UBS Ag is Switzerland’s largest bank.  Headquartered in Basal and Zurich, this global financial services company also specializes in investment banking, asset management and wealth management.  UBS existed as Union Bank of Switzerland prior to 1998 – at which time it merged with Swiss Bank Corporation.

This foreign banking titan received massive Fed liquidity flows during the early months of the Great Financial Crisis.

Bloomberg  Nov 28, 2011 – Excerpts:
“UBS AG, Switzerland’s biggest bank by assets, received a capital injection of 6 billion Swiss francs ($7.12 billion) from the Swiss government in October 2008. The next month, the Zurich-based lender borrowed $77.2 billion from the Federal Reserve after customers removed a net 83.6 billion francs from its money-management units in the three months through September. At the peak, UBS got $37.2 billion from the Commercial Paper Funding Facility, $20.5 billion from the single-tranche open market operations, $12.5 billion from the Term Auction Facility and $6.9 billion from the Term Securities Lending Facility. A UBS spokeswoman declined to comment on whether the bank also tapped the Swiss National Bank or other central banks for liquidity.”

$77.2 billion – Peak Amount of Debt on 11/28/2008

“The Fed’s Secret Liquidity Lifelines:  The U.S. Federal Reserve mounted an unprecedented campaign to head off a depression by providing as much as $1.2 trillion in public money to banks and other companies from August 2007 through April 2010.  The emergency loans were intended to help recipients cope with cash shortfalls and keep credit from grinding to a halt.  Bloomberg News sorted through more than 29,000 pages of previously secret documents and Fed spreadsheets detailing more than 21,000 loans to compile a database showing which companies got the emergency liquidity, and when.”
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If a major foreign banking colossus like UBS is to be ‘lathered up’ with massive financial transfusions from the U.S. Federal Reserve’s emergency lending programs… to “help recipients cope with cash shortfalls” … then U.S. citizens deserve nothing less that to be granted the same direct access to liquidity to help shore up their own balance sheets and restore financial stability at the family level.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2025 (12933 downloads )

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Six-Month Federal Budget Deficit: $1.1 Trillion – WSJ

Interest on the public debt rose 43%, and now exceeds defense outlays.

By The Editorial Board | April 8, 2024 – Excerpt:

Washington continues to spend like deficits and debt don’t matter, and the politicians would rather you don’t know. For the record, the Congressional Budget Office reported Monday that the federal budget deficit for the first six months of fiscal 2024, ending in March, was $1.064 trillion. Enjoy it, because you’ll eventually pay for it in higher taxes…

The six-month interest payments of $440 billion exceeded the $412 billion in outlays for defense. As CBO has documented in other places, interest payments are expected to keep climbing as interest rates return to a more normal historical pattern.

None of this will come as a surprise to our readers. But it’s still useful to be reminded of the ugly facts, given how hard the political class tries to hide and ignore them.

Full article: on.wsj.com/3PW7qnA

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America’s debt ‘death spiral’ gives us $1 trillion reasons to act now

US is on track for Treasury to pay $1 trillion just in interest on debt

By E.J. Antoni Fox News | Published March 26, 2024 – Excerpts:

Interest on the federal debt is exploding much faster than the government predicted. It turns out Congress and the executive branch are as bad at projecting the future as they are at saving money…

While the Biden administration had projected a $1.6 trillion deficit for the current fiscal year, the Treasury has been borrowing at a $3 trillion annualized rate — almost twice the projected amount. 

This additional debt, issued at today’s interest rates, will increase the Treasury’s annual interest expense by over $100 billion….

When it’s time to repay old debt, the Treasury simply issues new debt to cover repayment of what was originally borrowed, plus the accrued interest that’s due. How much debt is being rolled over in 2024? About $8 trillion worth. 

All the Treasury bills being rolled over were issued within the last year, so they already have relatively high rates of interest — but not the Treasury notes or bonds, which were issued between two and 30 years ago. Much of that debt has an interest rate about half of current rates. As these notes and bonds are rolled over, the interest expense of the Treasury will continue skyrocketing….

Between new debt issued to cover current deficits and old debt being rolled over, the Treasury will auction about $10 trillion of debt this year, much of it having an interest rate of about 5%. This is less than one third of the federal debt but will cost $500 billion annually to service. 

The rest of the debt, about 70%, will cost another $500 billion annually because the interest rates on the remaining notes and bonds are still relatively low. While that buys America some time to try and diffuse this debt bomb, it still means we’re paying over $1 trillion a year just in interest on the debt. 

This is already the federal government’s third-largest single line item in the budget. It will grow to first place in just a few years. Interest on the debt is now so large that it exceeded 60% of all personal income taxes collected in February. This is the Treasury’s largest source of tax receipts, and most of it is being consumed by interest….

America is rushing headlong to this point of no return as multi-trillion-dollar deficits as well as maturing debt are all being issued at higher interest rates. 

The desensitized public is unfortunately numb to the warnings, but they need to wake from their slumber because the day of reckoning is fast approaching. There’s not much time left to cut spending. 

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The solution to this madness: The most powerful, debt-busting economic acceleration plan in the history of America — The Leviticus 25 Plan.

Summary Details:

·  The Leviticus 25 Plan 2025 Generates $112.6 Billion Federal Budget Surpluses Annually (2025-2029). Part 1: Overview, Deficit Projection

·  The Leviticus 25 Plan Generates $112.6 Billion Federal Budget Surpluses Annually (2025-2029). Part 2: Federal Income Tax Recapture; Economic Security / Means-Tested Welfare Recapture.

·  The Leviticus 25 Plan Generates $112.6 Billion Federal Budget Surpluses Annually (2025-2029). Part 3: Medicaid, Medicare, VA, TRICARE, FEHB, SSDI Recapture

·  The Leviticus 25 Plan Generates $112.6 Billion Federal Budget Surpluses Annually (2025-2029). Part 4: Interest Expense Recapture, Totals Summary

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2025 (12709 downloads )

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April 2024 quote:  “However human, envy is certainly not one of the sources of discontent that a free society can eliminate. It is probably one of the essential conditions for the preservation of such a society that we do not countenance envy, not sanction its demands by camouflaging it as social justice, but treat it, in the words of John Stuart Mill, as ‘the most anti-social and evil of all passions.’”  – Friedrich von Hayek, 1974 Nobel Prize, Economic Science

M2 is the Fed’s estimate of the U.S. total money supply.

M2 is a measure of the U.S. money stock that includes M1 (currency and coins held by the non-bank public, checkable deposits, and travelers’ checks) plus savings deposits (including money market deposit accounts), small time deposits under $100,000, and shares in retail money market mutual funds. (Source:  St. Louis Fed) 

Central banks can influence M2 supply by either issuing more money into the economy or by incentivising people to spend less. Quantitative easing is one way that a central bank can increase money supply and stimulate the economy. (Source:  IG.com)

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Total Net Worth held by the Top 0.1% (red) and the Bottom 50% (blue), and M2 (green), were all relatively stable, showing a modest upside trajectory, through about 1995.  At that time the (red vs blue) gap was approximately $2 trillion.

But then as the Fed began ratcheting up M2 (2000-2020), the gap between the Top 0.1% and the Bottom 50% began to reveal a significant distortion.

And then when the Fed began ‘goosing’ M2 in serious fashion (2020-2022), the gap became especially pronounced – widening out to approximately $16 trillion by 2022.

Clearly, Fed monetary interventions favored the ultra-wealthy participants in the U.S. economy.

US M2 Money Supply is at a current level of 20.79T, down from 20.86T last month and down from 21.12T one year ago. This is a change of -0.36% from last month and -1.58% from one year ago. (Source:  YCharts.com)

“Recent inflation behavior has been consistent with a lagged effect of M2 on personal consumption expenditures (PCE) inflation,” Neely wrote. For instance, he cited the rise of PCE inflation beginning in February 2021, which coincided with the peak M2 growth rate of 26.9% and was a year after M2 growth began to soar.  (Source:  St. Louis Fed, Oct 17, 2023)

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The Top 0.1% benefactors of the Fed policies pumping M2 higher would be concentrated, directly or indirectly, within the very financial sectors which precipitated the 2008-2010 Great Financial Crisis, fell below their capital requirements, and then magically went on to receive:  1) Federal Reserve Discount Window access; and 2) “Secret Liquidity Lifeline” credit extensions pumped through funding facilities created by the Federal reserve (Term Auction Facility (TAF), Commercial Paper Funding Facility (CPFF), Primary Dealer Credit Facility (PDCF), the Term Securities Lending Facility (TSLF), Single-Tranche Open Market Operations (ST OMO), the Asset-Backed Commercial Paper Money Market Mutual Funding Liquidity Facility (AMLF) and several other credit facilities).

Who were these benefactors specifically?  Primarily the officers and principles of major Wall Street banks and insurers, and the major shareholders in those institutions (e.g., Warren Buffett – Wells Fargo, Goldman Sachs).

It is now time to balance the scales and grant that same direct access to Fed liquidity extensions to America’s hard-working, tax-paying U.S. citizens.

It is high time to get America back on track: 1) Balanced budgets;  2) Legitimate, non-debt based, economic growth;  3) Restored financial security for millions of American families; and 4) Economic Liberty.

_______________________________

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2025 (12553 downloads )

Credit-Card & Auto Delinquencies Soar, Especially Age Group 18-39

ZeroHedge, Feb 09, 2024  |  Authored by Mike Shedlock via MishTalk.com, – Excerpts:

Credit card debt surged to a record high in the fourth quarter. Even more troubling is a steep climb in 90 day or longer delinquencies.

Please consider the New York Fed Household Credit Report for the Fourth Quarter 2023, released this week.

Consumer Credit Key Points

• Aggregate household debt balances increased by $212 billion in the fourth quarter of 2023, a 1.2% rise from 2023Q3. Balances now stand at $17.50 trillion and have increased by $3.4 trillion since the end of 2019, just before the pandemic recession.
• Mortgage balances shown on consumer credit reports increased by $112 billion during the fourth quarter of 2023 and stood at $12.25 trillion at the end of December.
• Balances on home equity lines of credit (HELOC) increased by $11 billion, the seventh consecutive quarterly increase after 2022Q1, and there is now $360 billion in aggregate outstanding balances.
• Credit card balances, which are now at $1.13 trillion outstanding, increased by $50 billion (4.6%).
• Auto loan balances increased by $12 billion, continuing the upward trajectory that has been in place since 2020Q2, and now stand at $1.61 trillion.
• Other balances, which include retail cards and other consumer loans, grew by $25 billion. Student loan balances were effectively flat, with a $2 billion increase and stand at $1.6 trillion. In total, non-housing balances grew by $89 billion.

Record High Credit Card Debt

Credit card debt rose to a new record high of $1.13 trillion, up $50 billion in the quarter. Even more troubling is the surge in serious delinquencies, defined as 90 days or more past due.

For nearly all age groups, serious delinquencies are the highest since 2011 at best.

Auto Loan Delinquencies

Serious delinquencies on auto loans have jumped from under 3 percent in mid-2021 to to 5 percent at the end of 2023 for age group 18-29.

Age group 30-39 is also troubling. Serious delinquencies for age groups 18-29 and 30-39 are at the highest levels since 2010.

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At the same time, Washington Democrats are out to drive America deeper into debt, and buy votes: Biden Unveils Plan To Wipe Out Student Loan Debt For Millions More Americans

And … Washington Republican are in disarray – and have no plan to bring the party together, win votes, and set America back on course for a prosperous future: ROOKE: Insurgent GOP Reps Launch Effort To Replace ‘Liberal’ Republican Speaker

Imagine the reaction of voters to a Republican plan that 1) Eliminates enormous tracts of Household Debt; 2) Packs more raw economic power than all Washington Democrat give-away initiatives combined; and 3) Monumentally reduces dependence on government.

And … and eliminates Federal and state budget deficits.

And… provides tangible, long-lasting financial benefits for working Americans across the board – education, construction, transportation, service industries, energy, mining, health care, tourism/hospitality, law enforcement, U.S. military – and others.

And… unifies Washington Republicans and GOP supporters across America.

Main Street America Republicans have that plan – loaded up and ready to launch.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2025 (12553 downloads )

Rogoff Says Biden, Trump Favor ‘Blowing Up’ US Debt – Bloomberg

Christopher Anstey | Mar 13, 2024 – Excerpts:

(Bloomberg) — Harvard University economics professor Kenneth Rogoff said both President Joe Biden and his predecessor and challenger Donald Trump risk sending US debt levels into dangerous territory as Washington fails to grasp that the era of ultra-low interest rates won’t come back.

“Washington in general has a very relaxed attitude towards debt that I think they’re going to be sorry about,” Rogoff said on Bloomberg Television’s Wall Street Week with David Westin. “It’s just not the free lunch that Congress and perhaps the two presidential candidates have gotten used to.”

While an exact “upper limit” for the federal debt cannot be known — it’s estimated by the Congressional Budget Office to climb to 116% of US gross domestic product by 2034 from 99% today — Rogoff warned that there will be challenges as the level increases.

The former International Monetary Fund chief economist said the escalating borrowing load will create volatility in inflation and interest rates, and encourage political pressures on the Federal Reserve. Current CBO projections also leave “a lot of room for accidents” that drive debt even higher.

“You’re taking bigger and bigger risks,” Rogoff said. “We will feel that.”

Both candidates may favor policies that will drive borrowing higher, he said. “Biden’s speech suggested blowing up the debt,” he said — even after the president in his State of the Union address last week proposed tax hikes to help to pay for spending priorities.

“We have really no idea what Donald Trump will do, but that’s what he did last time he was president — good guess he will do it again,” Rogoff said, referring to widening fiscal deficits when Trump was president 2017-21.

In the post-global financial crisis era, ultra-low interest rates helped to limit the impact of US deficits. But the post-pandemic period is different, Rogoff said. The real benchmark interest rate is more likely to be 1.5% to 2% rather than 0%, he said. Fed policymakers’ most recent projections imply a real, or inflation-adjusted, policy rate of 0.5%.

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The Leviticus 25 Plan has the raw power to eliminate America’s projected gargantuan $1.7-$2.0 trillion federal budget deficits and generate $112.6 billion annual budget surpluses.

If Mr. Trump or Mr. Biden have a better plan, or if Washington Republicans have a better plan, America is eager to see it…

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2025 (12188 downloads )

Summary Details:

·  The Leviticus 25 Plan 2025 Generates $112.6 Billion Federal Budget Surpluses Annually (2025-2029). Part 1: Overview, Deficit Projection

·  The Leviticus 25 Plan Generates $112.6 Billion Federal Budget Surpluses Annually (2025-2029). Part 2: Federal Income Tax Recapture; Economic Security / Means-Tested Welfare Recapture.

·  The Leviticus 25 Plan Generates $112.6 Billion Federal Budget Surpluses Annually (2025-2029). Part 3: Medicaid, Medicare, VA, TRICARE, FEHB, SSDI Recapture

·  The Leviticus 25 Plan Generates $112.6 Billion Federal Budget Surpluses Annually (2025-2029). Part 4: Interest Expense Recapture, Totals Summary

Important to note: “House Republicans opened the earmark door with a secret caucus vote three years ago. Now, it’s nearly a ‘free’ for all…”

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“The Squad” Earmarked $224 Million Since 2023 – Led By AOC, It’s Pork Barrel Spending By The Democratic Socialists

ZeroHedge, Mar 26, 2024 – Authored by Adam Andrzejewski via OpenTheBooks substack, Excerpts:

“The Squad’ is a group of ultra-left wing Congressional socialists which has been the toast of so-called “progressives” for the last several years.

Its members might promise a worker’s paradise, in which government “withers away,” in the words of Vladimir Lenin, but for now they are only too happy to direct government largesse to the folks back home.

In fact, The Squad members have earmarked $224 million and many absurd pet projects since 2023. 

Download the full database of The Squad’s 2023 and 2024 earmarks here.

Our figures include the earmarks in the most recent $1.2 trillion spending bill from last week.

It’s a stunning display of logrolling – deep inside the status quo – they say they hate as a tool of capitalist oppression.

The Squad maxed out their pork in 2023 and 2024. Their 215 earmarked projects cost the rest of us (overwhelmingly non-socialist) U.S. taxpayers $224.1 million. Every dime was borrowed against our national debt.

New York’s Alexandria Ocasio-Cortez (D-NY), AKA, “AOC,” who last week did not know that “RICO” names a crime, is The Squad’s most prominent voice. She is celebrated as a “socialist superstar” by the Democratic Socialists of America.

Representative Ocasio-Cortez earmarked $1.2 million for a new building for the International Muslim Women’s Empowerment Project. Its founder teaches a “hijab grab” self-defense move involving a “kick to the groin.”

And then there’s the $500,000 for the Billion Oyster project in her district. Rich people eat oysters. However, the law prohibits anyone from either fishing or eating oysters in the Hudson River. So, this is only an engineering project for eco-marginalized people in Queens.

Other Squad members are Jamaal Bowman (D-NY), Cori Bush (D-MO), Greg Casar (D-TX), Summer Lee (D-PA), Ilhan Omar (D-MN), Ayanna Pressley (D-MA), and Rashida Tlaib (D-MI).

The Squad Practices Race-based Earmarking – Squad members shoveled some pretty stinky stuff into spending bills. It appears race-based legislating is OK if a progressive does it:

• $850,000 to create jobs for the Black community near George Floyd Square, whose death in 2020 “added to the stress faced by the community and increased the need for support and stability in housing and commerce.” Patron: Congresswoman Ilhan Omar.
• $1.7 million to help the Environmental Leaders of Color build a “green tech park.” The group’s goal is to “assist marginalized communities in preparing for climate change’s adverse effects … so that they can thrive like healthy plants in their natural ecosystem.” Patron: Congressman Jamaal Bowman.
• $1 million for the Immigrant Opportunity Center expansion. It’s run by CAPI USA, a nonprofit that “guides refugees and immigrants in their journey toward self-determination and social equality.” Patron: Congresswoman Ilhan Omar.
• $1.35 million to New Immigrant Community Empowerment, a nonprofit that advocates for citizenship for all illegal immigrants. Patron: Congresswoman Alexandra Ocasio-Cortez ($500,000). The group received another $850,000 this year from Rep. Grace Meng (D-NY).
• $1.5 million to build special grocery stores and education facilities for Black farmers in the community of St. Louis. Patron: Congresswoman Cori Bush.
• $1 million for the San Antonio College Empowerment Center, which runs an Undocumented Student Support Program to help immigrants enroll in the school. Patron: Congressman Greg Casar.

The Squad’s Green Earmarks

Congresswoman Ocasio-Cortez introduced her Green New Deal, in 2019. It’s the focus of 21 earmarks to build green infrastructure, move away from fossil fuels, and involve minority communities in climate policy. She and her colleagues find ways to get us to pay for their policy preference, such as:

• $1 million to build “a network of intergenerational, trauma-informed waterfront green spaces.” The project already received $792,000 in 2022 earmark funding. Patron: Congresswoman Ayanna Presley
• $466,000 to improve the energy efficiency of a St. Louis homeless shelter. Patron: Congresswoman Cori Bush.
• $4 million to build an “industrial green beltway” in Dearborn, Michigan. Patron: Congresswoman Rashida Tlaib.
• $500,000 from Ocasio-Cortez will build an oyster reef to “address longstanding environmental justice inequities facing underrepresented communities in Queens.” Oyster habitats in New York have been damaged by pollution and harvesting them for food is illegal.
• $850,000 to repair a bridge that “connects minority environmental justice communities” in Pennsylvania. Patron: Congresswoman Summer Lee.
• $2 million for Everett, Mass. to build a park for “low-income BIPOC residents” to “stay cool during increasingly hot summers.” (“BIPOC” is an acronym for “Black, indigenous and other people of color.”) Patron: Congresswoman Ayanna Pressley.

Stopping Insane Earmarks. Or Not.

In 2024, when it got too insane, Republican members of the House finally got serious and cut a few of the whacky earmarks.

For example, Rep. Pressley’s earmark to build affordable housing for LGBTQ seniors did not make it into the final House bill.

However, in the second minibus bill, Pressley was able to add back $850,000 for LGBTQ “The Pryde” senior housing by moving the earmark to the U.S. Senate. Pressley called Republicans homophobic for attempting toeliminate her LGBTQ earmarks.

Background

From time immemorial, politicians of every stripe have used their positions to benefit those who sent them to D.C., while sticking taxpayers with the tab.

Congresspeople all play together in the sandbox, promising not to rat each other out for some strikingly goofy – or downright weird – local spending. Things got so out of hand 15 years ago, that a bi-partisan coalition led by former U.S. Senator Dr. Tom Coburn (R-OK) and President Barack Obama actually banned earmarking for ten years.

It didn’t last.

Regardless of what you may have heard about GOP hate for former U.S. House Speaker Nancy Pelosi (D-CA), three years ago, the House Republican caucus, in a secret vote, joined Speaker Pelosi and the Democrats to reinstate earmarks.

That moment of fiscal fealty was replaced by the naked need for pork, and in the instance, a new alliance with the Speaker.

And so, we have more tabs to face than a diet soda aisle at a big Costco.

In 2024, the so-called “minibus measures” contained 8,051 earmarks totaling $15.7 BILLION TAXPAYER DOLLARS. In 2023, the year-end omnibus was stuffed with 7,510 earmarks worth just over $16 BILLION TAXPAYER DOLLARS.

Congress must disclose earmarks online. However, it posts them in hard-to-review PDF files. (Our team at OpenTheBooks.com converts those files into Excel spreadsheets to more effectively parse what they are hiding.)

When Congress knows what it is doing is wrong, it always makes it a bit harder to find.

In all too many ways, earmarks – from both Democrats and Republicans — are no exception.

Next week – “The Freedom Caucus Decides It Is Free to Earmark”

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It is critical now for America to get back on track.

Step 1: Eliminate Earmarks – eliminate budget blowouts from special interest politics.

Step 2: The Leviticus 25 Plan – Leviticus 25 Plan 2025 (12185 downloads )

Step 3: Less government, more freedom.

Washington Democrats love to grow government and broaden dependency on government programs. And run massive budget deficits, which will eventually sink the U.S. Dollar and bring on a forced transition into a Central Bank Digital Currency (CBDC) system.

Washington Republicans, meanwhile, love to give lip service to controlling spending and getting the massive federal deficits back under control – but, shamefully, have no politically feasible, economically viable plan to present to the voting public.

Main Street America Republicans do have a plan…

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Biden’s Free Lunch for Rich Kids – WSJ

The USDA prepares to feed more schoolchildren year-round, even if their parents make six figures.

By Sam Adolphsen and Paige Terryberry | March 26, 2024 4:06 pm ETn

There’s no such thing as a free lunch, but the Biden administration insists otherwise. The U.S. Department of Agriculture plans to provide free lunches to children—including many whose parents earn six-figure incomes—year-round. New research from our organization finds that up to 72% of America’s some 49 million public-school students could soon be on the taxpayer dole.

As usual, this story begins with a supposedly temporary program. As schools closed in 2020, Congress allowed states to send extra payments to families whose children qualified for free and reduced-price school lunches. The following year, it added summer payments to the package, depositing money directly onto families’ electronic benefit transfer, or EBT, cards, which are used for food stamps. Finally, in December 2022, Congress made this “Summer EBT” program permanent—beginning in mid-2024. The USDA would automatically enroll millions of families and create a separate, means-tested application process for others.

The White House is now exceeding what Congress intended. In September 2023, the USDA’s Food and Nutrition Service finalized a rule that expands the number of students who qualify for reduced lunches during the school year. If a mere 25% of a public school’s students meet the requirements, 100% of its students will be eligible to receive the benefit. The rule imposes no income limits, meaning middle- and upper-class children will get subsidized meals.

The Biden administration also is preparing to add the summer months to the expansion. On Dec. 29, 2023, the Food and Nutrition Service quietly solicited feedback on the difficulty of administering Summer EBT applications—likely hinting that it intends to abandon the applications and return to the pandemic-era policy of depositing taxpayer funds into EBT accounts, regardless of need.

According to our research, as many as 50% more public-school students will be eligible for taxpayer help during the school year. If the administration abandons Summer EBT applications and income standards, these students will automatically receive summer payments, too. If their families have EBT cards, they’ll likely receive monthly direct deposits; if not, they’ll presumably receive a card in the mail.

The administration is selling the expansion as a way to fight child hunger, especially in low-income communities. Agriculture Secretary Tom Vilsack declared in January that “no child in this country should go hungry” or “lose access to nutritious school meals during the summer months.” But the federal government already runs multiple programs for low-income students, including the Summer Food Service Program and Seamless Summer Option.

In classic Washington fashion, the more-tailored summer food programs will continue to exist. The feds, meanwhile, will throw more taxpayer money at the same population while sweeping a larger share of Americans onto the government dole. The exact cost of Summer EBT isn’t yet known but will almost certainly run into the billions. The cost of expanded school lunches for middle- and upper-class children will add billions more.

Short of a new administration, court intervention or act of Congress, there’s no way to roll back the school-year welfare expansion. But states can refuse to participate in Summer EBT, and so far 13 haven’t opted in for this summer. The Biden administration—backed by an army of activists and a gullible media—is trying to browbeat them into submission. Nebraska reversed course last month, joining the program after previously steering clear.

Republican leaders fear being tarred as heartless monsters who want poor children to starve, but this handout would flow to the well-off. The real stakes are stopping welfare that taxpayers can’t afford and families don’t need.

Mr. Adolphsen is policy director and Ms. Terryberry a senior research fellow at the Foundation for Government Accountability.

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The Main Street America Republicans’ plan:

1. Lifts families up out of the mire of ‘government-dependency’ programs, eliminates debt, and restores financial security for millions of America’s hard-working, tax-paying U.S. citizens who wish to be free to manage their own lives;

2. Generates massive $112.6 billion federal budget surpluses each of the first five years of activation – and pays for itself entirely over the succeeding 10-15 year period – thereby protecting the integrity of the U.S. Dollar, slowing inflation to a trickle, and cancelling the forced transition into a CBDC system;

3. Re-ignites free market dynamics, economic liberty, and a powerful new long-term economic growth cycle.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2025 (12185 downloads )

Business as usual in Washington…

The good news: Republican are not going to be ‘tarred and feathered’ for shutting down the government as the campaign season heats up.

The bad news: 1) Deficit spending – unchecked; 2) Border security – weak; 3) Bewildering ‘pork’ funding measures – inserted, and worst of all; 4) Washington Republicans have no alternative master plan to re-instill spending discipline and reduce/eliminate federal budget deficits, restore financial security for millions of American families, and win over the hearts (and votes) of millions of hard-working, tax-paying U.S. citizens – to get America back on track.

See how your U.S. House Representative voted here.

Bewildering ‘Pork’ insertions:

– $850k for a gay senior home
– $15 million to pay for Egyptian’s college tuitions
– $400k for a gay activist group to teach elementary kids about being trans
– $500k for a DEI zoo
– $400k for a group to gives clothes to teens to help them hide their gender [that includes giving 13-year-old children chest binders, tuck equipment, and “counseling” without parental consent].

Additionally, it would fund facilities providing routine abortion services, including late-term abortions.

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House Passes Pork-Filled Bill To Fully Fund Government

ZeroHedge, Friday, Mar 22, 2024 – Excerpts:

Update (1150ET):  With just hours to go before a shutdown, the House has passed the $1.2 trillion minibus bill, which will now head to the Senate.

The vote was 286-134, with 112 Republicans and 22 Dems against.

All 100 Senators will need to agree to a vote to pass the bill before midnight. If this fails to happen, the government would be forced into a partial shutdown on Saturday morning.

President Biden has urged Congress to pass it quickly so he can sign…

The bill funds the departments of Homeland Security, State, Labor, Defense, Health and Human Services, among other things. Combined with the $459 billion bill passed earlier this month, the latest funding packages fully fund the federal government to the tune of $1.659 trillion through September, NBC reports.

House Freedom Caucus member Chip Roy (R-TX) railed against the fact that members only had around 24 hours to review the bill – and attacked his fellow Republicans for failing to secure immigration wins.

Rep. Chip Roy: “All you social conservative groups, where the hell are you? Crickets. Silence. Because you care about political power more than the very thing you say you’re for. You know who you are. Where are the social conservative groups? Cowering in the corner.”…

In short, Democrats bailed out Johnson once again – the same move which resulted in the ouster of former Speaker Kevin McCarthy.

There are numerous House Republicans concerned with the package’s lack of strict border security provisions, the huge price tag, the secretive negotiating process and even the lack of a pay hike for members of Congress. The unrest is especially acute among conservatives…

The package accounts for approximately 70% of discretionary government spending – and consists of six out of twelve total bills that Congress must pass each fiscal year to fund the government. The six others, around $460 billion in spending, were passed earlier this month…

“This is not the bill that my subcommittee produced and supported. The Senate has taken liberties with their Congressionally Directed Spending requests that would never stand in the House,” said Rep. Robert Aderholt, (R-AL), chairman of the House Appropriations subcommittee on Labor and Health & Human Services (HHS).

“The House did not include these partisan funding projects in its Labor-HHS legislation. Based on these principles, the Senate shouldn’t either,” Aderholt continued. “I have multiple concerns, among them are the many new social services that this bill would create for the millions of illegal immigrants streaming across our border. Additionally, it would fund facilities providing routine abortion services, including late-term abortions. The Senate must respect the work of the House. In good conscience, I cannot and will not vote for these projects or this bill.”

Pork City – As usual, Democrats slipped in as much pork as possible, including:

– $850k for a gay senior home
– $15 million to pay for Egyptian’s college tuitions
– $400k for a gay activist group to teach elementary kids about being trans
– $500k for a DEI zoo
– $400k for a group [Briarpatch YS] to gives clothes to teens to help them hide their gender

… About that $400k for clothes – that includes giving 13-year-old children chest binders, tuck equipment, and “counseling” without parental consent.

Briarpatch YS gives 13-year-old kids chest binders, tuck equipment, “counseling” all… pic.twitter.com/CmMxmFivPU — End Wokeness (@EndWokeness) March 21, 2024

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Main Street America Republicans have a master plan – to win elections and clean this mess up…

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2025 (12119 downloads )

“However human, envy is certainly not one of the sources of discontent that a free society can eliminate. It is probably one of the essential conditions for the preservation of such a society that we do not countenance envy, not sanction its demands by camouflaging it as social justice, but treat it, in the words of John Stuart Mill, as ‘the most anti-social and evil of all passions.’”  –  Friedrich von Hayek, 1974 Nobel Prize, Economic Sciences ___________________________________

America’s dynamic new plan to dispense with envy………

The Leviticus 25 Plan – An Economic Acceleration Plan for America 2024

State Street Corp, a Boston-based financial services holding company, is one of the oldest financial institutions in the U.S..  This multi-national corporation became the largest security services firm in the world in 2003 – even larger than JP Morgan and The Bank of New York Mellon.

State Street Corp was one of the top recipients of the Fed’s targeted liquidity ‘fire-hosing’ operations during 2008-2010.

Bloomberg  Nov 28, 2011 – Excerpts:

“Unlike banks that drew liquidity from the Federal Reserve in 2008 out of desperation, Boston-based State Street Corp. initially did so for profit. State Street, the third-largest U.S. custody bank, collected $75.6 million as a middleman for the Fed’s Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, or AMLF. Under the program, it borrowed from the Fed to buy securities from money-market funds, helping them meet customer redemptions while being indemnified against losses on the securities. By October 2008, State Street had joined peers in tapping the Term Auction Facility and Commercial Paper Funding Facility, emergency-liquidity programs. On March 31, 2009, its total borrowings from the TAF and CPFF reached $18.5 billion, about the amount its excess liquidity fell that year.”                                                                                          

Peak amount of debt on 10/1/2008 :   $77.8 billion

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The Federal Reserve’s massive balance sheet expansion during the Great Financial Crisis did nothing to solve America’s snowballing debt extravaganza, nothing to improve the long-term prospects for financial security for American families, nothing to stimulate long-term economic growth, and nothing to allay the ongoing erosion of the U.S. Dollar.

The Leviticus 25 Plan is a dynamic, ‘ground level’ solution with the raw power to eliminate vast tracts of public and private debt, and redirect trillions of dollars in debt service flows back into the economy.

The Leviticus 25 Plan reduces ‘dependence on government’ for millions of Americans, re-establishes a market-based,economy, a citizen-centered health care system.

The Leviticus 25 Plan produces massive new tax revenue flows for federal, state, and local governmental entities. It produces $112.6 billion federal government surpluses during each of its first five years of activation and pays for itself entirely over the first 10-15 years.

It is time to create a bright new future for America.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2025 (12113 downloads )