Biden Admin Better on Inflation? Really???

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Unleash Prosperity Hotline
Issue #1126
10/17/2024
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1) Biden Admin Better on Inflation? Really???

You've probably heard about this bizarre survey of economists in the Wall Street Journal, concluding there is a greater risk of inflation and sky-high deficits if Trump returns to the White House.

Yesterday in the HOTLINE, we showed that budget deficits in non-pandemic years were TWICE as high under Biden's administration than Trump's ([link removed]) . Now we will refresh everyone's memory of the path of price rises. Here are the official numbers:

Were these economic experts surveyed by the WSJ living on Jupiter for the last eight years?

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2) The Fairy Tale of the Millionaire and the School Teacher

Our friend and budget expert, Matt Dickerson at EPIC, has published a new paper ([link removed]) on who pays taxes in America.

The report includes some simple charts of CBO data exposing the big and oft-repeated LIE that "teachers and firefighters pay a higher share of their income in taxes than millionaires and billionaires."

This chart shows the effective tax rate of every income group.

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The rich pay about twice as high a tax rate as the middle class.

It is true that some of the very rich in the top 0.1% of income may pay a slightly lower share than those in only the top 1%. These super-rich may pay closer to 20% of their income in taxes, in part, because they have business income that is already taxed and paid at the business level. Somehow, the left forgets to figure in those taxes.

Amazingly, the folks in the top 1% pay an average of nearly $1 million a year in federal taxes, on average. Every year! That's 20 times what the average family pays.

Almost no country depends on the rich to pay for government more than the USA. The best way to balance the budget is to create more rich people.

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3) Big Tech Goes Nuclear

After many years of big tech companies in Silicon Valley drinking the kool-aid of the climate change apocalypse, they are now suddenly waking up to two unavoidable realities.

First, the next generation of tech products will require much more energy to produce. And second, wind and solar aren't scalable to come anywhere near meeting their AI energy needs.

We have previously reported on Microsoft lining up to buy the power from a rebooted Three Mile Island. A week later, Google put in a big order for modular reactors. Now Amazon joins the nuclear party:

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The molten salt reactor piece of this specifically caught our attention. This technology may prove smaller, and cheaper to build and run — a game changer, as we have argued.

The Big Tech companies and their data centers are simply too power-hungry to risk their mission-critical applications to renewables. They are betting big on nuclear and - just maybe - they will have enough influence to get regulatory approvals.

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4) Biden Administration Sues Virginia to Let Non-Citizens Vote

The media keep insisting that non-citizen voting is a figment of the GOP's imagination. But Virginia Governor Glenn Youngkin has proven them dead wrong.

In August, Youngkin issued an executive order allowing a clean-up of state voter rolls to remove those who have died, moved out of state, or are felons who have not had their right to vote restored.

It also directed the Department of Motor Vehicles to provide county registrars with a list of all residents who identified themselves as noncitizens when filling out a DMV form. Those on the list have 14 days to affirm their citizenship or will be removed from the voting roll. Youngkin noted at the time that previous clean-up efforts had already removed 6,303 noncitizens from the voting rolls.

Good for him, right?

Nope. The Biden Justice Department sued Virginia ([link removed]) , claiming Youngkin's order violates an obscure federal rule that no one be removed from voter rolls for 90 days prior to an election.

Youngkin rightly denounced the suit as preposterous.

"Every legal vote deserves to be counted without being watered down by illegal votes," he says.

He noted that in September alone, 90 residents the DMV had identified as noncitizens were removed from the Loudoun County voter rolls.

If potential non-citizen voting is a problem that doesn't exist, why is the Biden administration so determined to prevent the removal of known non-citizens from the voter rolls?

We think there is really only one plausible explanation: Biden WANTS to count the illegal ballots cast by illegal immigrants and other noncitizens.

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5) Headline of the Day
Here's a feel-good story: federal employees are - for once - fearing for their jobs.

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Maybe we have a real chance of actually draining the swamp. Maybe.

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6) Are These the Economic Experts the WSJ Surveyed?

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