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2) Pride Cometh Before the Fall

From the Fauci diaries May 21, 2020:

"Today I am the most famous and talked-about person in the country."

This is like a Shakespearean tragicomedy, because today Fauci is the most infamous person in the country.

And while we are on the subject of Fauci's fame, there was no one more guilty slavish devotion to Fauci than the media.

This video makes you laugh and cry.

3) CBO Wins Our Maxwell Smart "Missed it By That Much" Award

Speaking of frauds and cheats, we now dial back to the Biden years when the White House rammed through a Democratic Congress the ironically titled Inflation Reduction Act.

HOTLINE readers know we at UP were among the first  policy groups to expose the phony budget “savings” in the IRA from drug price controls and the Medicare Part D redesign.

Now it's official. We were right, as this half-trillion-dollar mea culpa from CBO shows:

In its February 2026 baseline, CBO added about $700 billion to the projection of Part D outlays over the 2026 - 2035 period…. Roughly $550 billion of that increase reflected new information concerning the 2026 Part D bids. In CBO's assessment, the redesign [i.e. the Inflation Reduction Act] was the leading driver of those higher bids.

House Budget Chairman Jodey Arrington issued this statement:

We have once again confirmed that Democrats, with CBO's analysis in hand, sold the American people a false bill of goods in the Inflation Reduction Act. Combined with the Joint Committee on Taxation's $600 billion miscalculation of the cost of the Green New Deal tax credits, we now know the IRA cost Americans $1.3 trillion more in new deficit spending.

A TRILLION DOLLAR ERROR is unusually bad work, even in Washington, DC.

4) Will Democrats Solve the Affordability Crisis?

Since 81% of the inflation since Covid happened under Biden, not Trump, the obvious answer is no. Tax increases, price controls, and runaway new spending programs will make deficits, borrowing costs, and inflation worse.

This chart shows the path of inflation over the past 10 years. It was worst when Dems were in charge.

Fortunately, most voters get this. CNN data analyst Harry Enten says many Republicans are apathetic about voting in the midterm elections, but most Democrats don't believe their party will change things for the better if they win.

Only 4 of 10 democratic voters see Dem politicians as the solution to inflation  

"Enten cites a new CBS News/YouGov poll: "The impacts of Democratic policies on your cost of living, only 41% say help. Hurt or wouldn't change it, the clear majority, nearly three in five, 59%. If, in fact, Democrats can't take back control of either the House and/or the Senate, and if Trump can stop 'em, this is what's going on."

5) Thank You For Your Success

An excerpt from a great WSJ letter by our Economic Advisory Council member and financial wizard Rob Arnott, on how much the much-maligned super-rich contribute to the rest of society:

I was en route to the airport in Moline, Ill., nearly three decades ago. I was speaking on my chunky cellphone with a client about Alan Greenspan's "irrational exuberance" speech, reassuring him that equities were still a good investment.

When the call ended, the driver said something startling: "Thank you for your success." I asked why my success made him grateful. He replied, "First, because of your success, you're a paying customer for me. Second, you would not be successful unless you have a product that makes your customers happy, and that makes the world a better place."

In a healthy capitalist system with strong rule of law and a light regulatory burden, success means producing something people value more than its price and are therefore happy to buy…

Thirty years on, I still remember my driver's insight. His wisdom wasn't his gratitude for me; he didn't know me. It was his rejection of resentment and his respect for those who succeed. Most success is earned by improving an ever-changing world. In a world awash in the politics of envy, he practiced a politics of gratitude. Instead of resenting success, can't we be grateful when achievement is fairly earned?

6) No Wonder He Took the 5th

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