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Unleash Prosperity Hotline
Issue #565
06/28/2022
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1) Wait! Wasn’t Biden Supposed To REDUCE Greenhouse Gas Emissions?
The amazing shale revolution that vastly expanded America’s natural gas production over the past decade was a highly effective technological innovation that REDUCED our greenhouse gas emissions.
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But the 10-year trend of declining C02 emissions actually ended when Biden took office. The conventional explanation for this is that as the U.S. economy opened up after Covid emissions rose. But that is only part of the story. Iconoclastic environmentalist Michael Shellenberger explains why:
"In 2021, emissions in the U.S. increased *mostly* bc of increased coal use, *not* bc of higher econ growth. Why? Because nat gas became more expensive. Why? Because of inadequate supply. Why? Chronic *under-investment* in production & pipelines, thanks to ESG & climate activists."
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Congratulations, Joe. To save the world from greenhouse gas emissions you... increased greenhouse gas emissions and Trump cut them.
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2) Illinois Audit Finds 50%+ Fraud Rate iI Pandemic Unemployment Assistance
Matt Weidinger of AEI dug into a little-noticed audit report in Illinois to find these shocking numbers:
The report by Illinois’ auditor general states that the Illinois agency, which administers both state and federal unemployment benefits, paid $3.6 billion in federal PUA benefits during state fiscal year 2021. The report describes “overpayments associated with ID theft and traditional fraud within the PUA program” as “unprecedented.” Specifically, the audit states that ID theft overpayments under the PUA program totaled over $1.8 billion—or 50.4 percent of the $3.6 billion in PUA payments.
Needless to say, a private company with fraud rates at even a fraction of those levels would be out of business.
This was the $600 per week unemployment benefit for the self-employed who "self-certified" that they lost income due to the pandemic. Every COVID spending program had an appalling fraud rate but unsurprisingly given its program design, this may have been the very worst. When these fraud rates were revealed to House Democrats, one Rep. was dismissive: “When you spend this amount of money that quickly, you’re going to have some fraud.”
“SOME” Congressman?
Democrats have resisted more audits and oversight of federal welfare programs. They even tried (but fortunately failed) to make this program permanent.
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3) Chevron Hightailing It Out Of California
After a 140-year monumental presence in Northern California, Standard Oil (now Chevron) is moving its headquarters to Texas.
McKesson and Charles Schwab have also announced plans to move their headquarters from San Francisco to Texas as well.
But Chevron’s departure is a more historic blow to the state’s pride. It was founded in California 140 years ago and made the state’s earliest commercial oil discovery. In 1926, it adopted the name Standard Oil Company of California.
California has the highest income tax in the nation and Texas has no state income tax. But the hostile environment to oil and gas among the California pols may have been the final push.
In 2019, legislators almost passed a punitive 10% oil and natural gas severance tax. Governor Gavin Newsom has made no secret of the fact he wants to run oil companies out of the state as he pursues plans to ban new gasoline-powered cars by 2035.
The shame is that California is one of the most energy-rich places on the planet with large shale deposits. For now, the Golden State will keep that treasure chest buried in the ground.
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4) New York Judge Slams Brakes On Noncitizen Voting
A state Supreme Court justice has ruled that a new law allowing 800,000 noncitizens to vote in local elections in New York City was unconstitutional. The case will be appealed to the Court of Appeals, the state’s highest judicial body, but it’s a promising start.
Justice Ralph Porzio noted that the state’s constitution explicitly says only eligible citizens can vote. But the hyper “woke” and defiant City Council passed the law allowing green-card holders and work visa holders the vote last year.
Our own election expert John Fund notes that “the New York law is part of a nationwide push to blur the very meaning of citizenship and promote noncitizen voting everywhere and for all offices.”
Senator Marco Rubio of Florida, himself the son of Cuban immigrants, has introduced a bill to prohibit federal funding to states and localities that allow foreigners to vote. Rep. Gary Palmer of Alabama is introducing similar legislation in the House.
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5) Running Out Of Gas In France
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