Government Was The Fastest Growing Industry in June

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Unleash Prosperity Hotline
Issue #810
07/10/2023
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1) Government Was the Fastest Growing Industry in June
In an overall disappointing jobs report for June, guess what industry hired the most new workers last month? Government.

The pace of government hiring has nearly tripled so far this year from 23,000 per month last year to 66,000 so far this year.

Even worse is that when netting out the downward revisions in jobs created from April and May, there was a net increase in total employment of only 99,000, of which 60,000 were additions to state, local and federal payrolls. In other words, government accounted for more than half of the net new jobs created in June.

Meanwhile, Congress is adding thousands of fake private sector jobs that are a result of the Biden spending and borrowing spree. The only way the government can get the money to pay for government jobs programs is to pull money from the private sector. We should have learned from the Obama years that government subsidies to industries just leads to fraud and bankruptcies - remember Solyndra and Fisker?

A productive economy increases private sector jobs and cuts extraneous government jobs. Biden is doing the opposite.

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2) Stocks up Two to Three Times as Much Under Trump Than Under Biden
There are a lot of economic factors that affect the stock market other than a president’s economic/fiscal policies. Obama’s stock market performance was in large part because he took the Oval Office right when the Great Financial Crisis of 2008 was ending – so stocks surged to recover the deep losses from the Fall of 2008. Wild swings and corrections happen and sometimes we don’t even know why (i.e., the 1987 stock market crash).

But policies in Washington do impact asset and stock prices a lot. Axios recently compared the stock indices during Biden’s first 30 months in office, versus Trump’s.

Here are the results: “All three major U.S. stock indices have increased during President Biden's time in office, but the gains are smaller than those of his last two predecessors.”

Compared to Trump, here are the returns on the three major stock indices:

The tech sector LOVED Trump's policies and has barely kept its head above water under Biden.

This means that if Biden had kept pace with Trump’s stock performance (and remember, we were coming out of Covid when Biden took office, so the market was primed for a bid rally) Americans would have two to five times the returns over the past two-and-a-half years on their 401k plans and other retirement savings.

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3) Americans of All Races Approve of the Supreme Court Ending Racial Preferences
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4) Will Hotels in L.A. Become Homeless Shelters?
California is consistently ranked as having the worst business climate of all 50 states - and the pols are doing all they can to keep it that way.

Next March, Los Angeles voters will decide on a union-backed initiative that would require hotels to tell the city how many rooms are vacant by 2 p.m. every day and then fill the rooms every night with the homeless. The city would be required to pay some below market rate compensation.

Anyone want to stay at the Beverly Hills Hilton when there are drunkards and homeless people in the lobby and the room next to yours?

Ray Patel, president of a local Hotel Owners Association, is flabbergasted by the policy. “I can’t screen who ends up in my hotel rooms?” he says. “How do I protect my other customers and my staff?”

The initiative sponsor is UNITE HERE Local 11, a radical union that represents workers at hotels and convention centers. It insists it is simply trying to help the homeless. But when the hotels shut down in L.A. because having vagrants permanently on a property is unsustainable, what happens to all those union workers? Are they going to become homeless too?

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5) Headline of the Week
This is from CNN, which says it is trying to become a “news” channel again:

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We shouldn’t single out CNN for this preposterous headline. Other major news outlets including the Washington Post reported this “fact,” as they called it.

Does any sane person think that we have reliable daily temperature data from 100 years ago - let alone 100,000 years ago? They are really sticking with their claim that this 4th of July was hotter than July 4, 90,000 BC.

We won’t waste your time rebutting these claims, but for those who want the facts, we recommend the piece in the WSJ this weekend from Steve Milloy, who does a brilliant rebuttal. He notes that reliable satellite temperature data for the planet didn’t even exist 50 years ago.

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6) In This Crime Wave, Nothing Is Safe

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