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Unleash Prosperity Hotline
Issue #1131
10/24/2024
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1) Liberals Want to Ban 95% of America's Oil and Gas Drilling

We'd bet that most Liberals in Congress don't know much about hydraulic fracturing except that they are against it.

Here's a primer: Hydraulic fracturing is a drilling technique that extracts oil, and natural gas encased in thick rock formations many thousands of feet below ground. Fracking and horizontal drilling are what enabled America to triple its oil output from 2007 to 2020.

A new report by the House Republican Policy Committee under Rep. Gary Palmer of Alabama shows that the majority of progressives have supported a "net zero fossil fuels" policy and many support the "Fracking Ban Act."

The RPC study finds that "More than 95 percent of U.S. natural gas and oil wells today are developed using fracking."

It also finds that a ban on U.S. fracking could similarly eliminate approximately 10% of the world's crude oil and 20% of the world's natural gas supply.
 


If the Left wants to cripple the American energy industry, banning fracking is a good way to do it. 
 
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2) Why Voters STILL Think the Economy "Stinks"

The media keeps browbeating voters for not appreciating how good they have it.  

This CNN lead on their economy story last week is all-too typical of the media arrogance:

"The job market is booming. Inflation has come back down to Earth. Americans are spending like crazy.  Whatever. Voters don't care. They still think the economy is trash."

But maybe the voters are glum about the Biden economy because they remember what they could afford a few years ago and can't afford today.

This chart from University of Chicago economics professor and UP senior fellow Casey Mulligan, shows the inflation-adjusted ratio of total employee compensation to the population aged 16+. So the failure to keep up with trend reflects the higher cost of living and a failure of employment to keep up with adult population.

The gap - a.k.a., Biden's underperformance - at the end is almost 5% and exceeds 5% during several quarters.
 

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3) Red State Jobs Dominance Rolls On

UP senior fellow, EJ Antoni, regularly tracks this dataset for us.  This month, he tells us he had to expand the graph, because Idaho is growing like a weed and now has over 13% more jobs last month than in February 2020.

Incidentally, the ALEC annual Rich State Poor State report (co-authored by Unleash Prosperity co-founders Arthur Laffer and Stephen Moore), has consistently - for more than a decade - ranked Utah number one in economic policy.  Followed by Idaho, Texas, and Florida as the just-behind economic roadrunner states. Sure enough, these are the states that are in the top five in job creation. Policy matters. 

Meanwhile, Hawaii has never recovered after its severe--and extended--covid lockdown policies.
 

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4) The Trial of the "Eternal Speaker" Exposes Chicago Corruption

Chicago - a city well known for its corruption - is getting an eye-opening lesson this month on just how deep that river of sleaze runs. We are talking about the criminal racketeering trial of former Illinois House Speaker Michael Madigan.

Madigan ran the Illinois House with an iron fist for more than 40 years(!), making him the longest serving state house speaker in the history of American politics. He is accused of scheming with utility giants ComEd and AT&T to get his cronies no-work contracts, and using his high office to drum up business for his law firm.

Testimony in the trial has been revealing. Former state Rep. Scott Drury testified that as a reformer, he frequently clashed with Madigan, who finally asked to meet with him. As their discussion ended, Madigan told him, "I can't figure you out."

"'Most legislators want money or power,'" Drury recalled Madigan saying. "He says, 'it doesn't seem that you want that.' I remember I just smiled back and said, 'I want good government.' And he just laughed."  Drury recalled he never got a single bill passed while Madigan was Speaker.

Chicago columnist John Kass says that in 2019 and 2020 Madigan's friends urged him to retire as he aged into his late 70s.  They'd tell him, "Mike, you've already made enough money. You had all that power. It's time to go. And you know what he'd say? He'd say, 'Yeah, but if I retire, what am I going to do?'"  

What a statesman.  

We've seldom seen a stronger case for term limits than the Madigan mess in Chicago. 
 

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5) Argentina Is Closing Down Its IRS – Why Not U.S.?

Argentina's free-market President Javier Milei is shutting down the AFIP (the nation's tax collection agency). Portions of it will be merged with the Customs Service, in a new smaller agency that will employ 34% fewer people, including a 45% reduction in higher-level positions.  

Milei's office says the shutdown was necessary because "throughout its existence, this agency has functioned as a political cash box and, as we all know, many Argentines have been subjected to absolutely immoral persecutions.  No State bureaucrat should be delegated the power to tell an Argentinean what to do with his property." He says that through a simpler and fairer tax system, the Gestapo-like tactics of the tax collectors can be reined in without losing collections.  

Contrast Milei's approach with that of the Biden Administration, which has become infamous for its "Inflation Reduction Act" including a doubling of the size of the IRS workforce by some 87,000 people over the next decade.
 

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6) The Real Planet-Wide Crisis
 
Given that the World Bank and International Monetary Fund have been meeting in Washington this week for annual meetings, we thought this was a good warning.
 

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