And Now for the Return of the 8% Mortgage Rate

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Unleash Prosperity Hotline
Issue #880
10/19/2023
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1) And Now for the Return of the 8% Mortgage Rate
Just as a refresher, the mortgage rate was 2.9% when Trump left office.

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We estimate this means that on a $500,000 home purchase, Americans will pay an approximate $1,500 a month Biden mortgage tax. For 30 years! Do the inflation numbers take THAT into account?

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2) Remember When They Called It the Affordable Care Act?
And anyone remember when Obama famously claimed his health care plan will save $120 billion a year, or $2,500 per family?

Instead, health insurance costs are up 50% or more. Obamacare was always a ticking time bomb, and, well, it’s detonated. The Wall Street Journal said it well:

Inflation came for your healthcare this year. Next year is looking to be just as bad.

The cost of employer health insurance rose this year at the fastest clip since 2011, according to an annual survey from KFF, a healthcare research nonprofit. The 7% jump in the cost of a family plan brought the average tab to nearly $24,000—more than the price for some small cars.

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3) One Group Made Out Like Bandits From Obamacare: The Insurers
Back in 2009-10 the major health insurers sold Americans down the river and endorsed Obamacare because they saw the government subsidies offering them more clients and more money. So far insurers are the big winners under Obamacare, as the chart below from The Economist shows.

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But the insurance lobby made a deal with the devil and they may pay a high price in the end. How long before the Bernie Sanders and Elizabeth Warrens of the world look at the graphs above and realize: Let’s cut out the insurance middleman and have a single-payer (read: Uncle Sam) pay all the bills? Soon.

It will be hard for free marketeers to defend this current corrupt system of public costs and private profits.

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4) School Choice Proves a Vote Winner in Rural Louisiana
Earlier this week, we reported on the landslide election of Jeff Landry as governor of Louisiana as a win for school choice. School choice also won multiple down-ballot races.

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The hardest-fought race was in a rural district outside Baton Rouge, where Valarie Hodges went up against Buddy Mincey Jr. in one of the most expensive races in the state. Hodges was one of the earliest school choice backers in the legislature, while Mincey was originally elected to the legislature as a Democrat, who served 13 years on his local school board.

Hodges was outspent by a flood of teachers union money designed to intimidate other pro-school choice supporters in the legislature. But Hodges won in a 65% to 35% landslide. The Hodges victory should send a signal to state legislators debating the choice issue this week in neighboring Texas that this can be a winning issue in rural areas.

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5) Who Killed Jim Jordan? Big Government Republicans
What a godawful mess in the U.S. House of Representatives.

Jim Jordon came up 22 Republican votes short to become Speaker of the House. Why?

The GOP rebels fit into one or more of three categories: Members of the big-spending House Appropriations Committee (“The Favor Factory”), moderate members in districts won by Joe Biden, and New York State Republicans who are obsessed with overturning a $10,000 limit on the deductibility of State and Local Taxes (SALT) on federal tax forms.

Jordan reportedly offered to double the state-and-local tax deduction cap to $20,000, but the New Yorkers held out for more.

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Appropriators were an even tougher nut to crack. Congressman Eric Burlison of Missouri told us that “the Appropriators lost their mind on Jim Jordan because he had the audacity to suggest a one percent cut in federal spending” – an idea we at the Hotline have long supported and which Rep. Thomas Massie of Kentucky has been pushing. The Hill newspaper reports that several Appropriators opposed “a plan pushed by Jordan to prevent a shutdown next month, by freezing funding through April.”

It’s pathetic that at a time when we have to start chainsawing federal agency budgets by 10% or more, a 1% cut, or even just a budget freeze at last year’s level, is seen as draconian and voted down by a handful of Republicans.

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6) This Will Shut Him Up

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