Will Wall Street Move from Manhattan to Miami?

In Order To Ensure You Can View All The Graphics, Click Here To View The Hotline In Your Browser ([link removed])
[link removed]
Unleash Prosperity Hotline
Issue #899
11/16/2023
New to the Hotline? Click ([link removed]) here ([link removed]) to subscribe–it's free. ([link removed])

1) Will Wall Street Move from Manhattan to Miami?
Ken Griffin, who moved the headquarters of his multi-billion-dollar hedge fund Citadel from Chicago to Miami last year, thinks the answer may be yes. Now Gazillionaire Jeff Bezos of Amazon fame is practically moving down the street from Griffin. Then there are other Wall Street icons including Carl Icahn and our friend Paul Singer – both of whom have moved their financial operations from Wall Street to South Florida.

[link removed]
“Miami represents the future of America,” said Griffin at the Citadel Securities Global Macro Conference in Miami. He predicts that Florida could become the world’s new financial mecca because “it has an environment that encourages growth.” What a concept.

[link removed]
The exodus of money out of New York and relocated into Florida has reached an all-time high in recent years, according to IRS tax return data. We’ve never understood how a city that wants to retain its status as the world’s center of capital could charge the highest capital gains tax rate in the country.

[link removed] Share ([link removed])
[link removed]: https%3A%2F%2Fcommitteetounleashprosperity.com%2Fhotlines%2Fwill-wall-street-move-from-manhattan-to-miami%2F Tweet ([link removed]: https%3A%2F%2Fcommitteetounleashprosperity.com%2Fhotlines%2Fwill-wall-street-move-from-manhattan-to-miami%2F)
[link removed] Forward ([link removed])
View on Website ([link removed])

2) How To Make Social Security Solvent AND a Better Deal for Every Young Worker in America
We noted here in the Hotline on Monday that cutting Social Security benefits is political suicide for Republicans and that the problem with Social Security is that the benefits paid out to retirees are WAY too low, not too high.

We also promised to outline a much better plan for today’s workers, rather than raising the 12.4% payroll tax and cutting promised benefits – which forces them to pay more in and get less out. What kind of a deal is that?

Under the "Own America Account" plan first outlined in the Wall Street Journal ([link removed]) by Stephen Moore and Jeff Yass, workers would be given the option of having their payroll tax payments placed into a personal 401k-type account with the money invested in an index fund of stocks and bonds. Every worker in America would now become a part owner of every publicly traded company in America.

We have just updated the numbers. If we had adopted this system 40 years ago, the average retiree today would be receiving a monthly benefit not of $1,800 a month, but $5,000 to $10,000 a month.

Almost all workers who worked 40 years or more full-time would not only have much more retirement income, but likely would have been able to leave an inheritance of well over $1 million to their children at the time of death.

Some might argue that the stock and bond market is too risky. Wrong. Stocks are risky in the short term, but safe in the long term. Even if we take a worst-case scenario and pick the worst 40-year period for stocks in American history (1969-2008) and (1929-1958), workers would do substantially better than what Social Security promises:

This would also do more to reduce income and wealth inequality in America than virtually any other policy. This is because the current payroll tax denies lower-income Americans the ability to accumulate ownership and wealth. The lower the income of a worker, the more their economic situation improves by having an "Own America Account", and the more we lower the “wealth gap” between rich and poor.

The chart below shows how much of an inheritance a senior citizen could pass on to their children or grandchildren, based on life expectancy for each demographic group:

Wouldn’t this run up the national debt as the government would be forced to borrow more to pay the benefits to current senior citizens that are now offset by current workers’ payroll taxes?

No, for two reasons. First, every dollar in additional federal borrowing in the short term would be offset dollar for dollar with a reduction in future benefit obligations and higher savings by American workers' deposits into the "Own America Accounts". This plan involves no NET reduction in national savings.

Second, the plan would wipe out more than $20 trillion of unfunded Social Security liabilities (the excess of promised benefits over payroll taxes collected).

The "Own America Accounts" would constitute 1) the largest debt reduction plan in history; 2) the biggest tax cut for workers in American history (because workers now get to keep in a personal account what they currently pay into the Social Security black hole); and 3) the greatest wealth accumulation opportunity for every income and racial group ever invented.

It almost makes too much sense.

[link removed] Share ([link removed])
[link removed]: https%3A%2F%2Fcommitteetounleashprosperity.com%2Fhotlines%2Fhow-to-make-social-security-solvent-and-a-better-deal-for-every-young-worker-in-america%2F Tweet ([link removed]: https%3A%2F%2Fcommitteetounleashprosperity.com%2Fhotlines%2Fhow-to-make-social-security-solvent-and-a-better-deal-for-every-young-worker-in-america%2F)
[link removed] Forward ([link removed])
View on Website ([link removed])

3) Has Louisiana Sen. Bill Cassidy Lost His Mind?
Set aside the dubious economic merits of his proposed "Foreign Pollution Fee Act of 2023" and focus on how his bill defines the word "pollution":

[link removed]
It’s not dirty air or water. Not actual hazardous or radioactive materials.

To Cassidy, pollution means one thing and one thing only: carbon dioxide, a colorless odorless trace gas that is essential for photosynthesis and therefore all life on earth.

Of course, under the Cassidy plan, other countries would retaliate by taxing American CO2 emissions. Guess which state gets clobbered by this retaliation tax? You got it: LOUISIANA, one of the nation’s premier oil and gas states?

[link removed] Share ([link removed])
[link removed]: https%3A%2F%2Fcommitteetounleashprosperity.com%2Fhotlines%2Fhas-louisiana-sen-bill-cassidy-lost-his-mind%2F Tweet ([link removed]: https%3A%2F%2Fcommitteetounleashprosperity.com%2Fhotlines%2Fhas-louisiana-sen-bill-cassidy-lost-his-mind%2F)
[link removed] Forward ([link removed])
View on Website ([link removed])

4) Another Climate Change Myth Busted
First, the number of polar bears was declining until that was proven to be false. Then the Greenland ice sheets were retreating but that too was exposed as inaccurate. Then it was more deaths from hurricanes, when deaths have fallen from natural disasters over the last century.

The latest myth to be busted is that the Sahara desert in Africa is expanding and a climate “tipping point” is threatening the future of humans and animals in the region. Prominent German climate researcher and Sahara expert Dr. Stefan Kröpelin of the University of Cologne concludes these claims are alarmism.

His findings show that rains have increased in the region since the 1990s and vegetation is spreading northward: “The desert is shrinking; it is not growing.”

It won’t surprise you that Kropelin’s result are being ignored by the professional climate model community. As we noted in recent issues, The scientific community refuses to accept scholarly results when they refute the left’s alarmist climate change narrative.

[link removed]
[link removed] Share ([link removed])
[link removed]: https%3A%2F%2Fcommitteetounleashprosperity.com%2Fhotlines%2Fanother-climate-change-myth-busted%2F Tweet ([link removed]: https%3A%2F%2Fcommitteetounleashprosperity.com%2Fhotlines%2Fanother-climate-change-myth-busted%2F)
[link removed] Forward ([link removed])
View on Website ([link removed])
5) Video of the Day – Big Victory Over COVID Mandates

[link removed]
[link removed] Share ([link removed])
[link removed]: https%3A%2F%2Fcommitteetounleashprosperity.com%2Fhotlines%2Fvideo-of-the-day-big-victory-over-covid-mandates%2F Tweet ([link removed]: https%3A%2F%2Fcommitteetounleashprosperity.com%2Fhotlines%2Fvideo-of-the-day-big-victory-over-covid-mandates%2F)
[link removed] Forward ([link removed])
View on Website ([link removed])
6) And Biden Says There’s No Inflation!

============================================================

Know anyone else who would appreciate the Hotline? Please direct them to subscribe at: ** [link removed] ([link removed])

Have an idea for an item that should be in our newsletter? Send us any charts, statistics, heroes/villains, or humor that you’d like to see featured!
** Twitter ([link removed])
** Facebook ([link removed])
** [link removed] ([link removed])
Copyright © *2023* *Committee To Unleash Prosperity*, All rights reserved.

This email was sent to [email protected] (mailto:[email protected])
why did I get this? ([link removed]) unsubscribe from this list ([link removed]) update subscription preferences ([link removed])
Committee to Unleash Prosperity . 1155 15th St NW Ste 525 . Washington, DC xxxxxx-2706 . USA