Gold Diggers

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Unleash Prosperity Hotline
Issue #993
04/09/2024
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1) Gold Diggers
Everyone knows that gold is the ultimate hedge against inflation. In the 1970s as inflation surged, gold was about the highest-performing asset rising from $30 to $300 an ounce while the stock market crashed.

But over the past 40 years, Gold (and silver) has been about the worst-performing asset dwindling in value relative to stocks. Stocks have skyrocketed by nearly 40-fold since 1980 whereas gold has risen only about sevenfold. Gold has only done well during temporary periods of crisis, such as the 2008 financial meltdown and the Covid outbreak in 2020.

Why has gold done so poorly? In large part because of the strong and stable dollar – which was returned to being, as Reagan put it, "as good as gold" during this magical four-decade (1980-2020) run of American global prosperity and dominance.

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Which brings us to the last six months. Gold is rising again and is up 16%. Maybe this is just a blip. Or maybe it's a sign that inflation is back on the rise and that the fundamentals of the economy are a lot weaker than Washington is pretending them to be. Either way, a rising gold price is a bad sign.

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2) Louisiana House Overwhelmingly Passes School Choice
School choice keeps marching through the South and is another sign that the Southern region is destined to remain economically dominant in the years to come.

The vote on HB 745 was 72-32, with six Democrats voting yes and six Republicans voting no. The bill would make Louisiana the 12th universal school choice state.

Our new favorite Democrat, state Rep. Jason Hughes said this before voting yes:

I know the political ramifications for me for voting for this bill.

But I don't need this $16,800 a year job bad enough to watch our children continue to live in poverty, trapped in failing schools, and not try to do something.

And in the event I'm not re-elected, this is what I know: my steps are ordered. My heart is pure. I came here to do tough things. I came here to make tough decisions. And I came here to put children first.

This video is a MUST WATCH:

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On to the state Senate!

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3) Jeff Yass: Trump Is the School Choice Candidate
Great piece in WSJ by America’s foremost supporter of education freedom, Jeff Yass:

I have discussed school choice with Mr. Trump, and I’m encouraged by what he said. I’m likewise impressed by his actions to advance the cause in real time—namely, by endorsing several of the pro-school choice Republicans in Texas’s legislative primaries. If Mr. Trump uses his bully pulpit to build support for school choice across the country, as he did in Texas, I believe he’ll help improve the lives of many generations of Americans.

I’ve never given financial support to Mr. Trump’s campaign, and I don’t plan to. But on the issue I care about most deeply, the stakes are high. The best school-choice candidate is facing off against the worst. And the choice is clear.

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Biden, by the way, is a ferocious school choice opponent – bought and paid for by Darth Vader – er, the teacher unions.

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4) The Wheels Are Coming Off California
California's budget deficit of $73 billion is growing so fast that Governor Gavin Newsom just had to release an emergency response before the regular budget session. This is the highest deficit of any state – most of whom are running balanced budgets.

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Meanwhile, today California still has employment numbers BELOW what they were before COVID, having lost 410,000 jobs in the last four years.

The state’s nonpartisan Legislative Analyst’s Office says this is a sign of a coming recession. Last year, California’s income tax brought in 25 percent less than the year before and the state’s deficit has doubled.

Wait, we’re not done:

The Golden State has lost population for the last three years in a row, with the exodus (in part) led by high-income residents fed up with punishing taxes and high-cost electricity, rent, and regulatory overhead.

In 2021, the state lost nearly $30 billion in net taxpayer income to other states, a staggering 2 percent of its entire tax base. As CTUP Co-founder Dr. Arthur Laffer puts it: “The ‘one-percenters’ who pay 50 percent of the tax are voting with their feet.”

Other than that, radical green progressivism and redistributionism are working just fine in California.

What’s really scary to us is that liberals still tout California as a governance model for the other 49 states.

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5) Janet Yellen to China: Stop Subsidizing Green Energy
No this is not a parody.

Chinese officials must have been rolling over with laughter when Treasury Secretary Yellen made it clear the U.S. is fed up with the Chinese subsidizing far more electric vehicles, batteries, and solar panels than markets can absorb, driving prices lower.

We hate to take the side of the Chinese. But, come on man. The Biden administration is pumping nearly $2 trillion in taxpayer subsidies into clean energy infrastructure.

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Maybe we should get our own affairs in order before we lecture other countries about the virtues of free trade and free markets.

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6) Benched

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