In Order To Ensure You Can View All The Graphics, ([link removed])
Click Here To View The Hotline In Your Browser ([link removed])
[link removed]
Unleash Prosperity Hotline
Issue #1352
9/18/2025
New to the Hotline? Click ([link removed]) here to subscribe–it's free. ([link removed])
1) What Country Was Jerome Powell Talking About?
Fed Chairman Jerome Powell was full of doom and gloom yesterday, forecasting 1.6% growth for this year and closer to 1.5% next year.
Was he talking about Afghanistan or the United States?
In the second quarter of this year, the U.S. economy grew by 3.3%, and with a few weeks to go in the third quarter, the Federal Reserve Bank of Atlanta is forecasting above 3% growth - twice Powell’s anemic rate.
[link removed]
Powell never mentioned that real household incomes are up $1,100 for the first seven months of 2025. ([link removed])
He attacks Trump’s tariffs and more restrictive immigration policies as restricting growth - and he’s right on that. (See item 2 below.) But he never mentions the Trump tax cut, the immediate expensing for capital purchases (which has spurred an investment boom), the deregulations that could save up to $1 trillion this year, or that Trump’s pro-energy policies have increased U.S. production of oil and gas to record highs, or that the area where job growth is way down is in government employment - which is GOOD for the economy.
There’s also something almost comical of a Fed chair who let inflation soar by 21% and promised it was all “transitory" now terrified of an inflation rate of less than 3% this year.
The Fed should be independent, yes. But it should also be competent and accountable. Under Powell’s reign of error, the central bank has been neither. The end can’t come soon enough.
[link removed] Share ([link removed])
[link removed] Share ([link removed])
[link removed] Share ([link removed])
View on Website ([link removed])
2) End the Aluminium Tariffs
Trump's aluminum tariffs make very little economic sense, because we use aluminum for production of everything from airplanes, to cars, home construction, and Coke cans. But as the chart below shows, and unlike steel, we don’t produce much primary (unrecycled) aluminum:
[link removed]
As we explain in today's WSJ, the tariffs may end up costing jobs.
[link removed]
The U.S. manufacturers hit by Mr. Trump’s tariffs are frustrated. They provide good jobs to Americans yet are getting hammered. Many also compete directly with China—which will be the big winner of the aluminum tariffs. Mr. Trump promised that “there are no tariffs if you manufacture or build your product in the United States.” That has proved utterly untrue…
If the administration really wants a return of good blue-collar jobs, the president should immediately cancel, or at least suspend, the aluminum tariffs.
[link removed] Share ([link removed])
[link removed] Share ([link removed])
[link removed] Share ([link removed])
View on Website ([link removed])
3) You Can’t Make It Up: Jersey Dems Accuse Republicans of Wanting To Raise Taxes
New Jersey’s income tax has a top rate of 10.75% exceeded only by New York and California. Its sales tax is nearly 7%, and property taxes are the highest of all 50 states at nearly double the national average. The corporate tax is also near the highest in the nation. Energy costs - driven by Green New Deal regs - are the 5th most onerous in the country.
According to the Democratic Governor’s Association's new $20 million ad campaign, the tax hike to fear is Republican candidate Jack Ciattarelli, who wants “a 50% sales tax increase” on essentials like food and clothing and is “pushing a 10% sales tax” overall.
[link removed]
What Ciattarelli actually said was that he wants New Jersey to have a tax code more like booming Tennessee - with no income tax and much lower property tax. “We’re going to look at what other states do, and every option is on the table,” he told his audience. Twisting that into a call for a tax hike is false advertising that would get a private business in line for a lawsuit.
Democratic candidate Mikie Sherrill’s own tax relief plan is… well there is none that we can see. We sure hope she has a big pro-growth tax cut plan, but where is it?
[link removed]
[link removed] Share ([link removed])
[link removed] Share ([link removed])
[link removed] Share ([link removed])
View on Website ([link removed])
4) Throwing Money at Public School Doesn't Work
A very interesting chart from our friends at Open the Books shows rising state public school systems payrolls have correlated with falling test scores in recent years:
[link removed]
There were six states that increased their school payrolls by at least 23% from 2019 to 2023. Four of them saw student performance decrease, and one saw no change. Only Utah moved up in the NAEP rankings.
A negative correlation does not prove causation, but it raises another important question: Is the negative correlation more likely the result of increased teacher pay or is higher pay for administrators a factor? …research suggests that an increase in administrator pay is a more likely cause of the negative correlation with student achievement.
[link removed] Share ([link removed])
[link removed] Share ([link removed])
[link removed] Share ([link removed])
View on Website ([link removed])
5) Free Market Capitalism Is STILL the Best Path to Prosperity
We were honored yesterday to participate in the Yale School of Management CEO conference in Washington, with more than 50 Fortune 500 executives participating.
We were especially pleased to see that when this poll question was asked of these top business leaders, these were the results:
More confirmation that Larry Kudlow is right: free market capitalism is the best path to prosperity.
[link removed] Share ([link removed])
[link removed] Share ([link removed])
[link removed] Share ([link removed])
View on Website ([link removed])
6) Can’t We All Get Along?
Know anyone else who would appreciate the Hotline? Please direct them to subscribe at: [link removed] ([link removed])
Have an idea for an item that should be in our newsletter? Send us any charts, statistics, heroes/villains, or humor that you’d like to see featured!
[link removed]
[link removed]
[link removed]
Copyright (C) 2025 Unleash Prosperity. All rights reserved.
You are receiving this email because you opted in via our website.
Our mailing address is:
Unleash Prosperity
1155 15th St NW Ste 525
Washington, DC xxxxxx-2706
USA
Want to change how you receive these emails?
You can update your preferences ([link removed]) or unsubscribe ([link removed])
