Things have certainly gotten really crazy here in 2020. First we witnessed the eruption of the worst global pandemic in 100 years, then the U.S. economy started collapsing, and then we watched major U.S. cities burn from coast to coast as rioting and looting spiraled out of control. Everywhere you look, people are very angry and deeply frustrated, nearly 46 million Americans have filed for unemployment benefits over the past few months, and fear of COVID-19 continues to paralyze our society to a frightening extent. But can this really be called the lowest point in modern U.S. history? According to one recent survey, a whopping 72 percent of all Americans actually believe that this “is the lowest point in the country’s history that they’ve ever been alive to see”…
Across two polls, more than 5,000 adult U.S. residents were recently surveyed on the state of America right now. A staggering 83% say that worrying about the future of the United States is a big source of personal stress. Also, 72% believe this is the lowest point in the country’s history that they’ve ever been alive to see.
That appears to be quite a consensus.
Of course many of those that were alive during the Great Depression of the 1930s and the early days of World War II would strongly argue that what we are experiencing today is nothing compared to what they had to deal with.
And without a doubt, the twelve years from 1968 to 1980 were not easy years by any stretch of the imagination. Just like now, Americans of that era were facing great civil unrest, tremendous economic problems, major political shaking and a global pandemic that killed a lot of people. If you don’t know about that pandemic, just Google “the flu pandemic of 1968”.
Having said all that, there is definitely a case to be made for 2020. Not even during the Great Depression did we ever see the kind of apocalyptic spike in unemployment that we have witnessed this year. Even though nearly 46 million Americans have already filed for unemployment benefits since the COVID-19 pandemic began, big firms continue to lay off thousands upon thousands of workers. On top of that, more than 100,000 businesses have already permanently closed their doors, and Americans have already skipped payments on more than 100 million loans.
And as I explained the other day, the most severe pain from this economic downturn won’t even begin to hit us until about six weeks from now.
As emergency government assistance starts to fade, an increasing number of Americans will have a very difficult time keeping up with paying the bills. In fact, another new survey has found that about half of all homeowners are “worried about making future mortgage payments”…
New research offers a glimpse into struggling households, discovers out of the 2,000 American homeowners polled, over half (52%) of respondents say they’re routinely worried about making future mortgage payments and nearly half (47%) considered selling their home because of the inability to service mortgage payments.
The study, conducted by OnePoll and the National Association of Realtors, determined 81% of respondents had experienced unexpected financial stress due to the virus-induced recession. Over half (56%) reduced spending so they could service mortgage payments.
Meanwhile, fear of COVID-19 is going to continue to paralyze our society for the foreseeable future.
I don’t know if you have taken a look at the numbers lately, but the truth is that the number of confirmed cases in the U.S. is starting to surge again. For the planet as a whole, Friday was the worst day of the pandemic so far by a very wide margin, and that means that this crisis is a long, long way from over.
There are already whispers that there may be new lockdowns here in the United States. I seriously hope that does not happen, because that would be another crippling blow for our collapsing economy, and the virus just continued to spread during the first round of lockdowns anyway.
On top of everything else, more rioting, looting and violence could erupt at literally any moment. Since this is an election year, tensions are going to be running even higher than usual, and even a relatively minor spark could cause another round of major civil unrest.
But as bad as things are right now, what most people don’t understand is that this is just the beginning.
As I have warned so many times before, we have entered a time when we are going to be facing one crisis after another, and this is going to be true no matter what happens during the election in November.
We have reached a moment in history when all of the cycles are ending, all of the bubbles are bursting, and we are going to experience the consequences of all the very foolish decisions that we have been making for decades.
At this point, the immediate outlook is so bleak that it is turning all sorts of people into raging pessimists. For example, Wolf Richter just posted an article in which he explained why he just shorted the entire stock market…
I’m sharing this trade so that everyone gets to ridicule me and hail me as a moron and have fun at my expense in the comments for weeks and months every time the market goes up. And I do not recommend shorting this market; it’s nuts. But here’s why I did.
The stock market had just gone through what was termed the “greatest 50-day rally in history.” The S&P 500 index had skyrocketed 47% from the intraday low on March 23 (2,192) to the close on June 8 (3,232). It was a blistering phenomenal rally. Since June 8, the market has gotten off track but not by much. It’s still a phenomenal rally. And it came during the worst economy in my lifetime.
I know that a lot of people will criticize him for making such a move, but I applaud him for his bravery.
Even if his timing turns out to be a bit early, I certainly concur with him that this latest Fed-fueled bubble will inevitably burst.
But ultimately we are going to be facing problems that are much more severe than a stock market crash. In fact, a market crash will be among the least of our problems.
Because it isn’t just our economy that is collapsing.
Our entire society is in the process of imploding, and if you don’t like 2020, then you really aren’t going to like what is going to happen in 2021 and beyond.
About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The End, Get Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help. During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.
April was the second consecutive month of job losses for the U.S. economy following the record 113 months run of expanding employment rolls.
Economists had forecast that the economy would lose 21 million jobs and that the unemployment rate would climb from 4.4 percent to 16 percent. So the April figures were better than expected.
March’s job losses were revised up from a loss of 701,000 to 870,000. February, which saw job gains, was revised down by 45,000 from 275,000 to 230,000, a reminder of how just how strong the jobs market was prior to the onset of the coronavirus crisis.
Employment fell sharply in all major industry sectors, with particularly heavy job losses in leisure and hospitality, the Labor Department said. Both average hourly earnings and average hours worked moved up in April, likely reflecting businesses shedding newer and lower-paid employees first and attempting to make do with smaller payrolls by increasing hours.
Manufacturing shed 1.3 million jobs, including 381,500 in the auto sector. Construction lost 975,000 jobs. Health care and social assistance shrank by more than 2 million jobs.
White-collar positions have not been immune to the coronavirus jobs catastrophe. Information technology and financial services sectors shrank by more than one-quarter of a million jobs. Business services lost 2.1 million jobs.
The scale of the job loss has been breathtakingly sudden despite an unprecedented level of support for the economy from the federal government and the Federal Reserve. Over the past seven weeks, more than 33 million Americans have filed claims for unemployment benefits. But the number of claims has been declining for five consecutive weeks.
The Trump administration successfully pushed Congress to authorize direct payments to U.S. households to support incomes and to raise the amount paid by unemployment benefits by $600 a week, making it possible for some Americans to earn more through losing a job than they made working. The federal government is also backing over $600 billion of loans to small businesses that can be forgiven if those businesses avoid layoffs.
The Fed cuts its interest rate target to a range between 0 and 0.25 percent. In addition, it is in the process of launching a number of new lending facilities aimed at providing liquidity to struggling businesses.
But loans and direct payments can only go so far to offset orders that many businesses close their doors entirely or dramatically reduce the number of customers they serve. The customers were told to stay at home and avoid going out except to purchase essential items. Bars, theaters, and gyms were shuttered in much of the country. Restaurants were required to close dining rooms, remaining open only for take-out and delivery. Manufacturers often had to shut down altogether, including the plants of most automakers in the U.S. Health care establishments found themselves bereft of businesses as patients canceled elective procedures and even regular check-ups.
In the five weeks covered by the U.S. jobs report for April, 26.5 million people applied for unemployment benefits. The job loss reported Friday is lower than that because the two are measured differently: The government calculates job losses by surveying businesses and households. It’s a net figure that also counts the hiring that some companies, like Amazon and many grocery stores, have done. By contrast, the total jobless claims is a measure of just the layoff side of the equation.
Even Friday’s numbers don’t fully capture the scope of the damage the coronavirus, social distancing, and government shutdown orders has inflicted on jobs and incomes. Many people who are still employed have had their hours reduced. Others have suffered pay cuts. Some who lost jobs in April and didn’t look for a new one in light of their bleak prospects won’t even be counted as unemployed.
During the Great Recession of 2008-2009, the nation lost 6.5 percent of its jobs over a two-year span. It was the worst loss in any recession since World War II. The unemployment rate hit 10 percent in the fall of 2009, the highest level since 1982’s 10.8 percent unemployment.
Few economists expect a rapid turnaround.
The Congressional Budget Office has forecast that the unemployment rate will still be 9.5 percent by the end of next year. A paper by economists at the San Francisco Federal Reserve estimates that under an optimistic scenario that assumes shutdowns are lifted quickly, the unemployment rate could fall back to about 4 percent by mid-2021.
But if shutdowns recur and hiring revives more slowly, the jobless rate could remain in double-digits until the end of 2021, the San Francisco Fed economists predict.
Raj Chetty, a Harvard economist, is tracking real-time data on the economy, including consumer spending, small business hiring and job postings. Chetty noted the economy’s health will hinge on when the viral outbreak has subsided enough that most Americans will feel comfortable returning to restaurants, bars, movie theaters and shops.
The data suggests that many small businesses are holding on in hopes that spending and the economy will rebound soon, he said. Small business payrolls have fallen sharply but have leveled off in recent weeks. And job postings haven’t dropped nearly as much as total jobs have. But it’s unclear how much longer those trends will persist.
“There’s only so long you can hold out,” Chetty said.
We are at the leading edge of a once-in-a-lifetime opportunity to earn historic profits.
The Internet of Things has taken off, changing our lives in countless ways and launching a Fourth Industrial Revolution I’m calling America 2.0.
Few periods in history have combined tech mega trends with business-friendly governments. These periods have produced historic bull markets. But most Americans have missed out…
And by the time the media start talking about America 2.0, the big gains will be gone.
So don’t wait. Watch my update right now to find out how to profit from America 2.0 stocks today.
INVEST IN THE BACKBONE OF THE AMERICAN ECONOMY
Finding the right America 2.0 stocks can be tough. Which is why I’m here to guide you and show you exactly what companies to invest in.
And I just put the first one in a brand-new special report.
This relatively small company is disrupting a $2.2 trillion industry. You could say this industry is the backbone of the American economy.
And this company’s technology could ignite an economic boom the same way the assembly line did. Find out how you can get all the details in my new report here.
AMERICA 2.0 IS COMING: ARE YOU PREPARED?
America 2.0 is coming. This extraordinary, astonishing and amazing event which is a once-in-a-generation opportunity to participate in historic gains in the stock market.
Our research has shown there have been only two other opportunities to participate in a cultural shift of this magnitude like this in modern history. One was in the 50s and the other one was in the 80s. Each time, the opportunity to make life-changing gains was right there in front of you.
Sadly enough, our research also shows the vast majority of people missed out on the big gains. They did not invest in time, or they did not invest in the right thing.
Often because they had the wrong ideas, the wrong advice, paying attention to the wrong things and focusing on the wrong stocks.
Today, I want to illuminate the America 2.0 opportunity that is sitting right in front of you. For me, the America 2.0 opportunity begins with what you already know and what you have been listening to from us for many years now.
It begins with technological mega trends.
The Internet of Things (IoT)
Let’s start with the biggest one of them all the Internet of Things (IoT).
Today no one questions the IoT. We have trillions and trillions of devices that are going to end up getting connected to the internet. Over the next few years, we will be able to monitor, anticipate and predict a lot of the standard things we do from day to day, in real-time.
IoT will bear the burden. We will no longer waste time on mundane tasks that add no real value to our life. For example, turning switches on and off or opening doors or any number of simple things that we take the time and trouble to do day after day.
These are part of our regular routine.
When you think about it, that is true not just for you as an individual, not just for your family or friends, it’s true for every company and organization. There are millions of tasks today that we spend time, energy and resources on that can be automated, that can now be something we are free of and is done for us.
That’s a simple example and you might be thinking, “Paul, that’s crazy. That’s just a little thing.” However, just think, there are billions of people around the world who spend their time doing this and we even sometimes hire people to actually do these small tasks. When you put it all together it’s an extraordinary amount of work, time and resources.
The IoT is going to change the way we live. That’s mega trend number one.
The IoT by itself has also generated a huge amount of data. That data is being dissected, patterned and developed to useful information which is what we are now referring to as artificial intelligence (AI).
In other words, we take that data and we parse it. A lot of it is not that useful, but there are little nuggets that are absolutely critical.
AI can use that information to predict when something is going to break, know when to maintain something, give us advance information as to when we should replace some things. And it’s going to be surprisingly accurate.
Critical information for you as an individual and if you’re a business owner and you know your door is going to fall off a hinge, you’d rather it didn’t fall off and take the whole doorway with it. Or you know your windows are leaking cold air or hot air and it’s causing your house to heat or cool itself inefficiently.
If you can get that information, you can make informed choices.
THE FOURTH INDUSTRIAL REVOLUTION
I can go through example after example.
Blockchain will change how much time we spend verifying identify at the DMV or the airport or any place you show your ID. No more time wasted proving you are who you say you are.
Precision medicine will match your genetic code to the perfect medication you need to medically treat you after any diagnoses.
When you stack these mega trends together — IoT, AI, blockchain, precision medicine — there is a revolution that is brewing that I am calling the fourth industrial revolution.
It’s going to remake our country and the world. There is no doubt about it.
If you look at each sector individually you might say, “No big deal.” However, multiply it across people, across companies, across our economy, across our society and our country and you will realize this a massive cultural change that will redefine existence.
This is why I am still so optimistic, so positive, so bullish about America 2.0 and America 2.0 stocks. You might be thinking, “Paul, you’ve me plenty about this. What can I do?” There are two things you can do.
First, I would tell you if you are interested in getting America 2.0 stocks — no other stocks, only America 2.0 stocks — this is the only place you can get them. In my Profits Unlimited service, we focus exclusively on America 2.0 stocks.
Later, when this cultural shift is on the front page of the Wall Street Journal and all your friends and family are telling you about it too, the vast majority of gains are going to be gone. Now is the time to take action.
We live in an extremely covert world when it comes down to how things get done. I mean, really get done. This is a world of shadows where a lot of things get done in the dark. Most of the time one must scratch beneath the surface to get to the truth.
“There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.” John Adams 1735-1826
John Perkins, former Chief Economist for Chas. T. Main Inc. states that we would find a country with great resources (we being the United States) to covet. The World Bank, International Monetary Fund, or another one of its sister organizations will furnish a loan to that country. But, the money never gets to the country in question. Instead, our big corporations get the money to build the infrastructure. So, these big companies proceed with building things like gas stations, power plants, industrial parks, etc. Only the wealthy in these countries benefit but the people are left to foot the bill. Which they can not.
The next stage that takes place is when the economic hitman would go over to the country in question and propose that they should sell our corporations that are already in position in their country at the current time after the loan the oil rights for cheap or let us set up a military base, etc. This is when the privatization of utilities and social systems come into play. The conglomerate of international countries which includes the U.S. position themselves for the control of these assets. Often times they (government and bankers) would give additional loans or refinance the original loan causing the country to fall even deeper into a hole that they can not climb out of. Eventually, these countries become annexes and ruled by outside interests. There are a few examples of this malignant process that come to mind.
In Iran, Dr. Mohammad Mossadegh was democratically elected as the Prime Minister from 1951-1953. Hope for democracy in the Middle East (N. Africa) until he mentioned that foreign countries should give the Iranian people more money for the oil they are getting. He simply was saying that the Iranian people should benefit from their own oil. What’s wrong with that, right? Iran made it public that they were going to take over the British oil assets. The U.S. didn’t take too kindly to that so they sent in K. Roosevelt, cousin of Teddy Roosevelt, who was a Jackal or Economic Hitman. With a few million dollars, he managed to get Mossadegh overthrown and then replaced by the Shah of Iran. Roosevelt was a CIA agent which would have been a problem if he was caught. The government, going forward, would then begin using private companies and civilians to do their dirty work.
Jacob Arbenz Guzman was the President of Guatemala from 1951-1954. He stood against The United Fruit Company and stated he wanted to give the land back to the people. The people loved him but the United Fruit Company not so much. They were very powerful. The United Fruit Company got the U.S. behind them by convincing the U.S. government and military that Guzman was backed by the Soviets. According to John Perkins, the CIA in conjunction with the military had him assassinated. His replacement reinstated the policies that would be favorable towards The United Fruit Company as if was related to land rights.
This covert process to take control of a country and its assets has basically four steps: First, the loan is given to the country with high levels of interest attached to it. The second step is after the country has trouble paying the loan back, send in the Economic Hitman to bribe them with a restructured loan and/or talk them into making a deal. Thirdly, is after the Economic Hitman fails, they send in the Jackals to take down the regime covertly. Fourth and finally, when the Jackals fail, send in the military. Coincidentally, all four of these steps took place in Iraq with Saddam Hussein.
One could make a claim that money is the one thing that makes the world go around. Currently, currency is as precious as water or air. One must have it to survive. But, there is a lot more to money that most people understand. What if I told you that money is really debt?
We live in a world where 1% of the earth’s population owns 40% of the world’s wealth? 50% of the world’s population lives on less than $2 a day. Daily, 350,000 children die around the world from poverty and diseases that are curable in this present time while the rich get richer. This is a staggering number no doubt. One of the reasons for financial imbalance could be because most people use money but don’t understand money, how it relates to debt and how it relates to the monetary system itself.
Money Is Created Out Of Debt Through Loans
September 30th, 1941 at the House Committee Hearing on Banking and Currency, Marriner Eccles, Governor of the Federal Reserve, wrote, “ If there was no debts in our money system, there wouldn’t be any money.” Modern Money Mechanics was a document produced by the Central Bank or Federal Reserve some years ago. This document detailed the institutionalized practice of money creation by the Federal Reserve and the web of global commercial banks it supports. The first page clearly states it’s purpose which is to describe the basic practice of money creation in a “fractional reserve” banking system. The document goes into detail and breaks down how it works. It goes something like this, the US Government needs a loan. They go to the Federal Reserve and asks for $10 billion. The Fed. (Federal Reserve Bank) says, o.k. We’ll buy some government bonds from you. The government then creates some pieces of paper all nicely decorated and puts a value on these pieces of paper or bonds to the sum of $10 billion and deliveries them to the Fed.
The Fed. then have drawn up some nicely decorated pieces of paper also known as money and names them Federal Reserve Notes. The Fed. gives these notes to the government in return for the bonds. They exchange colorful paper in other words. After the exchange, the government takes the notes and deposits them into a bank account. This makes the notes legal tender henceforth adding $10 billion to the U.S. money supply. This is a generalization. Nowadays, of course, the transaction would be electronic. Like a direct deposit, etc. 97% of all money is now digital. Government bonds are basically instruments of debt. When the government gives the Fed. the bonds they are actually promising to pay back that money to the Fed. So the money was created out of debt. Money Is Debt!
It gets more crazy. That $10 billion deposit becomes part of that bank’s reserve that can be used against or to supply additional loans given out to additional businesses and individuals. The Modern Money Mechanics document states that all banks are required to keep a fraction or percentage of its deposits as reserve. Ten percent is the amount stated by the MMMD (Modern Money Mechanics Document). So, $10 billion gets deposited, $1 billion of that is placed in the bank’s reserve, and the other $9 billion is considered excessive reserve and can be used to issue out brand new loans. Now, one would think that the $9 billion is coming out of the initial $10 billion deposit. But, what is actually happening is that the $9 billion is magically created out of the thin air. This is how the Fed. and the banks expand the nation’s money supply. So, when someone applies for a loan, they sign a loan document and in return, they get money that was generated from nothing. Fiat money. Now, when this civilian deposits the money into a bank account, the process begins all over again.
The process could continue into infinity. On average, about $90 billion can be created on top of the original $10 billion deposit. All out of the ether or thin air. One has to ask, what gives a piece of paper or our dollar any value at all? The answer is that it’s the existing money currently in the system. So, the new money essentially robs the current currency of its value. This devalues the U.S. dollar and also causes inflation. When the money supply increases while the goods and services do not, when they shou7ld simultaneously, that’s when we have inflation.
When one takes a clear look at our money system, one could say that the banking system is set up to deliberately devalue our currency. We once used a silver standard to back our money. What are we using now to give our dollar any value? This and many other questions need to be answered.
All gloves were off in Houston last night, as the nearly 3 hour long Democratic debate, quickly turned into a slugfest between, former VP Joe Biden, and progressive Senators Bernie Saunders and Elizabeth Warren.
Long-simmering policy disputes between the top three contenders and a slew of other candidates exploded onto the stage during the third televised Democratic primary debate, as the candidates — often with loud and angry voices – duked it out on “Medicare-for-all,” immigration, and more.
Intermittent efforts by some candidates to show unity and keep the heat on President Trump repeatedly failed, with most striving instead to score an aggressive debate “moment” onstage in Houston.
Amid the verbal sparring, Pete Buttigieg offered an exit ramp from the feuding as he criticized the Democrats for “scoring points against each other” — prompting Julian Castro to interject, “That’s called an election!”
“Yeah, but a house divided cannot stand,” Amy Klobuchar retorted, to no avail. As the candidates continued to fight with each other, instead of taking jabs at Trump, it could only leave the President smiling.
The economy, which, thanks to Trump’s policies, has performed well by virtually all major metrics in the past year, went largely undiscussed during the raucous three-hour debate. And, even as House Democrats made a push towards potentially impeaching the President this week, that topic conspicuously did not come up either.
A Rumble From the Outset
A tone of conflict was set from the very start of the contentious debate, when Biden set the agenda by going after Warren directly, saying to her, “I know the senator says she’s for Bernie,” Biden said. “Well, I’m for Barack.”
He then tossed this barb at Sanders.
“For a socialist, you’ve got a lot more confidence in corporate America than I do,” Biden shot back at Sanders when the U.S. senator from Vermont suggested corporations would return the money they currently make on high insurance premiums if his sweeping plan were implemented.
Sanders responded by referring to cancer treatment, leading Biden to sharply reply, “I know a lot about cancer — it’s personal to me.” Brain cancer killed Biden’s son Beau four years ago.
These almost immediate clashes settled any questions about whether the top-tier candidates – meeting onstage for the first time – would be pulling any punches. Biden was clearly mindful that Warren has been surging in recent weeks and came out fighting to hold onto his frontrunner status, while several candidates continued to pile on Biden as they have at past debates.
But perhaps the night’s most heated exchange came between Biden and fellow Obama administration member Julian Castro, who tangled at length indirect and seemingly personal terms.
“I’m fulfilling the legacy of Barack Obama, and you’re not,” Castro said, referring to the millions of Americans who lack health coverage — leading Biden to respond, “That’ll be a surprise to him.”
Castro hammered Biden for claiming that individuals would not be required to buy into his health care plan in order to receive coverage.
“You just said two minutes ago they would have to buy in. Are you forgetting what you said two minutes ago?” Castro asked, a seeming pointed jab at Biden’s age. However, Biden did not say during the debate that individuals would have to buy in. Instead, Biden said that individuals would automatically be enrolled if they lost their jobs.
Joe’s Goofs and Gaffes
While Castro’s dig at Biden’s age may have seen meanspirited, the former VP was showing signs of wear during the almost 3 hours on his feet, and he did have his share of goofs and gaffes. He repeated more than once the inaccurate claim that children were not kept in cages under the Obama administration. In fact, the most widely circulated photo of children in cages in immigration detention centers, though falsely attributed to the Trump era, was taken during Obama’s presidency.
When asked how can school children be better informed and more articulate today, Biden said they should be sure to, “Play the radio. Make sure the television, excuse me, make sure you have the record player on at night, the phone…”
But perhaps he “stepped in it” the worst time of the night, when he suggested that those who commit “white collar” crime, should never see the inside of a jail cell. “Nobody should be in jail for a non-violent crime,” Biden said. “When we were in the White House, we released 36,000 people from the federal prison system.”
As Biden continued to trip over himself, and the rest of the field ate each other up, or made outrageous statements like Beto O’Rourke’s, “yes, we are coming for you guns…” clearly, once again, he winner of the 3rd Democratic Debate, was Donald J. Trump!
A new poll has revealed that a two-thirds majority of Americans think that the United States government should not make cash reparation payments to the descendants of slaves.
According to the Gallup poll which was conducted in June and July, 67 percent of Americans opposed the idea of providing cash payments as a form of reparations to the descendants of slaves. The percentage of Americans who supported cash reparations stood at just 29 percent – up from 14 percent in 2002. The poll revealed that 73 percent of black Americans support cash reparations.
In June, the U.S. House Subcommittee on the Constitution, Civil Rights, and Civil Liberties held a hearing on reparation where the considered HR Bill 4 – a piece of legislation which calls for the establishment of an expert committee that would study the idea of reparations and make suggestions to lawmakers.
The sponsor behind the proposed bill is Rep. Sheila Jackson Lee, a Democrat from Texas. The legislation itself doesn’t propose how descendants of slaves would be compensated.
Democrats are starkly divided on the issue of reparations. While 49 percent of polled Democrats supported the idea of cash reparations, 47 percent opposed the idea. Democrats who support the idea is up nearly 100 percent from 2002, when just 25 percent supported it.
Independents, however, weren’t so keen on the idea, with 35 percent in support and 65 percent in opposition.
Among Republicans polled, just 5 percent were for reparations, up from 4 percent in 2002. Conversely, an astounding 92 percent of Republicans opposed the idea.
Lastly, the poll also revealed a bit of a racial divide on the issue. Among black Americans, 73 percent supported the idea, while just 16 percent of white voters supported it. Hispanics were more split down the middle, with 47 percent supporting the idea and 46 percent being against it.
As the 2020 Democratic hopefuls race to see who can give away more “free stuff” to their gullible base of millennial voters, Sen. Elizabeth Warren (D-MA) just proposed a new $640 billion student college debt relief program that would also eliminate college tuition for all two and four-year public colleges.
The 2020 Democratic presidential candidate unveiled the ambitious policy proposal as she attempts to distinguish herself from the large and progressive Democrat field. Warren released the proposal ahead of a series of youth-oriented CNN town halls the other night with 2020 presidential candidates held at Saint Anselm College in New Hampshire.
“It’s a problem for all of us,” Warren said, noting that student college debt has reached more than $1.5 trillion and affects more than 40 million Americans. “It’s reducing homeownership rates. It’s leading fewer people to start businesses. It’s forcing students to drop out of school before getting a degree.”
“Pocahontas” Pandering to Young Voters
Warren’s proposal was an obvious pander to the young voters ahead of the Town Hall, but it was also a major a slap in the face to those who have already struggled to pay off their student loans without government assistance. Not to mention it would be absurdly costly, but the Democrats, particularly Warren, Sanders and their progressive ilk, have yet to realize that “free” is never really free!
But, the proposal, while fiscally untenable, makes perfect pollical sense for Warren’s attempt to break out and grab the millennial vote. Most of her fellow candidates have been using the “Free College For All” rallying cry, but millennial’s, who make a huge percentage of the current democratic base, do not much care about “free college.” They themselves are already recent grads, and they are way too young to have college bound kids. But what they do have is a mountain of student loan debt, so promising to cancel all of their debt would have a huge impact on their finances.
Right now, more than a third of millennials have student loan debt, and studies have shown that the debt is leading them to delay major life decisions including purchasing a house, saving for retirement, and even getting married and having kids.
Who’s Going to Pay For It?
What Warren is proposing is to offer debt cancellation of up to $50,000 to more than 42 million people, or 95% of those with debt. She says that will completely wipe out debt for 75% of borrowers with student loans.
The question, as always, for the Progressives and their proposals is, “who’s going to pay for it?” And the answer, as usual, is “the wealthy.”
Warren has proposed an “ultra-millionaire tax” that would annually tax wealth above $50 million at an extra two percent with an additional one percent tax on wealth over $1 billion. She says this will pay for her tuition and debt relief plan. Not only is such a tax wildly unpopular, she has gone to this well before, and thinks this same tax will also pay for her “free” childcare proposal.
But aside from the cost, her plan would be tremendously unfair to those who have been struggling for years to pay off their student loans, or went to second choice schools, or cut their living expenses to the bare bones, to be responsible, and pay their debts.
Furthermore, even if she should by some stretch of the imagination, get the nomination and win the White House, a “wealth tax” never adds up to what those who propose such things think they will, and inevitably, such “free programs” wind up with an increased tax burden on the very people they are supposed to help – the middle class.
In order to head off the typical left-wing reaction that will arrive in the wake of this commentary – that any criticism of a minority is white racism — I think it is necessary for readers to understand that I have spent a life time in active support of equality for ALL people. I have worked in the inner cities in opposition to racism in education, housing, employment, policing, public safety, public services and anywhere else it is found. I despise racism of EVERY kind.
This means that I also call out minority racism. Yes, the so-called “people of color” – blacks, Hispanics, Asians, and Native Americans – can also be racist or manifest racist beliefs in certain instances. Saying so is what will have the folks on the political-correct left calling me a racists. The kindest of them will say that I am a racist but do not realize the fact. Yep! They know better even though they do not know me and have not walked in my shoes.
You see, the radical liberal-set believes that it is not even possible for a member of a minority group to be racists. They say as much. That is because the world of the left is a place where fanciful beliefs and political advantage trump reality and common sense. That is why progressivism is more of a political religion than a social science.
According to the theory, minority folks cannot be racist because of what they call white privilege. Blacks are the victims of racism, therefore no one in the black community can be racist It is the unique sin of white folks. That is why they myopically see acts of racism only as the actions of whites against blacks.
Of course, to a rational person, with a mind that can grasp logic, racism is simply the hatred of a class of people because of their ethnicity. If a Chinese person hates Japanese as a people, that person is a racist. If a Hispanic person hates blacks that is racism. And if a black hates white people in general, that is also racism – not matter how many flawed self-serving theories are advanced.
What triggered this commentary was an incident in Georgia. As a child, I had traveled in a few southern states – although not Georgie – and saw the signs that read, “WHITES ONLY” or more directly “NO COLORED ALLOWED.” I recall seeing public rest rooms, drinking fountains and park benches labeled for whites or colored.
Thanks to the Internet I recently saw a sign that reminded me of those days of yore. The Bolton Street Baptist Church of Savannah, Georgia was the site of a political meeting regarding their upcoming mayoral election. There were two signs on the door. One read: “NO Audio or video recordings.” So much for transparency.
The second sign read: “NO Media (TV, radio, etc.). And then there was that last line: “Black Press Only!” – with that exclamation mark for emphasis. These were not some scribbled signs – the work of some malcontent racist. They were printed. They were the official statement of the organizers of the meeting – presumably the Trigon Group.
The meeting was to hear from Van Johnson, one of several black candidates opposing the incumbent white mayor of Savannah. When told by a white reporter that he was denied entrance to the meeting, Johnson apologized but said the sponsors had a right to determine who to allow into the meeting – an argument that ironically was used by white racists in the days of southern segregation.
Johnson gave an incredibly stupid solution. Perhaps he was just not thinking fast enough. He promised to hold a meeting for white reporters only – as if the best solution to black racism is white racism.
Yes, I called it black racism. That sign is racist to the core. No amount of left-wing political fantasizing or theory-posturing can change that basic fact. This kind of racist backwash against diversity and integration – two things most Americans value – is not a one off. We need to recall the trend on college campuses to create black-only events and assemblies. Blacks have been guilty of hate-crime attacks on whites – although that garners less attention from the liberal media.
For some reason, our friends on the left fail to see the irony and inconsistency in all of this. They are color blind to black racism. If they really want that dialogue on race that they so often say is needed – and I am a bit dubious because they seem to avoid it as much as possible — black racism needs to be part of the conversation. Having had many conversations on black racism with black people, I can attest to the fact that it is not as scary a subject as the left seems to think. In fact, there are a lot of black folks who will confirm the reality of black racism within their community.
While I do not believe racism is a dominant trait among the American people in general, it is still necessary to call it out when and where it rears its ugly head – as it did in Savannah, Georgia.
So, there ‘tis.
Post Script: If this were a video commentary, I would have to have Ray Charles singing “Georgia” as a closer.
One day after New York Attorney General Letitia James subpoenaed two banks for records related to four of Trump’s real estate projects and his failed bid to buy the Buffalo Bills, the president has fired back with a scathing tweet branding New York State and its Governor, Andrew Cuomo, “proud members of the group of PRESIDENTIAL HARASSERS.”
The new probe by the New York State Attorney General’s office appears to be civil and not criminal, however, the new requests add to Trump’s legal headaches from federal, state and congressional probes into his administration, campaign and businesses.
Not surprisingly, James and Cuomo are both Democrats.
Legitimate Investigation, or Witch Hunt
A person familiar with the matter says that Letitia James’ subpoenas have asked for loan applications, mortgages and other Trump financial records. The person, who gave this information to the Associated Press, wasn’t authorized to discuss the matter publicly and spoke on condition of anonymity. The move came after Trump’s former lawyer, Michael Cohen, testified before Congress last month that the president inflated his wealth in financial statements when trying to obtain funding.
Trump went on to say that in light of such “harassment,” it is “no wonder people are fleeing the state in record numbers.”
President Trump ended his response to Cuomo and James by declaring, “The Witch Hunt continues!” He’s used similar language to criticize the various ongoing investigations into his rise from businessman to president.
Cuomo Responds to Trump
Gov. Andrew Cuomo fired back at Trump’s accusations. Speaking to a gathering in Nassau County, Cuomo responded to what he called the president’s “conspiracy theory” that new State Attorney General Letitia James was personally instructed by his office to start an investigation of the president’s assets.
“The Attorney General of the State of New York is independently elected, I don’t control the Attorney General. She runs separately, Attorney General James, very qualified, great Attorney General. But he blamed me,” Cuomo said. He added that Trump is factually inaccurate in claiming in that tweet that people are leaving New York in “record numbers.”
The governor concluded his remarks on the president by pledging to “fight” Trump’s signature tax cuts “to the death.”
Interesting choice of words from a politician who supports infanticide. In January, Cuomo signed the so-called “Reproductive Health Act,” which allows a mother to abort a child practically up until the moment of birth.