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Unleash Prosperity Hotline (Weekend Edition)
Issue #1290
06/20/2025 - 06/22/2025
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1) Never Gone With the Wind
Why, oh why, is it SO hard for Republicans to kill what President Trump calls the “Green New Scam?”
The Senate bill puts these taxpayer subsidies on a de facto lifetime taxpayer life-support system.
Our friends at the Institute for Energy Research have analyzed the fine print of the Senate’s Big Beautiful Tax Bill ([link removed]) . The conclusion from their exam is alarming. They project that many wind and solar projects could be eligible "for federal subsidies through 2040."
WHAT???? Fifteen more years of what President Trump calls the "Green New Scam?" It gets worse.
IER reminds us that the wind production tax credit (PTC) "was originally set to expire in 1999.
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2) Lessons from One of the Greatest Deregulation Success Stories Ever
Former Texas senator Phil Gramm and Donald Boudreaux have a new book out called “The Triumph of Economic Freedom.” ([link removed]) It’s a must read.
They remind us that one of the greatest deregulation efforts of the past fifty years happened at the end of the Jimmy Carter presidency. It was led by a then-liberal economist Alfred Kahn, who ran the regulatory agency and Massachusetts Senator Ted Kennedy.
Here is an amazing quote from Kennedy on why this agency and regulatory structure needed to be dismantled:
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3) The Bumbling Fed Can Lower Uncle Sam's Borrowing Costs
Trump is enraged that the Fed didn't lower interest rates this week. He and many economists believes that lowering the Federal funds rate would lower the federal government's borrowing costs.
Maybe. That's only true if lowering the short-term rates doesn't lead to a rise in long-term rates due to inflation, as happened last year when Jerome Powell cut rates before the election to help boost Kamala Harris.
But there is an easier way for the Fed to lower the federal government's borrowing costs and the deficit by tens of billions of dollars without risking inflation.
End the Obama-era bank rule that essentially penalizes banks for buying U.S. Treasuries and holding them in their reserves. The Fed counts these Treasuries in its risk-insensitive "Supplementary Leverage Ratio ([link removed]) ," functionally treating them as ”non-zero risk” and requiring banks to hold capital against them. This is despite the fact that they are among the safest assets on the planet.
Treasury Secretary Scott Bessent has been promoting this Fed policy change. The current rules reduce the demand for Treasuries, drive up yields, and increase borrowing costs on the $28 trillion debt held by the public.
Bessent's fix is simple: exclude Treasuries from the SLR. That alone would increase banks' purchases of these bonds. The higher demand could lower Treasury yields by an estimated 30 to 70 basis points, saving Uncle Sam up to $70 billion a year.
This could enhance the financial stability of banks, increase bank lending, and reduce the budget deficit.
What is Powell waiting for?
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4) 40 Years Later Bush Was Right on Social Security Personal Accounts
The latest Social Security Trustees Report indicates the program becomes technically insolvent in 2033. The only solution the politicians can come up with is shafting young people, by making them pay more into the system and offering them lower benefits when they retire.
In other words, they want to make a bad deal for our kids even worse. What a solution!
We’ve pushed for transitioning to 401k personal accounts for Social Security for several decades. So we wondered how much money would be in personal accounts now if they had been enacted 20 years ago, as President George H.W. Bush endorsed.
Liberal opponents claimed the accounts would be "too risky" and they killed the reforms.
We put together a simple estimate for each proposed contribution starting during the 2005 Social Security debate (4% for Bush and 6.4% for Ryan-Sununu), based on real median personal income and the annual returns of the S&P 500 over the last 20 years. The average worker would today have a nest egg of almost $200,000 if we had allowed half the payroll taxes to be put into these accounts. Over 40 years, these accounts would hold well over $1 million.
Amazingly, as far as we can tell, not one of the liberals who opposed the idea has apologized for robbing our workers of hundreds of thousands of dollars of wealth.
Worse, they are STILL spreading these lies that personal accounts are "risky."
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5) Last Man Standing
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