Bidenomics Has Killed Venture Capital and Business Start Ups

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Unleash Prosperity Hotline
Issue #945
01/30/2024
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1) Bidenomics Has Killed Venture Capital and Business Start Ups
Over the past 14 months, the Dow has been on a tear and so has the NASDAQ. Hooray.

But for start-ups and venture capital, the last two years have been an undertow.

Between 2021 and 2023 VC funding of deals has taken a nose-dive – down 52% according to the Wall Street Journal. VC funding is the lifeblood for many startup companies moving beyond stage one funding raised typically from friend and family financing.

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The number of major deals has also collapsed. The VC “deal count” for four of the largest VC firms has fallen by more than half – from nearly 700 in 2021 to about 300 last year.

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WSJ claims that Fed interest rate cuts expected this year combined with the torrent of new AI-related start-ups will turn the tide. We’ll see.

But there’s a profound risk overhang right now in new startups, not mentioned by the media or the industry itself. IF Biden were to be reelected, next year taxes on capital gains could nearly double, and we could see the introduction of a new Biden wealth tax imposed on unrealized capital gains. He also wants to raise the highest income tax rate, which is paid by small business owners and partners. The evidence is overwhelming that capital gains taxes are HIGHLY negatively associated with VC funding.

Who wants to invest in risky ventures that could lose everything, when the government is threatening to snatch away up to 40% if there is any gain?

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2) Net Zero Energy Could Mean Net Zero Food
The commissioners of agriculture of twelve states have sent a blistering letter to the big banks over their "net zero" pledges and the disastrous impacts such a policy will have on agriculture and food costs.

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They wrote:

Achieving net-zero greenhouse gas emissions in agriculture requires a complete overhaul of on-farm infrastructure—one of the goals of the NZBA. This would have a catastrophic impact on our farmers. Proposed net-zero roadmaps describe dramatic, impractical, and costly changes to American farming and ranching operations such as switching to electric machinery and equipment; installing on-site solar panels and wind turbines; moving to organic fertilizer; altering rice-field irrigation systems; and slashing U.S. ruminant meat consumption in half, costing millions of livestock jobs.

To make matters worse, these changes will increase food costs and decrease food production at a time when global food demand is expected to rise dramatically. The “green premium” from low emissions ammonia alone is predicted to increase fertilizer costs by up to 60% and food prices by up to 26%, even according to net zero proponents like the World Economic Forum.

In other words, net zero fossil fuels could mean millions of people across the planet could go hungry, suffer malnutrition, or even starve. This is some way to “save the planet.”

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3) College Tuition Costs Are America’s Greatest Rip-Off
This is from a statement ([link removed]) at a hearing from House Budget Committee Chairman Jodey Arrington of Texas:

According to Consumer Price Index (CPI)’s measure of college tuition and fees, college prices have increased by 1,506 percent since 1978, almost quadruple the increase of overall inflation over the same time.

Since the 1977-78 school year, average tuition has increased from $310 to $3,800 (1,126 percent) at public two-year colleges, from $660 to $10,750 (1,529 percent) at public four-year colleges, and from $2,700 to $38,070 (1,310 percent) at private nonprofit colleges – reinforcing CPI’s generalized data on college tuition and fees.

What’s Higher About “Higher Education” Is the Cost
Instead of forgiving hundreds of billions of student loan debt, why doesn’t Biden do something about THIS scandal?

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4) How to Avoid Investing in ESG
Our landmark report “Putting Politics Ahead of Pensions” ([link removed]) released last May, which exposed the rampant leftwing ESG investing by most of the major money management firms continues to have a lasting impact. This year there are far fewer ESG shareholder resolutions -including radical climate change measures and racial and gender quotas for boards and hiring. The money flowing into ESG funds continues to shrink as investors start to see that these funds underperform the stock market.
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We’re happy to report that also as a result of our report, there is a new product for investors from Raymond James financial advisor Don Harrison, called Heart of Liberty Portfolios. It was inspired by our report and it steers investors away from ESG proposals and companies. Here is their investment strategy:

The beating heart of liberty is the freedom to choose: how you travel, where you live, how you worship, and – most importantly for those of us at Capitalist Investment Services – the way your investments are managed. We have created Heart of Liberty Portfolios because we believe that all investors should enjoy the right to have their money managed in accordance with their own values.

To be clear: We are NOT financial market experts, and we are NOT recommending the fund. We are just calling it to your attention as a case study in the continuing backlash triggered by our report. In case you want to check it out, here is a link: [link removed]
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5) IRS Employee Who Stole Thousands of Tax Returns Gets Five Year Sentence – But New York Times Walks Away Scot Free
Chaz Littlejohn is a villain who stole Trump's tax returns and sent them to the New York Times. The Times printed the information, even though they knew the data was stolen and would undermine public trust in our tax system.

Littlejohn also stole thousands of other tax returns from the richest Americans – everyone from Senator Rick Scott to Oprah Winfrey. He sent them to the liberal group ProPublica, which used them to bang the drums for Democratic proposals to tax unrealized capital gains.

Biden's DOJ gave him a slap-on-the-wrist, single-count plea deal to cover these thousands of crimes.

"The fact that he is [only] facing one felony count, I have no words for," Judge Ana Reyes said at yesterday's sentencing hearing before handing him the maximum five-year sentence.

She continued: “Let me be absolutely clear: What you did, in targeting the sitting president of the United States, was an attack on our constitutional democracy,” the judge told Littlejohn. Regardless of how many people may consider Littlejohn a hero, Reyes said, “I want you to know that I am not one of them.”

Jonathan Jacobson, one of the federal prosecutors said “the tax returns are just the tip of the iceberg.” Littlejohn leaked sensitive financial information, submitted to the IRS by some of the wealthiest Americans, including details on investments, stock trades, and private audit information for a total of about 18,000 (!) individuals.

Littlejohn said he was inspired to steal the documents after reading a book entitled “The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay,” by economists Emmanuel Saez and Gabriel Zucman. He said that he felt an obligation to publicize the returns because he felt the tax system is unjust.

The New York Times – the other supervillain accomplice in this high crime – remains unrepentant. The Times’ then-executive editor, Dean Baquet, rationalized this security breach by saying: “Every president since the mid-1970s has made his tax information public. The tradition ensures that an official with the power to shake markets and change policy does not seek to benefit financially from his actions.” The operative word here is “tradition.” There is NO legal requirement for a presidential candidate to release his tax return.

The Times even labeled this felon a “whistleblower.” We’re all for freedom of the press, but the Times decision to make public stolen data that undermines our tax system is a subversive and anti-American. Shame.

We also can't help wondering: Did a single IRS contractor really exfiltrate thousands of the agency's most sensitive documents working alone? Or did he have the tacit or express approval of higher-ups? We're not sure which possibility is more disturbing.

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6) Snagged

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