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Revisiting Federal Student Loan Forgiveness: An Update Based on the White House Plan

On August 24, 2022, the White House released a plan to cancel federal student loans for most borrowers. In April,  we wrote about the costs and who most…

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On August 24, 2022, the White House released a plan to cancel federal student loans for most borrowers. In April,  we wrote about the costs and who most benefits from a few hypothetical loan forgiveness proposals using our Consumer Credit Panel, based on Equifax credit report data.  In this post, we update our framework to consider the White House plan now that parameters are known, with estimates for the total amount of forgiven loans and the distribution of who holds federal student loans before and after the proposed debt jubilee.

We estimate that the plan will cancel roughly $441 billion in federal student loans which would eliminate federally-held balances for 40.5 percent of federal borrowers, forgiving 31.1 percent of the total outstanding federal student loan balance. In our estimation, 5.1 percent of borrowers will be ineligible for forgiveness due to the income threshold. Distributionally, we find that the plan, particularly because of the additional forgiveness for Pell grant recipients, pushes more forgiveness dollars toward borrowers living in lower- and middle-income neighborhoods than borrowers living in higher-income communities. By our count, 65 percent of federal student loans are held by borrowers living in neighborhoods with median household income below $83,000, and borrowers in these neighborhoods receive 72 percent of proposed loan forgiveness. Student loan borrowers residing in lower- and middle-income neighborhoods are more likely to have delinquent or defaulted balances and are more likely to have their loans completely forgiven by the plan. Overall, we find that the White House plan directs modestly higher average forgiveness amounts to lower- and middle-income areas. Because these borrowers have higher delinquency rates and balances that are larger relative to their incomes, forgiveness will have a more substantial impact on lower-income student loan borrowers.

Data and Methods

For this analysis, we use data from the New York Fed Consumer Credit Panel, which is a 5 percent anonymized sample of credit reports from Equifax. We directly observe loan balances, delinquencies, risk scores, and the U.S. Census block group associated with a borrower’s address. We limit the sample of student loans to only those owned by the federal government in the second quarter of 2022. This exclusion results in a total of 38 million borrowers with outstanding student debt totaling $1.418 trillion. This aligns closely with publicly available data on holdings by the U.S. Department of Education which report a total of $1.476 trillion combined across Direct loans, Family Federal Education Loan (FFEL) balances owned by the federal government, and defaulted FFEL balances which are all eligible for forgiveness. We attribute the $58 billion shortfall in our estimate of total outstanding loans to balances that were defaulted more than seven years ago and thus no longer appear on credit reports.

The White House plan calls for cancelling loans for borrowers earning less than $125,000 (individuals) or $250,000 (households). Borrowers who received a Pell grant while in college would receive up to $20,000 in cancellation, while those who never received a Pell grant would receive up to $10,000. We estimate the probability of Pell grant receipt for each borrower by combining information about the household income distribution of each borrower’s neighborhood when they first borrowed federal student loans with data from the National Center for Education Statistics on Pell grant receipt by income and dependency status. Our algorithm produces a Pell grant rate among federal borrowers of 59.6  percent which is on par with the estimate from the administration of 60 percent. We estimate the probability that each borrower is under the income threshold using the household income distribution from the American Community Survey and the national income distribution of student loan borrowers by age and credit score from the New York Fed’s SCE Credit Access Survey. More details, including a discussion of the advantages of our data and methods, can be found in our Technical Appendix.

How Much Debt Is Forgiven?

As noted above, we estimate that the White House plan would cancel $441 billion in outstanding loans, accounting for 31.1 percent of the student loan portfolio owned by the federal government. This plan would also cancel 42 percent of student debts that were in default or severely delinquent prior to the pandemic. Our analysis indicates that 40.5 percent of borrowers with loans owned by the federal government would have their outstanding federal balance completely forgiven. In addition, we estimate that 5.1 percent of borrowers will be ineligible for loan cancellation due to the income restrictions.

Who Benefits?

As in our prior post, we consider the effects of the cancellation plan through the lens of income level and geography. First, we examine the distribution of beneficiaries by deciles of median neighborhood income. In aggregate, between $40 billion and $47 billion in debt would be cancelled for each income decile, and the amounts are relatively stable up to the highest-income decile, which sees a decline due to the income criteria. In the chart below, we plot the average federal student loan balance held in each decile alongside the average amount of forgiveness. Although the average forgiveness amount per eligible borrower is relatively stable across income (but declining throughout), lower-income borrowers tend to have smaller balances, so the forgiveness amount is a much larger share of their balances. The average forgiveness amount makes up nearly two-thirds of the average balance in the lowest income areas, where borrowers are also likelier to be receiving Pell grants. But the highest income areas will see a more modest reduction of their balances. Average balances in the wealthiest areas topped $35,000 before the forgiveness event and these borrowers were less likely to receive a Pell grant. Considering the extremely high debt-to-income ratios of borrowers in the lower-income deciles, the cancellation of balances will significantly improve these borrowers’ financial positions. For example, borrowers in the second income decile had student loan balances more than 50 percent of their annual income before forgiveness, but post-forgiveness will see more than a 20-percentage-point reduction in their implied debt-to-income ratios.

Borrowers in lower-income neighborhoods would receive the largest reductions in balances

Two-color bar chart plotting the average federal student loans balance held in each decile before forgiveness (red color) and the average amount of forgiveness (blue color). Percent declines depicted within the bars denote the percent reduction in average balances for each decile relative to the average forgiveness amount for each decile.
Sources: New York Fed/Equifax Consumer Credit Panel; American Community Survey; authors’ calculations.
Note: The percentage figures depicted within the bars denote the percent reduction in average balances for each decile relative to the average forgiveness amount for each decile.

In the next chart, we show that the prevalence of federal student loans is relatively constant across the bottom nine deciles with each decile having between 11 percent to 13 percent of the adult population owing federal student loans. This share drops to 9.5 percent for the highest income neighborhoods. After the proposed cancellation, the share with federal loans is cut roughly in half for the lowest-income neighborhoods, largely because borrowers in these neighborhoods have smaller balances and a greater probability of having received a Pell grant.

Student loan prevalence in the lowest-income areas will be nearly halved after forgiveness

Two-color bar chart showing the share of adult population with federal student loans before forgiveness (red color) and shares of adult population with federal student loans after forgiveness. Percentage point declines depicted within the bars denote the reduction in the share of the adult population holding federal student loans due to borrowers whose loans are completely canceled due to the forgiveness event.
Sources: New York Fed/Equifax Consumer Credit Panel; American Community Survey, authors’ calculations.
Notes: Under the forgiveness plan, some borrowers will see their debts completely cancelled. The percentage point figures within the bars denote the percentage point decline in the shares of the adult population holding federal student loans as a result of the forgiveness event.

Next, we examine how loan cancellation affects the stock of delinquent and defaulted federal student loans. Since the administrative forbearance on federal student loans, which began in 2020 and has been extended since, marked all delinquent loans as current, we hold fixed the loan status for each loan at its value in February 2020 but use reported balances as of the second quarter of 2022. As we note in the introduction, approximately 42 percent of balances that were delinquent or in default prior to the pandemic will be forgiven. But these forgiven delinquent balances are not evenly distributed—lower-income areas previously held higher shares of delinquent debt and will see a substantial reduction in the balances that were delinquent or in default. This total amount and the share are declining across the income deciles.

Previously delinquent and defaulted debt is reduced by more than 40 percent in lower- and middle-income communities

Two-color bar chart showing delinquent or defaulted balances outstanding (red color) and delinquent or defaulted balances canceled (blue color) as of February 2020). Percent declines depicted within the bars denote the percent reduction in (pre-pandemic) delinquent or defaulted debt for each decile due to loan cancellation.
Sources: New York Fed/Equifax Consumer Credit Panel; American Community Survey, authors’ calculations.
Note: The percentage figures depicted within the bars denote the percent reduction in (pre-pandemic) delinquent or defaulted debt for each income decile due to loan forgiveness.

Lastly, we present statistics for federal student loan cancellation by borrower’s state of residence. On the left of the panel chart below, we present the average amount of debt forgiven per eligible borrower by state. The seven with the highest average amounts are in the Southern Census region: Washington, D.C. (largest), North Carolina, Georgia, South Carolina, Alabama, Mississippi, and West Virginia. The six states with the lowest average forgiveness amount per eligible borrower are all in the West: Utah (smallest), Wyoming, Hawaii, Alaska, Nevada, and California. In the right chart panel, we present the share of the adult population receiving any forgiveness. Again, many Southern states lead in this metric with Ohio joining Georgia, Washington, D.C., South Carolina, and Mississippi as the areas with the largest share benefitting, and Western states have the smallest share of the adult population receiving any loan cancellation.

Income limits and regional income disparities send more average benefit to Southern states

U.S. maps showing the statistics for federal student loan cancelation by borrower’s state of residence. The map on the left presents the average amount of debt forgiven per eligible borrower by state, while the map on the right presents the share of the adult population receiving any forgiveness. Southern states disproportionately benefit from loan cancellation while Western states receive less forgiveness.
Sources: New York Fed/Equifax Consumer Credit Panel; American Community Survey; authors’ calculations.

State of Student Loans after Forgiveness

This debt jubilee event, if it comes to pass, will be the most significant policy in the financing of higher education since the introduction of modern Pell grants fifty years ago. While the premise of a large-scale debt forgiveness has existed since ancient times, there are few recent equivalents to use as a historic baseline to understand future impact, particularly since student loans are difficult to discharge in bankruptcy. The only other (albeit smaller-scale) debt cancellation event studied recently resulted in a large reduction in defaults for other debts, higher geographic and labor mobility, and higher earnings for borrowers whose debts were cancelled. Without prior large-scale experiences to look to, the fact remains that student loan borrowers have experienced more credit distress than non-borrowers. Troubled student loan borrowers have lower credit scores, and often struggle with repaying their credit card and auto loan debts, and are less likely to own homes. The reduction in student debt prevalence and balances will create a substantial financial improvement for borrowers, particularly among those with lower incomes. As details of the plan continue to emerge, we will monitor the borrowing appetite of the forgiven borrowers, as well as the credit performance on their other debts, to study the extent of the effect of the broad loan cancellation.

Data for State Maps

Technical Appendix

Jacob Goss is a senior research analyst in the Federal Reserve Bank of New York’s Research and Statistics Group.

Daniel Mangrum is a research economist in Equitable Growth Studies in the Federal Reserve Bank of New York’s Research and Statistics Group.

Joelle Scally is a senior data strategist in the Federal Reserve Bank of New York’s Research and Statistics Group.

How to cite this post:
Jacob Goss, Daniel Mangrum, and Joelle Scally, “Revisiting Federal Student Loan Forgiveness: An Update Based on the White House Plan,” Federal Reserve Bank of New York Liberty Street Economics, September 27, 2022, https://libertystreeteconomics.newyorkfed.org/2022/09/revisiting-federal-student-loan-forgiveness-an-update-based-on-the-white-house-plan/.


Disclaimer
The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).

Disclaimer
An author of this post holds federal student loans.

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Sinema out, Warnock in – Democrats narrowly control the Senate and Republicans the House, but gridlock won’t be the biggest problem for the new Congress

With Democrats running the Senate and the GOP in control of the House, there’s concern that Congress won’t get anything done. Turns out, unified government…

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Will gridlock mean the new Congress won't get anything done? mathisworks/Getty Images

In the wake of the 2022 U.S. midterm elections, a general sense of the political landscape in the upcoming 118th Congress has taken shape. With Sen. Kyrsten Sinema’s announcement that she is leaving the Democratic Party and Sen. Raphael Warnock’s victory in Georgia’s runoff, Democrats will maintain control in the Senate, while Republicans will take control of the House.

Divided government sparks fears of gridlock, a legislative standstill. At face value, this makes sense. Given the different policy priorities of the two major parties, you might expect to see each party passing legislation out of the chamber it controls that has little chance in the other chamber - and thus no chance of becoming law.

Logically, this means a less productive legislature than one in which a single party with a unified agenda controls both chambers and the presidency.

But as a political scientist who studies partisanship, I believe that divided government – including during the upcoming legislative session – will not produce greatly different legislative results than unified government.

This isn’t exactly a hopeful story, though.

Not much passes

The first reason that divided government isn’t less productive than unified government is because unified government isn’t very productive in the first place. It’s really hard to get things done even when the same party controls both chambers and the presidency.

Most legislation only clears the Senate if it has the 60 votes needed to break a filibuster. Neither party has come close to a so-called “filibuster-proof majority” of 60 seats since 2010, when Democrats briefly held 60 seats prior to Massachusetts Sen. Ted Kennedy’s death and the election of Republican Scott Brown to that seat. Thus, even a unified government is likely only passing measures that have some degree of minority party support.

A bunch of tired-looking men in suits at a meeting.
It can take a lot of talking and listening to get legislation passed in Congress. Here, a meeting of the Senate Foreign Relations Committee on Nov. 30, 2022. Chip Somodevilla/Getty Images

There are ways to force passage of legislation when one party doesn’t want it to pass. A process called budget reconciliation is not subject to filibuster, but it can only be used on provisions that deal directly with changes in revenues or spending. This is what happened with the Inflation Reduction Act of 2022, which Democrats were able to pass via reconciliation, with Vice President Kamala Harris casting the tiebreaking vote.

Further, legislative success under unified government assumes that the majority party is united. There is no guarantee of this, as seen in 2017 when Republican senators John McCain, Lisa Murkowski and Susan Collins joined Democrats in blocking the repeal of the Affordable Care Act.

Between 2011 and 2020 the vast majority of new laws clearing the House – roughly 90% – and the Senate – roughly 75% –did so with a majority of minority party members in support.

Even landmark legislation usually has support from most minority party members in at least one chamber. For example, the substantial 2020 revision of the North American Free Trade Agreement, or NAFTA, passed the House and Senate with overwhelming bipartisan support, as did the defense bill that created the Space Force.

A group of people going down the stairs of the US Capitol building on a sunny day.
While Congress is not that productive, sometimes it passes legislation. In 2020, lawmakers stream out of the Capitol after passing the Coronavirus Aid, Relief, and Economic Security Act. Bill Clark/CQ-Roll Call, Inc via Getty Images

Rewards – and risks – in crossing lines

On a more positive note, divided government may still provide opportunities for legislative breakthroughs.

The reason? The local orientation of Congress – lawmakers need to respond to their district’s voters.

In the House, according to a New York Times analysis, Republicans won 10 of the most competitive districts, including five in New York state alone. But the Cook Partisan Voting Index, which measures how strongly a district leans in favor of one party or the other, scores some of these districts as tilting Democratic – potentially giving these Republican members of Congress reason to reach across the aisle. The same goes for Democratic lawmakers whose districts tilt Republican.

But these kinds of mixed districts can also make it hard for sitting lawmakers to vote with their own party. While parties will work to keep a united front, research suggests that voters may punish those members of Congress who toe the party line too closely – providing a potential incentive for crossing party lines. Democratic legislators in Republican-leaning districts who voted for the Affordable Care Act, the Dodd-Frank financial regulation bill, or the stimulus bill, all Democratic Party priorities, suffered electorally in the 2010 midterms, receiving a lower vote share than those who voted against the legislation. In many cases, these lawmakers lost their seats.

Still, defections may be more likely given weak leadership, and currently it’s not certain who will fill the speaker’s role in the next Congress.

More consequential aspects

You don’t have to search for long to see examples of large legislative achievements produced during periods of divided government.

Divided government produced welfare reform in the 1990s and Social Security reform in the 1980s. The Coronavirus Aid, Relief and Economic Security (CARES) Act passed a Republican Senate and a Democratic House overwhelmingly in March 2020.

Certainly, there have been times during which unified governments have pushed legislation through with little minority party support. The Affordable Care Act and the Trump tax cuts were among them. But bipartisan legislative victories are much more common.

There are probably more consequential aspects to the GOP’s takeover of the House of Representatives than concerns over legislative gridlock.

House Republicans have already talked about using the investigatory powers of the chamber to investigate everyone from Hunter Biden to Anthony Fauci. A debt ceiling showdown, in which the GOP might use the threat of default on the U.S. government’s debt to force spending cuts, looms for what feels like the dozenth time in the past several years.

Matt Harris does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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Team undertakes study of two-dimensional transition metal chalcogenides

Two-dimensional materials, like transition metal dichalcogenide, have applications in public health because of their large surface area and high surface…

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Two-dimensional materials, like transition metal dichalcogenide, have applications in public health because of their large surface area and high surface sensitivities, along with their unique electrical, optical, and electrochemical properties. A research team has undertaken a review study of methods used to modulate the properties of two-dimensional transition metal dichalcogenide (TMD). These methods have important biomedical applications, including biosensing.

Credit: Nano Research Energy, Tsinghua University Press

Two-dimensional materials, like transition metal dichalcogenide, have applications in public health because of their large surface area and high surface sensitivities, along with their unique electrical, optical, and electrochemical properties. A research team has undertaken a review study of methods used to modulate the properties of two-dimensional transition metal dichalcogenide (TMD). These methods have important biomedical applications, including biosensing.

 

The team’s work is published in the journal Nano Research Energy on November 23, 2022.

 

The team’s goal is to present a comprehensive summarization of this promising field and show challenges and opportunities available in this research area. “In this review, we focus on the state-of-the-art methods to modulate properties of two-dimensional TMD and their applications in biosensing. In particular, we thoroughly discuss the structure, intrinsic properties, property modulation methods, and biosensing applications of TMD,” said Yu Lei, an assistant professor at the Institute of Materials Research, Shenzhen International Graduate School, Tsinghua University.

 

Since graphene was discovered in 2004, two-dimensional materials, such as TMD, have attracted significant attention. Because of its unique properties, two-dimensional TMD can serve as the atomically thin platforms for energy storage and conversion, photoelectric conversion, catalysis, and biosensing. TMD also displays a wide band structure and has unusual optical properties. Yet another benefit of two-dimensional TMD is that it can be produced in large quantities at a low cost.

 

In public health, reliable and affordable in vitro and in vivo detection of biomolecules is essential for disease prevention and diagnosis. Especially during the COVID-19 pandemic, people have suffered not only from the physical disease, but also from the psychological problems related to extensive exposure to stress. Extensive stress can result in abnormal levels in biomarkers such as serotonin, dopamine, cortisol, and epinephrine. So, it is essential that scientists find non-invasive ways to monitor these biomarkers in body fluids, such as sweat, tears, and saliva. In order for health care professionals to quickly and accurately assess a person’s stress and diagnose psychological disease, biosensors are of significant importance in the diagnostics, environmental monitoring, and forensic industries.

 

The team reviewed the use of two-dimensional TMD as the functional material for biosensing, the approaches to modulate the properties of TMD, and different types of TMD-based biosensors including electric, optical, and electrochemical sensors. “Public health study is always a major task in preventing, diagnosing, and fighting off the diseases. Developing ultrasensitive and selective biosensors is critical for diseases prevention and diagnosing,” said Bilu Liu, an associate professor and a principal investigator at Shenzhen Geim Graphene Center, Shenzhen International Graduate School, Tsinghua University.

 

Two-dimensional TMD is a very sensitive platform for biosensing. These two-dimensional TMD based electrical/optical/electrochemical sensors have been readily used for biosensors ranging from small ions and molecules, such as Ca2+, H+, H2O2, NO2, NH3, to biomolecules such as dopamine and cortisol, that are related to central nervous disease, and all the way to molecule complexities, such as bacteria, virus, and protein.

 

The research team determined that despite the remarkable potentials, many challenges related to TMD-based biosensors still need to be solved before they can make a real impact. They suggest several possible research directions. The team recommends that the feedback loop assisted by machine learning be used to reduce the testing time needed to build the database needed for finding the proper biomolecules and TMD pairs. Their second recommendation is the use of a feedback loop assisted by machine learning to achieve the on-demand property modulation and biomolecules/TMD database. Knowing that TMD-based composites exhibit excellent performance when constructed into devices, their third recommendation is that surface modifications, such as defects and vacancies, be adopted to improve the activity of the TMD-based composites. Their last recommendation is that low-cost manufacturing methods at low temperature be developed to prepare TMD. The current chemical vapor deposition method used to prepare TMD can lead to cracks and wrinkles. A low-cost, low-temperature method would improve the quality of the films. “As the key technical issues are solved, the devices based on two-dimensional TMD will be the overarching candidates for the new healthcare technologies,” said Lei.

 

The Tsinghua University team includes Yichao Bai and Linxuan Sun, and Yu Lei from the Institute of Materials Research, Tsinghua Shenzhen International Graduate School and the Guangdong Provincial Key Laboratory of Thermal Management Engineering and Materials, Tsinghua Shenzhen International Graduate School; along with Qiangmin Yu and Bilu Liu from the Institute of Materials Research, Tsinghua Shenzhen International Graduate School, and the Shenzhen Geim Graphene Center, Tsinghua-Berkeley Shenzhen Institute & Institute of Materials Research, Tsinghua Shenzhen International Graduate School.

 

This research is funded by the National Natural Science Foundation of China, the National Science Fund for Distinguished Young Scholars, Guangdong Innovative and Entrepreneurial Research Team Program, the Shenzhen Basic Research Project, the Scientific Research Start-up Funds at Tsinghua Shenzhen International Graduate School, and Shenzhen Basic Research Project.

 

##

 

About Nano Research Energy 

 

Nano Research Energy is launched by Tsinghua University Press, aiming at being an international, open-access and interdisciplinary journal. We will publish research on cutting-edge advanced nanomaterials and nanotechnology for energy. It is dedicated to exploring various aspects of energy-related research that utilizes nanomaterials and nanotechnology, including but not limited to energy generation, conversion, storage, conservation, clean energy, etc. Nano Research Energy will publish four types of manuscripts, that is, Communications, Research Articles, Reviews, and Perspectives in an open-access form.

 

About SciOpen 

 

SciOpen is a professional open access resource for discovery of scientific and technical content published by the Tsinghua University Press and its publishing partners, providing the scholarly publishing community with innovative technology and market-leading capabilities. SciOpen provides end-to-end services across manuscript submission, peer review, content hosting, analytics, and identity management and expert advice to ensure each journal’s development by offering a range of options across all functions as Journal Layout, Production Services, Editorial Services, Marketing and Promotions, Online Functionality, etc. By digitalizing the publishing process, SciOpen widens the reach, deepens the impact, and accelerates the exchange of ideas.

 


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Climate-Change Lockdowns? Yup, They Are Actually Going There…

Climate-Change Lockdowns? Yup, They Are Actually Going There…

Authored by Michael Snyder via The End of The American Dream blog,

I suppose…

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Climate-Change Lockdowns? Yup, They Are Actually Going There...

Authored by Michael Snyder via The End of The American Dream blog,

I suppose that we should have known that this was inevitable.  After establishing a precedent during the pandemic, now the elite apparently intend to impose lockdowns for other reasons as well.  What I have detailed in this article is extremely alarming, and I hope that you will share it with everyone that you can.  Climate change lockdowns are here, and if people don’t respond very strongly to this it is likely that we will soon see similar measures implemented all over the western world.  The elite have always promised to do “whatever it takes” to fight climate change, and now we are finding out that they weren’t kidding.

Over in the UK, residents of Oxfordshire will now need a special permit to go from one “zone” of the city to another.  But even if you have the permit, you will still only be allowed to go from one zone to another “a maximum of 100 days per year”

Oxfordshire County Council yesterday approved plans to lock residents into one of six zones to ‘save the planet’ from global warming. The latest stage in the ’15 minute city’ agenda is to place electronic gates on key roads in and out of the city, confining residents to their own neighbourhoods.

Under the new scheme if residents want to leave their zone they will need permission from the Council who gets to decide who is worthy of freedom and who isn’t. Under the new scheme residents will be allowed to leave their zone a maximum of 100 days per year, but in order to even gain this every resident will have to register their car details with the council who will then track their movements via smart cameras round the city.

Are residents of Oxfordshire actually going to put up with this?

[ZH: Paul Joseph Watson notes that the local authorities in Oxford tried to ‘fact check’ the article claiming they’re imposing de facto ‘climate lockdowns’, but ended basically admitting that’s exactly what they’re doing...]

I never thought that we would actually see this sort of a thing get implemented in the western world, but here we are.

Of course there are a few people that are loudly objecting to this new plan, but one Oxfordshire official is pledging that “the controversial plan would go ahead whether people liked it or not”.

Ouch.

Meanwhile, France has decided to completely ban certain short-haul flights in an attempt to reduce carbon emissions…

France can now make you train rather than plane.

The European Commission (EC) has given French officials the green light to ban select domestic flights if the route in question can be completed via train in under two and a half hours.

The plan was first proposed in 2021 as a means to reduce carbon emissions. It originally called for a ban on eight short-haul flights, but the EC has only agreed to nix three that have quick, easy rail alternatives with several direct connections each way every day.

This is nuts.

But if the French public accepts these new restrictions, similar bans will inevitably be coming to other EU nations.

In the Netherlands, the government is actually going to be buying and shutting down approximately 3,000 farms in order to “reduce its nitrogen pollution”

The Dutch government is planning to purchase and then close down up to 3,000 farms in an effort to comply with a European Union environmental mandate to slash emissions, according to reports.

Farmers in the Netherlands will be offered “well over” the worth of their farm in an effort to take up the offer voluntarily, The Telegraph reported. The country is attempting to reduce its nitrogen pollution and will make the purchases if not enough farmers accept buyouts.

“There is no better offer coming,” Christianne van der Wal, nitrogen minister, told the Dutch parliament on Friday.

This is literally suicidal.

We are in the beginning stages of an unprecedented global food crisis, and the Dutch government has decided that now is the time to shut down thousands of farms?

I don’t even have the words to describe how foolish this is.

Speaking of suicide, Canada has found a way to get people to stop emitting any carbon at all once their usefulness is over.  Assisted suicide has become quite popular among the Canadians, and the number of people choosing that option keeps setting new records year after year

Last year, more than 10,000 people in Canada – astonishingly that’s over three percent of all deaths there – ended their lives via euthanasia, an increase of a third on the previous year. And it’s likely to keep rising: next year, Canada is set to allow people to die exclusively for mental health reasons.

If you are feeling depressed, Canada has a solution for that.

And if you are physically disabled, Canada has a solution for that too

Only last week, a jaw-dropping story emerged of how, five years into an infuriating battle to obtain a stairlift for her home, Canadian army veteran and Paralympian Christine Gauthier was offered an extraordinary alternative.

A Canadian official told her in 2019 that if her life was so difficult and she so ‘desperate’, the government would help her to kill herself. ‘I have a letter saying that if you’re so desperate, madam, we can offer you MAiD, medical assistance in dying,’ the paraplegic ex-army corporal testified to Canadian MPs.

“Medical assistance in dying” sounds so clinical.

But ultimately it is the greatest lockdown of all.

Because once you stop breathing, you won’t be able to commit any more “climate sins”.

All over the western world, authoritarianism is growing at a pace that is absolutely breathtaking.

If they can severely restrict travel and shut down farms today, what sort of tyranny will we see in the future?

Sadly, most people in the general population still do not understand what is happening.

Hopefully they will wake up before it is too late.

*  *  *

It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.

Tyler Durden Fri, 12/09/2022 - 06:30

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