“I find it absurd that a president could attempt this and get away with it unless someone other than taxpayers were harmed.”
Unenlightened, crass, pure kleptocracies without any redeeming qualities at all; will always be harmful to “taxpayers.”
It’s whom the subhuman garbage “owning” and “running” such places, by necessity have to prey on for all they have. Being, themselves, utterly incapable of doing anything more useful and complicated than crassly stealing from others. Under one childish supposed “institutional” guise or another. “It’s the law!!!”, “democraciiiii!!!”, the illiterate trash keep chanting. As if mindlessly regurgitating ill defined platitudes far beyond anything their pea sized brains could ever hope to comprehend, somehow make simple, crass theft from betters any more acceptable.
david halte
1 year ago
Biden’s account of unpaid spending bills grows. Stop Gap, Chips, and Infrastructure Bill, almost $3T at inflated prices. A few weeks ago, Yellen (who is responsible for funding the projects) complained of no liquidity in the Treasury market. Her plan was to capitalize payments by extending maturing Treasury debt. Unlikely there’s this amount of maturing debt. By fortunate coincidence, 10-year Treasury yields dropped, saving $15B in yearly service debt.
Tuition bailout now requires $18B a year to service. Remember, Biden’s original justification to fund tuition bailout was from a projected reduction in the federal budget. Which turned into a $1.5T shortfall.
Biden’s 2021 pandemic stimulus is widely believed to have created much of the current inflation. $1.9T at 10-year Treasury rate of 1.5 percent, produced a yearly service debt of $29B. Biden’s unpaid spending bills (not including tuition bailout) generates 4 times the yearly service costs.
Regardless, Biden is going to run in 2024. Will DeSantis be able to promote how he has managed Florida’s economy better?
Jojo
1 year ago
Something to ponder:
========
The Case for Abolishing Elections
They may seem the cornerstone of democracy, but in reality they do little to promote it. There’s a far better way to empower ordinary citizens: democracy by lottery.
I’m laughing, while I agree in premise, there are some people you absolutely DO NOT want in office….remember the “Rent’s too damned high” guy back in 2010?
Furthermore; if for some reason the currently popular ones somehow favor democrats; all that demonstrates, is the political affiliation of the ones who wrote them. Even the original inventors of that nonsense, used to quip they were mainly a test for “Jewishness.”
Furthersquaredmore: Evolution doesn’t somehow generate unnecessary complexity. If God and/or evolution could have compressed the universe, or life on earth, or humanity further; all of them would have been smaller, and simpler, than they are today. Meaning: There are no shortcuts. No way of ‘measuring “intelligence” ‘, which is simpler than running all possible choices someone could make over a lifetime (of oneself or ones entire genetic past and future projections…) a statistically significant number of times. Then compare. Only people specifically lacking ANY intelligence at all; busy themselves trying to universally describe inherently complex environments with simple “measures.” Whether the idiocy-du-jour being IQ, GDP, or the rest of the nonsense.
My point, nature is often more complex by necessity than we want to believe, our “version” of nature is usually underestimated.
..
lamlawindy
1 year ago
The Court didn’t rule on constitutional grounds: It ruled that the Executive Branch violated the Administrative Procedure Act. This is standard in American jurisprudence: the constitutional avoidance doctrine calls for abstinence on ruling on constitutional grounds if statutory grounds are available.
Captain Ahab
1 year ago
Rather than discussing the legal complexities of a purely political move, IMHO the more pressing issue is how to achieve a cost-effective/quality higher education for a woke generation of students when faculty and administrators are 98% extreme progressive?
This is an opportunity for Republicans, assuming they gain control of the House–particularly now that a Trump-judge has struck down the Biden giveaway. If they don’t do something to address the high cost of tuition, they will pay for it in 2024.
“Rather than discussing the legal complexities of a purely political move”
It’s not rocket science to say Biden knew it wasn’t Constitutional, to wit, his motive would be –
“particularly now that a Trump-judge has struck down the Biden giveaway. If they don’t do something to address the high cost of tuition, they will pay for it in 2024.”
All Biden has to do is announce a proposal once the midterms are settled.
It’s akin to Bugs Bunny drawing a line in the sand, challenging Yosemite Sam to cross it repeatedly to get Sam where he wants him.
“IMHO the more pressing issue is how to achieve a cost-effective/quality higher education for a woke generation of students when faculty and administrators are 98% extreme progressive?”
Stop printing money; Gold at $1/gram; same-day-by-sunset final settlement of all court cases; no activity taxation; no court administered “fines”; and get the government out of anything not specifically authorised by the constitution, and perhaps some of the things there authorised.
Not really any different from the “solution” to any of the untold other simple-result-of-excessive-government “problems” plaguing our current day dystopia. Just “Stop the Steal,” and “Kick the Bums Out.” For real. Not just as silly talking points later meaning-of-is-is’ed into standing for the exact opposite.
lil_neezy
1 year ago
I think you’re confused on which HEROES act this is. It’s not the one for COVID from 2020. It’s the one from 2003 signed by Bush.
It pretty explicitly gives the president the right to waive student loans if they’re in the military or were harmed by a national emergency.
RonJ
1 year ago
“The unfortunate setup is that no one can challenge clearly unconstitutional executive orders without standing.”
Then we don’t really have a constitution, do we? The president becomes a dictator.
klausmkl
1 year ago
Right after the election, without a penny being paid off. I love it, a classic bait and switch. Sure use the Republican Judge a Trump, apointee as the bad guy. Watch no debt will ever be paid by our government. Get to work millenials.
RonJ
1 year ago
“A Federal Judge Strikes Down Biden’s Student Loan Forgiveness, the Right Move?”
Per the Constitution, in which legislative power is vested in Congress. It seems though, that the people who take an oath to uphold the Constitution, treat the oath as a joke. How much of the Patriot Act is unconstitutional, for one? The Supreme Court didn’t get around to ruling on Habeas Corpus, until after the Civil War. My, how convenient. Will the Covid pandemic abuses by the government be rectified?
Lisa_Hooker
1 year ago
The foresight of the United States of America is limited to 2 years and 4 years.
Seems insane that tax-payers cannot be considered to have damages.
Of course everybody is only loaning and using the government’s money.
LM2022
1 year ago
As political theater it worked perfectly. Assuming Biden knew this would get knocked down by the courts he can claim he tried to do something and the republicans stopped him. The under-40s already detest republicans, and this just sealed their fate.
It’s not just student loans. This gambit is used on every hot button issue: immigration, crime, abortion, loans, inflation, debt, etc. It is good to see people finally starting to wake up that it’s everyone for themselves, politicians aren’t going to save anyone. What politicians WILL DO is use these hot button issues to get suckers to send in their nickels and dimes to “address the issue” because the other party isn’t doing it of course.
Remember that “big beautiful wall?” How many suckers sent in money to build the wall then nothing got done? “Drain the swamp?” What a joke. The big orange clown is supposed to announce running later this week, let’s see what cliches he pulls out of the tool box then watch the suckers eat it up.
Bread and Circuses were popular in Rome, until the empire fell. Then came the Dark Ages.
Six000mileyear
1 year ago
What I find disturbing is a law or action can be procedurally unconstitutional based on one branch usurping another branch’s powers, but someone still has to have a “standing” to bring a lawsuit. Just being a citizen should be sufficient to file a procedural violation claim in court because the government is breaking a contract (the US Constitution) with the people.
Lisa_Hooker
1 year ago
Absolutely the wrong thing to do! /s
Now when are they going to forgive my mortgage?
And my credit cards.
Please let me know the timing so I can put a bit more debt on the cards.
Credit cards can be “forgiven” by courts through bankruptcy. Should every investor invested in banks file suit and complain that they aren’t getting the 20% interest promised? As for mortgages, for many years there were tax breaks on mortgage interest, did you protest and hand that money back to investors?
As i stated in another thread, every child born in America is born saddled with the debts from their ancestors through no fault of their own, when do they get relief?
Precisely the debt that Thomas Jefferson was afraid of and it is apparent from recent American history there is nothing the American political system is willing to do about it. Obviously they only want to increase debt.
I was merely pointing out that as long as the politicos are giving away money to debtors I want my “fair” share. I’m tired of being continually punished for being prudent and frugal.
I am merely pointing out that everyone is part of the graft system in some way, shape or form. My income is so high that I don’t qualify for any tax deductions. No college hope credit, no child credits, no medical credits, nothing. Free money during covid? I got ZERO and I know people that got thousands.
I’m lucky if I don’t end up paying taxes then AMT to an even higher rate. I do get the ‘standard deduction’ so if some tax break happens to come my way at the right time and under the right circumstances, I’m not going to complain about it. I pay far more than I get back compared to the average person.
I got into rental properties to start offsetting taxes so things have been getting better but it is still high and who knows what Biden will do but I’ll work through it like I always have.
“Precisely the debt that Thomas Jefferson was afraid of and it is apparent from recent American history there is nothing the American political system is willing to do about it. Obviously they only want to increase debt.”
Morally, Jefferson was definitely correct over Hamilton, but Jefferson was a bit oversimplistic.
That said, in a global Darwinist economy with foreign states using leverage to be more competitive, it’s much more complicated than balancing a household budget.
I’d wager a more realistic goal for the U.S. is to compare debt to GDP globally and work from there.
Papa, it figures the first thing you’d immediately home in on is availability of physical force.
Indirectly they control the US Army, US Navy, US Marines, US Air Force, US Space Force, US Coast Guard (sorta military) and all the military hardware/software vendors.
Makes “some” sense to me. To each their own. Yet you still feel compelled to make a lot of political commentary here. Interesting.
I prefer to keep my primary focus on what I can do to improve my situation. Anarchy isn’t on my agenda.
The Asian and oil markets will be open soon and I can return to my primary focus. The weekend commentary here is a useful distraction when I have some free time.
worleyeoe
1 year ago
The EO dropped in late August and its foundation is built on Biden declaring a national COVID health emergency. Three weeks later he goes on 60 Minutes and says the pandemic is OVER. As expected, his EO is starting to get hammered in court, so he’s forced to take down the student relief registration site. And now just the other day, he declares the emergency will extend through January 2023. Noting in those statements makes any sense legally or ethically.
It’s absolutely stunning to see so many people blindly voting for this guy’s party. Inflation, Crime & open borders apparently don’t matter. What matters is giving government the power to give away free money & kill unborn babies.
And I’m worried about the as-yet-unconceived babies too!
PapaDave
1 year ago
Off topic. But I just saw a story on Reuters that the US has seized, detained or sent back 1000 shipments of Chinese solar panels (worth hundreds of millions) since June because of the use of forced labor in their manufacture.
That will definitely slow the growth of renewable energy installations in the US (until they are released to buyers here) and increase our domestic demand for coal, oil and gas.
From an investment point of view, this delay in renewables fits with my core holding in oil and gas companies. And it will slow my interest in assorted renewable companies that I am beginning to accumulate in small quantities.
In a nod to this blog, from a political point of view, I wonder if this has anything to do with Xi beginning to say nice things about Biden in advance of their meeting. Perhaps Xi will be offering Biden something in order to get these panels released. Though I am no political pundit. Just trying to give Mish a topic of discussion.
While Biden is in office, solar & wind’s install costs aren’t going down. That’s for sure. Their cronies want to make sure that their profit margins are through the roof.
Its an interruption in the supply chain. The longer the panels sit in warehouses and ships waiting to unload them, the longer it takes to put them in use. It does not matter if that is in the US or if they get rerouted elsewhere. In addition, it will slow China’s production of those panels as the supply chain gets clogged up. Which means more use of fossil fuels while the panels are not in use, and more fuel used to transport some of them to other locations. Which is good for my oil and gas stocks.
I cannot control what governments do, but I can take advantage of it.
Feel free to sit there not voting and believe that our elections are free & fair. From massive no contest mail in ballots, ballot curing / harvesting and weeks long ballot counting periods, to big tech & MSM media manipulation, to hundreds of millions in Zuck bucks, to governmental coordination of censoring misinformation, all of these are examples of enormous opportunities for dem cheating.
Crime will get worse. Housing affordability will get worse. Without a real recession, core PCE inflation will be well above the 2% Fed target. The open border will start to create obvious economic & social problems. Hell, we may even have a recession. Then we’ll all convene back here in 2024 after DeSantis has ridden America of the Trump scourge. And he’ll run an overall fantastic campaign. He’ll be lauded by reasonable minded independents as having a great campaign message with the bona fides of having governed in FLA so effectively for many years. He’ll debate Newsom or whomever the dem nominee is to great success.
But, despite all that, he’ll somehow lose the 2024 election.
I don’t have any respect for someone who doesn’t vote and then tells me I’m a crackpot for calling into question the totality of how the left has rigged our elections through legal & un-legal means.
Metron9
1 year ago
“If someone collecting interest can persuade the court they were harmed by being paid in full rather than over time with interest“
Could you look into where the interest goes, does any of it go directly to investors are there bond holders via treasuries or some form of government debt instrument?
shamrock
1 year ago
The Heroes act has been used to pause payments and eliminate interest on student loans for over 2 years now. That could be debt relief in the $10,000s for those with the highest balances. I don’t see any material difference between forgiving interest and forgiving principal. However, I have predicted from the start that the “supreme court” would strike it down on a party line vote of 6-3.
If this is unconstitutional and nobody has standing to sue then the remedy is impeachment.
We could also purify agendas be eliminating money in politics, imagine, no unions buying bloated wages, no corporations getting incentives to outsource, no wealthy tycoons buying themselves tax cuts, no defense contractors sending Americans to die, no pharmaceuticals creating mass drug addictions, no banks inducing mass Ponzi schemes….etc…etc
Avery
1 year ago
Have The Fed send $250,000 checks to everyone and their dog. Those who have student loans can use the funds to pay off their loans. Others can use for their college tuition. Everyone else can use it on hookers and blow as they see fit. Steve Keen has been advocating a version of this for years, seriously. Good enterprise for Sam Bankman-Fried to administer. And don’t forget, mind the gap!
I doubt it, glance at the powers of the executive in the Constitution.
whirlaway
1 year ago
Well, well, well. Biden and the DONORcrats have timed this soooooooo well. They got the youth vote (turnout in the 18-29 age group was the second highest in midterm history, second only to 2018), and very conveniently for Biden & co., the court throws the student debt relief program out the window one day after the election!
Yes, that is a key take a way of Biden’s cynical ploy to win the youth vote. He probably knew his debt forgiveness wouldn’t pass in the courts but if the rejection just occurred after the mid-term elections he succeeded.
That’s only the lesser half of his rationale, the primary being that his political adversaries would have to bring it to court and be the bad guys to Gen Z and millennial voters.
Politically brilliant move, whether you agree or not.
So, THIS is the Christmas gift that the Donorcrat Party will hand to the 18-29 year olds who got conned into voting for the Donorcrats this week. LOL
HippyDippy
1 year ago
Trying to make sense of our legal system is a pointless venture. Lawyers have deliberately taken out any common sense from it a long time ago. Far too profitable for lawyers this way. What strikes me as absurd is that all our institutions are just as useless. And yet, people still accept them. Even demand them.
MarkraD
1 year ago
Headline: “Biden admin’s attempt to help middle class families is overturned by Trump-appointed Judge”
There is absolutely no question Biden knew it was unconstitutional, this was a strategic move to force the hand of political opponents to be “the bad guy”.
This is a lesson learned from Obamacare, the GOP shot itself in the foot repeatedly, by continuously attempting to overturn it even as it rose in popularity.
They don’t need votes anymore… they just cry about cheating.
JeffD
1 year ago
It is clearly discriminatory. People who paid off their student loans are harmed by being denied the house they could have bought if they hadn’t spent their money on student loans that could have went to a house payment. Other people with non student loans are harmed by not having their debt forgiven.
Furthermore, for home purchases, those with forgiven loans are now in a position to outbid those who recently paid off their student loans. The forgiven loans may potentially provide access to an additional $20,000 of down payment funds that the loan payers expended in the process of paying off their loans.
While I am not debating it was legal, I am debating the “discriminatory” argument.
The same argument could be made by new home buyers against homeowners who bought a year ago with 3% mortgage rates.
The real legal debate is Constitutional powers of the executive, which I can guarantee Biden knew wasn’t Constitutional, the W/H lawyer Stuart Delery is a Yale grad, trust me, he knew.
This was a ploy to get Biden’s political opponents to be the bad guys, and a successful one at that.
Your home owner that bought a year ago I fail to see the comparison. A year ago as it is today the prevailing interest rates are available to all depending on wether they meet the criteria of the loan restrictions. So anyone meeting the financial requirements could have bought a house then or now. Requirements change and rates change over time. A president did not decree 3% or 7% the market forces did.
I’m fine with the GOP looking like the bad guy for now. It will pale in comparison over the next 10 years what the dems will have to own once the 2nd great depression arrives. Medicare Part A goes belly up in 2026. Medicare Part B ran a $500B deficit that has to be paid out of the general funds. There’s no telling what this deficit will be in 10 years. $1-1.5T is a very reasonable assumption. The SSTF will go away by 2030. In 2030, our national dept will be at least $45T. In FY 2023, our interest in the total debt will move from $718B in 2022 to at least $900B. China’s economy will surpass ours by 2030. Core PCE inflation isn’t dropping below 4% without a significant recession. Home, cars, everything will continue to get more expensive every year. Crime & social unrest will continue to grow and within 5-7 years will reach a boiling point.
With all that said, the dems will own the looming fiscal austerity that will be forced upon the mindless electorate. In fact, I’m kind of hoping the dems are able to steal just enough elections so they end up with with the 2018 majority. Then, they’ll end the filibuster, stack the supreme court, triple down on their climate plans to destroy US fossil fuel energy production, and ban assault weapons with a mandatory buyback program.
In 10 years more or less, with open borders and free money giveaways, etc., the United States will be (for all intents and purposes) a one-party Government. A Democratic Government. For the people.
“There’s no telling what this deficit will be in 10 years. $1-1.5T is a very reasonable assumption. The SSTF will go away by 2030. In 2030, our national dept will be at least $45T. In FY 2023, our interest in the total debt will move from $718B in 2022 to at least $900B”
The obvious solution is to dole out even more “trickle down” “job creating tax cuts” to the wealthy, that will “pay themselves back”.
Yeah, but this is totally messed up. I know of several friends of friends who make over $150K a year, and who have been avoiding student loan payments for twenty years. Those people just got a free $20K as a reward.
JackWebb
1 year ago
It won’t matter. There’s no constitution any more. They’ll do it.
And indirectly, as a US citizen, you decide on the government and the government controls the military.