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Unleash Prosperity Hotline
Issue #1289
06/19/2025
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1) Blue Collar Boom

It's still very early in the Trump term and the fate of trade deals and tariffs could disrupt this trend, but real wages are finally rising again.

Treasury Secretary Scott Bessent stacked up real, inflation-adjusted wage growth under Trump this year with the start of other recent presidential terms. It's an eye-opener:
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2) NOW Who Owns U.S. Steel?

In our "if you see something, say something" watchdog role, we have been reading the fine print of the Nippon-U.S. Steel deal.

We have always been strong advocates of the Nippon Steel acquisition. It makes sense for the U.S. economy, American steel workers, and the U.S. Steel shareholders.

But in some ways, it looks like the U.S. government did the acquiring here. Or at least Uncle Sam is now a part owner.

The deal requires Nippon Steel to give the U.S. government a "golden share" in the company, and entitles the American president to have a de facto veto power over some of Nippon's American operations.

Those broad presidential veto powers include:
* Any decision to relocate U.S. Steel's headquarters from Pittsburgh, Pennsylvania.
* Reducing or delaying the $14 billion of investments into U.S. Steel
* Transfer jobs outside the United States
* Closing or idling plants for economic reasons.

Deal supporters say the arrangement simply reflects powers a president already has under the Defense Production Act. Perhaps. But it's a dangerous precedent for the politicians to tell private companies how to operate. We don't want statist capitalism. And best of luck to Nippon management in somehow making a profit under these conditions.
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3) America's "Don't Invest Here" States

One of life's enduring mysteries is why California, the technology capital of the world and New York, the financial capital of the world, impose virtually the highest taxes on investment returns on the planet.

Talk about slaying the goose that lays the golden eggs. It would be like Nebraska imposing the world's highest taxes on corn production or Texas the highest tax on oil.

It should be no surprise that California's Silicon Valley, though still dominant in tech, is losing its wide lead. And Wall Street keeps battering investors with "soak the rich" tax policies that are diminishing its stock trading primacy.
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4) On Tuesday, New Yorkers Pick Their Poison

Speaking of the sad decline of New York, betting markets give democratic socialist Zohran Mamdani a one-in-three chance of winning next Tuesday's Democratic primary for mayor of New York City. He is backed by AOC, Bernie Sanders and seemingly every other left-wing nut with a voice in New York politics. He promises everything from a rent freeze to free childcare to more unionized public sector workers.

He wants to raise the corporate tax rate to the highest in the country and wants a millionaire tax on top of the existing millionaire tax, further raising the rate to the highest in the nation.

Mamdani has a chance because the Democratic primary uses ranked-choice voting, where if no candidate is the first choice of a majority of voters, the race goes to an "instant runoff." The last-place candidates are eliminated until one candidate is left with more than 50 percent support.

The problem is the other leading candidate for mayor, the disgraced Andrew Cuomo, is still reeling from sexual harassment scandals and the hundreds of Covid-related deaths at nursing homes due to his backward policies.

John Catsimatidis, the honorary chairman of Unleash Prosperity, and a lifelong New Yorker, warns that if Mamdani wins "we may consider closing our Gristede supermarkets and move our corporate offices to New Jersey."

So sad that in a city with 8 million people, the two leading choices are corrupt and incompetent.

Is it too late to bring back Rudy?
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5) If You're Happy and You Know It Clap Your Hands

We dont hear many of our liberal readers clapping.

Nate Silver produced this chart showing that across every imaginable demographic, conservatives are happier than liberals. Which raises the age-old question: does being conservative make you happy, or does being happy make you conservative?
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6) Round ‘em Up!

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