White House press Secretary Karine Jean-Pierre is blaming “Bidenflation” not on the $6 trillion in debt spending by Joe, but rather on “high profit margins” during the Covid pandemic. She also declared that the strategy at the White House is to lower business profit margins, to bring down consumer prices.
This is, of course, economic gobbledygook. High-profit margins are the mother’s milk of the stock market, so lower profits (or even zero profits, which seems to be the Biden goal) would lead to a flurry of business bankruptcies, mass layoffs, and a stock market collapse. Without profits, there are no businesses, and without employers, there are no jobs, and without jobs, there is no consumer spending.
And you can kiss your 401k plan goodbye in a land of shrinking profits.
Of course, the only people who think profits are excessive have never earned a profit in their lifetimes, which, as we revealed in our CTUP study last year is just about everyone in the Biden administration. We found that the median number of years of business experience was zero for the top Biden officials.
We would recommend that every official in the White House (and YOU too) should read the new bestseller book by our honorary CTUP chairman John Catsimatidis – a man who knows a lot about earning a profit. John Catsimatidis built a grocery store into a billion-dollar conglomerate. It’s an amazing story of “can-doism” and the attainment of the American Dream.
This is, of course, economic gobbledygook. High-profit margins are the mother’s milk of the stock market, so lower profits (or even zero profits, which seems to be the Biden goal) would lead to a flurry of business bankruptcies, mass layoffs, and a stock market collapse. Without profits, there are no businesses, and without employers, there are no jobs, and without jobs, there is no consumer spending.
And you can kiss your 401k plan goodbye in a land of shrinking profits.
Of course, the only people who think profits are excessive have never earned a profit in their lifetimes, which, as we revealed in our CTUP study last year is just about everyone in the Biden administration. We found that the median number of years of business experience was zero for the top Biden officials.
We would recommend that every official in the White House (and YOU too) should read the new bestseller book by our honorary CTUP chairman John Catsimatidis – a man who knows a lot about earning a profit. John Catsimatidis build a grocery store into a billion-dollar conglomerate. It’s an amazing story of can-doism and the attainment of the American Dream.
2) Catholic Schools Avoided the COVID Calamity of Public Schools
Recall that last week we reported on the abysmal performance of the government/teachers union-run schools across the country. Here’s a quick recap of the latest disastrous test score results:
The good news is that Catholic schools generally stayed open during the pandemic while the public schools shut down. As a consequence, there were NO net test score declines in the Catholic schools, which already had superior results.
As education experts Michael Hartney and Corey DeAngelis note, it wasn't rocket science:
There’s no secret sauce to the Catholic school advantage in mitigating learning loss. The typical parochial school starts its learning day earlier, focuses on the basics, and most of all were much more likely to encourage and provide in-person learning throughout the pandemic.
What’s more, most of the urban Catholic schools that mitigated learning loss were just as likely (if not more likely) to be saddled with older facilities, less money, and disadvantaged students than public schools in poor urban locales and tony upscale Democratic districts.
Hey! We have a crazy idea: if we really care about the children, why don’t the inner cities just take the tens of billions of dollars they spend on their failed schools, and just contract out all the schooling to the Catholic schools?
3) Can the Federal Government Tax Unrealized Gains on Property and Investments? The Supreme Court Will Decide
Congratulations to our friends at the Competitive Enterprise Institute for taking the case of Moore v. United States (no relation) all the way to the Supreme Court.
The case was brought by the Competitive Enterprise Institute and Baker Hostetler on behalf of Kathleen and Charles Moore, a married couple who were commanded by the IRS to pay $15,000 of taxes on un-patriated foreign earnings. In other words, the couple was being taxed on money they have never received. The Moores argue that the 2017 tax law change – which is expected to raise $339 billion, violates the Constitution’s requirement that direct federal taxes must be apportioned among the states.
Why does this case matter? Because Biden and Democrats like Bernie Sanders want to apply a first-ever wealth tax on farms, stocks, properties, and businesses based on the increase in valuation whether the owner has sold the assets or not. Under this type of unfair levy, Americans would literally be forced to sell the farm to pay the tax. Time to kill this socialist idea in the crib.
This Wall Street Journal headline caught our attention:
Readers will remember the “Chips Act” was the absurd $53 billion Biden corporate welfare bill that many Senate Republicans shamefully voted for because the law was advertised as a way to prop up the U.S. microchip Industry.
Now companies of all shapes and sizes – whether they produce semiconductors or not, including construction, tool, and chemical firms - are lining up to feed at the trough.
Even more outrageous: the WSJ story notes that two of the largest recipients of this taxpayer money will be Taiwan Semiconductor Manufacturing, to help build a plant in Arizona, and Samsung. For the record: Samsung is a South Korean company.
Remind us, again: how is subsidizing Taiwanese and Korean companies going to rebuild American tech supremacy?
5) Now They're Trying to Kill Coal- and Wood-Fired Stoves
First, New York went after gas stoves, this year becoming the first state to ban natural gas in new buildings. Now the New York City climate change police are threatening to put the kibosh on the iconic coal-fired New York pizza.
Pizza first came to New York in 1905 and the city became known for its smoky-crusted coal oven-baked pizza. But new rules would require pizza places with coal- and wood-fire ovens to cut carbon emissions by 75 percent, forcing owners to install $20,000 filters and then hire an engineer to regularly inspect and measure the emissions.
Brooklyn pizzeria owner Paul Giannone says he’s already installed the filters but worries about the impact on the product. He tells Fox News that New York pizza must be cooked over an open flame. “When you cook it in a different kind of oven, you won't get the results that will produce a Neapolitan-style pizza," he says. “It’ll be a dying breed…right now, there are some people that barely keep their doors open."
You heard it first here: very soon the greens will ban backyard barbecues that burn charcoal and, sorry campers, no more roasting marshmallows around campfires that burn wood.
