House GOP Should Slash Regulatory Agency Budgets

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Unleash Prosperity Hotline
Issue #750
04/12/2023
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1) House GOP Should Slash Regulatory Budgets
Congress has delegated lawmaking authority to the unconstitutional fourth branch of the U.S. government: independent regulatory agencies. By some estimates, there are more than 300 of these agencies sticking their nose into every aspect of American life and business – from what kind of car you can buy to the temperature setting on your thermostat.

Who are they accountable to? Who elected these regulatory czars?

On his first day in office, Joe Biden rescinded the Trump rule of thumb that for every new regulation, at least two would be repealed. Now we are getting a regulatory explosion with private sector costs as high as $2 trillion a year.

As the chart below shows, over the last thirty years the budgets of the regulatory agencies have more than tripled after adjusting for inflation from $25 billion to $75 billion. If Biden has his way, next year the regulatory octopus will exceed $100 billion – to arm super-regulators like Lina Kahn of the Federal Trade Commission.

The best way for House Republicans to stop this regulatory assault is to slash the budgets of these agencies. Cutting their budgets in half would save half a trillion dollars over 10 years while unburdening the economy from bureaucratic harassment.

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2) Chicago Is Now the Democrat’s Poster Child for Liberal Governance
It’s hard to believe, but Joe Biden has selected the basket case of Chicago to host next year’s Democratic convention. (We guess Detroit just wasn’t available.) The decision comes just a week after the Windy City elected Brandon Johnson, a radical teacher union operative as its new Mayor. Johnson’s first announcement as mayor-elect was to call for a $2 billion tax hike on the remaining businesses still located in the city.

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The Biden move was pushed by the Democratic state chairs of Illinois, Wisconsin, and Michigan, who pitched Chicago as “a unique channel to the Blue Wave” because it “has demonstrated what our party stands for.”

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Let’s see.

Boeing, the world’s third-largest defense contractor and a famous maker of passenger jets moved its headquarters from Chicago to Virginia last year. It’s one of many such firms to leave.

Chicago’s Cook County had a net domestic migration loss of 94,000 people from mid-2021 to mid-2022.

Overall, crime is up by 41 percent in the last year with the increase fueled by Gov. J.B. Pritzker’s bill to eliminate cash bail, because it is unfair to poorer crooks.

More than a dozen public schools in Chicago have no kids that are doing math or reading at grade-level proficiency.

Did we mention the city of Chicago is broke?

This is the city that Joe Biden and the Dems want to showcase as a blue success story?

We’re all for it. By all means, put Chicago on display as the symbol of progressive governance. Maybe the Democrat's theme should be "Make America Look Like Chicago."

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3) Europe Turns Back to Economically-Suicidal Wealth Taxes
Dimwitted policy ideas always come rolling back like a bad penny. We mentioned several weeks ago that several blue states – like Massachusetts, Washington, and California – want to impose new wealth taxes. People are already fleeing these states in droves, so this will only ramp up the exodus.

Now wealth taxes are making a comeback in Europe – where they were tried in the 1960s, ‘70s, and ‘80s - proved futile and counterproductive.

At one point 12 European countries imposed a wealth tax on their citizens, but nine of them have since abolished it. In Sweden and France, the wealth tax led to an exodus of tens of thousands of millionaires and cost the treasury money.

But now, Spain has introduced a new wealth tax, adding an extra 3.5 percent tax on any wealth over $10 million. Ditto for Scotland and Norway, which are going to sock it to their rich residents.

As soon as the new tax was announced, Kjell Inge Rock, Norway’s biggest taxpayer, promptly moved to Switzerland. He’s one of 50 billionaires and millionaires to leave since November.

The exodus has led the Norwegian government to double down and possibly impose an “exit tax” on anyone who moves. “Shifting power in society never happens without friction and some noise,” Prime Minister Jonas Gahr Støre says.

Will the income redistributionists on both sides of the Atlantic ever learn? Probably not.

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4) Does This Mean Chinese Taxpayers Will Now Pick Up the Tab for Defending France?
Speaking of dingbat European leaders, French president Emmanuel Macron has been all smiles following his “triumphant” trip to China, which he says forged “closer ties” between these two nations.

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The Chinese Ministry of Foreign Affairs boasted in a press release: “Peace in our time.”

No, just kidding.

But the Ministry did blast out a headline reading: “China and France Aim to Build a Long-term Full Partnership.” According to the release out of Beijing: “France is the first Western country to enter into diplomatic relations with China.”

Our view is: They can have each other.

One grand irony of this new lovefest is that Macron and other European nations have been jawboning the United States for not doing enough to combat climate change. So now they are forging an alliance with by far the biggest polluter in the history of the planet? You just can’t make this stuff up.

The good news is now that France is consorting with our enemy, we know who our friends are. American taxpayers should no longer have to spend billions of dollars a year defending Paris.

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5) Biden’s Moving Ahead To Super-Size The IRS – Where Are The Republicans?
It’s tax-filing week – although this year you have until April 18 to get the forms in. You’ll be pleased to learn that Biden is already well on his way to doubling the size of the IRS army.

When the Inflation Acceleration Act was moving through Congress, we pointed to a table in the White House's "American Families Plan Tax Compliance Agenda" that showed that the ten-year, $80 billion plan would add a total of 87,000 new IRS employees. The White House and its media allies went into full spin mode to deny this shocking number.

Now Politico reports: "The IRS aims to employ 105,187 workers by 2025, swelling the agency ranks by nearly 50 percent within three years…”

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That's 500 new IRS employees AHEAD of the hiring pace in the White House plan that got to 87,000 new agents by 2031 – even though that document assumed the plan would start a year earlier. So the hiring pace is a year faster than anticipated – and if that continues it could go higher than 87,000.

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Biden can’t spend one penny without the approval of Republicans who control of the House. It is IMPERATIVE that they NOT fund this expansion of the most abusive agency of government. To get more revenue, we need more economic growth, not more tax collectors.

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6) Ain’t That the Truth

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