In Philly - Working Hard? Or Hardly Working?
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Unleash Prosperity Hotline – Weekend Edition
Issue #795
06/16/2023, 06/17/2023, 06/18/2023, 06/19/2023
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1) In Philly - Working Hard? Or Hardly Working?
Yesterday morning, Democrat Governor Josh Shapiro sent out this tweet to his fellow Pennsylvanians boasting of 24/7 work around the clock to rebuild the collapsed highway I-95.
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One of our readers went online and checked out the live cam a little after 7 am this morning. Wait! Where are all the workers, Josh?
Josh?
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2) Are Republicans and Big Biz Getting A Divorce?
We were struck by this chart from the WSJ earlier this week showing that corporate PAC donations are migrating away from Republican candidates.
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Some of this decline in corporate support is due to the GOP’s wrongheaded “break up big tech” campaign and the party’s slide away from free trade – one of the pillars of prosperity.
But a bigger reason for the breakup is that big business is increasingly aligning itself with big government. Democrats are passing out Biden Bucks and corporate America lusts for the free money. Hundreds of billions of taxpayer dollars have Ben pipelines into the coffers of the Climate Change Industrial Complex, semiconductor companies, and “infrastructure” spending.
The GOP should be the party of the 80 million small businessmen and women who employ more than half of our workers. These companies don’t have PACs and lobbyists and fancy K Street Washington offices. They just want to be left alone. Who can blame them?
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3) The Definitive Verdict on the Failure of Lockdowns
A new book by Steve Hanke, Jonas Herby, and Lars Jonung has been released by the Institute for Economic Affairs in London confirms everything we’ve said in the Hotline for more than three years: lockdowns were a catastrophic failure. Titled Did Lockdowns Work? The Verdict on Covid Restrictions, the book examines the best empirical evidence on lockdowns.
According to Hanke of Johns Hopkins:
“When it comes to COVID, epidemiological models have many things in common: dubious assumptions, hair-raising predictions of disaster that miss the mark, and few lessons learned. "The science of lockdowns is clear; the data are in: the lives saved were a drop in the bucket compared to the staggering collateral costs imposed."
This chart shows how badly Neil Ferguson's infamous Imperial College London model missed: the model predicted lockdowns would avoid 1.7 to 2.1 million COVID deaths. The study finds the actual reduction in COVID deaths associated with lockdowns was 4,300 to 15,600.
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The full book is available for download here:
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4) The Left’s Takeover of the Democratic Party Is Completed
Is the polarization of America due to Republicans moving more to the right or Democrats moving left? The latter.
Public Opinion Strategies, a respected pollster which handles polling for the Wall Street Journal and NBC News, has examined data going back dozens of years and concluded:
“Over the last decade, Republicans barely budged on a host of issues while Democrat’s positions on abortion, climate change, immigration, and affirmative action have fundamentally shifted.”
For example, there has been a ten-point jump in the percentage of Democrats who declare themselves “very liberal.” They now make up nearly a third of all Democrats.
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Or consider responses to the basic question of whether the government should do a lot more to meet the needs of people. In the 1990s, only 45% of Democrats thought so. Now that number is 82%. The percentage of Democrats who believe immediate action must be taken to combat climate change has gone from 50% in 2014 to 72% today.
On race relations issues the polarization is severe. To the question; “Do you agree or disagree with the following statement— America is a nation where people are not judged by the color of their skin but by the content of their character.” 70% of Republicans agree with it, along with almost half of independents. But only 28% of Democrats do, down from 46% just a decade ago.
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5) Chart of the Day: The High Cost of Going Woke
This chart from Axios shows the loss of market cap by the three latest woke companies that chose to infuriate half their customers. (The brilliant marketing execs at Kohls started putting transgender messages on toddler clothing.) In the midst of a market rally, these three firms managed to lose $28 billion in market valuation.
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6) Ben Franklin Was Right
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