The IRS is drastically short of manpower, and it is costing the government $3.3 billion in delayed refund interest payments. A major ‘fix’ is needed…

Market Watch, Feb 5, 2022: The Internal Revenue Service has way too many unprocessed tax returns from last year — and far too few job applications for workers who will help the agency dig out of the backlog.

Though the IRS is seeking to fill 5,000 positions at several campuses across the country, only 179 positions have been filled so far, according to Erin Collins, national taxpayer advocate at the IRS.

At same time, the IRS is facing a backlog that, as of late December, included 6 million unprocessed 2021 tax returns and another 2.3 million amended returns.
The pay for the clerical jobs wading through the paperwork isn’t exactly enticing, Collins said in congressional testimony Tuesday. Many of the roles connected to submission-processing start at a federal-worker pay grade that’s just under $25,000 a year, she said.

At a time when employers are raising wages to draw in and keep workers during a labor shortage, “it is not surprising that the IRS is having difficulty finding enough suitable job applicants,” she wrote in testimony to a House of Representatives Ways and Means Oversight Subcommittee.

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IRS Paying Billions In Interest On Millions Of Delayed Tax Returns

ZeroHedge, May 10, 2022 – Excerpts:

The IRS is paying interest on overdue refunds to the tune of 4%, up 1% from the prior quarter, according to the Wall Street Journal, which notes that’s more than half of what a money-market or a savings account is currently paying.

The backlogged agency has 45 days to process a tax return and issue a refund, after which interest begins accumulating. In 2021, they paid $3.3 billion in interest, which was 3x the amount paid in 2015, according to the Government Accountability Office.

“It’s not a small amount of money,” said Jessica Lucas-Judy, director of tax issues at GAO. “If there’s some way to avoid some of these payments, that’s probably a good thing.”

The IRS has been moving slower than usual to process tax returns. Administration officials say that is the result of years of Republican-backed budget cuts. Republicans say the agency hasn’t given priority to taxpayer service. Some recent years have been particularly difficult. In fiscal 2019, the aftermath of a government shutdown caused a backlog. The IRS slowed again when the coronavirus pandemic began in 2020 and is still months behind schedule in processing paper returns.

As of April 29, the IRS has 9.6 million unprocessed individual tax returns, some from tax year 2020 and some from 2021. The agency says it is taking more than 20 weeks to handle amended tax returns and hopes to catch up on all of its processing backlogs by the end of 2022. – WSJ

The $3.3 billion in 2021 interest payments works out to around 1/4 of the cost to run the IRS, however the interest payments don’t come out of the tax agency’s budget.

According to the GAO, the IRS isn’t being proactive enough about excessive interest payments.

“IRS does not fully understand the causes for refund interest payments—both within and outside of its control—and therefore cannot communicate this information to Treasury and Congress,” the GAO wrote.

The IRS’s answer? ‘it’s complicated.’

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There is a simple and powerful solution to the IRS’ “complicated” processing problems: The Leviticus 25 Plan.

All U.S. citizens participating in The Leviticus 25 Plan will forego their tax refunds for the initial five year activation period (2023-2027).

Benefits – Federal Income Tax Recapture
The scoring model assumes that 80% of U.S. citizens will participate in The Plan.
Participants must give up their tax refunds through the Plan’s recapture provisions for the 5-year target period (2023-2027).

According to 2021 IRS Filing season statistics, through Dec 3, 2021: 129,841,000 total refunds were paid out for a total of $365.499 billion. The estimated refund total
for the full year, through December 31st: $365.5 billion.

The Leviticus 25 Plan would reduce the number of refunds each year (2023-2027) by 80%, effectively dropping the gross number of refunds in need of processing from approximately 130,000,000 down to about 26,000,000.

The IRS would NOT need to hire the additional thousands of employees, and they would NOT be put in the bind of having to pay $3.3 billion in interest payments on unprocessed refunds.

The Leviticus 25 Plan is a powerful solution to the IRS’ dilemma, and it is loaded up and ready to go.

Also note – Refund totals have increased by ~$44 billion over the past five years, from $323.9 billion (2017) to a current (estimated) $365.5 billion (2021), representing an average increase of $8.32 billion / year.
A conservative estimated average of $8 billion per year (2023-2027) will be used for this recapture calculation.
2023: $382 billion
2024: $390 billion
2025: $398 billion
2026: $406 billion
2027: $414 billion
Total: $1.990 trillion
Total recapture X 80%: $1.990 trillion X .8 = $1.592 trillion
Total recapture per annum (2023-2027): $1.592 / 5 = $318.4 billion
Source: https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-december-3-2021

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2023 (4074 downloads)

M2 has surged from 8,000 in 2010 to 22,000 in 2022.

What Is M2?

M2 is a calculation of the money supply that includes all elements of M1 as well as “near money.” M1 includes cash and checking deposits, while near money refers to savings deposits, money market securities, and other time deposits (in amounts less than $100,000). These assets are less liquid than M1 and not as suitable as exchange mediums, but they can be quickly converted into cash or checking deposits.

Key Takeaways

• M2 is a measure of the money supply that includes cash, checking deposits, and easily-convertible near money.
• M2 is a broader measure of the money supply than M1, which just includes cash and checking deposits.
• M2 is closely watched as an indicator of money supply and future inflation, and as a target of central bank monetary policy.

Source: Investopedia | https://www.investopedia.com/terms/m/m2.asp

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Meanwhile, the Federal Reserve Bank of New York reports that Q1 2022 Household Debt has risen up to $15.84 trillion

Corporate debt sales – surging…

National debt has risen to $30.453 trillion.

The U.S. Governmental Accountability Office reported, May 5, 2022, that our nation is on an “unsustainable fiscal path.”

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Blowing up the M2 money supply has solved nothing. It is time to re-target Federal Reserve liquidity infusions – and clean up America’s massive debt load.

It is time to grant U.S. citizens the same direct access that was provided to Wall Street’s financial sector during the great financial crisis (2007-2010).

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 2023 (4073 downloads)

Do our Washington Republicans today present a clear and compelling agenda…?

A look back in history to 1994 points to a time when Republicans did have a clear and compelling agenda.

“Teaching American History” by Eric C. Sands

The Contract with America was a document released for the 1994 midterm elections by the Republican Party explaining what the party would do if it won the majority in Congress. The contract, written by Newt Gingrich and Dick Armey, borrowed from a State of the Union address written by Ronald Reagan years earlier. Additional input was provided by the Heritage Foundation, a conservative think tank that dealt primarily with public policy issues and had been working on many of the contract’s proposals for several years.

The document was introduced a month and a half before the election and was approved by all but two of the Republican members of the House. The provisions of the contract proved quite popular with the public even though many people were unfamiliar with the contract itself. Republicans gained fifty-four House seats and nine Senate seats in the elections, and the contract was seen as a success by party leaders. The contract then became a focus of the Republican legislative agenda, denying President Bill Clinton working control of Congress. The contract formed a foundation for Republican policymaking as members of Congress pushed for reducing the size of government, lowering taxes, emphasizing entrepreneurship, establishing tort reform, and bringing about welfare reform. These measures resulted in several important pieces of legislation, none probably more important than welfare reform, which was signed into law by President Clinton. The contract also brought unity and cohesiveness to Republicans, especially in the House of Representatives.

“Republican Contract with America” – Republican National Committee, September 27, 1994

As Republican Members of the House of Representatives and as citizens seeking to join that body we propose not just to change its policies, but even more important, to restore the bonds of trust between the people and their elected representatives.

That is why, in this era of official evasion and posturing, we offer instead a detailed agenda for national renewal, a written commitment with no fine print.

This year’s election offers the chance, after four decades of one-party control, to bring to the House a new majority that will transform the way Congress works.^[1] That historic change would be the end of government that is too big, too intrusive, and too easy with the public’s money. It can be the beginning of a Congress that respects the values and shares the faith of the American family.

Like Lincoln, our first Republican president, we intend to act “with firmness in the right, as God gives us to see the right.” To restore accountability to Congress. To end its cycle of scandal and disgrace. To make us all proud again of the way free people govern themselves.

On the first day of the 104th Congress, the new Republican majority will immediately pass the following major reforms, aimed at restoring the faith and trust of the American people in their government:

• FIRST, require all laws that apply to the rest of the country also apply equally to the Congress;
• SECOND, select a major, independent auditing firm to conduct a comprehensive audit of Congress for waste, fraud or abuse;
• THIRD, cut the number of House committees, and cut committee staff by one-third;
• FOURTH, limit the terms of all committee chairs;
• FIFTH, ban the casting of proxy votes in committee;
• SIXTH, require committee meetings to be open to the public;
• SEVENTH, require a three-fifths majority vote to pass a tax increase;
• EIGHTH, guarantee an honest accounting of our Federal Budget by implementing zero base-line budgeting.

Thereafter, within the first 100 days of the 104th Congress, we shall bring to the House Floor the following bills, each to be given full and open debate, each to be given a clear and fair vote and each to be immediately available this day for public inspection and scrutiny.

• THE FISCAL RESPONSIBILITY ACT: A balanced budget/tax limitation amendment and a legislative line-item veto to restore fiscal responsibility to an out- of-control Congress, requiring them to live under the same budget constraints as families and businesses.
• THE TAKING BACK OUR STREETS ACT: An anti-crime package including stronger truth-in- sentencing, “good faith” exclusionary rule exemptions, effective death penalty provisions, and cuts in social spending from this summer’s “crime” bill to fund prison construction and additional law enforcement to keep people secure in their neighborhoods and kids safe in their schools.
• THE PERSONAL RESPONSIBILITY ACT: Discourage illegitimacy and teen pregnancy by prohibiting welfare to minor mothers and denying increased AFDC for additional children while on welfare, cut spending for welfare programs, and enact a tough two-years-and-out provision with work requirements to promote individual responsibility.
• THE FAMILY REINFORCEMENT ACT: Child support enforcement, tax incentives for adoption, strengthening rights of parents in their children’s education, stronger child pornography laws, and an elderly dependent care tax credit to reinforce the central role of families in American society.
• THE AMERICAN DREAM RESTORATION ACT: A$500 per child tax credit, begin repeal of the marriage tax penalty, and creation of American Dream Savings Accounts to provide middle class tax relief.
• THE NATIONAL SECURITY RESTORATION ACT: No U.S. troops under U.N. command and restoration of the essential parts of our national security funding to strengthen our national defense and maintain our credibility around the world.
• THE SENIOR CITIZENS FAIRNESS ACT: Raise the Social Security earnings limit which currently forces seniors out of the work force, repeal the 1993 tax hikes on Social Security benefits and provide tax incentives for private long-term care insurance to let Older Americans keep more of what they have earned over the years.
• THE JOB CREATION AND WAGE ENHANCEMENT ACT: Small business incentives, capital gains cut and indexation, neutral cost recovery, risk assessment/cost-benefit analysis, strengthening the Regulatory Flexibility Act and unfunded mandate reform to create jobs and raise worker wages.
• THE COMMON SENSE LEGAL REFORM ACT: “Loser pays” laws, reasonable limits on punitive damages and reform of product liability laws to stem the endless tide of litigation.
• THE CITIZEN LEGISLATURE ACT: A first-ever vote on term limits to replace career politicians with citizen legislators.

Further, we will instruct the House Budget Committee to report to the floor and we will work to enact additional budget savings, beyond the budget cuts specifically included in the legislation described above, to ensure that the Federal budget deficit will be less than it would have been without the enactment of these bills.

Respecting the judgment of our fellow citizens as we seek their mandate for reform, we hereby pledge our names to this Contract with America.

_________________________

Now in 2022, our Washington Republicans have no formalized plan whatsoever – to get America’s massive debt load back under control; no formalized plan to help get people off social welfare programs and restore financial security for American families; no plan to ramp up ‘real’ economic growth and higher-level job creation; no strategy to get the U.S. Dollar back on track for long-term strength and stability; no policy imperatives to reduce the control of government over the daily affairs of our citizens; and no compelling ideas on how to revitalize a citizen-centered health care system in America.

Our Washington Republicans have no formalized plan supporting religious liberty, strengthening our military readiness, getting crime under control in our major cities, and reducing the massive inflows of illegal drugs into our country, feeding addictions and ruining lives, and no formalized plan on restoring control over our borders.

Main Street America does have a plan – it all starts here:

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 2023 (4065 downloads)

The U.S. Congress and the U.S. Federal Reserve have not formalized a strategy to rejuvenate the U.S. economic system, promote economic liberty, and preserve the strength and stability of the U.S. Dollar.

Why?  They literally have no strategy.…

The formalized policies of the U.S. Congress and the various agencies they have empowered include:

• Unmitigated deficit spending;
• Expanding the social welfare system and increasing government control over the daily affairs of U.S. citizens;
• Over-regulating / handicapping the free market system in America;
• Funding and facilitating special interest groups that are openly hostile to American values and the American dream;

The formalized policies of the U.S. Federal Reserve include: 

• Expanding its balance sheet to fund (directly and indirectly) the federal government’s voluminous deficit spending proclivities;
• Creating various credit facilities to transfuse Wall Street financial institutions (domestic and foreign) with trillions of dollars in liquidity extensions and credit guarantees to disentangle them from leveraged speculation and failed financial innovation schemes, mothballed risk management protections, credit-rate shopping sprees, counter-party defaults, and doomed predatory lending rackets;
• Rewarding the Fed’s Primary Dealers with ongoing special access to liquidity lines which are minimally beneficial to the economic health of U.S. citizens and main street America.

The Leviticus 25 Plan will correct these glaring distortions in our economic system through:

• Granting U.S. citizens the same direct access to liquidity that was provided by the Federal Reserve to major banking institutions like Morgan Stanley, JP Morgan, Goldman Sachs, Bank of America, Citigroup; AIG, Merrill Lynch, Bear Stearns, State Street, Barclays, RBS, Deutsche Bank, UBS, BNP Paribas, HSBC, and many others during the great financial crisis (2007-2012);
• Facilitating massive debt elimination for American families;
• Generating $583 billion federal budget surpluses for the first five years of activation (2023-2027);
• Paying for itself entirely over a 10-15 year period;
• Revitalizing a citizen-centered health care system in America;
• Reigniting long-term productive economic growth;
• Providing the framework for long-term strength and stability in the U.S. Dollar;
• Restoring economic liberty and free market economics in America;
• Putting America squarely back on track for long-term financial health and prosperity for all U.S. citizens;
• Helping to keep America free of corrupting and dangerous financial entanglements that threaten our national sovereignty.

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 2023 (4060 downloads)

“The free man will ask neither what his country can do for him nor what he can do for his country. He will ask rather “What can I and my compatriots do through government” to help us discharge our individual responsibilities, to achieve our several goals and purposes, and above all, to protect our freedom?

And he will accompany this question with another: How can we keep the government we create from becoming a Frankenstein that will destroy the very freedom we establish it to protect?

Freedom is a rare and delicate plant. Our minds tell us, and history confirms, that the great threat to freedom is the concentration of power. Government is necessary to preserve our freedom, it is an instrument through which we can exercise our freedom; yet by concentrating power in political hands, it is also a threat to freedom.

Even though the men who wield this power initially be of good will, and even though they be not corrupted by the power they exercise, that power will both attract and form men of a different stamp.” – Milton Friedman Capitalism and Freedom, 1962

Labor Shortages – Recent BLS reports indicate that the 11.3 million job opening in the U.S. is approximately 5 million more than the number of unemployed workers (~6 million).

Heritage Foundation, Feb 24, 2022: Evidence from past studies of welfare -without-work benefits find that they tend to reduce the supply of work, and a recent National Bureau of Economic Research study on the effects of the pandemic unemployment insurance benefits found that they significantly restricted employment.

One of the unintended consequences of social welfare benefits is that they disincentivize work.

The Leviticus 25 Plan avoids that consequence by not penalizing work, and by giving participating U.S. citizens a more powerful ‘boost’ up out of poverty than current anti-poverty programs are providing.

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Education – Teacher Benefits

The Leviticus 25 Plan would extend direct liquidity benefits for millions of public and private school teachers across America, sufficient to eliminate vast amounts of mortgage and consumer debt balances – saving teachers and their families enormous amounts of debt service obligations each year.

Example: A participating family of four, receiving $240,000 ($60,000 per family member) in their Family Account and $120,000 ($30,000 per family member) in their Medical Savings Account) would be able to eliminate, or significantly reduce, a mortgage balance – which would then save them $700 – $1,000 per month in principal and interest payments…. for possibly the next 15-20 years, depending on the number of years to maturity.

And they might be able to pay off other forms of installment debt, saving hundreds of dollars per month.

Participating teachers’ families would also have significant additional funds available for primary health care needs.

The Leviticus 25 Plan would be far and away more effective at improving financial security for teachers than any tax-and-spend teacher pay mandates imposed by government.

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Education – Student Loans

Wall Street Journal, Apr 6, 2022: “The Committee for a Responsible Federal Budget (CRFB) estimates the loan pause [college loan forbearance] has cost taxpayers more than $100 billion, and the latest four-month extension will add another $15 billion to $20 billion.”

The Leviticus 25 Plan, with each participating college student receiving a deposit of $60,000 into a Family Account and $30,000 into a Medical Savings Account, offers benefits which are far superior to government ‘forbearance’ or ‘forgiveness’ programs – which apply only to government-backed student loans, not private loans.

1. Participating students would be able to pay off or significantly reduce loan balances of both government and private student loans

2. Students would also have additional available funds for primary health care needs.

3. Government-backed forbearance / forgiveness plans are unfair to all of the hundreds of thousands of students from the past who have worked hard and budgeted to pay off their student loans.

4. The Leviticus 25 Plan would eliminate U.S. taxpayer losses of hundreds of billions of dollars in forbearance costs and/or trillions of dollars in loan forgiveness.

____________________________________

The Leviticus 25 Plan grants U.S. citizens the same direct access to liquidity that was provided, courtesy of the Fed, to major Wall Street financial institutions like Moran Stanley, JP Morgan, Goldman Sachs, Bank of America, Citigroup, Wells Fargo, AIG, Merrill Lynch, State Street, Deutsche Bank, UBS AG, Barclays, BNP Paribas, Royal Bank of Scotland, and many others.

The Leviticus 25 Plan would conservatively generate a federal budget surplus of $583 billion per year for each of the first five years of activation (2023-2027) – and would pay for itself entirely over the following 10-15 years.

“He who will not apply new remedies must expect new evils.” – Sir Francis Bacon

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 2023 (4051 downloads)

The Fed, over the course of the last 15 years, has spawned America’s current and enormous wealth disparity … in more direct ways than most people realize…

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Bailouts for Billionaires – Matt Taibbi, Sep 21, 2010 – Excerpts:

Warren Buffet and Berkshire-Hathaway made a $5 billion equity investment in Goldman Sachs at the height of the financial crisis. If Goldman doesn’t get $13 billion via the AIG bailout, that investment vanishes. If Goldman doesn’t get handed a federal bank charter overnight (allowing them to borrow huge amounts of cheap cash from the Fed) and doesn’t get a ban on short-selling and doesn’t get $10 billion from the TARP, again, B-H loses that $5 billion.

Moreover Berkshire-Hathaway is the largest shareholder in Wells Fargo, which got $25 billion from the TARP and also had government help in acquiring Wachovia in a shotgun wedding for $12.7 billion (W-F balked at buying Wachovia until it was given about $25 billion in tax breaks by the government).

So that’s just two of Berkshire-Hathaway’s biggest investments that collectively received at least $70 billion in government aid during the bailouts, by my count (this doesn’t even include the various Fed facilities and lesser-known bailout programs that  helped banks like Goldman and Wells-Fargo stay afloat)…..

[Note: Forbes Billionaires list: #5 Warren Buffet, $124.4 Billion]

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Barrons: BlackRock Is Biggest Beneficiary of Fed Purchases of Corporate Bond ETFs

By Leslie P. Norton | une 1, 2020 2:05 pm ET – Excerpts:

As the Federal Reserve began its historic purchases of corporate bonds exchange-traded funds, almost half of the Fed’s purchases went into BlackRock funds, according to ETFGI, an ETF research and consulting firm.

The Fed is not the first central bank to buy ETFs as part of a stimulus package, but it is buying both ETFs and corporate bonds for the first time in its 107-year history. The Bank of Japan has been buying equity ETFs since 2012 as part of quantitative easing, says Deborah Fuhr, managing partner of ETFGI.

Between May 12 and May 19, the Fed bought $1.58 billion in investment grade and high-yield ETFs with a current market value of $1.31 billion. Six were high-yield ETFs and 11 were investment grade. Some 83% of the purchase went into investment grade ETFs; the rest into high-yield ETFs.

BlackRock’s iShares has 38.1% of the exchange-traded product market; Vanguard has 26.5%, and State Street ’s SPDR ETFs has 16.5%, says ETFGI.

[Note: 2022 Forbes, Black Rock Chairman and CEO Larry Fink – net worth: $1 Billion]

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And then we have all of the CEOs, officers, board of directors members of the major Wall Street Banks that received hundreds of billions in bailout money and TARP funds during the 2007-2010 great financial crisis, the likes of: JPMorgan, Morgan Stanley, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, State Street, Merrill Lynch, AIG… and foreign banks, including: Barclays, RBS, Deutsche Bank, BNP Paribas, UBS AG, and others..

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WOLFSTREET – The Major U.S. Wealth Gap:

“The Fed’s wealth distribution data divides the US population into four groups by wealth: The “Top 1%,” the “Next 9%” (2% to 10%),” the “next 40%,” and the “bottom 50%.” My Wealth Effect Monitor divides this data by the number of households in each category, to obtain the average wealth per household in each category. Note the immense increase in the wealth for the 1% households after the Fed’s money-printing scheme and interest rate repression started in March 2020″:

“As you can see from the steep curve of the red line, the “Top 1%” households were the primary beneficiaries of the Fed’s policies since March 2020. These policies were designed to inflate asset prices, and only asset holders benefited from that. The more assets they held, the more they benefited.”

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The ‘Big Money’ flows freely to the ‘Big Players’ of the financial world when the Fed feels the need to ‘goose the economy.’ And the economy is no better for it. America is drowning in debt, U.S. Dollar stability is at risk, businesses are plagued by a skilled labor shortage, and the economy is now teetering on the edge of recession,

It is time for the Fed to ‘re-target’ its liquidity flows. It is time for U.S. citizens and their families to be granted the same direct access to Fed-generated liquidity extensions.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2023 (4048 downloads)

Democrats are out to win votes with plans to expand the Affordable Care Act, extend student loan forbearance, and… funnel $2.6 billion out through the foreign aid pipelines to fund global gender equity programs.

Republicans should have a counter-plan to set America back on track for massive deficit reductions, financial security for American families (independent of government programs), and wean people off entitlement programs — but they don’t.

The U.S. Congress has set America on track for an eventual U.S. Dollar collapse.

Here we go with the latest…

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Foreign Aid – Gender Equity

Biden Wants $2.6 Billion For Gender Equity Worldwide

ZeroHedge, Apr 5, 2022 | Authored by Adam Andrzejewski via RealClear Policy, – Excerpts:

On International Women’s Day, President Joe Biden announced that his FY 2023 budget will include $2.6 billion for foreign assistance programs to promote gender equity, more than double than what he set aside the previous year….

Last summer, our auditors at OpenTheBooks.com released a report showing that U.S. taxpayers already pay approximately $50 billion a year in foreign aid – an amount more than the federal money flowing to 48 out of 50 state governments.

Much of the new worldwide gender funding will likely go to individual missions and embassies in foreign countries, which will have broad discretion in the programs they choose to sponsor.

With few guidelines and little oversight, there’s no telling where these funds will end up.

The budget request will soon be sent to Congress, which ultimately decides what funding to approve, but the Democratic majority in the House of Representatives will likely try to incorporate the president’s priorities into its bill. It’s likely that $2.6 billion for gender equity for foreign assistance programs will make its way into the final bill.  

The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com.

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ACA Expansion

WSJ: Biden Proposes Change to Affordable Care Act to Extend Subsidies for Families. The change would close a gap that prevents some people with employer-based insurance from getting ACA subsidies

By Stephanie Armour and Andrew Restuccia | Updated Apr. 5, 2022 – Excerpts:

Some people unable to afford health insurance for their families would be able to get Affordable Care Act subsidies under a proposal by the Biden administration aimed at shoring up the Obama-era law.

The proposed change, which President Biden announced on Tuesday, would recalculate what is considered affordable for a family with employer-based health insurance.

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Student Loan Extensions

WSJ, Mar 18, 2022 – Here we go again. The March 2020 Cares Act provided a temporary pause on loan payments and interest accrual through September 2020. Presidents Trump and Biden used emergency executive power to extend the forbearance, which has cost taxpayers about $5 billion a month….

WSJ: Biden Administration to Extend Student-Loan Payment Pause Through End of August.

By Gabriel T. Rubin and Andrew Restuccia | Updated Apr. 5, 2022 – Excerpts:

WASHINGTON—The Biden administration is planning to extend until the end of August a pause on federal student-loan payments, according to people familiar with the matter.

Payments and interest accrual have been paused for borrowers with federal student loans since March 13, 2020, at the start of the pandemic. The pause is currently scheduled to expire on May 1, following a 90-day extension that was announced as cases of the Omicron variant of Covid-19 surged last December. Politico and The Hill earlier reported the planned extension. About 40 million people owe around $1.6 trillion in federal student debt, a sum bigger than credit-card or auto debt. The pause on student-loan payments has lasted longer than most other economic relief measures instituted in the early days of the pandemic by Congress and the White House, such as a ban on evictions and enhanced unemployment benefits, both of which expired last year….

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Washington Republicans don’t have a plan, or a clue, about how to clean up America’s debt monstrosity, or how to properly reinvigorate the U.S. economy, or how to restore financial security (independent of government programs) for millions of families, or recreate a citizen-centered health care system, or set the U.S. Dollar back on track for long-term stability.

America’s hard-working, tax-paying, God-fearing Republicans, the back-bone of our country, do have a plan.

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 2023 (4047 downloads)

Four key points:

1. The global financial system is careening toward a centralized digital currency system. It is beginning now with the world’s major central banks (U.S. Federal Reserve, European Central Bank, Bank of England, Bank of Japan, Bank of Canada, Swiss National Bank, along with individual countries, developing/implementing digital currencies.

2. The enormous debt loads amassed by the U.S., Europe, Japan, China will inevitably lead into periods of paper (fiat) currency instability and potentially credit market disorder. America’s national debt is listed today as $20.348 trillion (125.6% debt to GDP ratio). The true debt, also known as the fiscal gap, or the net present value of unfunded liabilities (NPV), is believed to be over $180 trillion.

The Federal Reserve, for one, will then have an open door to ‘rescue’ the U.S. financial system by offering citizens a conversion opportunity – out of paper Dollars, and into a new Federal Reserve-based digital currency (possibly termed, ‘Stable Coin’).

These initial Central Bank implementations will eventually be followed by a natural and unavoidable migration onto a global platform as a necessary standard for engaging in international trade.

3. Anyone who believes that President Biden is the author/originator of this Executive Order (EO) below is giving him far too much credit. There is clearly a globalist-minded cabal, behind the scenes, pulling all the levers and pushing all of the right buttons to coordinate the flow of these events.

4. There is nobody in the U.S. Congress offering forth a legitimate plan to deleverage America’s enormous debt load – which would have the tremendously beneficial effect of stabilizing the U.S. Dollar, recharging the U.S.economy, and providing a qualitatively new measure of financial security for millions of American families.

The Leviticus 25 Plan, the most powerful economic acceleration plan on the face of the earth, will deleverage America – and preserve our liberties.

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Fox Business:  Biden’s proposal for a new digital currency is an attack on liberty

A central bank digital currency would put even greater authority in the hands

By Justin Haskins FOXBusiness, March 26, 2022 – Excerpts:

While the world remains focused on the tragic situation in Ukraine, the Biden administration is preparing to launch America’s first government-backed digital currency. If a new digital dollar is rolled out, it could substantially reduce individual rights and give the Federal Reserve and the national government significantly more power over the U.S. economy.

On March 9, the White House released an executive order covering digital assets, including cryptocurrencies like Bitcoin. Under the far-reaching executive order, a long list of government agencies would develop plans for regulating, studying, and/or monitoring cryptocurrencies and the various exchanges where consumers buy, sell, and trade them.

The White House’s intrusion in the use of blockchain technology should be enough to worry advocates of free markets, but there’s an even more troubling part of Biden’s executive order: the potential development of an entirely new, digital currency.

The EO states the White House has placed “the highest urgency on research and development efforts into the potential design and deployment options” of a novel central bank digital currency (CBDC).

It further instructs numerous federal departments, including the Treasury Department, to work on the development of a “report on the future of money and payment systems, including the conditions that drive broad adoption of digital assets.”

The Treasury Department must submit the report within 180 days, about six months.

The White House is also asking the chairman of the Federal Reserve to “develop a strategic plan for Federal Reserve and broader United States Government action, as appropriate, that evaluates the necessary steps and requirements for the potential implementation and launch of a United States CBDC.” And within 210 days of the executive order, a CBDC “legislative proposal” must be presented to the president.

This is a truly remarkable and deeply troubling development.  If a CBDC were to be created, it would dramatically expand the power and influence of the federal government and Federal Reserve, in ways most Americans won’t understand until it’s too late to roll the CBDC back.

Unlike blockchain-based digital currencies such as Bitcoin, which are by design decentralized, a central bank digital currency would likely be programmable, meaning that it could be designed so that Americans could only use it for specific purposes. And it would be easy for banks and government agencies to track digital dollars and the people using them, unlike printed U.S. dollars available today.

Although some might be tempted to dismiss these fears as too far-fetched to be of serious concern for a country like the United States, there is strong evidence that the White House and Federal Reserve have already considered making a new digital dollar programmable, in line with their various social and economic goals

For instance, Biden’s executive order states that a CBDC should be designed to advance “financial inclusion and equity” and with “climate change and pollution” in mind.

A “fact sheet” released by the White House about the executive order also stated that its EO will “Promote Equitable Access to Safe and Affordable Financial Services” and that the government’s report about the development of a digital dollar must “include implications for economic growth” and “financial growth and inclusion.”

A senior administrative official also told reporters that the White House has and will continue to “partner with all stakeholders — including industry, labor, consumer, and environmental groups, international allies and partners” when developing plans for a central bank digital currency.

Why would unions, environmental groups, and business lobbyists be involved in the creation of a new currency, unless that currency is programmable?

A central bank digital currency could also transform America’s monetary system in important ways. Rather than use interest rates and complex monetary tools to help improve employment rates and keep inflation at target levels, a central bank digital currency could be created at will, with nothing more than a push of a button, and possibly even distributed directly to Americans—giving the Fed more control over the economy than ever before.

Perhaps most disconcerting of all is that a programmable central bank digital currency could be altered at any point in the future, giving it the potential to be politicized or to be subject to even greater restrictions.

The United States has become the world’s most successful society by empowering individuals and businesses, especially small businesses. A central bank digital currency would do just the opposite, putting even greater authority in the hands of a small number of banks, government officials, and bureaucrats. Biden’s plan for a central bank digital currency must be stopped.

Justin Haskins is the director of the Stopping Socialism Center at The Heartland Institute and the co-author, with Glenn Beck, of the forthcoming book, “The Great Reset: Joe Biden and the Rise of 21st Century Fascism.”

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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 2023 (4004 downloads)

WSJ: Debt and Inflation Threaten U.S. Security… Servicing costs could soon reach $1 trillion a year, which would crowd out spending on defense.

By Jeb Hensarling

The Wall Street Journal. Feb. 22, 2022 – Excerpts:

The national debt this month reached $30 trillion. Not only is this the largest debt in U.S. history in dollar terms, but the ratio of debt to gross domestic product is 119%—the largest it’s ever been. And things are only getting worse. The Congressional Budget Office predicts that the mammoth debt-to-GDP ratio will double over the next three decades. The Highway Trust Fund will likely become insolvent in 2027. Medicare Part A will run out of money in fiscal year 2026 and Social Security will go bust in fiscal 2033.

Now Americans are beginning to experience inflation, one of the primary costs of rapidly growing levels of national debt… To help finance $5.9 trillion of Covid relief, the Federal Reserve purchased Treasury debt from third parties, typically large banks known as primary dealers, and then with a few keystrokes the Fed simply created a new set of credits on its books for the sellers. Because of the additions of these credits, in two years the Fed’s balance sheet has doubled to almost $9 trillion, creating a risk of significant and sustained inflation.

Some policy makers and economists maintain that sustained harmful inflation can never happen here. They argue that because the dollar is the world’s reserve currency, investors will always want U.S. debt and the Treasury will always be able to roll that debt over as it matures. But “always” is a long time.

[snip]

Those who believe there can never be a debt crisis should look no further than the last financial crisis. For years, policy makers told us that Fannie Mae and Freddie Mac, the largest players in the housing market, would always remain solvent and strong. They were wrong. Fannie and Freddie failed, the housing market crashed, and the economy was brought to its knees. Fannie and Freddie weren’t problems until they were. Just as the national debt may never be a problem until it is.

We’ve had years of denial, delay and neglect in confronting the unsustainable national debt. Today’s high rate of inflation is simply a foreshadowing of what could come if the U.S. is forced to monetize the bulk of its national debt. Reduced economic growth, a diminished national defense, insolvent social safety-net programs and recession loom as well. The 9/11 Commission concluded the national security establishment suffered from a “failure of imagination.” Let’s hope the same doesn’t prove to be true when it comes to fiscal security.

Mr. Hensarling served as a U.S. representative from Texas (2003-19) and chairman of the House Financial Services Committee (2013-19).

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Mr. Hensarling – Meet the most powerful economic acceleration plan on the face of the earth….

The Leviticus 25 Plan will generate $583 billion federal budget surpluses for the initial 5 years of activation (2023-2027), and completely pay for itself over the next 10-15 years.

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 2023

Economic Scoring links:

·  The Leviticus 25 Plan 2023 – $583 billion Federal Budget Surpluses (2023-2027), Part 1: Overview, Deficit Projection

·  The Leviticus 25 Plan 2023 – $583 Billion Federal Budget Surpluses Annually (2023-2027), Part 2: Federal Income Tax and Means-Tested Welfare Recapture Benefits.

·  The Leviticus 25 Plan 2023 – $583 Billion Federal Budget Surpluses Annually (2023-2027), Part 3: Medicaid/CHIP and Medicare Recapture Benefits

·  The Leviticus 25 Plan 2023 – $583 Billion Federal Budget Surpluses Annually (2023-2027), Part 4: VA, TRICARE, FEHB, SSDI Recapture Benefits

·  The Leviticus 25 Plan 2023 – $583 Billion Federal Budget Surpluses Annually (2023-2027), Part 5: Subtotals, Interest Expense Savings, Summary

Full Plan: Leviticus 25 Plan 2023 (3958 downloads)  

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Preview 1:

The Leviticus 25 Plan provides a $90,000 credit extension, direct from the Federal Reserve, to every participating U.S. citizen:  $60,000 into a Family Account (FA) and $30,000 into a Medical Savings Account (MSA).

Example:  Qualifying family of four would receive $240,000 in their FA, and $120,000 in their MSA.

Primary goals:  Massive debt elimination at family level: mortgage debt, consumer debt, student loan debt.  Federal budget surpluses.

Eligibility:  U.S. Citizen.  Job history, credit history requirement (similar to traditional credit checks for bank loans).  Clean recent drug history.  Clean crime history.

Requirements:  Forego all federal and state tax refunds for 5-year period.

Forego selected means-tested welfare benefits – for minimum 5-year period.

Forego all income security program benefits – for minimum 5-year period.

Forego new federally-subsidized ‘Family Medical Leave’ benefits – for minimum 5-year period.

Forego Child Tax Credit benefits – for minimum 5-year period.

Forego enhanced federal rental forbearance/assistance – for minimum 5-year period.

Forego SSI and SSDI for minimum 5-year period.

New $6,000 deductible on primary care access to: Medicare, Medicaid, VA, TRICARE, FEHB – for minimum 5-year period.

The Plan assumes that the elite-wealthy will not participate, because their refunds are too valuable to give up over the requisite 5-year period.

The Plan also assumes that many who heavily depend on social welfare benefits will also choose not to participate, because the overriding value of those benefits, vs foregoing them, over the 5-year period.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$90,000 per U.S. citizen – Leviticus 25 Plan 2023 (4000 downloads)