An Atrocious Foreign Aid Bill

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Unleash Prosperity Hotline
Issue #955
02/13/2024
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1) An Atrocious Foreign Aid Bill
President Biden, Senate Democrats, and a handful of left-leaning Republicans (led by Mitt Romney, of course) have just agreed to a $118 billion foreign aid bill for Israel and Ukraine. Is the spending addiction so severe that there is NOTHING Congress will not spend and borrow money for?

Not one penny of this aid package is paid for with offsetting spending cuts from a near $6 trillion budget. President Trump has sensibly taken our advice and suggested that the foreign aid funds should be in the form of a loan - to be paid back by the recipient countries over time. The Dems wouldn’t go for that.

The Dems and the White House have even resisted audits of where the first tranches of money to Ukraine have gone - which naturally makes us suspicious.

We’ve argued from day one that, by far, the single most effective way to stop the Russia war machine is to drill and drill and drill for oil and gas here at home to drive down the world price of oil. BOTH these aggressions were aided and abetted by Biden’s insane war on American energy. Where is the agreement for more drilling and more pipelines?

We’re economists not national security experts - and we know that our readers have various opinions about the wisdom of intervening in East Europe and the Middle East. But we do know that the greatest threat to American economic and national security is out-of-control government debt spending. This bill adds another $1,200 per household to our debt, as calculated by our friends at the Heritage Foundation ([link removed]) .
Mitt Romney says this is “the most important vote in the Senate” in many years. But if this is such a vital national priority, surely, Mitt, we could cut a mere 2 cents out of the dollar from every other program to pay for it.

DID CONGRESS FORGET ABOUT THIS CRISIS?


Federal Debt As Share of GDP
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2) Senate Candidates in California Want a Federal Minimum Wage Equal to a $100,000 Annual Salary
This scene could easily be mistaken as a Saturday Night Live game show skit. But, sadly, this spectacle isn’t a spoof, rather the reality of Democrats running for US Senate in the land of fruits and nuts. They are in a continual bidding war on how they want to raise the federal minimum wage with the current bid at $50 an hour.

By the way, for a 40-hour-a-week full-time job, that’s the equivalent of a $100,000 a year MINIMUM salary!

How high will the bidding go? Do we hear $60? How about $70 an hour for a Starbucks barista, a restaurant hostess, or a school crossing guard?

Our back-of-the-envelope calculation is that a $50 federal minimum wage would cause at least 10 to 20 million lower-wage and less-skilled Americans to lose their jobs. That will really help the poor.

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3) For Young Americans the Gold Rush Is Happening in Texas
Generation Z (those born between the mid-1990s and 2012) has a reputation for being trendy, fixated on technology, good at multitasking, and highly ambitious.

These upwardly mobile workers aren’t headed to California, Manhattan, or Boston to make their fame and fortune.

They are flocking to Texas, which is attracting more of these young workers than other states.

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Zillow, the Seattle-based national real estate firm, has pored over US Census updates and found that Texas netted nearly 80,000 Gen Z workers moving into the state in 2022. That’s nearly TWICE as many Gen Z movers as relocated to California and Florida combined.

Texas is now home to four of the 10 largest cities in the country — Dallas, Houston, San Antonio, and Austin. One major attraction is affordable housing, no income tax, and light-regulation, which is a sharp contrast to the northeast and California.

Texas, in short, has become what California was for decades – a hip Mecca for younger workers to get rich.

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4) Trump Crushing Biden on the Economy
This heading from the Financial Times says it all:

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Far more Americans trust Donald Trump to handle the US economy than Joe Biden despite months of strong growth, according to a new poll. The survey ([link removed]) for the Financial Times and the University of Michigan Ross School of Business found that 42 per cent of Americans felt Trump would be the best steward of the US economy, while only 31 per cent chose Biden. ([link removed]) Around one in five — 21 per cent — said they trusted neither.

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No wonder that only 26% say Biden's policies have helped the economy, 46% say they've hurt the economy and 19% say they've had mixed results or no impact. One in three voters believed Biden’s economic policies have “hurt the economy a lot.”

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5) The COVID Fear Mongers Are Back
The left-wing activist group MoveOn just a blast email last night warning "we're in the middle of another COVID surge" and demanding MORE FREE COVID TESTS. What’s next? Bring back lockdowns and mask mandates? These people are insane. They LIKE COVID.

For the record, we're not in the middle of a COVID anything – we're about six weeks past this winter's peak, which was the lowest ever.

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6) Three First Ladies

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