Biden’s Spendy Election Year Insurance Bailout Will Save Seniors Just $1.63 Per Month
Rather than facing the consequences of the law they rammed through Congress, the Biden administration decided to tap taxpayers instead.Rather than facing the consequences of the law they rammed through Congress, the Biden administration decided to tap taxpayers instead.Biden's attempt to buy youth support with student loan cancellations isn't working
President Joe Biden has sought to curry favor with young voters ahead of the 2024 election by having others shoulder the burden of the debt they willingly incurred chasing after college degrees. Recent polling suggests these costly and contentious efforts have largely been in vain, a least with regard to Generation Z voters in critical swing states where Biden trails former President Donald Trump by several points.
A recent Morning Consult/Bloomberg News poll revealed that when asked, "Is President Joe Biden doing too much, too little, or is he doing the right amount for addressing student loans?," 43% respondents ages 18 to 26 answered "too little."
When the question was put to all age groups, 35% said Biden was doing too much; 24% said he was doing too little; 28% said he was doing the right amount; and 13% said they didn't know or were indifferent.
While 59% of Gen Z respondents in swing states indicated they supported the debt cancellation initiative, only 42% said they had heard about the efforts underway, reported Bloomberg.
So far in his presidency, Biden has cancelled $132 billion in student debt for over 3.6 million debtors. His administration originally had a costlier aim of canceling nearly half a trillion dollars in student debt, but the Supreme Court dashed those dreams in June with a 6-3 decision.
Biden made clear he wouldn't let a close reading of the law get in the way of the initiative, vowing on June 30, "This fight is not over."
"I believe that the Court's decision to strike down our student debt relief plan is wrong," he is credited as writing. "My Administration will continue to work to bring the promise of higher education to every American."
In addition to the high court recognizing the administration was out of its depth, the Government Accountability Office indicated the administration's planned $430 billion federal student loan debt cancellation plan lacked safeguards to protect against fraud.
Undeterred, Biden announced last week that his administration was approving $4.8 billion in student debt cancellation for 80,300 people.
The same poll indicated that hundreds of billions of dollars later, Biden's support amongst prospective Gen Z voters is nowhere near where it needs to be to overtake Trump in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin.
The Bloomberg poll indicated that Biden has the support of 44% of Gen Z voters versus Trump's 38%.
Bloomberg suggested, "The disconnect illustrates one of the core challenges of Biden's campaign for a second term: He struggles to get credit from voters for policies intended to motivate them."
In a head-to-head match up across seven swing states, Trump leads the 81-year-old president by five points. In Arizona, Trump leads by four points; in Georgia, six points; Michigan, four points; Nevada, three points; North Carolina, nine points; Pennsylvania, two points; and he leads Biden by four points in Wisconsin.
The economy, not student debt, appears to be the most important issue, according to a plurality of voters. 42% of respondents ranked it as their single most important issue going into the 2024 election. 85% said it was a very important issue, and 12% suggested it was somewhat important.
51% of respondents said they trusted Trump more than Biden to handle the economy. Only 35% said they trusted Biden to get around to tackling the problem.
Beside facing a deficit of faith amongst the majority, Biden also suffers their disapproval. 58% of respondents claimed to view the 81-year-old unfavorably. This is in keeping with the latest Rasmussen Reports survey, which indicated Biden found disapproval with 57% of respondents.
Another troubling indication for the deeply unpopular president is that one in five Democrats in these swing states supports House Republicans' quest to launch an impeachment inquiry into him.
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Biden wants to use YOUR tax dollars to fund THIS California cause
If you haven’t noticed, California is kind of a mess.
The state is already struggling to pay its unemployment insurance and has been taking out federal loans, aka American tax dollars, to pay unemployed residents.
Now, California’s legislature has passed a bill that would give striking writers, actors, and other union members unemployment insurance. All it needs is Governor Gavin Newsom’s signature.
Glenn Beck sees where this is headed, and it’s not good.
“If you’re paying people to strike from the union and also get unemployment insurance, you can strike forever,” Glenn says.
“Why are we bailing out the union workers? Why are we bailing out California who now cannot make its own payments on insurance for everybody else? Unemployment insurance, can’t do it. They’re in the hole. Now they want to add unions to that, and what happens when it happens in California?” he adds.
Over $2 billion have gone into Joe Biden’s campaign from the labor unions, so Glenn believes that despite how ridiculous it all seems, it makes perfect sense that they would receive federal funding to bail them out.
“That’s my red line,” he says. “My red line has always been I am not bailing out California. I’m not bailing it out.”
Despite having wanted to live in California in the past for its beautiful shorelines and weather, Glenn never did for this very reason.
“I’ve always wanted to live in California. You know why I didn’t? Because it was insane. I knew it wouldn’t work. I didn’t want to spend all of my money paying for taxes for things that I knew would only make society worse.”
“And yet,” he continues, “now I have to pay for their mistakes.”
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The Silicon Valley Bank Bailout Sends Exactly The Wrong Message And Endangers The Economy
Normal people should be furious. Once again, the government changed the rules everyone lives by for a small, extremely wealthy, and politically connected group of people.Report: Execs of the San Francisco bank now getting $30 billion bailout had dumped stock ahead of collapse
Biden's Treasury Secretary Janet Yellen issued a joint statement Thursday along with the heads of the Federal Reserve and the Federal Deposit Insurance Corporation, announcing that 11 big banks would deposit roughly $30 billion into First Republic Bank to stabilize its balance sheet after its stock cratered last week.
While this bailout — blessed by the Biden administration — is intended to bolster depositors' confidence, a new report has revealed that First Republic's own executives have not done much in recent weeks to inspire diffidence.
The Wall Street Journal reported that top executives of the San Francisco-based bank dumped millions of dollars of company stock ahead of its crash last week.
It is presently unclear if First Republic executives did so suspecting possible trouble on the horizon. Nevertheless, they sold off and donated a bulk of stock when share prices were over $100.
This week, First Republic stock price dropped as low as $19.80 amid two credit downgrades. It took the Treasury's and Fed's joint statement to boost the price to $34.35 by market close.
James Herbert II, the bank's executive chairman who contributed thousands to former Rep. Liz Cheney (R-Wyo.) in 2022, reportedly has sold $4.5 million worth of shares since early January. In one instance, he sold 15,000 shares (when priced at $123.51) in late February, according to FDIC filings.
The Journal noted that in two of Herbert's recent stock dumps, he sold off 7% and 5% of his holdings at the time, respectively.
Robert Thornton, First Republic's president of private wealth management, sold 73% of his outstanding shares valued at $3.5 million on Jan. 18 — his first trade in roughly two years.
The bank's chief executive officer, Michael Roffler, sold approximately $1 million worth in January after having previously dumped $1.3 million worth in November 2022.
David Lichtman, the bank's chief credit officer, has sold off $2.5 million worth already in 2023, including a sale on March 6, just days before Silicon Valley Bank began teetering.
The New York Post noted that filings show Lichtman and his wife also sold $2.5 million in shares last year.
"In all, insiders have sold $11.8 million worth of stock so far this year at prices averaging just below $130 a share," said the report. "The bank’s chief credit officer, its president of private wealth management and chief executive together sold $7 million worth of stock."
According to the Journal, the executives' trades went largely under the radar, largely because they didn't have to report their insider sales to the Securities and Exchange Commission. First Republic is reportedly the only company listed on the S&P 500 not to do so.
Despite this obscurity, the trades were, however, reported to the FDIC.
The executives' sales were reportedly not executed under 10b5-1 plans, meaning they may be open to accusations of insider trading.
Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell, FDIC Chairman Martin Gruenberg, and acting Comptroller of the Currency Michael J. Hsu said in their statement that First Republic's bailout "demonstrates the resilience of the banking system."
In a corresponding statement, various banks involved in the bailout — including Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, and Morgan Stanley — said the action "reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers."
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