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Unleash Prosperity Hotline
Issue #1225
03/19/2025
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1) Gold At $3,000
All the talk is of the Fed pausing today but resuming rate cuts by June or July as if the Fed has conquered inflation and is just waiting out Trump's tariff-related uncertainty. Really?
For the first time ever, the gold price hit $3,000 an ounce last week and, at the time of this writing, is at about $3,030. To give you a sense of how thoroughly Joe Biden devalued the dollar with his mad $6 trillion spending and borrowing spree when Biden entered office four and a half years ago, the gold price was roughly $1,870.
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If our math is correct, the gold price is roughly 60% higher today than it was before Bidenomics.
Good going, Joe.
And yet the Fed says there's no inflation.
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2) An Easy Way to Save $250 Billion
There's a lot of hand-wringing about how to "pay for" extending the Trump tax cut while adding in no tax on tips, no tax on Social Security benefits, and the 15% corporate tax rate. We've already suggested taxing university endowments with over $1 billion - which is a no-brainer.
Another obvious solution would be to close the state and local bond loophole. The Senate Finance Committee estimates ending this deduction would raise about $250 billion over the next 10 years.
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The only people who benefit from the current deduction are Wall Street bond traders (who love debt), mayors, and public employee unions. But why would the feds, who are hopelessly in debt, borrow even more to encourage other levels of government to go into deeper debt?
It’s analogous to giving a drunkard another shot of whiskey.
Much of the borrowing for public infrastructure projects could easily be built and financed privately and paid for with user fees instead of property taxes. Privatization typically saves about one-third of the cost of public works projects. Just ask Donald Trump, who rebuilt Central Park’s Wollman Ice Rink at half the cost and in half the time of what the city had been unable to successfully do.
As the chart below shows, the biggest issuers of municipality bonds are flabby, high-tax blue states. It makes no sense that a Congress controlled by conservatives would subsidize borrowing by New York, Connecticut, and Illinois.
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3) New Hampshire Is on Deck for Universal School Choice
A lot of states are jockeying to be the next to adopt universal school choice, and we've been focused on Texas as the big prize. But New Hampshire is now moving quickly and could be the next to get to the finish line - and the first in the New England region.
After advising Rep. Glenn Cordelli last year at ALEC's Education Academy in Philadelphia, it was obvious to us that things were teed up. His bill just passed the House and a similar bill is through the Senate. Governor Kelly Ayotte says she’ll sign it when it comes to her desk.
The bill will provide scholarships of up to $5,200 to all kids who attend private schools, up to a total of $100 million.
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Ayotte campaigned on school choice and rolled the teachers union. “Parents know what is best for their children,” she says, “and we want to give every child in this state the opportunity to go to the school or the educational setting that is best for them." What a concept!
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4) New Jersey’s Next Governor May Be a Union Goon
Let’s hope Jersey voters are smart enough to avoid the catastrophic decision woke Chicagoans made when they elected Chicago Teachers Union’s lobbyist Brandon Johnson as mayor in 2023. Johnson’s campaign was almost entirely union-funded.
He now serves one master - and it isn't Chicago residents - but the Union. As could have been predicted, buyer’s remorse quickly set in. A poll last month had Johnson's approval rating at 6.6% - after he tried to raise taxes after promising not to.
Now, the 200,000-member New Jersey Education Association is trying to duplicate this coup in the Garden State. Politico reports that, “an independent expenditure group run by former union leaders say they will spend $35 million in the primary for governor" to elect NJEA President Sean Spiller.
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Spiller is a progressive's dream. He just finished a term as mayor of affluent Montclair, easily the most "woke" town in New Jersey. He backs rent control and automatic pay raises for government workers and militantly opposes school choice. During COVID, NJEA and Spiller urged term-limited Democratic Gov. Phil Murphy to keep schools closed. Test scores have plummeted in Jersey.
If Spiller wins, our advice to our New Jersey friends is that the state is officially irredeemable: Get out of town while you still can.
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5) Chart of the Day
A fabulous book by our friend Leslie Rubin entitled: Why You Should Give a Damn About Economics (we love the title!) has just hit bookshelves.
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It's a reminder of how runaway government spending will take America right off the financial cliff.
One of our favorite charts in the book is this one from Canada’s Fraser Institute, which demonstrates a theme of the HOTLINE: economic freedom causes prosperity.
Why is this SO hard for politicians to figure out?
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6) Madness!
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