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Unleash Prosperity Hotline
Issue #1284
06/12/2025
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1) New York Now Spends Twice As Much Per Person As Florida

David Ditch of EPIC explains in one chart the explosion in government spending in New York:

"In 2000, New York State spending per capita was already 30% higher than Florida. By 2024, New York spent 133% more per capita than Florida... The results of these different budgetary approaches have been stark. From 2000 to 2024, New York's population grew 4.5%, while Florida's grew 45.6% - a tenfold difference."
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The Medicaid picture is even more stark:
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Congress should not force the rest of America to subsidize this runaway freight-train of state government, by making more of New York's exorbitant taxes deductible on federal returns. This just rewards waste and profligacy.
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2) Bessent Now Added to the List of Potential Next Fed Chief

Our White House spies now tell us that our Final Four list to replace Fed Chairman Jerome Powell as reported in Tuesday's Hotline was incomplete. We listed Hassett, Kudlow, Laffer, and Warsh as the final four, but we're now told there's a fifth contender: Treasury Secretary Scott Bessent.

We're told Trump is thrilled with the job Bessent has done in steering the economy out of trouble and may want him to run monetary policy at the Fed. He'd be a great pick in our estimation, but we're not sure we can afford to lose Bessent at the helm of Treasury.
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3) World Bank Admits Trump Was Right: It's Not a Level Playing Field on Trade

President Trump has been widely criticized for declaring that most of the world imposes higher tariff and non-tariff trade barriers on the U.S. than we do on them.

Now, the World Bank's top economists have effectively endorsed President Donald Trump's complaints and have called for U.S. trading partners to agree to lower tariffs across-the-board.
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"This favorable access to the U.S. market could not be sustained indefinitely," says Indermit Gill, the World Bank's chief economist.

We still hope that Trump will offer bilateral zero tariff deals with our major and friendly trading partners.
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4) Is California on Pace for $8 a Gallon Gas?

Speaking of blue state dysfunction (see item 1 above), maybe a better reason for protests in Los Angeles would be the absurdly high prices in the Golden State, thanks to years and decades of green extremism.

Gas prices in California average $4.67 per gallon, while the national average is $3.12, according to AAA ([link removed]) . It's effectively a $1.50 cent a gallon tax for living in the once-Golden State.
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And prices are expected to shoot higher - much higher. A study published last month by a professor at the University of California says prices could soon be $8 per gallon.

One refinery, Valero, announced in April that it's leaving California next year. The company's CEO said, the state's regulations were "the most stringent and difficult of anywhere else in North America." Another refinery, Phillips 66 Wilmington, is closing later this year. And let's not forget that last year, Chevron announced it was moving its headquarters from California to Texas.
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"We have a crisis on our hand that may have been self-created by the actions perhaps taken by the state, by regulators," said David Alvarez, a state assemblyman, last week. And even the liberal Governor, Gavin Newsom, is now saying he wants refineries to stay open in California.

Did we mention that California is an oil-rich state?
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5) Bye Bye Bidenflation

The two biggest reasons Trump won in November and Democrats lost were runaway inflation and the surge of illegal immigration. Border czar Tom Homan solved the border disaster in about six weeks.

Now, yesterday's inflation report shows consumer prices headed back to the Fed's target of 2%. The chart below shows the comparisons between Biden and Trump (during his first term) and the very early returns so far in Trump 2.0.
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6) The Future?

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