Unleash Prosperity Hotline #903 – THANKSGIVING 2023 EDITION

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Unleash Prosperity Hotline - THANKSGIVING 2023 EDITION
Issue #903
11/22/2023 – 11/26/2023
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From all of us at the Committee to Unleash Prosperity, Happy Thanksgiving to you and your family. Thank you for being loyal readers of the Hotline!

1) Sorry, Joe. Trump “Created” More Jobs

We try not to be repetitive at the Hotline, but the Biden White House keeps disseminating the same misinformation and so we have to repeatedly correct the fake news – which seems to be a full-time job with this president. In a tweet this week from Biden entitled "Bidenomics Is Working," the White House added this chart:

But as regular readers know, at least two-of-three of those jobs were pre-Covid jobs, many created under Trump and then reopened when Covid restrictions ended. How with a straight face can Biden say he “created” them?

If we take the Covid lockdowns out of the equation, Biden's record on monthly job creation is worse than Trump's. The Biden team KNOWS this and they still go on lying.

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2) My How Times Have Changed

We ran a cartoon last week on the absurdity of Texas A&M paying $76 million to head football coach Jimbo Fisher after firing him for his mediocre performance. This is what all that student loan money is going to pay for?

We ran into former Hall of Fame Notre Dame head coach Lou Holtz the other day at an America First Policy Institute gala dinner. Lou won the last national championship at Notre Dame back in 1988.

We joked with Lou that looking at the massive salary for Jimbo Fisher, he was 30 years ahead of his time. He told us that his top salary at ND was less than $150,000. He’d be making 100 times that amount today! Talk about inflation.

$76 Million for Jimbo

$150,000 for Lou

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3) Republicans Have Been Duped by Durbin’s Bill To Impose Credit Card Price Controls

One universal rule of economics is that government wage and price controls are ALWAYS a bad idea. CTUP senior fellow and University of Chicago ace economist Casey Mulligan in the Washington Examiner laments that so many Republicans who signed on to this awful price controls bill were tricked by Illinois Democrat Senator Dick Durbin:

Earlier versions of the act simply capped the credit card fee — an obvious price control. As explained in the Wall Street Journal, previous price controls like this have proven “a disaster for consumers [and] a windfall for mega-retailers like Walmart, Amazon and Target.”

But Durbin has convinced some Republicans to sign on to a new version of the bill by disguising the price control as a “routing mandate.” The mandate would allow merchants to select the network, rather than the issuer. Networks would have no choice but to cater to merchants, who would rather not grant consumer discounts. This would begin the death spiral for the reward programs and fraud protections that consumers love and have passed the market test.

We recently published a white paper on the dangers of credit card price controls. Click here to read it!

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4) Biden Administration’s Pentagon Vaccine Requirements Weakened Our Military

Did the government get ANYTHING right when it came to Covid? Seemingly every day, we are discovering the cost of the litany of outrageous blunders.

Two years ago, the Biden administration dismissed 8,331 members of the U.S. military solely because they refused to take specific COVID vaccines mandated by the Pentagon. Thousands more of our soldiers were given career-destroying “reprimands.”

At the time, the White House assured us these actions would “not affect military readiness.” It was all shamefully untrue and a sad commentary on how even our military under Biden has been infected by leftist ideology that is completely contrary to the role of our armed forces.

Now the U.S. Army — though not exactly owning up to its snafu — is begging people it discharged to return to service and will even allow them to correct their service records.

The Army is a full 33,000 troops below its 2021 strength levels and it is missing its recruitment goals by 25%.

Those who return will likely receive no compensation for the unfairness and trauma they experienced.

This Thanksgiving we salute those soldiers who courageously stood up to the politicized Biden administration rules and stood up for their rights.

They deserve a Medal of Honor.

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5) Why Central Bankers Are Terrified of Javier Milei

From our friends at the private news service EuroIntelligence, edited by former Financial Times associate editor Wolfgang Munchau:

Javier Milei, the president-elect of Argentina, promises to abolish the central bank and to dollarize the economy. For a country with over 140% inflation…the public's trust in the central bank has broken down. ...

Fiat money [the ability of governments to create inflation by printing money] is the most vulnerable part of our economic system. We in the west have been using it to bail out banks after the global financial crisis, to bail out governments in the sovereign debt crisis, to stabilize economies during a pandemic, and to impose sanctions on our opponents.

The economic consequences of our abuse of the fiat money system are not nearly as extreme as they are in Argentina. Not yet at least. Nor is the backlash….

The real danger for fiat money systems is not a scenario where Argentina falls into an economic hole, but one in which Milei appears to succeed, and where his ideas catch on. It will come as a total shock.

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6) Happy Thanksgiving.

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