1) Middle Class Incomes Rose Faster Under Trump Than Obama and Biden Combined

One of the more amazing findings of our analysis of Census Bureau statistics on real income is that median household income adjusted for inflation grew SLIGHTLY more in Trump's first term (2016-20) than in the COMBINED 12 year regimes under Obama (2008-16) and Biden (2020-24). The chart below shows the results.

If we look at the annual gains under Trump versus Obama-Biden, the median income rose by $1,600 a year under Trump and closer to $500 a year under Obama.

2) Here's to More Trillionaires

If Tesla approves Elon Musk's pay package and he hits the company's ambitious growth goals, he would become the first trillionaire in history.  

Here are others knocking on the door of trillionaire status:

Progressives are horrified by the news of a trillionaire, and are demanding that America impose a steeply progressive wealth tax on billionaires (and trillionaires).

As Bill Maher of HBO asked this weekend on his popular tv show: why would anyone need $1 trillion?

We can think of three reasons a new tax on billionaires is fool's gold: First, each of these men earned billions of dollars by providing billions and even trillions of products that people want. Elon's wealth is only reflective of the added incomes and value he added to everyone else.  Arguably, no one has done more for the middle class and poor than Elon Musk - although John D. Rockefeller is right up there.

Second, if the politicians try to confiscate the wealth of billionaires like Bill Gates or Elon Musk, or Michael Jordan, the money will move to the Cayman Islands or Monte Carlo or one of the scores of other tax havens to avoid the high taxation. It's the same reason billionaires have fled high tax New York and California to low tax states.

And third: who do you think would put a $1 billion dollars to better use? Elon Musk or the blowhards in Congress and the bureaucrats in Washington who are experts at wasting money? The question answers itself.

3) BLS - the Gang That Can't Count Straight

James Lavish is the latest expert in economics and finance to correctly identify the monthly jobs data from the Bureau of Labor Statistics as something from a random number generator.

4) Mamdani Doubles Down on His Socialist Agenda

Give Zohran Mamdani credit: he's not backing away from his radioactive agenda for New York City as the election approaches. He means exactly what he says.

Last Friday, the Democratic nominee for mayor told CNN that if he wins in November with even just a third of the vote against Andrew Cuomo and incumbent mayor Eric Adams, he will still govern from the far left.

"Would you see [a small margin victory] as a mandate to do all the things that you've run on?" CNN's Abby Phillips asked.

"If you win an election, you have to govern to fulfill the promises of that," Mamdani replied.

He cited Minnesota Governor Tim Walz, who was Kamala Harris' running-mate, as advising him "the point of political capital is to use it to actually deliver on those commitments."

Yikes! Tim Walz is his inspiration! And he admits it!

Mamdani's proposals include a punitive tax on the wealthy, a rent freeze, a 4.5% increase in the corporate tax, free bus service and city-owned grocery stores. Much of that he could do on his own - without approval from the state legislature.

Mamdani's roots are deep in the defund-the-police movement. He has said "the NYPD is racist, anti-queer and a major threat to public safety." He now claims the police would still play a "critical role" if he were mayor.

New Yorkers go to the polls on November 4, and we could see the implications of a 33-year-old socialist running America's empire city.

5) Dumb Headline of the Day

Here we go again with the idiotic 1970s Phillips curve logic that lower interest rates and more money means more growth. What creates growth is a dollar that remains stable in value.

We have no problem with a rate cut - because inflation is fairly tame right now - but we don't see it as some kind of magical fairy dust that will stimulate the economy.  We had interest rates much higher in the go-go 1980s and 1990s than today.

We had some of the lowest interest rates during the Great Depression.  Where was the growth?

In the 1970s, we had near double-digit inflation AND unemployment rates at the same time.

Money Printing Doesn't Cause Growth

We will shout it out one more time: the best way for policy makers to ensure more growth and prosperity is to cut GOVERNMENT SPENDING and tax rates, not interest rates.

6) Show More Respect To Donkeys

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