The Biggest Corporate Welfare Scam of All Time

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Unleash Prosperity Hotline
Issue #989
04/03/2024
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1) The Biggest Corporate Welfare Scam of All Time
Biden keeps lecturing corporate America to “pay your fair share” of taxes. He’s right that some companies are getting away scot-free from paying taxes. But he’s pointing to the wrong guys.

It turns out that by far the biggest tax dodgers in the country are the wind and solar power industries. A new report by tax expert Adam Michel at the Cato Institute finds the green energy subsidies — mostly created by Biden policies like the so-called Inflation Reduction Act — will drain the Treasury of as much as $1.8 trillion over ten years.

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Since its passage, “the estimated cost of the IRA’s new and expanded energy tax credits have nearly tripled."

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As a consequence of these tax shelters, the wind and solar producers consume taxes – they don’t pay them.

It’s just a reminder that a lot of people are getting really, really rich off of climate change hysteria.

Hey Joe. How about a “corporate minimum tax” on your green energy crony friends?

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2) Chart of the Week
Each week we will highlight a graphic from our forthcoming Trump vs. Biden chart book. This week’s contrasts the income gains during Trump’s first three years in office with Biden’s three-year performance. The bottom line: real median household income rose by more than $6,000 under Trump and fell by more than $2,000 a month under Biden. That’s a giant $ 8,000-a-year swing.

Perhaps the reason people keep saying to pollsters they are worse off under Biden's big government policies versus Trump’s “Put America First” policies is because most people really are.

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3) Why Is the Postal Service HIRING Workers?
With each passing week, the U.S. Postal Service is becoming as obsolete as telephone polls. The mail delivery service loses billions of dollars a year and mail volume continues to fall. The obvious solution to avoid massive losses and layoffs is to start aggressively lowering labor costs by shrinking the number of postal workers through attrition. But the Washington Times reports that instead of letting the mail delivery and processing services shrink over time, the USPS is HIRING new workers.

Labor costs comprise 75% of annual expenses. It takes an iron will to fix a problem at this scale.

When unionized full-time employees retire, that’s the ideal time to skip filling those positions so the workforce is trimmed to match the steady decline in mail delivery volume, which dropped another 9% last year.

DeJoy [the Postmaster General] chose a different path. He filled the vacancies by converting 125,000 part-time employees into full-time workers. He then went out and hired more part-timers.

That’s a double whammy. Rather than allowing the total number of postal service retirement slots to fade away peacefully, the current plan is to add 30,000 careerists to the employment rolls over three years.

Bankrupt companies don’t normally go on hiring binges – but USPS seems oblivious to economic realities. This means getting ready for a massive taxpayer bailout.

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Question: would you buy stock in this company?

Postal Service Net Income/Loss By Year
* 2023: $6.5 billion loss
* 2022: $0.5 billion loss
* 2021: $9.7 billion loss
* 2020: $9.2 billion loss.
* 2019: $8.8 billion loss.
* 2018: $3.9 billion loss.
* 2017: $2.7 billion loss.
* 2016: $5.6 billion loss.
* 2015: $5.1 billion loss.
* 2014: $5.5 billion loss.

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4) How Does This Guy Still Have His Job?
This headline puts Mayor Pete in the running for America’s most out-of-touch government official, which is a tough competition:

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Here is Mayor Pete, our Transportation Secretary, reminding us that he knows nothing about transportation:

Let's be clear, the automotive sector is moving toward EVs and we can't pretend otherwise. Sometimes, when these debates happen, I feel like it's the early 2000s and I'm talking to some people who think that we can just have landline phones forever. Uh the reality is the automotive sector is moving toward EVs and the US can either fall behind China or we can claim the lead. President Biden wants to make sure that those EVs are made in America as more Americans choose EVs.

Will someone please inform Pete that EVs account for (at most) 10% of new auto sales? Tesla just reported a decline in quarterly sales. Does this sound like an industry blowing the ceiling off the top of the new car showrooms?

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5) Why Are We Still Funding the WHO?
President Trump sent notice of the US withdrawal from the World Health Organization, which behaved disgracefully during COVID, getting nearly every fact and recommendation dead wrong. That withdrawal never took effect because Biden canceled it.

Republicans in the House included strong language blocking funding for the WHO in this year's appropriations bills – but ended up backing down and putting the funding back in the final compromise version.

That was a huge loss because the WHO is set to radically expand its power, and Biden has enthusiastically signed us up for this assault against American sovereignty:

John Tierney explains:

With the support of the Biden administration, the World Health Organization (WHO) is seeking unprecedented powers to impose its policies on the United States and the rest of the world during the next pandemic...

The WHO hopes to begin this power grab in May at its annual assembly in Geneva, where members will vote on proposed changes in international health regulations and a new treaty governing pandemics. Pamela Hamamoto, the State Department official representing the U.S. in negotiations, has already declared that America is committed to signing a pandemic treaty that will “build a stronger global health architecture,” which is precisely what we don’t need...

Nations that sign the pandemic treaty would promise to “cooperate” in “preventing misinformation and disinformation,” which presumably means silencing scientists who disagree with the WHO’s conclusions and edicts.

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The Senate should demand this agreement be submitted as a treaty; failing that, an appropriate test vote should be forced to put every Senator on the record on this issue for voters. And the House should block funding in the upcoming 2025 appropriations cycle, and hold the line this time.

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6) Go East, Young Man

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