HOTLINE 1,000th Issue

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Unleash Prosperity Hotline
Issue #1,000
04/18/2024
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1) HOTLINE 1,000th Issue
Thanks for sticking with us, dear readers, for the first four years of the Hotline. If you were around in the beginning, you might remember that we started this newsletter as a daily update challenging the blizzard of fake news (the kind of “disinformation” the left now wants to ban) on COVID and lockdown during the “15 days to slow the spread” hoax. With all due humility, we were the first voices to systematically attack what turned out to be the most economically damaging, lethal, and unconstitutional government policy in at least 100 years.

As coronamania has lasted for years we kept it going and expanded our mandate to cover all of the fiscal, economic, regulatory, and political issues that matter for our mission of UNLEASHING PROSPERITY.

CTUP Co-Founders Steve Forbes and Steve Moore with long-time friend Larry Kudlow at the Hotline 1,000 Issue Party in NYC this week.
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2) Is Biden the Real “Tariff Man”?
Trump used to call himself Tariff Man, and as free traders that made us queasy to say the least. But as we’ve shown on these pages, Trump used tariffs as a weapon — often successfully — to leverage other nations to do things that were in America’s economic and national security interests. He famously challenged the European leaders with a deal that everyone goes to zero on tariffs.

But what is Biden’s trade policy? This week Biden called for a tripling of steel and aluminum tariffs and higher tariffs on China. He’s riffing off the very Trump policies he once attacked.

The steel and aluminum taxes are especially self-defeating because they make everything that is made in the U.S. with steel and aluminum more expensive. One study ([link removed]) has found that steel and aluminum tariffs increase the production of those products by $2.8 billion a year while reducing downstream domestic output by $3.4 billion.

A new analysis by the Tax Foundation finds that Biden has actually raised more money from tariffs than Trump did. So just who is the real “threat to free trade?”

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3) Democrats in Pennsylvania House Allow Member to Vote Remote as He Flees Warrant for His Arrest
What is it about Pennsylvania? They keep electing eccentric people like Fetterman to high positions of power.

Here’s the latest bizarro story. Kevin Boyle, a Philadelphia Democrat has gone missing after a warrant was issued for his arrest over his violating a protection from abuse order.

Boyle, who is suffering from a mental health condition, had his security privileges revoked by House Democrats two months ago, but they have continued to “ghost vote” for him using a remote voting policy that was designed only to be used during COVID.

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House Republicans say that while a warrant is out for Boyle’s arrest, he should be put on leave. Instead, on Wednesday the missing Rep. Boyle was allowed to “ghost vote” to let the Democratic Speaker keep voting on behalf of a fugitive from justice. The Democrats need his vote because they only have a one seat majority in the House.

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This all sounds like a clear “danger to democracy” tactic that the left love to accuse conservatives of. Next thing you know Boyle will be chosen as the Democratic nominee for the other PA United States Senate seat.

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4) How Three Billionaires Manufactured Our Bogus Climate Crisis
Roger Pielke Jr., a former director of the Center for Science and Technology Policy Research at the University of Colorado, has uncovered the origins of the bogus “studies” warning of catastrophic global warming. It turns out three billionaires underwrote a scare campaign that Peilke describes as “an extraordinary corruption of the scientific process.”

The three villains here are former New York Mayor Michael Bloomberg, hedge fund manager Tom Steyer, and former Goldman Sachs CEO Hank Paulson, who each gave $500,000 to fund a project “making the climate threat feel real, immediate and potentially devastating to the business world.” Yes, this is the same Hank Paulson who is now chumming up to Donald Trump in perhaps a bid to be the next Treasury Secretary.

The money went to publish and promulgate a report entitled “Risky Business” that suggested temperature rises of up to 39 degrees Fahrenheit in less than 80 years, unless there was “concerted action to reduce future warming.”

That “scientific study is off by an astonishing TWO ORDERS OF MAGNITUDE.

This preposterous study passed peer review with little or no criticism (showing just how political the science process has become), and to date has been cited more than 1,100 times. Billions were then spent pushing further papers based on the flawed “Risky Business.”

"It was a formula that would be repeated time and time again. Like the introduction of a virus, the misleading reinterpretation of climate scenarios expanded throughout climate science," Pielke concludes.

It’s a scary tale of how three billionaires corrupted the scientific process in pursuit of a politically motivated agenda. It’s just another reason you can’t believe a single word the climate fanatics say.

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5) More Evidence That the Dei Movement Is a Fraud
Diversity, Equity, and Inclusion programs (DEI) – which are really just disguised forms of quotas – have been hyped by the woke crowd as “good for business.”

“Study after study has proved that diverse companies perform better than their more homogeneous counterparts,” Inc. Magazine reported in 2023. “Companies that don’t foster an inclusive environment or prioritize diversity initiatives do so at their own peril.”

McKinsey & Company, the management consulting firm always willing to repeat the conventional wisdom, has published four separate studies since 2015 showing that DEI initiatives boost corporate earnings.

But very little of any of this holds up. Econ Journal Watch, a peer-reviewed academic journal, reports that researchers have been unable to replicate the results of all four McKinsey studies.

“[O]ur results indicate that despite the imprimatur often given to McKinsey’s 2015, 2018, 2020, and 2023 studies, McKinsey’s studies neither conceptually … nor empirically … support the argument that large US public firms can expect on average to deliver improved financial performance if they increase the racial/ethnic diversity of their executives,” according to Professors John R. M. Hand and Jeremiah Green.

Other researchers admit to being stumped in searching for DEI’s financial benefits. Writing in the Harvard Business Review, Robin J. Ely, a professor of business administration at Harvard, and David A. Thomas, the president of Morehouse College, point out that “the rallying cries for more diversity in companies” are not supported “by robust research findings.”

DEI is all about shaming corporate America to divert money to the race hustler industry that is getting rich off liberal guilt. This is why the left has come to despise the idea of a color-blind society. How do you make money off of that?

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6) Denying the Obvious

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