very likely. For your own benefit. Remember that.

All this painful privation is not only not going to save the planet, it’s going to make it far worse.

I worked for a UN subcommittee that helped prepare the 2012 report to the Secretary-General on sustainable development. Whether or not it was a good idea to contribute to such a thing is a separate issue: I do believe at least that the report would have been much more harmful than it was without the input of the Canadian contingent. We scrubbed away several layers of utopianism and Cold-War era conceptualisation and cynicism. That was something.

I garnered a key and crucial insight from the several years’ work devoted to my contribution: I learned that the fastest and most certain pathway forward to the future we all want and need (peaceful, prosperous, beautiful) is through the economic elevation of the absolutely poor. Richer people care about “the environment” – which is, after all,outside the primary and fundamental concern of those desperate for their next meal.

Make the poor rich, and the planet will improve. Or at least get out of their way while they try to make themselves rich. Make the poor poorer – and this is the concrete plan, remember – and things will get worse, perhaps worse beyond imagining. Observe the chaos in Sri Lanka, if you need proof.

There are clearly more important priorities than costly and ineffective emergency climate change reductions. Bjorn Lomborg’s work (among others such as Marian Tupy and Matt Ridley) has demonstrated that other pressing problems could and should take political and economic priority, from the perspective of good done per dollar spent.

Money could and should be spent, for example, to ensure the current health and therefore future productivity (and environmental stewardship) of currently poor children in developing countries. How about remedying the actual world of pain and deprivation of such children rather than saving the hypothetical world, and the hypothetical world of future children, in abstraction?

Stirrings of revolt

Citizens are waking up to this. Dutch farmers and fishermen are rising up, Canadian truckers are pushing back. Such protests are spreading, and increasing in intensity. As they should.

Why? Because, Deloitte consultants, and like-minded centralists are pushing things too far. It will not produce the results they are hypothetically intending. This agenda, justified by emergency,  will instead make everyone poorer, particularly those who are already poor. This use of emergency force will, instead, make the lives of the working men upon whom we all depend for our daily bread and shelter more difficult and less rewarding.

Finally, this use of emergency force will also make the “environment” worse, not better. Why? If you wreck your temporary economic havoc, to (eventually) remediate the world, those whom you sacrifice so casually in the attempt will descend into chaos. In that chaos, they will then, by necessity, turn their attention to matters of immediate survival – and in a manner that will stress and harm the complex ecosystems and economies that can only be maintained with the long-term view that prosperity and nothing else makes possible.

Critics of my view will say “we have to accept limits to growth.” Fine. Accept them. Personally. Abandon your position of planet-devouring wealthy privilege. Join an ascetic order. Graze with the cattle. Or, if that’s too much (and it probably is) then purchase an electric car, if you want one (but no diesel-powered emergency backup vehicle or electric power generator for you). Buy some stock in Tesla. That’s probably the best bet (but you don’t approve of Elon Musk, do you?). Stop flying. Stop driving, for that matter. Get on your bike, instead. In your three-piece business suit. In the winter, if you dare. I’ll splash you with icy and salty slush as I drive by, in my evil but warm Ford Bronco SUV, and help you derive the consequent delicate pleasure of your own narcissistic martyrdom.

Save the planet with your own choices. But quit demanding that the rest of us blindly follow your diktats. Quit demonising and castigating us, merely because we don’t just happily cede to you all the extant power. We’re not evil just because we don’t believe that you are omniscient. We’re not evil just because we don’t want you to assume omnipotence and omnipresence too.

There is simply no pathway forward to the green and equitable utopia that necessitates the further impoverishment of the already poor, the compulsion of the working class, or the sacrifice of economic security and opportunity on the food, energy and housing front. There is simply no pathway forward to the global utopia you hypothetically value that is dependent on force. And even if there was, what gives you the right to enforce your demands? On other sovereign citizens, equal in value to you?

An alternative solution

A better way forward would be to prioritise the problems that beset all of us on this still-green, functional and increasingly abundant planet with the requisite focus and attention demanded of a true political class, elected by the people, capable of and willing to  look at everything, trying to fix where necessary, trying to maintain as much freedom and autonomy as possible, and stop simply capitalising narcissistically on the mere appearance of action, knowledge and virtue.

We should obtain true, cooperative consent from those affected – farmers, truckers, working-class people who have turned in irritated desperation to figures such as Donald Trump – and work with them, rather than forbidding them with your power or improving them so they will be finally worthy of your time and attention. Help replace dirty energy with clean, if you must, but do it on your own dime, and make sure that the results are cheap and plentiful, if you want to help the poor, and the planet.

The warning bells are ringing. Listen to them, before they turn into sirens.

We will not advance without resistance through the straits of your enforced privation. We will not allow you to steal and destroy the energy that makes our lives bearable (and that produces our food and shelter and housing and the sporadic delights of modern life) just to address your existential terror (particularly when it will fail to do so in any case). We will not allow our children to be criticised first for having the temerity to merely exist and then be deprived of the prosperous and opportunity-rich future we strived so hard to prepare for them. We remain unconvinced of your frightened and self-congratulatory moralising and intellectual pretension, ignorance of the limits of statistics, and misuse of arithmetic.

We do not believe, finally and most absolutely, that your declared emergency and the panic you sow because of it means that you should now be ceded all necessary authority.

So leave us alone, you centralisers; you worshippers of Gaia; you sacrificers of the wealth and property of others; you would-be planetary saviours; you Machievellian pretenders and virtue-signallers, objecting to power, all the while you gather it around you madly.

Leave us alone, to prosper or not, as a result of our own choices; as a result of our own actions; in the exercise of our own requisite and irreducible responsibility.

Leave us alone. Or reap the whirlwind. And watch the terrible destruction of what you purport to save, in consequence.