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Unleash Prosperity Hotline
Issue #1243
04/14/2025
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1) This Chart Scares Us and It Should Scare Everyone in Washington

The chart below, sent to us by economist Mark Skousen of Chapman University, shows that over the past several weeks, we have seen a coincident rise in the interest rate on the 10-year Treasury and a decline in the value of the dollar against gold and other currencies.

These are both BAD financial signs. The 10-year Treasury interest rate has fallen slightly in recent days, but is at 4.5% and up about 80 basis points from six month ago. This could be linked to a threat of higher inflation and a loss of confidence in the American economy. In addition, the hike in rates make the budget deficit worse because the U.S. government has to borrow at higher interest costs.

The 5% fall in the value of the dollar is also problematic. The dollar decline means that at the margin, investors are starting to bet against America as the world's financial safe haven.

The politicians seem to have forgotten that American workers get paid in dollars, so a fall in the dollar's value is like a hidden tax on worker paychecks. It also contributes to higher import prices - thus contributing to inflation.

Some economic voices in the White House favor a weaker dollar as a way to bring down the meaningless trade deficit. No, it's a way to make America poorer. Don't go there Mr. President.
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2) America's $300 Billion Annual Trade SURPLUS in Services

Over the past 20 years, the U.S. has run a near $5 trillion surplus in financial, digital and other tech "services" that are often not counted or undercounted in our trade deficit figures.

According to a 2023 analysis by the Council of Economic Advisers, "Digitally-enabled services encompass those services predominantly delivered over information and communication technologies (ICT) networks. Some examples of digitally-enabled services include licenses to use computer software, cloud computing/data storage services, and royalty payments for industrial designs to manufacture specialized equipment.
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In other words, in global trade, the U.S. has come to dominate the technology service industries of the future, while the rest of the world provides America with the mundane and low value-added products of the past.

We are winning.
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3) Americans Continue to Flee High-Tax States

A new report from the nonpartisan Tax Foundation is the latest confirmation of a HOTLINE evergreen: "Americans are continuing to leave high-tax, high-cost-of-living states in favor of lower-tax, lower-cost alternatives."

Of the 26 states whose overall state and local tax burdens per capita were below the national average in 2022 (the most recent year of data available), 18 experienced net inbound interstate migration in FY 2024.

“Meanwhile, of the 25 states and DC with tax burdens per capita at or above the national average, 17 of those jurisdictions experienced net outbound domestic migration."
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4) Minor Miracle: DOGE Is Trying to Make Government Taxpayer-Friendly

The mainstream media has been unrelentingly hostile to Elon Musk's DOGE program to reform the federal government. Some outlets have gone so far as to downplay or ignore the vandalism and fires directed at Musk's Tesla cars.

But last week, NBC's Nightly News aired a report on the Pennsylvania limestone mine where hundreds of workers process retirements of federal employees.
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"It's an analog operation, all done on paper," Garrett Haake reported. "It can take months for the Office of Personnel Management to process a case, potentially delaying retiree benefits. The facility has literally miles of files. Some 26,000 filing cabinets filled with retirement paperwork....a process long seemingly set in stone."

AirBnB co-founder Joe Gebbia, who has been made the point man by Musk to modernize the entire federal retirement system asks: "Why can't we have an Apple Store-like experience in the government - where you have great user experience, beautiful design, and up-to-date software?"

Anyone who has had to deal with a government agency for information or service probably feels like Beetlejuice, who is in a waiting room with this ticket number and they are currently serving number 3:

DOGE is trying to create a customer service-friendly federal government. What a concept.
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5) Jay Leno Leads the Charge to Save California's Classic Cars

Jay Leno, the retired host of "The Tonight Show," is still on TV with a program showcasing his passion for classic vehicles.

Jay Leno's Garage features his personal collection of 181 cars and 160 motorcycles. But Leno has become so fed up with California's insistence that all vehicles built in 1975 or later undergo a strict smog check, that he's decided to turbocharge a deregulation effort.

Leno led a rally last week in Sacramento to push "Leno's Law, which would allow vehicles built before 1990 to be exempt from smog inspections. Otherwise, he warns classic car enthusiasts will flee to Nevada, Texas and other states with more rational standards.

"California helped invent car culture--from lowriders in East L.A. to muscle cars in the Central Valley.," Leno told legislators. "I watched the movie industry get decimated. Everybody moved out of California, they charged so much to film.... I don't want to see the hot rod business or mechanical business leave the way the film business did."

"Our classic cars are only driven for special occasions, weekend drives and car shows," he says. "Very few shops have the special equipment to test them, so I end up driving more miles to get many of my cars checked than I normally drive them in a year."

We're happy to report that Leno's bill was approved by the state Senate's Transportation committee on a 7 to 2 bipartisan vote the day he testified. We will keep you posted.
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6) Learning from Each Other

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