Part Time Nation

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Unleash Prosperity Hotline – Weekend Edition
Issue #991
04/05/2024, 04/06/2024, 04/07/2024
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1) Part Time Nation
The new job numbers for March were strong with 300,000 jobs added in the establishment survey and 500,000 in the household survey. But those positive headline numbers camouflage a very disturbing trend in the labor market. Almost all of the new jobs on the net are part-timers. That means a part-time paycheck.

Stock market advisor Stephanie Pomboy of MacroMavens has analyzed the number and reports that in the last four months, the labor market has LOST 1.8 million full-time jobs.

Here is a handy summary for the past year:
* Overall payrolls up 1.9%
* Part-time jobs up 7.5%
* Full-time jobs down -1.35%

How many of the 300,000 jobs are double counting people holding TWO jobs?

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2) A Good – Not Great – Tax Cutting Bill
The tax bill that Democratic Senate Finance Committee chairman Ron Wyden and House Ways and Means Committee chairman Jason Smith have crafted passed the GOP-controlled House, but is stalled in the Senate.

The bill is far from perfect, but it has three strong virtues:

First, it diverts the policy conversation toward cutting business taxes at a time when President Biden wants to substantially raise them. That’s a valuable shift in the debate in Washington.

Second, the R&D tax credit offsets some of the high costs associated with new drug development, while the expensing provisions — which allow companies to write off expenditures for capital purchases — are critical incentives for business investment.

Third, this would make it much less costly to make the entire Trump tax cut of 2017 — which reflects many CTUP policy priorities — permanent. If the left has their way, getting these business tax cuts in the bank — even temporarily — is all the more essential.

Some of our friends argue that the child credit payments will discourage work – and they are right.

But as the chart below from the Ways and Means Committee shows the benefits outweigh the costs.

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3) The Left Wants Biden To Pardon IRS Employee Who Leaked Thousands of Private Tax Returns
This headline from Slate magazine blew us away:

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Readers will recall that former IRS contract employee, Charles Littlejohn, stole the tax return data of more than 1,000 high-income Americans and sent the documents to ProPublica and the New York Times. These newspapers then published the private information – which they described as a "vast treasure cove of tax data." The political agenda was to cherry-pick data to support their claim that the rich don’t pay enough taxes.

Every one of his acts was a blatant and intentional felony violation of the IRS privacy laws. The integrity of the tax system depends on keeping tax return data private.

Our view is that Littlejohn got off too easy. Biden's DOJ let Littejohn plead guilty to just one felony count for his thousands of crimes. Judge Ana Reyes was unamused, calling his crimes "an intolerable attack on our constitutional democracy" and handing him the maximum five-year sentence. He is appealing.

The left portrays Littlejohn as not a criminal, but a “whistleblower” and a hero. Slate argues that the real outrage is that the tax system “favors the rich.”

We have here another example of the situational ethics of liberals who believe they are morally justified in breaking the laws of the land because they are on a righteous mission. Next, they will be blowing up oil fields and pulling guns on people who drive gas cars.

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4) You Have To Give up Your Gas Car So We Can Lower the Global Temperature by 0.007 Degrees
If we force every American to buy EVs on the schedule laid out in Biden's EPA mandates, instead of the earth's temperature warming to 60 degrees, the average temperature would be closer to 59.99.

Our friend and energy analyst Ben Zycher of AEI ran the model on the impact of converting the entire auto industry to EVs. Here is his summary:

EPA claims that the rule will reduce total greenhouse gas emissions over 2027-2055 by 7.2 billion metric tons. But despite a long and disingenuous discussion of the purported adverse effects of greenhouse gas emissions, EPA admits that it “did not…specifically quantify changes in climate impacts resulting from this rule in terms of avoided temperature change or sea-level rise.”

The reason for that failure is obvious: The answer would be embarrassing. If we apply EPA’s own climate model, with assumptions that exaggerate the climate effects of reductions in GHG emissions, the rule would reduce global temperatures in 2100 by 0.0068 degrees Celsius — an effect far too small to be detectable.

In Fahrenheit, that's about 0.01 degrees of averted warming.

For this, we're all supposed to give up our gas cars? Really?

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5) Pandemic Hysteria Is Back
This is quite a headline on the news that one person has been infected with avian influenza:

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We’ve warned that the public health officials who got it almost completely wrong on COVID, can’t wait to shut down the economy again.

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6) This Dog Is Chasing Its Own Tail!

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