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2) Biden Regulators Have Now Declared War on Six of America’s Magnificent Seven Companies
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We’ve mentioned in previous weeks that the Magnificent Seven stocks – Apple, Amazon, Google, Meta, Microsoft, Nvidia, and Tesla – have since the start of this stock rally in October 2022 outpaced the sum total of the other 493 S&P 500 stocks.
They’ve made trillions of dollars for Americans with 401k plans and the like:
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If we lived in a rational world, the President would give these American powerhouse companies Medals of Honor and let them go on their way to steamrollering over their European, Japanese, and Chinese competitors.
Nope. Biden’s trigger-happy regulators treat these companies as if they were public enemies that must be hauled into court for the unforgivable sin of providing world-class products.
The latest absurdity is a DOJ lawsuit against Apple, which complains that iPhones and iPads don’t allow apps on Apple platforms for some of their rivals’ online products. This is said to be illegally “impeding rivals.” Instead, we – the trustbusters – assert that Apple is obliged to let any and all competitors’ products access to these devices. There is apparently no such thing as private property anymore in America.
This brings to five – Amazon, Apple, Google, Meta, and Microsoft – of the Magnificent Seven that are being harassed by the FTC or Justice Department trustbusters. And a fifth, Tesla, is being investigated by the EPA.
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The new Apple lawsuit is especially incoherent because iPhones have been falling in price and are wildly popular. We thought the antitrust laws were supposed to protect consumers – but this challenge asserts that Apple is harming its rivals. We wonder if that includes the Chinese.
Is there any successful American company the Biden administration doesn't want to interrogate and bring to its knees?
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3) Why Won’t Biden’s Voters Who Support Open Border Policies Shelter the Migrants in Their Homes?
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That’s a question Naperville, IL city councilman Josh McBroom asked at a hearing on the growing illegal immigration problem causing havoc in the sanctuary cities in and around Chicago. The Councilman suggested that voters in districts that Biden won by 20 points or more should “sign up” to take the migrants into empty bedrooms in their often spacious homes. The left has responded with indignation to the idea. They’d rather have the migrants sleeping in school gymnasiums, hotel lobbies, storefronts, and warehouses.
Click on the image below to watch the video:
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They remind us of the “Patriotic Millionaires” who we at CTUP exposed as hypocrites because they say they want higher taxes, but won’t volunteer to pay higher taxes themselves.
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4) Higher Taxes Never Lead To Lower Deficits, Just More Spending
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Too many conservatives are thinking that a combination of tax increases and spending cuts will lower the national debt.
Wrong. Just listen to the late, great Milton Friedman who always warned that higher taxes invite higher spending.
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He has history on his side. Economist Richard Vedder did a famous study many years ago showing that every dollar of legislated tax increases led to $1.59 in higher spending in the future.
Our friend, Dan Mitchell, points to Europe as a cautionary tale. Over the past 50 or so years, tax revenue in Europe jumped from under 30 percent of GDP to north of 45 percent of GDP... and in the same period debt doubled:
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The only way to reduce the burden of government is to grow the economy and to put a lid on spending.
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5) Why “Green” Energy Will Never Work
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Our friends at Kite & Key have made an excellent six-and-a-half-minute video explainer on the realities of America’s energy future. Renewable energy will be part of the mix, but there are powerful physical and economic constraints on how far it can be used to meet US energy needs.
Did you know that with natural gas, you get about 30 times more energy out of it than it took to produce it and bring it to market? With solar power, the equivalent is only about 3.5 times.
Learn this and other fascinating facts from the video below:
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6) Coming and Going In California
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