Via SchiffGold.com,

The wizards at the Fed and US Treasury have been forced to acknowledge that their “transitory,” inflation is, in fact, quite “sticky.” And with the inflation elephant now acknowledged by the circus of high finance, Treasury yields keep inching up, recently reaching 4.7% — the highest since November. The Fed is stuck: It needs to raise interest rates to tame inflation and make Treasuries more attractive. But the Fed can’t afford higher rates, with an already-untenable cost to service the existing debt and loan-dependent industries teetering on the brink.

Once the 10-year Treasury yield goes above 5%, the bond market enters especially dangerous territory, endangering industries like the automotive market and commercial real estate that depend heavily on debt.

With no good options, the Fed will be forced to print money one way or another to stimulate borrowing, turning an inflationary creek of their own making into a raging river of dollar destruction.

The only way the Fed can possibly tame inflation is with interest rates so high that everything collapses. Jamie Dimon himself sees 8% interest rates being needed to tame America’s Fed-fueled inflation beast — but with an economy addicted to a low cost of borrowing, this would make loans unaffordable for entire sectors of the economy that can’t do without.

A serious implosion in commercial real estate would certainly bleed into the banking sector, beginning a chain reaction. Meanwhile, with no chance of the US reigning in spending and getting its fiscal house in order, interest on the US debt can already only be paid with even more borrowed money.

That doesn’t even take into account the over-indebted masses with their breaking-down cars, mortgages on homes that need repairs, and credit cards they use to fund basic expenses. Neither the most loan-dependent industries nor the average American can handle the rising cost of goods, materials, and energy. But they can’t handle 8% interest rates either. This is giving the Fed a mission impossible — raising rates to the levels they need to actually tame inflation or allowing inflation to run amok with fresh money printing to keep borrowing artificially affordable will both result in disastrous outcomes for the economy.

The COVID M1 Hockey Stick (Federal Reserve Bank of St. Louis)

The truth is, out-of-control spending and lingering COVID stimulus mean that inflation isn’t going away just because of some small rate hikes, as Peter Schiff has repeatedly pointed out, and as Dimon wrote in his recent shareholder letter:

“Huge fiscal spending, the trillions needed each year for the green economy, the remilitarization of the world, and the restructuring of global trade—all are inflationary.”

So while 2024’s rate cuts may get delayed, the Fed knows it might be able to kick the bond market bomb down the road by printing money. And the central bank will do whatever it has to in order to prevent a short-term implosion — even if it means destroying the dollar in the longer term. This is especially true now, as the Fed doesn’t want to anger the incumbent during an election year, giving it further impetus to make the economy look as rosy as possible, at least until the start of the next presidential cycle. That means rate cuts or full-blown QE to prevent a bond market collapse, and worrying about hyperinflation later.

Without gold to preserve your purchasing power, you might be about to see what happens to your money when the Fed is forced to fire up the money printers while inflationary pressures are already itching to explode in a way not seen in years. And if the Fed holds strong and refuses to cut rates this year, or even raises them anywhere near the levels they need to avoid killing the dollar, hold onto your hats — and your gold — and try not to get caught under one of the falling dominos.

It looks as though the flight to Florida, specifically Miami, by Wall Street firms and New Yorkers during the height of Covid is starting to pay dividends for the state.

And if commercial real estate is dead, someone forgot to tell Swire Properties Inc., who is reportedly seeking $100 million to develop a penthouse atop a 66-story tower on Brickell Key island in Florida. 

The building is already home to the The Residences at Mandarin Oriental, but the penthouse – capable of being split into two units, according to Bloomberg – is being marketed as its “crown jewel”. 

Swire President Henry Bott told Bloomberg: “The center of gravity in Miami has shifted to Brickell. We’re already seeing a strong response from domestic US buyers.”

Swire’s ability to attract buyers to an area primarily frequented by joggers and dog walkers will determine the success of the sale, the report says. As of now, the highest-priced property ever sold on Brickell Key was a $7.8 million condominium in 2021.

Bloomberg writes that Swire is investing over $1 billion in constructing two upscale towers, branded with Mandarin Oriental, on the island’s final available plot. One tower features a lavish 23,000-square-foot duplex, complete with its own infinity pool and private elevator lobby. Units at this project start at around $4.9 million, with occupancy expected by 2029.

The second tower will host a Mandarin Oriental hotel, set to become the brand’s flagship in North America, replacing the existing hotel built in 2000. Swire has been developing much of the island since acquiring nearly 34 acres in the late 1970s.

Brickell, Miami’s financial district, has seen a surge in activity, attracting Wall Street firms like Citadel and JPMorgan Chase, along with affluent professionals from New York and Chicago. Developers in Miami are targeting these wealthy newcomers with luxury condos, rivaling prices in Manhattan or California.

For instance, Ritz-Carlton condos in South Beach include a penthouse listed at $125 million, while the Shore Club Private Collection nearby has a penthouse with a private rooftop pool under contract for over $120 million. Fisher Island, another elite neighborhood, has seen penthouses sold for a total exceeding $150 million.

Competing directly with Swire’s Brickell project is a hotel-branded condo in Coconut Grove, the Four Seasons residential tower, attracting affluent buyers, especially from the finance sector. Developer Nadim Ashi reports strong interest, with over 30% of units already under contract and closings expected by late 2026. He estimates the combined penthouses could fetch up to $120 million.

Ugo Colombo, chief executive officer of CMC Group, concluded: “Miami used to be a dark hole at night. The city’s evolved so much and Covid gave it its last push to become a luxury hub.”

Authored by Andrew Moran via The Epoch Times,

In 2007, the U.S. national debt was below $10 trillion, and the budget deficit was about $160 billion. Federal spending was about $3 trillion, and interest payments were approximately $400 billion.

Then the numbers spiraled out of control.

Washington’s fiscal situation has drastically changed since then; total debt has surpassed $34 trillion, the annual budget shortfall exceeds $1 trillion, and interest costs have topped $1 trillion.

David Walker, the former comptroller general of the United States and a Main Street Economics advisory board member, is unsurprised.

Seventeen years ago, Mr. Walker rang fiscal alarm bells. Like Ross Perot before him, he took his case to the American people and delivered the cold, hard truth: The government’s books are unsustainable, and interest charges on the mounting debt will swallow a significant portion of federal revenues.

During this time, the former head of the Government Accountability Office (GAO) appeared on a widely viewed episode of “60 Minutes,” toured the country to spotlight worrisome trends in the U.S. government’s budget (he did this again in 2012), and attempted to convince lawmakers of the unsustainable fiscal path.

He also penned a 2009 book titled “Comeback America: Turning the Country Around and Restoring Fiscal Responsibility.”

Given the treasure trove of budgetary numbers coming out of the nation’s capital almost daily, such as nearly half of income tax revenues being dedicated to interest payments, Mr. Walker’s warnings have not been heeded nearly two decades later.

According to the Congressional Budget Office’s long-term outlooks, the national debt will eye $50 trillion by 2034, fueled by around $17 trillion in cumulative deficits. As a percentage of GDP, debt held by the public and the deficit will reach 166 percent and 8.5 percent by 2054, respectively, the CBO forecasts.

“Washington has become addicted to spending, deficits, and debt, and they’re charging the credit card and planning to send the bill to younger and future generations of Americans,” Mr. Walker told The Epoch Times.

“That’s irresponsible. It’s unethical, and it’s immoral, and it needs to stop.”

Is the United States past the point of no return?

“Only God knows when the tipping point is going to occur, and God’s not telling us,” he said.

He combs through various metrics to gauge the situation.

One of these is the debt-to-GDP ratio, which is presently at about 122 percent. Outside of the coronavirus pandemic, this is a record high.

Mandatory spending as a percentage of the federal budget is another metric. It currently stands at around 73 percent.

Another one is interest as a percentage of the budget, which is close to 15 percent.

For Mr. Walker, it is not only raw numbers but what the trends are displaying, which requires a deep dive into demographics.

“We have an aging society with longer lifespans, relatively fewer workers, supporting more retirees, and a skills gap,” he noted.

Last year, two notable developments happened: a majority of Baby Boomers were at least 65, and the birth rate tumbled to the lowest in a century.

This will metastasize into a costly burden for the federal government, particularly Social Security.

The Peter G. Peterson Foundation estimates that the current worker-to-beneficiary ratio is 2.8-to-1, down from 5.1-to-1 in 1960. By 2035, the Social Security Administration projects the ratio will further slide to 2.3-to-1.

Republicans and Democrats

President Joe Biden has claimed that he has acted fiscally responsibly, telling a crowd at a North America’s Building Trades Unions event on April 24 that he cut the national debt. President Biden has repeatedly touted this claim over the last 18 months, although he has added close to $7 trillion to the national debt since taking office in 2021.

While Republicans have griped over the current administration’s spending endeavors, experts assert that the GOP has also contributed trillions of dollars to the debt pile. One of the GOP-led expansionist initiatives was Medicare Part D under former President George W. Bush.

This program, which was designed to utilize private health care plans to offer drug coverage to Medicare beneficiaries, added $8 trillion in new unfunded obligations. Mr. Walker accepted that “the politicians were totally out of touch with fiscal reality,” considering that Medicare was already underfunded by $19 trillion.

Former U.S. President George W. Bush speaks at Seminole Golf Club in Juno Beach, Fla., on May 7, 2021. (Cliff Hawkins/Getty Images)

Put simply, both parties have been fiscally irresponsible, and now the bills are coming due.

Mr. Walker purported that politicians suffer from myopia as they are too focused on the next election and, as a result, fearful of making tough decisions. They also experience tunnel vision, he says, meaning they only concentrate on one issue at a time “without understanding the interdependency” and “the collateral effect.”

Self-interest is another malady infecting both sides of the aisle as they aim to keep their jobs and ensure their party stays in power.

“We’ve lost our sense of stewardship,” he said.

“Stewardship is not just generating results today, not just leaving things better off when you leave them when you came, but better positioned for the future,” Mr. Walker explained. “We’ve lost that sense. We need to regain it if we want our future to be better than our past.”

He identified Rep. Jody Arrington (R-Texas), who chairs the House Budget Committee, as one of the few lawmakers to realize the fiscal issues by committing to the Fiscal Commission Act and supporting a constitutional amendment that would limit government growth and stabilize the debt-to-GDP ratio.

“There are others, but there’s not enough,” Mr. Walker said.

Earlier this year, the House Budget Committee advanced the Fiscal Commission Act of 2024 out of committee with bipartisan support.

The bill would establish a 16-member panel featuring six Republicans, six Democrats, and four outside experts without voting power. The group would explore strategies to balance the budget as soon as possible and assess mechanisms to enhance the long-term solvency of various entitlement programs, especially Social Security and Medicare.

Despite some consternation from several Democrats, the bipartisan push received applause, including from the Committee for a Responsible Federal Budget.

“The federal debt is on an unsustainable course, and lawmakers have been unable or unwilling to correct it,” the organization stated. “A fiscal commission would bring Members of both parties and chambers together to facilitate a conversation over how to solve these problems, without pre-prescribing any particular solution (or a solution at all).”

Hope and Change

Whether the United States can improve its fiscal trajectories remains to be seen.

Mr. Walker is hopeful about some of the legislative efforts coming out of the nation’s capital. The country is beginning to face the consequences of years of fiscal mismanagement, making it harder to sell its debt to the rest of the world.

In recent months, many Treasury auctions have led to lackluster demand among domestic and foreign investors. Market watchers have warned that global financial markets might share Fitch and Moody’s concerns about America’s fiscal deterioration.

But when discussing trillions of dollars, percentages, GDP, and servicing costs, how can the average person, worried about paying his mortgage or replacing a broken-down refrigerator, grasp or even be concerned with these trends?

According to Mr. Walker, you tap into their “head and heart.”

“You have to help them understand that we’re already seeing some of the implications of fiscal irresponsibility,” he said, adding that the causes of the Roman Empire’s demise are familiar to what is transpiring in the United States today: fiscal irresponsibility, a decline in moral values, an overextended military, and an inability to control its borders.

However, while it is vital to translate these gigantic numbers into terms the layman can understand, experts also need to “hit their heart.”

“Do they love their country? Do they love their kids, and do they love their grandkids?” he said. “We’re mortgaging their future at record rates.”

Some Boeing jets, operated by major US carriers, are plagued with persistent issues that concern travelers, prompting a shift toward what is perceived as safer Airbus jets. It appears that hardly a week passes without a new problem with a Boeing jet. 

The latest near-mid-air disaster occurred Friday morning on a Delta Air Lines Boeing 767-300, departing from John F. Kennedy International Airport in New York City. An emergency slide separated from the plane during flight. 

Breaking Aviation News & Videos posted an image of Delta Flight 520’s “right-hand side emergency slide” compartment just above the wing. The compartment is wide open and missing the slide, and a fuselage panel appears to have partially separated from the plane. 

Delta Airlines 767-332ER makes emergency return to John F. Kennedy International Airport after losing its right-hand side emergency slide. pic.twitter.com/NHPJCQHgcc

— Breaking Aviation News & Videos (@aviationbrk) April 26, 2024

“After the aircraft had safely landed and proceeded to a gate, it was observed that the emergency slide had separated from the aircraft,” a Delta spokesperson told NPR News late Friday afternoon. 

The FAA told the media outlet that Delta Flight 520 “returned safely to John F. Kennedy International Airport in New York around 8:35 a.m. local time on Friday, April 26, after the crew reported a vibration,” noting, “FAA will investigate.”

A Delta Flight 520 passenger said a “very loud sound was coming from the plane, which made it difficult to hear announcements coming from the cockpit.” 

Flight tracking website FlightAware shows Delta Flight 520 returned to JFK after the mid-air incident.

Trouble at Boeing comes as a doom-loop of endless crises. Earlier this year, a door plug separated from a jet, a landing gear collapsed, engine fires occurred, a fuselage panel separated, multiple tires separated, hydraulic leaks, and pilot seat malfunctions. These incidents have sparked a confidence crisis in the planemaker. 

In markets, Boeing shares tumbled to a 1.5-year low this week as Moody’s Ratings downgraded the planemaker’s credit rating to Baa3 from Baa2 – just one notch above ‘junk’ status – with mounting headwinds plaguing its Commercial Airlines unit. 

Boeing is an absolute mess. 

By Erik-Jan van Harn and Maartje Wijffelaars of Rabobank

Summary

• Europe’s population is aging and this will stunt economic growth in the coming decades.
• Challenges are arising for social welfare, debt sustainability, and even strategic autonomy.
• Potential remedies for the declining workforce differ per country, but overall, there are no easy solutions.
• To protect the welfare state, maintain sustainable public finances, and support Europe’s quest for strategic autonomy, higher productivity growth seems essential.

The demographic transition

Change is often accompanied by difficulty and discomfort. Most of us are focused on the transitions that are most visible to us: the energy transition, a changing world order, or technological progress. However, there exists another, less conspicuous transition: that of demographics. Over the past six decades, fertility rates have plummeted, while life expectancy has surged to unprecedented levels. These shifts have fundamentally altered Europe’s demographic landscape and, consequently, its workforce.

Although Europe isn’t unique in this matter, it faces a pressing demographic challenge. Despite government efforts to boost fertility rates, progress remains limited. Cultural, sociological, and economic factors stubbornly outweigh incentives offered by governments. As we grapple with this persistent issue, what can we expect?

In this report, we delve into three key questions:

• How will demographics impact the structural economic growth of major member states?
• What challenges arise from this demographic shift?
• What strategies can be employed to address these challenges?

Assessing the current landscape

The labor market has been significantly strong in recent years. Unemployment rates have reached historic lows and more people have entered the workforce. But as we assess the current landscape, Europe’s long-term demographic prospects appear less than optimistic.

Demographics are shifting across the continent, although the impact on labor supply varies across countries. While some nations, like France, are projected to experience relatively benign demographic effects, others – such as Germany and Italy – face a less rosy outlook. For Germany, the annual labor contribution to economic growth is projected to average around -0.5% until 2035, due to the departure of baby boomers and Generation X from the workforce (see figure 4). In Italy, the challenge persists after 2035, as fertility rates and net migration are expected to remain lower than in Germany.

Spain and the Netherlands find themselves in an intermediate position. They also grapple with an aging population and its implications for the economy, but less so than Italy and Germany in the coming two decades. In both Spain and the Netherlands, it will take until 2030 before labor supply – in hours – will start to contract. But whereas labor’s annual negative contribution will remain very small for the Netherlands, it is set to grow for Spain as time progresses.

Age is just a number, but numbers do matter

Over the past decade, a growing supply of labor has played a pivotal role in driving economic growth, especially given the relatively modest productivity gains. Any decline in or negative impact on labor’s contribution could significantly impede overall economic growth. While weaker growth in the short-term may not pose an immediate crisis, sustained challenges could emerge with respect to public services, debt sustainability, and Europe’s strategic autonomy.

Public services and pensions

As demographic projections unfold, the number of workers available declines, and the balance between retirees and active workers shifts. Currently, there is about one retiree for every three workers in the Eurozone, but this is projected to decline to two workers by 2040. This change could strain the affordability of public services. For instance, healthcare costs are expected to rise as the population ages (see figure 6), while tax revenues may stagnate or grow at a slower pace. Another concerning issue is the sustainability of pension systems. Across most European countries, pensions operate on a pay-as-you-go model, where retirees’ benefits are funded by the contributions of the currently employed. In theory, this system functions smoothly. But as the proportion of retirees increases relative to the workforce, the burden on today’s contributors becomes substantial.

Some countries have included automatic changes to the contribution, benefits, or statutory retirement age to alleviate some of the strain on public finances when needed. In the Netherlands and Italy, for example, the statutory retirement age is linked to life expectancy. While these measures dampen the blow to some extent, the burden for public finances will likely remain large and is still projected to grow in multiple countries. This burden is especially problematic if wide access to early retirement lowers the effective retirement age, as is the case in Italy.

The Netherlands stands out from its European counterparts. Approximately half of its pension entitlements are privately funded, offering a unique approach to addressing this challenge

Debt sustainability and strategic autonomy

An aging society also poses challenges to public debt sustainability. Without substantial increases in productivity growth, we can expect a slowdown in economic growth and, consequently, a decrease in tax revenues. Simultaneously, expenditures on healthcare and pensions will rise, as illustrated in Figure 6. These trends, all else being equal, will lead to a rise in the primary budget deficit and a decrease in the affordability of debt, measured by the ratio of interest payments to revenues. A growing part of revenues will be allocated to servicing interest costs on existing debt. Corrective spending in other areas and/or tax measures will likely be necessary to prevent the overall budget balance from spiralling out of control, which would simultaneously raise financing needs and public debt. Higher productivity growth may lessen the need for austerity, as it would generate higher tax revenues with the same amount of labor, but that’s not a given. It is certain, however, that higher productivity growth makes higher taxes less painful. Furthermore, productivity and efficiency gains in the health sector could dampen the increase in healthcare spending. As such, faster productivity growth could actually be crucial to prevent a negative downward spiral between austerity measures and growth in some countries.

The demographic decline will also have implications for the geopolitical aspirations of the European Union. Firstly, it will directly impact the deterioration of debt sustainability just when the EU’s strategic agenda requires substantial investments in military capabilities, the energy transition, and industrial development. Beyond the direct effects on debt servicing capacity, the demographic decline in Europe will also result in a shift in the EU’s relative geopolitical power. The EU currently boasts the world’s largest single market, and companies conform to EU product standards as a consequence. Therefore, the EU holds a position as a regulatory superpower. However, as Europe’s consumer market shrinks in the coming decades, likely so will the power derived from it. This obviously also holds for the other forms of soft power that Europe (still) commands, such as its cultural and democratic values.

The good news for the EU with respect to its relative power on the world stage is that Europe’s problems aren’t unique and that low fertility rates and aging societies are prevalent in many countries worldwide. For instance, if current trends continue, China’s population is expected to halve in the coming decades. These long term projections are inherently uncertain, but it’s easy to argue that the demographic situation is even worse in China than it is in Europe. In addition to lower fertility rates, China also suffers from emigration. On the other hand, the United States experiences a relatively higher influx of migrants and notably higher fertility rates than Europe. With respect to demographics, the United States have the advantage.

Can we avert the decline in labor supply?

The future doesn’t look too rosy for some countries, but luckily, the changes are predictable and relatively slow. This leaves room for policy intervention. But what can governments do to avert or at least slow the projected decline in labor supply (in hours)? In broad terms, three key factors shape the total labor supply within an economy: the working age population, the participation rate, and the hours worked per worker.

Working age population

First, we consider the working-age population. In the long term, the primary drivers are the fertility rate and net migration. Recent campaigns in countries such as Denmark, Italy, and China have underscored the challenge of increasing fertility rates. You simply cannot force people to have babies and decisions are determined by multiple factors including nature, culture, and economics. Even if successful, the effects of such campaigns may take up to two decades to materialize.

Migration represents another avenue to bolster the working-age population. Spain is a good example of a country where migration mitigates the effect of an aging population. However, this path is not without hurdles. Populist sentiments in some countries have made foreign workers less welcome. Furthermore, to fully counteract the decline in the working-age population, a substantial influx of migrants would be necessary. For Germany, this could mean accommodating between 200,000 and 400,000 workers annually over the coming decades. It is no given that European countries will be able to find qualified workers abroad so easily, as language and cultural barriers further complicate things.

An alternative approach involves redefining the concept of “working age” by raising the statutory retirement age. France, for instance, elevated its retirement age from 62 to 64 last year. While this strategy proves highly effective, recent experience also highlights the contentious nature of such adjustments. French President Emmanuel Macron had to water down his initial proposal to raise the retirement age to 65, when nationwide protests crippled the country. In Italy, a 2011 pension reform linked the retirement age to life expectancy, leading to a statutory retirement age of 67 as of 2019. Yet the age at which workers actually retire is quite some years earlier, as subsequent governments have opened a door to early retirement.

Participation rate

What if we could harness a larger share of our working-age population, i.e. raise the participation rate? The truth is that for most large member states, there appears to be limited room for improvement, as participation rates are high and relatively comparable. Italy is a notable outlier, however. Coincidentally, Italy also faces significant challenges. The key lies in the participation of Italian women in the labor force. Where the participation rate for Italian men closely mirrors that of other major European economies, the participation rate for Italian women is much lower. The gap in the participation rate between men and women is around 10% for most European countries, but for Italy it’s more than double that figure. If Italy can encourage more women to join the workforce, it may partially mitigate the pressing issue of its declining working age population.

Average hours worked

What if workers simply worked more? In comparison to Asia or North America, Europeans are often both ridiculed and envied for their extended summer holidays and nine-to-five work mentality. While there is some truth to this perception, significant variations exist within the Eurozone.

Consider Greece, where workers log an average of over 1,900 hours per year – approximately 8% more than their counterparts in the United States. Conversely, in Germany for example, employees annually work around 500 hours less than in Greece. However, convincing European workers to increase their hours isn’t easy, as the trend currently leans in the opposite direction – though Italy has bucked that trend since the pandemic. While composition effects of the workforce play a role, there also appears to be a structural shift in Europeans’ work-life balance. If anything, the tightness of the labor market and historically low share of people wanting to work more hours than they do, suggests it is more an issue of supply rather than demand. So encouraging Europeans to work more hours will require robust incentives. Governments are exploring how to reverse the current trend, but haven’t had much success yet.

Which measures would have the biggest impact?

Thankfully, the demographic changes unfolding across Europe are both predictable and quantifiable. This foresight grants governments a crucial window of opportunity to take action before challenges escalate. Our analysis has delved into the three factors determining the labor supply: working-age population, participation rates, and average hours worked per worker. To assess what can be done, we tune each variable separately. While isolating these effects may be unrealistic, it does clearly show which areas countries can improve in.

Increase the statutory retirement age

Let’s look at the impact of changes to the working-age population. Raising the retirement age will certainly not be a popular measure. Yet given Europe’s current political climate, it might be more feasible than significantly increasing net migration. We’ve raised the statutory retirement age to 68 by 2034 across all countries in this exercise.

This adjustment would particularly benefit Italy and France. While Italy boasts a relatively high statutory retirement age (67 years  and 3 months), only a fraction of Italians work until that age due to early retirement provisions. Given the size of this cohort, a higher actual retirement age could make an impact, but would still fall short in fully reversing the demographic challenges.

France stands in a different position. The country would largely benefit from the fact that its current retirement age falls well below 68, and its relatively positive demographic prospects could further improve.

For the Netherlands, Germany, and Spain, the effect is more modest. These countries already maintain higher participation rates for the specific age cohort compared to others. Unsurprisingly, adjusting the retirement age alone won’t fully counteract the demographic decline in Germany either.

Increase the participation rate

Another approach worth considering is boosting labor participation rates. Our analysis assumes a gradual improvement in the participation rate for the working-age population, aiming for an ambitious target of 85%, which is in line with the participation rate in the Netherlands.

As anticipated, this adjustment would yield remarkable results for Italy. The participation rate is projected to surge by over 20%-points (or more than 30% in relative terms), providing a much-needed boost. Remarkably, this increase could even reverse the anticipated decline in the labor supply, fostering growth. Spain would also benefit, albeit to a lesser extent. Since we raised the participation rate to the Dutch level, there’s no impact for the Netherlands. But of course, and in contrast to the statutory retirement age, governments cannot simply “press a button” to raise the activity rate. It may require a host of measures and incentives that work both on the demand and supply side of the labor market.

Increase the average hours worked

During the pandemic, average hours worked per worker in the Eurozone experienced a significant decline and in many countries, they haven’t returned to pre-pandemic levels. In some countries, the decline follows a trend that already started (long) before the pandemic. In others, a clear intensification or “new” trend is visible. In our scenario, we assume that average hours worked rises to 1800, just above the average hours worked in Italy.

The impact would be most pronounced in Western Europe, where workers currently log fewer hours. For instance, in Germany, this change would lead to a 30% increase in the labor supply. In Southern Europe, where workers already put in more hours on average, the effect would be less pronounced. Such a dramatic increase in hours worked in Western European countries would very likely lead to a worsening of other parameters, like the participation rate, as we will show in the next paragraph. Still, it underscores the potential for improvement from this perspective.

No silver bullet, just a silver tsunami

While the data above appears promising, we can hardly expect these factors to improve in isolation. There is a strong correlation between productivity, hours worked, and labor participation rates. However, the causal relationship is not entirely clear. Improved productivity could translate to fewer hours worked as the necessity for longer workweeks to sustain a certain lifestyle diminishes, for example. On the other hand, working less hours could also lead to higher productivity because of diminishing returns. Similarly, a reciprocal relationship exists between participation rates and hours worked. Individuals entering the labor force when participation rates are already high tend to work fewer hours. This likely results from maintaining an adequate worklife balance at the household level, especially when children are involved.

This sobering reality suggests that there is no silver bullet for these challenges, unless workers can be persuaded to make changes independently. Whether it’s working more hours, extending their careers, or maintaining full-time contracts even as productivity and participation rates improve, each scenario requires serious effort to convince workers. The Italians have recently demonstrated that such a thing is indeed possible. Average hours worked have risen compared to pre-pandemic years, despite the fact that the participation rate has continued to increase. Going against the usual current will require some extra commitment though.

Productivity growth remains an open question

In addition to addressing the demographic decline by encouraging increased workforce participation, another crucial factor to consider is enhancing productivity levels. Higher productivity growth could mitigate the negative impact of declining labor supply on the economy. However, achieving this goal is far from straightforward. Despite numerous attempts to revive it, productivity growth in the Eurozone has essentially halved since the Global Financial Crisis (GFC). While there are high expectations for technological advancements in AI to turn the tide, the current level of uncertainty makes it too challenging to make any definitive conjectures about the potential breadth and significance of such a productivity boost. The same holds for the impact of reforms and investments spurred with the EU’s Recovery and Resilience Facility, especially in Southern Eurozone member states. This is also true initiatives to strengthen Europe’s strategic autonomy by focusing more investment in sustainable energy, the semi-conductor sector, etc. These questions, however, are beyond the scope of this research note.

Conclusion

Decades ago, it was already clear that Europe would have to face the problems of its aging population at some point. Although governments have prepared themselves to some extent, it is unlikely to be enough to turn the tide. A shrinking (working) population will put a dent in Europe’s economic outlook, even if the potential of the working-age population is stretched to its limits. Lower economic growth does not automatically imply lower welfare to the same extent, given that you have to share the pie with fewer people. That said, it will have a profound impact on factors such as the affordability of public services and social benefits, debt sustainability, and on the Europe’s relative power compared to both its allies and rivals. In order to maintain the welfare state and prevent a negative spiral of austerity and economic growth, governments will likely have to both incentivize labor supply and find ways to improve the productivity of its workforce. This is easier said than done.

Full pdf available here.

By John Cody of RMXNews.com

In an exclusive interview with Remix News, Dutch political commentator and lawyer Eva Vlaardingerbroek warns Europeans that they must take a stand against rapid demographic change or become a minority in their native countries.

You’ve spoken a lot about White rights and the White replacement. But of course this kind of opens you up to these accusations of racism. So, how do conservatives deal with this Catch-22 of not wanting to be replaced in their native countries, but also not wanting to be attacked with this term?

You can’t. That’s the thing, you can’t. So you have to pick a side. Of course, you’re going to be attacked if you say, “Hey, this continent, Europe, has been predominantly White for the entirety of its history, and now suddenly within one generation, a few bureaucrats have decided against the will of the people that we should suddenly be a minority. Why do we agree with that, or why do we allow that to happen?” If you say that, you are going to be attacked.

But the only other option then you have is saying nothing and have it happen, so the choice is yours, and I’ve made my choice. I think there are many ways in which you can defend yourself, of course, against this ridiculous attack, so I’m sure that they’re going say about me that I’m a terrible racist again. No, that’s not true. I don’t think that any race is superior to another. I just think that mine is also not inferior to that of others.

🚨 EXC: “The choice is yours and I’ve made mine!”@EvaVlaar tells Remix News she has accepted she will be attacked by the establishment for calling out attempts to make indigenous White Europeans a minority on their own continent.#CPACHungary2024 pic.twitter.com/faAE298zv3

— Remix News & Views (@RMXnews) April 26, 2024

So, I don’t have to be pointed at as the root of all evil, as the Neo-Marxist critical race theory does. I don’t have to become a minority in my own country, as Joe Biden said would be “a good thing,” would be “our strength.” No, why actually? Who was the racist here? Explain to me why we don’t have the right to exist, why we’re not allowed to be a majority in the continent, in the countries that we have been a majority in since forever? Explain it to me. Turn the question around.

A lot of right-wing parties here are willing to talk about illegal immigration, but unwilling to address legal immigration. Some conservative parties even promote legal immigration. What do you think about this development?

Well, the problem is of course that if you have tons of illegal immigration, and then you slap the label “legal” on it, then nothing changes. So that’s something that we’ve seen in the past few years that illegal immigration has been made legal in a way, so it’s been made really easy for certain people to come to Europe and also not so easy for others to go through the regular system. I think this problem exists in America to a certain degree as well, that it’s quite hard to immigrate legally to the United States, but illegally it’s not so difficult across the Mexican border.

So, if you look at the problem of immigration, I think you have to look also at demographic change. That’s why I took this dance today on stage. We have to look at the reality rather than the term that they put on immigration. Do we agree with what’s happening here, with what is happening with this rapid change in our demographic makeup? If the answer is no, then something needs to change. It’s as simple as that.

🇳🇱‼️ @EvaVlaar: “If we don’t start to fight for our continent, the time in which we live will go down in history as the time Western nations didn’t need to be invaded to be conquered. Our corrupt elite invited the invaders in!” #CPACHungary2024 pic.twitter.com/DmtQcXbFoU

— Remix News & Views (@RMXnews) April 26, 2024

You converted to Catholicism approximately a year ago. How has your Catholicism influenced your politics, if at all?

It has influenced my politics in the sense that my faith has become such a huge part of my life, that even more so than before, I feel like it would be completely disingenuous and wrong for me to exclude my faith from my political messaging. So, as it has such a massive influence on me as a person, I think it’s noticeable to people that I let it seep through a lot more in my speeches and in my discourse than maybe I did before. So, it just inspires my ideas and my ability to go on stage. I pray to God before I go on stage, that is something that I didn’t use to do a few years ago, but it immediately calms me just asking God for guidance and help, you know, to give me the strength to do his will on stage.

What do you think about the fact that most Northern European right-wing parties are shying away from religious messages in their party platform? The AfD, Sweden, Democrats, a lot of Dutch parties keep it in the background, perhaps because people are leaving the church, and many young people are leaving the church. So, how do conservatives reach young people in Northern Europe while maintaining their convictions?

I think it’s a big mistake to leave religion and to leave the Christian faith out of your political messaging, especially if you want to reach the youth. I think that we’ve been brainwashed to believe that if we preach the Gospel, if we call upon our Lord during our speeches, if we speak proudly and openly about the fact that we’re Christians, that we’re then going to scare away the youth. I think the opposite is actually true.

I think there is a moral vacuum that’s either going to be filled with climate insanity or woke nonsense or some other subversive left-wing ideology, or it’s going to be filled with the Holy Spirit. So, you have two choices, and I think that people are looking for truth. People are looking for answers and the best gift that you can give someone is to point them in the direction of the truth rather than to dance around it and sugarcoat it, which I think is what we’ve been doing in Northwestern Europe for a long time and look where it got us.

Authored by Kit Knightly via Off-Guardian.org,

Earlier this month the White House published its new “Pandemic Preparedness” targets.

They are far from alone in covering this. Back in March, Sky News was asking: “Next pandemic is around the corner,’ expert warns – but would lockdown ever happen again?”

On April 3rd, the Financial Times asked something similar: “The next pandemic is coming. Will we be ready?”

Less than an hour ago, the Daily Mail invited us inside “the world’s deadliest cave that could cause the next pandemic”.

Just two days ago a professional panic spreader wrote for CNN:

The next pandemic threat demands action now!!!

OK, I added the exclamation points, but they are very much implied in the original text.

So, while Iran and Israel rattle their sabres on the front pages, I thought we should take a look at the quieter back pages to see what we can learn, and help us predict how “the next pandemic” will unfold.

WHAT IS “THE NEXT PANDEMIC”?

I mean…I feel like that’s fairly self-explanatory.

Seriously though, it’s the one they’ve been predicting from pretty much the moment Covid started. First it was going to be monkey pox – sorry MPox – but that fizzled.

Of course by “pandemic”, we really mean “psy-op”, because nothing about the next pandemic will be any more real than the last pandemic. Hell, given the leaps forward in AI technology, it could be considerably less real next time.

We don’t know any of the details yet, but there’s enough vague coverage to tease out some guesstimates.

WHAT DISEASE WILL THEY USE?

Probably the most important question. We already mentioned monkey pox, but that doesn’t look likely anymore.

Right now they are mostly talking about “disease X” – a term which caused a little panic in certain sections when it first appeared on the scene – but that isn’t some top secret gain of function super disease, it’s literally a place holder name.

And it’s a placeholder name which does its job, for the time being.

After all, they don’t really need an actual name yet, any more than they need an actual disease, they just need the idea of a disease to hold over people’s heads while they construct the legislative rules of their health-based tyranny.

Indeed, the vagueness “Disease X” provides is helpful, as it keeps the legislation vague too.

That said, they will likely want and/or need to produce an actual disease at some point.

When that time comes around, it will almost certainly be another respiratory disease, because they are easy to “fake” using pre-existing endemic diseases and their uniform symptoms.

The prime candidate is bird flu, which has been slow-boiling in the news for two years now and has recently got a big uptick in coverage due to it allegedly passing to people from cows.

The UN reports “pandemic experts” are “concerned over avian influenza spread to humans”. Just yesterday, Jeremy Farrar of the World Health Organization (WHO) warned that “[the] threat Of Bird Flu spreading to Humans is a great concern”

Prompting gleefully sensationalist headlines like this from the Daily Star:

New pandemic ‘expected’ as human-to-human bird flu of ‘great concern’ to WHO

Bird flu is a convenient pick because it enables them to push their health tyranny and their food transition at the same time. They can claim that dairy, beef, chicken and eggs have become “dangerous” as an excuse to ration them or at least force scarcity while they drive the prices up.

They will then push the idea that veganism and/or lab grown meat “prevents pandemics”. Something they’ve been claiming since at least 2021.

The Daily Mail reported just a few hours ago:

H5N1 strain of bird flu is found in MILK for first time in ‘very high concentrations,’ World Health Organization warns

The downside to bird flu is that it’s hard to work the climate change angle into the narrative, so maybe they’ll go with something else.

WHEN WILL IT HAPPEN?

Probably not until the winter, I would guess January 2025 at the earliest, for two reasons:

1. They need it to be flu season so they can co-opt normal seasonal deaths into their “pandemic” narrative.
2. I think they’ll want to wait until after the “big election year” is over so there are fresh governments in place.

That second point is not just a hunch, but based on the article from Sky I mentioned above. It asks “would lockdown ever happen again?”, and an “expert” answers [emphasis added]:

…if another lockdown was needed, the current Tory government would either have to minimise scandals over their own rule-breaking – or change hands completely to keep the public on board. If we had a new government, people would be far more likely to have faith in them because they would be less likely to say, ‘it’s the same bunch as before – why should we do it again?’

Which I think is correct.

That would also explain the raft of sudden political resignations – including Covid stars Angela Merkel and Jacinda Ardern – which swept the world in Covid’s wake. They were aware then, and are still aware now, their players were spent and they needed a fresh roster before coming back for the second leg.

So, elections first – with all the nonsense that entails – then maybe the “next pandemic”.

HOW WILL IT BE DIFFERENT FROM “COVID”?

Any future pandemic psy-op will be unlikely to follow the covid pattern beat-for-beat, for one thing the Covid narrative spent itself before achieving everything it was meant to achieve.

You can bet the farm that, in the four years since, there have been working groups and researchers poring over the pandemic data to figure out what went wrong and how they can fix it next time.

There seem to be three recurring themes.

1. Vaccines not lockdowns There will be a focus on securing vaccines rather than lockdowns. Indeed, part of the whole “aw shucks lockdowns were damaging who’d have thunk it” rigmarole is about setting up the dynamic that “next time” we need to do anything we can to avoid lockdowns.

Lockdowns will become a threat rather than a fact.

“We HAVE to mandate vaccines, because the economy can’t afford another lockdown.”

“Take the vaccine, you don’t want to have another lockdown do you?”

So there will be more testing, more masks and more vaccine mandates…and/or quarantine camps for the unvaccinated. And if they DO have lockdowns, they will be entirely blamed on the “anti-vaxxers”, of course.

2. Speed speed speed The main failing of the Covid narrative was that it ran out of steam. By the time the vaccines rolled out in early 2021 the pandemic fatigue was already setting in. And by the time the third boosters and fourth waves were in the headlines nobody really cared.

The propaganda blitzkrieg of early 2020 was arguably the greatest and most wide-reaching misinformation campaign of all time – and it was almost overwhelmingly effective. But it slowed, stalled, stopped and staled.

Next time, they know now, they need to be faster. Bill Gates said as much at the 2022 Munich Security Conference. They need to get the disease out the deaths up and vaccines in before people even realise what happened.

Hence the “100 day vaccines” plan. As the ever-reliably-hysterical Devi Shridar writes for the Guardian:

most governments are working towards the 100-day challenge: that is, how to contain a virus spreading while a scientific response, such as a vaccine, diagnostic or treatment, can be approved, manufactured and delivered to the public.

The “100 Day Mission” is the brainchild of CEPI, the Gates and WHO-backed NGO. Its main aim is to make it possible to produce new vaccines for previously unknown pathogens in 100 days.

In the US, the target is 130 days from pathogen discovery to nation-wide vaccine coverage.

It should go without saying that real, reliable, “safe and effective” vaccines cannot be produced in 100 days. Whatever they make, sell and force you to inject in that time…it won’t be a vaccine

3. Free Speech is Dangerous. The slow development of the narrative post-2020 may have hindered the health tyranny agenda, but it was the independent media that really hurt it. The impromptu network of dissident experts, independent researchers and social media movements spread “misinformation” faster than the powers-that-be could fact-check it.

We have seen perpetual messaging about the dangers of “misinformaion and disinformation” since then, including prominently at the most recent DAVOS summit earlier this year, where it was labelled one of the “three greatest dangers” facing the planet.

Last week, a UK Parliamentary Committee published “recommendations” headlined:

Government should learn lessons from pandemic to improve communications and counter misinformation

Only a few days ago, Gordon Brown was quoted in the news “warning” that:

“fake news’ risks preparations for next pandemic”

Which heavily implies they will move to counter this “fake news” before the “next pandemic” begins.

WILDCARD PREDICTION: The multipolar angle. Whatever form the “next pandemic” takes, they will likely avoid the monolithic messaging of 2020, where total global conformity to “the message” was one of the real telltale signs of deception. Next time prepare for countries like India, China and Russia to forge their own pandemic strategy – focusing on some new treatment or technology that the West refuses to endorse.

There are no sources to back this one, yet. It’s just a gut feeling.

*

So what am I officially predicting for the “next pandemic”?

1. It will won’t be launched until after the major elections this year, because they want new politic faces untarnished by Covid
2. It will likely be bird flu or some other respiratory disease, launched in the winter to hijack the real flu season again
3. The chosen disease will fit into one or more pre-existing agenda – either impacting food or originating from some forced “climate change” connection or both
4. They will move faster, producing “vaccines” in 100 days to stop people getting wise to the deception as they did with Covid
5. They will try and avoid lockdowns, but use them as a threat to enforce vaccine mandates more rigorously
6. They will clamp down harder on “mis- and dis-information” before launching the new narrative.
7. The next pandemic will have a multipolarity angle to establish a fake binary

That’s how I see it. Feel free to bookmark this post for future reference.

Even if I’ve guessed the details wrong here, there’s no question they are planning to roll out another pandemic at some point in near future. A covid sequel that learns from past mistakes.

While, in some ways, it will likely be worse than Covid was – the good news is that this time we can be ready for it.

For those curious, owning a flamethrower is broadly legal across the United States, with Maryland being the exception, as the state has effectively banned these devices. In California, flamethrowers are legal but require a permit. 

With the legality all sorted out. What’s been making headlines this week is a Unitree Go2 quadruple robot equipped with a flamethrower. 

“Thermonator is the first-ever flamethrower-wielding robot dog. This quadruped is coupled with the ARC Flamethrower to deliver on-demand fire anywhere!” Throwflame, the company behind the robot flamethrower, wrote on its website. 

Called the “Thermonator,” the flamethrowing robot retails for $9,420 and can shoot napalm upwards of 30 feet. 

Throwflame says Thermonator is mainly used for “wildfire control and prevention,” “agricultural management,” “ecological conservation,” “snow and ice removal,” and “entertainment and SFX.” 

Over the years, we have covered the proliferation of this technology, from ‘cute’ dancing robo-dogs from (Japanese-owned) Boston Dynamics to the Chinese version of ‘spot’ with a machine gun strapped to its back. 

Even an armed robo-dog deployed by a drone. 

Blood-Wing, a Chinese defense contractor, demonstrates drone-deploying an armed robodog.

The Future is Now. pic.twitter.com/tRKnKa8xvp

— Lia Wong (@LiaWong__) October 4, 2022

Meanwhile, just days ago, Boston Dynamics unveiled its new humanoid robot that creepily moves like no other robot has moved before. 

We promise this is not a person in a bodysuit. https://t.co/S9FgfpqvrW pic.twitter.com/G30sXHQ93C

— Boston Dynamics (@BostonDynamics) April 17, 2024

The militarization of robot dogs is terrifying. We’re surprised these robots have yet to be deployed in Ukraine.

Authored by Katabella Roberts via The Epoch Times,

A San Diego County official has branded the city the “new epicenter” for illegal immigration and claimed that Border Patrol has become “the ‘Uber’ for migrants” entering the county.

“San Diego is the new epicenter for migrants and illegal immigration,” San Diego District 5 Supervisor Jim Desmond posted on the social media platform X on April 25.

“The surge in illegal crossings has propelled San Diego to the unfortunate position of leading all nine southern border sectors in April, a trend unseen since the 1990s.”

On Wednesday alone, Border Patrol apprehended 2,000 illegal immigrants within the San Diego sector, according to Mr. Desmond. Among them were 206 Chinese nationals, he said.

Since Oct. 1st, there have been nearly 215,000 apprehensions representing individuals from 75 different countries in the San Diego sector, Mr. Desmond wrote in the post.

“Moreover, the closure of the processing center has led to over 30,000 migrant drop-offs in the past two months alone, with projections of more than 1,000 drop-offs expected today,” he continued.

“This doesn’t account for the frequent occurrences of boats washing ashore, averaging three to four incidents weekly. ”

Mr. Desmond appeared to be referencing the $6 million Migrant Welcome Center that shut down in San Diego in February due to a lack of funding.

The District 5 supervisor went on to state that human smugglers have identified California—and in particular the San Diego border sector—as “the path of least resistance” for illegal immigrants.

“Border Patrol has inadvertently become the ‘Uber’ for migrants entering San Diego County, and the County is the travel agent,” he concluded.

Illegal immigrants ‘Just Walking Across the Border’

Speaking to Newsnation later on April 25, Mr. Desmond claimed that people are “just walking across the border” and Border Patrol agents “are not empowered to stop them.”

“All they’re doing is processing them once they … walk across the border,” he told the publication.

The Epoch Times has reached out to San Diego Border Patrol for further comment.

Mr. Desmond’s comments come after he and other San Diego County leaders called on the state and federal governments to bolster security at the border and remove sanctuary city policies amid the ongoing immigration crisis.

Speaking at a press conference alongside several mayors on April 15 near Carlsbad State Beach, Mr. Desmond said more than 125,000 illegal immigrants have entered since September, of which more than 25,000 had been released onto the streets in the past two months.

The county official stressed those figures did not include known “gotaways,” those known to have entered the country illegally while evading Border Patrol.

He further blamed California’s sanctuary city policies for prohibiting law enforcement agencies from working with Immigration Customs and Enforcement to hand over illegal immigrants, even if they are identified as suspects in crimes other than entering the United States illegally.

California Governor Gavin Newsom, on April 17, 2024. (Travis Gillmore/The Epoch Times)

Newsom Praises Biden’s Border Efforts

Mr. Desmond criticized the state for providing “free health care to illegal immigrants,” along with “free legal defense to those here illegally seeking asylum … no matter what crime they commit.”

He and other Republican county officials, including Carlsbad Mayor Keith Blackburn, Vista Mayor John Franklin, and San Marcos Mayor Rebecca Jones, called upon the state of California and the federal government to do more to address the influx of illegal immigrants while calling for harsher penalties on human smugglers.

“We need to make major changes for the safety of our people, the safety of all of San Diego County,” Mr. Desmond said. “We need the state and federal officials to bring more resources, whether it’s more Coast Guard or National Guard … We’ve got to come together and allow law enforcement to communicate with ICE. We need to be able to deport criminals out of the country.”

In contrast, California Gov. Gavin Newsom has defended the state’s response to the ongoing immigration crisis while praising the Biden administration for providing millions in federal grants to address the issue.

“Let’s be clear: President Biden is doing all he can to fund border security and humanitarian efforts while Republicans in Congress are choosing border chaos for political gain,” he said in an April 12 statement.

The Democrat went on to accuse congressional Republicans of trying to “undermine opportunities to advance border security” and modernize the immigration system for political gain.

“The Newsom Administration is working in partnership with the Biden-Harris Administration and California Congressional leaders, along with state and local officials, to advocate for federal funding for communities as they support the federal government with a safe and orderly process, further enhancing border security,” the governor said.

A disgruntled ex-athletics director at a northern Baltimore County Public School used artificial intelligence to impersonate the voice of his boss, the high school’s principal, then posted the racist and antisemitic hate rant on social media to share with the world.

Baltimore County Police Chief Robert McCullough told reporters his investigators worked with FBI agents and experts from the University of California at Berkeley to determine that a recording of Pikesville High School principal Eric Eiswert, circulating on social media since January, was generated with AI tools by Dazhon Darien, the school’s athletic director, to retaliate against the principal for not renewing his work contract and an investigation into the mishandling of school funds.   

On Thursday, McCullough said his investigation found that “Dazhon Darien, the school’s athletic director, produced the recording to retaliate against Principal Eiswert, who had initiated a probe into the mishandling of school funds.”

Local media outlet WBFF’s investigative i-Team arm, Project Baltimore, originally obtained the audio recording, which is 41 seconds long, beginning with racially charged language about black students. 

“I seriously don’t understand why I have to constantly put up with these dumb***** here every day,” the AI impersonated voice of the principle said, adding, 

“Between these ungrateful black kids who can’t test their way out of a paper bag or these teachers who don’t get it. How hard is it to get these students to meet their grade level expectations?”

🚨#WATCH: As a High School Athletic Director Arrested for Attempting to Frame Principal with AI-Generated Audio Fabricating Anti-Black and Antisemitic Conversation

📌#Pikesville | #Maryland

At Pikesville High School’s a 31-year-old athletic director, Dazhon Darien, was… pic.twitter.com/T2VAfuR4sj

— R A W S A L E R T S (@rawsalerts) April 26, 2024

On Thursday morning, Darien was arrested 30 miles south at BWI Thurgood Marshall Airport on an outstanding warrant. ABC 13 News said he now faces charges that include stalking, disruption of school operations, and retaliation against a witness. He’s being held in custody on a $5,000 bond. 

The principal was removed from his position as the investigation played out. BCPS officials said he would not return for the remainder of the school year. 

Eiswert denied responsibility for the audio during the multi-month investigation, telling police Darien was the culprit. 

According to charging documents, Darien’s attempt to sabotage the principal with AI was motivated by “his contract not being renewed next semester due to frequent work performance challenges” and the unauthorized use of school funds. 

Just wait until AI is weaponized against a politician or presidential candidate. It’s coming.