Unleash Prosperity Hotline #890

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Unleash Prosperity Hotline
Issue #890
11/02/2023
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1) Tilting at Windmills

We got pushback from some readers the other day when we declared that we’ve reached peak Green Energy craziness in America. We cited news of falling stock values of many green energy funds and the recent bankruptcy of several solar and wind companies.

Now we see news that offshore wind isn’t doing so well either:

This industry is completely dependent on government subsidies to survive and the best hope for renewable energy is to end the pipeline to Washington and let them figure out how to actually make a profit.

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2) Homeschooling Is Fastest Growth in Education

Fueled by the lockdowns, lagging public school test scores, and a leftwing curriculum, homeschooling is up by over 50% between 2018 and now. This is at a time when public school enrollment has dropped by 4%.

Far from just being about parents educating their own kids, homeschooling is at the heart of many new flexible learning models, from tutoring centers, microschool parent pods, hybrid options (where students spend part of the week at school and part at home), and charter schools where teachers offer some support but students learn from their parents at home.

A Washington Post survey of data from 32 states confirms that there are now somewhere between 2 and 3 million homeschooled children in the United States. That’s more than all kids in Catholic schools (1.7 million), and closing in on those in charters (3.7 million).

Here are the most interesting things about them:

In a 2012 federal survey, nearly 2 in 3 home-school parents listed a desire to provide religious instruction as a reason for homeschooling. That has now dropped to 34%, as concerns about school safety, academic rigor, and a rising number of special needs kids.

The parents of homeschoolers are about evenly divided between the two major parties and are very racially diverse. The share of homeschool parents who are white has fallen from about three-quarters in 2019 to just under half today – driven by an explosion of interest in the Hispanic community.

It’s a true bipartisan and multicultural trend.

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3) Ireland’s Supply-side Tax-Cutting Success Story

Your CTUP co-founders are in today's Wall Street Journal:

Ireland, whose economy grew by 12.5% last year—faster than any other European nation—is one of the greatest tax-cutting success stories of modern times. The Journal recently reported that Ireland is “swimming in money.” It’s a vivid example of the Laffer Curve, which shows that lower tax rates can result in faster growth and higher revenue.”

Even the most optimistic architects of this low flat rate couldn’t have imagined the economic recovery it would launch. The American Chamber of Commerce Ireland reports that the number of U.S. multinational companies operating in Ireland now stands at about 950, with 209,000 employees. Only five million people live in Ireland. This is the equivalent of a U.S. policy creating 10 million jobs.

Lower Tax Rates, More Revenue

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4) Now Biden Wants to Regulate AI

If these Goldman Sachs estimates are remotely accurate, we are poised for a major boom in productivity and economic growth as AI is adopted in coming years.

But if Biden has his way, this amazing technology may be strangled by federal regulation in its infancy.

Longtime software engineer Steven Sinofsky has written a devastating critique of Biden's AI executive order, from which we excerpt:

Imagine where we would be if at the dawn of the microprocessor someone was deeply worried about what would happen if “electronic calculators” were capable of doing math faster than even the best humans. If that would eliminate the jobs of all math people. If the enemy were capable of doing math faster than we could. Or if the unequal distribution of super-fast math skills had an impact on the climate or job market. And the result of that was a new regulation that set limits for how fast a microprocessor could be clocked or how large a number it could compute?

What if at the dawn of the internet the concern over having computers connected to each other and becoming an all-knowing communications network resulted in regulations that set limits on packet size and speed, or the number of computers that could be connected to the network or to each other?...

The entirety of Section 4 “Ensuring the Safety and Security of AI Technology” is really a “guilty until proven innocent” view of a technology. It is simply premature. People are racing ahead to regulate away potential problems and in doing so will succeed in stifling innovation before there is any real-world experience with the technology. This section is a result of the fantastical claims of the technology doomsayers having won the ear of the White House.

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5) Meet Kamala Harris – America’s New AI Czar

Why not? She’s done such a great job as border czar securing the border.

Here is Kamala explaining AI to those who may not understand technology as well as she does:

“I think the first part of this issue that should be articulated is AI is kind of a fancy thing,” Harris shared across multiple new sources. Speaking at a roundtable event at the Eisenhower Executive Office Building in Washington.

She continued, “First of all, it’s two letters. It means artificial intelligence, but ultimately what it is, is it’s about machine learning.”

Ok, got it??

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6) Oh, That’s What We Pay $60,000 a Year For!

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