Unleash Prosperity Hotline #969

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Unleash Prosperity Hotline
Issue #969
03/05/2024
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1) CTUP Takes Debt/Spending Time Bomb to Times Square

Today we are launching a three-month 50-foot-high billboard ad campaign in New York City’s Times Square, dramatizing the threat posed to the American people by the "ticking time bomb" of debt, fueled by reckless Washington, D.C. spending.

Take a look and let us know what you think!

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2) How to Save Social Security Without Slashing Benefits or Raising Taxes

We’ve argued many times on these pages that Republicans are fools for talking about cutting Social Security benefits. Benefits for retirees who paid into the system for 40 years or more are far too LOW, not too high. Payroll taxes put into an indexed 401k plan would be paying workers three to 10 times higher benefits.

Here’s a simple example. In 1994 the S&P 500 stood at 450. Today it is at 5,000. How tragic is it that Congress didn’t let workers have some of this money invested in stocks, as Steve Forbes has argued for years? Instead of skimpy retirement benefits of $2,000 a month, retirees would be getting on average closer to $5,000 a month. They would also be able to leave to their kids a $1 million-plus inheritance to their kids.

Stock Market Returns on Long Term Basis

Our friend Andy Puzder argues in The Wall Street Journal that Canada has a government pension program that is financed by half the payroll taxes invested in the stock market. Their plan is financially solvent while ours will be technically bankrupt in a decade or so.

This chart shows that the Canadian system isn’t running on empty, while ours is on the verge of going kaput.

Pension System Reserves: U.S. Versus Canada

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3) On Crime, Even Liberals Are Being Mugged By Reality

Nationwide, more than 100 elected officials were recalled by voters or resigned from office in the face of recall votes last year. This is the highest number of public officials given the boot in more than a decade. In California, voters in Deep Blue San Francisco recalled their radical George Soros-backed district attorney and three members of the city school board.

Recall efforts are popping up in places where they’ve never been tried before. In Washington D.C.’s Ward 6, which covers Capitol Hill, many mostly black residents are on track to collect enough signatures by early August to force a recall vote on their councilman, Charles Allen, a Democrat who has backed Defund the Police efforts and tried to reduce mandatory minimum sentences for some violent offenses.

Violent crime in Washington rose by 39 percent last year, and the city saw 958 carjackings or attempted carjackings.

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4) Is Jamie Dimon Auditioning for Treasury Secretary?

The more we hear from Jamie Dimon, the CEO of JPMorgan Chase & Co., the more we think he’s aiming for a great Cabinet appointment in a Trump presidency.

Last January, he praised Donald Trump’s positions on the economy, taxes and immigration. He even admonished his fellow Democrats to be “more respectful” toward Trump’s supporters.

https://www.cnbc.com/2024/01/17/jamie-dimon-praises-trump-warns-maga-criticism-could-hurt-biden.html

https://www.morningstar.com/news/marketwatch/20240228300/jamie-dimon-says-new-york-officials-dont-want-business-but-texas-does

Last week, he praised Texas’ light tax and regulatory structure on a visit to the Lone Star State. He contrasted it with his hometown:

"In New York City, the elected - not the mayor, not the governor, but a lot of the elected - they don't want business,” he told Bloomberg. "They didn't let Amazon come in and build a whole new thing there."

This week, Dimon made it clear he wants universities to be judged by their placements of students in jobs rather than graduation rates.

"If you look at kids they gotta be educated to get jobs. Too much focus in education has been on graduating college… It should be on jobs. I think the schools should be measured on, did the kids get out and get a good job?"

He pointed out that kids can now get good-paying jobs at age 18: “You can be a welder, you can be a coder, you could be cyber, you could be automotive—all of those jobs are $40,000 to $60,000/$70,000 a year."

Dimon’s wide-ranging expertise would easily qualify him to be Education Secretary or Commerce Secretary, but we’d suggest Treasury Secretary would be an even better use of his talents.

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5) Sowell State of the Union Prebuttal

In honor of Biden's expected disgraceful attempt to blame "greedy corporations" for his own inflationary policies, we share this from one of our favorite economic sages:

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6) The Gravest Threat To Democracy Yet?

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