John Kerry Strikes Out Again

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Unleash Prosperity Hotline
Issue #935
01/16/2024
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1) John Kerry Strikes Out Again
John Kerry is burnishing his credentials as the world’s most overrated man. He has resigned as Climate Ambassador to a key advisory position in the Biden reelection campaign team. After three years and billions of climate dollars spent, an office with more than 40 federal bureaucrats, and an agenda that jetted Kerry and his minions around the planet spewing CO2 emissions into the atmosphere to attend global warming conferences, and daily bloviated warnings that the end is near, what did Kerry deliver? Hmm. Let’s see.

Nada!

Despite all the self-congratulations, the routinely-violated hand-shake treaties committing nations to emission reductions, China and India are committed to doing exactly the opposite: massively INCREASING their greenhouse gas emissions. In 2022 and 2023 global use of fossil fuels rose to their highest levels in history. Kerry promised the opposite.

As for the vaunted transition to solar and wind power – sorry it isn’t happening. This chart from the WSJ shows that investments in renewable energy got crashed in 2023 — with 20 to 40% losses — despite all the tax dollars pipelined into wind and solar.

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With a keystone cops record like this, Kerry is perfect for the Biden campaign.

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2) Malpass and Moore: New Bank Regulations Will Hurt Small Businesses and Shrink Vital Lending
This is all sooo predictable.

Every time there’s a crisis, Washington overreacts and makes things worse. Last year Silicon Valley Bank and a handful of other banks collapsed because of bad investment decisions. So in response, the Fed Reserve and the FDIC want to raise capital requirements on ALL banks.

But wait, SVB, First Republic, and others WEREN’T undercapitalized. These new regs wouldn’t have stopped these bank's loan losses.

What’s worse, the new rules are being pushed by unaccountable bureaucrats in Basel, Switzerland.

But a new study by CTUP’s Stephen Moore and former World Bank president David Malpass finds the rules are a disaster for the economy:

First, they will reduce the available pool of capital by an estimated $100 to $150 billion a year.

Second, the reduction in lending will reduce economic activity and thus shrink annual GDP by as much as 0.6%.

Third, because foreign banks are not subject to these regulations, American banks will lose competitiveness to foreign banks.

Fourth, and most importantly, it’s the little guy that gets squeezed out of the lending market. Small businesses and middle-income home buyers are most likely to be the ones whose loans are rejected as a result of these new rules.

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The full study is available here:

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3) New Congressional Tax Deal: What We Like and Don’t Like
Our friend Jason Smith, the House Ways and Means Committee Chairman has crafted a bipartisan tax cut deal with Senate Democrats, and we like most of it. The bill would make the expensing of capital purchases a permanent feature of the tax code and make other Trump tax cuts permanent as well.

We don’t like the increase in the refundable child tax credit (which is a welfare payment). To his credit, Smith has insisted that the tax credit only goes to parents who are working. But the evidence is crystal clear that giving people free money reduces work.

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4) Biden Declares War On Highway Humor
Is there ANYTHING at all Biden doesn’t want to regulate? Last October, we at CTUP issued a highly influential report that found President Biden’s first two years of new regulations created more than $1 trillion in regulatory costs, or about $10,000 per household.

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But even we never imagined that Biden would launch a war on humor. The Federal Highway Administration has just issued a 1,100-page manual requiring states to ban references to pop culture or attempts at snarky humor on overhead electronic signs.

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Biden killjoys insist that states remove messages such as “Hands on the wheel, not your meal” (Arizona) “Visiting In-Laws? Slow down, get there late” (Ohio) "Don't cruise when boozed" (Missouri), and “Don’t drive Star Spangled Hammered” (Pennsylvania). One of our favorites: “Don’t Drink and Drive - It Tastes Terrible.” And this one could be banned too:

These are clever public service announcements that are humorous but get the message across. But the federal bureaucrats claim such messages distract drivers, more so than boring messages.

Isn’t the point of a public service ad to get people’s attention and encourage better behavior? We’re told that humorous and clever billboards are surely next to be banned for distracting drivers from the monotony of long-trips down the highway and we would argue this keeps drivers awake.

We’d like to see a state post a message for Washington that reads: “Go Pry Our Signs From Our Cold, Dead Hands!”

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5) Maybe It’s Biden, Not Trump, Who Will Get Tripped Up in New Hampshire
We’ve been busy this past weekend so we wanted to also call attention to our CTUP senior fellow John Fund’s piece in the Wall Street Journal. Here is a brief excerpt:

"Joe Biden is running as if he were unopposed for the Democratic presidential nomination, but he may face a comeuppance in New Hampshire.

New Hampshire could prove an early measure of the incumbent’s weakness. Mr. Biden decided not to put his name on the ballot, forcing allies to run a write-in campaign against Rep. Dean Phillips and self-help author Marianne Williamson.

It’s reminiscent of 1968, when Sen. Eugene McCarthy of Minnesota was polling at between 10% and 20% but then had a late surge, and President Lyndon B. Johnson—also a write-in—wound up winning by only 49% to 42%. Two weeks later, after New York’s Sen. Robert F. Kennedy decided to run for president, Johnson surprised everyone by withdrawing from the race.

New Hampshire also ended President Harry S. Truman’s career. Plagued by low poll numbers, Truman nonetheless agreed to have his name appear on the New Hampshire primary ballot in 1952. He received only 44% against Tennessee Sen. Estes Kefauver and then dropped out."

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6) Speaking of Billboards, Here Are Some of Our Favorites that Soon Will No Doubt Be Banned
We’re told that humorous and clever billboards are surely next to be banned for distracting drivers from the monotony of long-trips down the highway and we would argue this keeps drivers awake.

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