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Unleash Prosperity Hotline
Issue #1205
02/19/2025
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1) Fiscal Fiasco
Lord, what a godawful mess Joe Biden left for Trump to clean up.
The latest CBO numbers through January are in (i.e., the last four months of the Biden presidency).
Federal spending and debt are running more than $300 billion ahead of last year's pace. We are on a path to spend a record $7 trillion and borrow well above $2 trillion.
Elon Musk has a lot of work to do. But at least he has a target-rich environment.
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2) The Welfare Trap
Speaking of the budget bulge, our friends at EPIC point out ([link removed]) that the "entitlement" programs are two-thirds of the federal budget. Welfare is a big slice of that giant pie.
Welfare spending is bulging even though Covid ended years ago. Biden gutted work requirements for able-bodied citizens while expanding benefits.
We all want a safety net, but it must be a hand-up, not a handout. As the 1996 welfare reforms with time limits and workfare (thank you Newt Gingrich and Bill Clinton) proved, the best way to improve lives and to pull people out of the dependency trap is to get them into jobs that offer an upward path.
Work requirements should apply to food stamps, housing subsidies, Medicaid, and cash assistance. Conservatives want this. Liberals are resisting.
Do they WANT people to stay on welfare?
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3) The Media Gets Egg on its Face
This viral X post caught our attention:
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We don't have access to the database Steve Guest used, but a search on archive.org found 237 TV shows with mentions of "egg prices" so far this month, already far higher than any time in the Biden presidency:
Even though the run-up in egg prices happening now is obviously driven by the supply shock of bird flu, Liberals have settled on the flimsy talking point that expensive eggs are Trump's fault.
But not only is the media frenzy wildly out of proportion with how they covered the last big run-up in prices, but as a hit on Trump it suffers from a severe flaw: almost all of the increase happened while the Biden administration was still in power.
But why let the facts get in the way of a good story?
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4) Kill Biden's "Pill Penalty"
Congress should repeal every word of the Biden Inflation Acceleration Act, including the price controls on prescription drugs.
The price controls will undermine the incentives to develop new cures across the board but are especially harsh on pills. Pill-form so-called "small molecule" drugs can be subjected to government price controls as soon as nine years after FDA approval, while "large molecule" drugs, which are those that come as injections or intravenously, are allowed 13 years of market pricing.
Unleash Prosperity economist Tomas Philipson and his colleagues at the University of Chicago estimated ([link removed]) that the pill penalty would slash R&D investments by over $230 billion, resulting in the loss of 79 new drugs.
"This forgone innovation is expected to lead to 116.0 million life years lost due to the missed opportunities to improve health," they find.
In other words, the pill price controls are bad for your health.
North Carolina Rep. Greg Murphy is the sponsor of the Ensuring Pathways to Innovative Cures Act, which eliminates Biden’s pill penalty.
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5) Quote of the Day
More and more Democrats are acknowledging that the party went way over a leftwing cliff of wokism and climate DEI craziness. Here's Virginia Senator Mark Warner giving his own party a little spanking:
"The Democrats' brand is really bad....I think the majority of the party realizes that the ideological purity of some of the [leftist] groups is a recipe for disaster and that candidly the attack on over-the-top wokeism was a valid attack."
We hope Democrats take that message to heart.
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6) We SEE You!
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