Unleash Prosperity Hotline #976

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Unleash Prosperity Hotline
Issue #976
03/14/2024
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1) Gimme Shelter

By one standard measure, owning a home has never been more out of reach for Americans as it is today. This chart shows the ratio of home prices to median household income, a common measure of home affordability.

Historically, a house typically costs about five times the homebuyer’s annual income. It now costs roughly seven to eight times that much.

This is a good news/bad news story - as we’ve noted before. Because a house is an asset, for homeowners a rising home value means more equity. It can be like a stock rising in value. But the downside of high home prices is that young families can’t afford them. Why the spike under Biden? First, interest rates have more than doubled from 3% when Trump left office to 7% now. Second, family incomes in real terms aren’t keeping pace with housing or overall inflation.

What is for sure is that Bidenomics has not been good for expanding homeownership.

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2) If the Left Is Fighting a War Against Fossil Fuels – They’re Losing

Hundreds of billions of dollars spent and wasted over the past decade by the green energy monster to end fossil fuels and virtually NO progress. Last year 83% of all global energy came from old-fashioned oil, gas, and coal. Total use hit an all-time record.

Meanwhile, the latest data on carbon emissions show giant increases. The only country that’s making any “progress” in reducing real air pollution is the USA. (By the way, this chart from JP Morgan is a classic case of how to lie with numbers. The chart makes it appear that fossil fuel use is falling like a rock, but it’s only an illusion based on the phony scale used). But the chart does show that carbon emissions are still soaring.

So what is the left’s solution to this epic policy flop? Instead of spending hundreds of billions a year, the globalists at the United Nations say we need to spend trillions. Who do they think they are? Doctor Evil?

100 BILLION DOLLARS!

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3) How Is This Fair? Government Employees Now Make 40% More than Private Sector Workers

Here’s one of a thousand reasons the government can’t pay its bills. The average cost for a government employee in December was $60 per hour, or 40.5% more than his or her private sector counterpart.

Benefits to government employees cost 80.3% more.

Biden talks a lot about equity and fairness. How about a level playing field between public and private sector workers? These pay disparities don’t even take into account that unlike working in the private sector, government employees have de facto lifetime tenure in their jobs.

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4) Where’s the Biden Bounce?

"Press coverage for President Joe Biden’s State of the Union address was positively fawning," admitted Chris Cillizza, the former political editor of CNN. Maybe it’s because few people thought he could even get through a 70-minute speech without a senior moment or two or three.

A Forbes/HarrisX poll finds Biden losing the popular vote by 4 points, which equates to a 15 million vote shift if the next election has a turnout similar to 2020. If Robert F. Kennedy is on enough state ballots he drives Biden down to 38%.

The Biden approval rating still stands at a miserable 38%.

https://projects.fivethirtyeight.com/biden-approval-rating/

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5) The "Chips" Are Down

One of the themes of the Hotline is that if you want to destroy an industry, have the government subsidize it.

The CHIPS Act was supposed to bring the semiconductor industry back home with a cool $39 billion in semiconductor subsidies. It isn’t happening.

Intel just announced it’s delaying a New Albany, OH factory. The Taiwan Semiconductor Manufacturing Company (TSMC) has delayed production at its second Arizona facility. Samsung just delayed its first Texas plant. How to explain the anomalous behavior?

Three words: Diversity, equity, and inclusion (DEI) requirements that Biden and the Dems attached to the federal dollars. According to one analysis published in The Hill:

“The law contains 19 sections aimed at helping minority groups, including one creating a Chief Diversity Officer at the National Science Foundation, and several prioritizing scientific cooperation with what it calls “minority-serving institutions.”

Cole and Nicholson claim: "The CHIPS Act’s current identity as a jobs program for favored minorities means companies are forced to recruit heavily from every population except white and Asian men already trained in the field."

Wait! This nonsense is going to make American tech companies more competitive? Really?

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6) The Race Is On

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