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Young Americans Have Good Reasons to Dread Biden’s Plan to Expand the IRS
Millennials and Gen Z have grown up watching politicians saddle them with economic hardships and make a mockery of their right to privacy. Now, the Biden administration wants to double down and rob young Americans of their economic privacy.
Alongside the $3.5 trillion reconciliation bill is a provision that would force banks to report the transaction details of all accounts with over $600 to the IRS. But the thought of government agents breathing down one’s neck is vexing for young people, who already account for a sizable portion of the $1.7 trillion in student loan debt and have an unemployment rate twice that of older Americans. Whether it’s investing in cryptocurrency, buying a firearm, or giving to charity, this measure will only dissuade young Americans from making financial decisions that best serve their interests and values.
Like any monopoly, the government has a vested interest in shutting out competition, including currencies that compete with the ever-devaluing dollar. Biden’s recent announcements of a national cryptocurrency enforcement team and consideration of increased regulations on digital currency are clear signals that this administration is no friend to the crypto market, where more and more young people are putting their money. On top of Uncle Sam taking a big chunk of their crypto profits through capital gains taxes, the threat of the IRS monitoring each time a young person invests in a currency frowned upon by DC will increase buyer hesitancy, creating yet another barrier to getting out of debt and securing financial stability.
Speaking of items frowned upon by DC, it’s not difficult to imagine how increased IRS scrutiny into young people’s bank accounts will deter them from buying firearms. Over the last several years, state and local governments have started violating gun owners’ privacy in unprecedented ways with Emergency Risk Protection Orders (otherwise known as “red flag” laws), which are currently on the books in 19 states and Washington, D.C. The Biden administration supports expanding these laws, even as police have used them to kick down young Americans’ doors and—in the case of Maryland resident Duncan Lemp—kill them in their sleep.
A blow to the young philanthropic spirit would be another piece of collateral damage of the IRS provision. A recent study showed only one-third of young Americans give to charity, due to high costs of living and unfavorable markets. Whereas the IRS can easily weaponize itself against ideological enemies—as seen with the IRS’ admitting to targeting at least 40 conservative groups in the early 2010s—economic barriers combined with the stripping of donor privacy will discourage young people from investing in the change they want to see in the world.
Millennials and Gen Z came of age as the surveillance state came into existence, starting with the passage of the Patriot Act in 2001. Now, the government’s oft-spoken mantra “if you’ve got nothing to hide, you’ve got nothing to fear” is coming for young Americans’ bank accounts. But neither the IRS snooping on their Venmo transactions nor demanding 37 percent of your Dogecoin gains will solve the problems that America faces.
This economic tyranny will only continue to build the case for young people that the government is working against their interests, not for them.
Sean Themea
Sean Themea serves as chief of staff for Young Americans for Liberty (YAL). A recovering progressive, Sean has appeared on Fox Business, Newsmax, The First TV, and OAN.
This article was originally published on FEE.org. Read the original article.
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The Government’s War on Pipelines Made Us Vulnerable to Attacks on Our Infrastructure
Vickie Phillips received an unpleasant surprise when she stopped in for a fill-up at the Pop Shoppe in Greensboro, North Carolina on Monday.
There was no fuel.
“I can’t believe that we’re here and can’t even get gas,” Phillips told a local TV station. “People are tired of sitting in the house and they just want to get out and try to resume something of normality with their life and they’re definitely going to need fuel and gas to do that.”
Phillips was just one of thousands of people who saw their travel plans disrupted in the wake of a cyberattack on Friday targeting the Colonial Pipeline, a vital network of pipelines that run some 5,500 miles from the US Gulf Coast to New York Harbor.
The New York Times reported that many stations in southeastern states have placed caps on the amount of fuel consumers can purchase, while many stations have run out of fuel altogether.
In the wake of the disruption, North Carolina Gov. Roy Cooper declared a state of emergency, while Georgia Gov. Brain Kemp suspended the state’s gas tax. The Biden administration, meanwhile, lifted environmental regulations on the sale of gasoline in several states and the nation’s capital.
Following the attack, fuel futures jumped to $2.217, a three-year high.
Hackers: We Didn’t Mean to Cause Problems
There’s no question that the Colonial Pipeline is a key piece of infrastructure.
Analysts have described the pipeline as one of the most vital energy arteries in the country, one capable of carrying up to 3 million barrels of fuel—gasoline, diesel and jet fuel—per day to the East Coast.
“This is as close as you can get to the jugular of infrastructure in the United States,” Amy Myers Jaffe, research professor of the Climate Policy Lab, told Reuters. “It’s not a major pipeline. It’s the pipeline.”
Still, the widespread disruption seemed to surprise even the hackers responsible for the cyberattack.
“Our goal is to make money and not creating [sic] problems for society,” DarkSide, the group the FBI confirmed is responsible for the attack, wrote on its website.
This invites an important question: how was a single cyberattack able to derail an entire region of the most prosperous country in the world, disrupting the lives of millions of Americans?
Pipelines Under Attack
One answer is that we simply don’t have enough oil pipelines. The Colonial Pipeline provides nearly half—45 percent—of the fuel consumed on the East Coast. As other astute commentators have noted, “one pipeline network shouldn’t be serving half of the East Coast’s fuel needs.”
The reality is regulatory hurdles have made it all but impossible to build new pipelines, which has placed a great deal of pressure on existing energy infrastructure. And it’s getting worse. Indeed, politicians are now actively scrapping pipelines that are instrumental to meeting future energy needs.
One of President Biden’s first initiatives was to scrap, by executive order, the Keystone Pipeline, a 1700-mile pipeline that could have carried roughly 800k barrels of oil each day from Alberta to the Gulf Coast. (Instead, the bulk of that fuel will be transported by railways, which are less environmentally friendly and more dangerous.)
Biden’s scrapping of the Keystone Pipeline received a great deal of attention, but it’s worth noting the action was part of a trend that has been largely overlooked. Across the US, pipelines are being targeted by politicians, regulators, and courts with great zeal.
A year ago, Michigan Gov. Gretchen Whitmer took legal action to force the shutdown of the Line 5 Pipeline, which links Lake Michigan and Lake Huron and carries about 500,000 barrels of crude each day.
“Here in Michigan, the Great Lakes define our borders, but they also define who we are as people,” said Whitmer, who gave Enbridge Energy a deadline of May 2021 to stop the oil.
As of Tuesday, with the deadline rapidly approaching, the oil was still flowing. And news reports say Enbridge Energy and the Michigan governor are likely heading for a legal showdown.
Then there is the Atlantic Coast Pipeline. Last year Duke Energy and Dominion Energy announced the cancelation of the 600-mile project—which would have piped gas from West Virginia to eastern North Carolina—because delays and regulatory uncertainty had threatened “the economic viability of the project.”
The 1,200 mile-long Dakota Access Pipeline, which has been flowing since 2017, currently carries hundreds of thousands of barrels of crude through the Dakotas to Iowa and Illinois. While the Biden administration has announced it will not shut down the pipeline, a US district court judge did in July 2020. That ruling was overturned by a federal appellate court, but the pipeline’s fate hangs in the balance pending an environmental review.
Reminder: Oil Is Still a Vital Resource
For many, the lesson of the recent gas shortage is that we need more cybersecurity oversight.
“This pipeline shutdown sends the message that core elements of our national infrastructure continue to be vulnerable to cyberattack,” Mike Chapple, a professor in University of Notre Dame’s Mendoza College of Business, told Reuters. “Securing our energy infrastructure is a national security issue that involves several different federal agencies and requires centralized leadership.”
Anyone who understands the “knowledge problem” will be rightly skeptical of solutions based on “centralized leadership,” especially when it comes to a “national security issue that involves several different agencies,” given the track records of the NSA, the TSA, the CDC, etc. What we really need is, not more, but less government oversight getting in the way of more pipelines.
The current disruption should serve as a reminder that fossil fuels are an essential part of human prosperity.
No one has made this point better than Alex Epstein, the author of The Moral Case for Fossil Fuels, who noted that cheap, plentiful fossil fuels—when married with human ingenuity—allow humans to improve the world around them.
“Fossil fuel technology transforms nature to improve human life on an epic scale. It is the only energy technology that can currently meet the energy needs of all 7+ billion people on this planet,” wrote Epstein. “Ultimately, the moral case for fossil fuels is not about fossil fuels; it’s the moral case for using cheap, plentiful, reliable energy to amplify our abilities to make the world a better place – a better place for human beings.”
The other side of that coin is that when energy is made needlessly expensive, scarce, and unreliable—whether by cybercriminals or politicians—it makes the world a more frustrating and unhappy place for human beings, as Vickie Phillips and many other Americans discovered this week.
Jon Miltimore
Jonathan Miltimore is the Managing Editor of FEE.org. His writing/reporting has been the subject of articles in TIME magazine, The Wall Street Journal, CNN, Forbes, Fox News, and the Star Tribune.
Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times.
This article was originally published on FEE.org. Read the original article.