Hey Joe: The Debt Is Supposed to Go DOWN After a Crisis

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Unleash Prosperity Hotline
Issue #633
10/10/2022
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1) Hey Joe: The Debt Is Supposed To Go DOWN After A Crisis
What makes the $4 trillion of debt added by Biden so financially reckless is that in a rational world, we should be running balanced budgets and even surpluses. The chart below shows the historical chart of federal debt since the founding of our nation. After every war and crisis – the Revolutionary War, the War of 1812, the Civil War, World War I, the Great Depression, World War II, and the Cold War, the debt burden fell rapidly.

Biden didn’t inherit a crisis. He inherited a recovery. The Covid crisis was over. The vaccine was just being widely distributed and in the last six months of 2020, the economy was in a rapid economic recovery.

This may be the first time in history that a president ran up the debt in a full-fledged recovery. The irony, of course, is that government spending doesn’t stimulate the economy – it stimulates the government– so Biden’s economic strategy plunged the U.S. back into recession.

If Joe – and Pelosi and Schumer – had simply done nothing, and left the Trump economic policies in place, the economy would be booming.

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2) Now Even The Smart And Successful Young Professionals Are Fleeing Blue States
It used to be that the hundreds of thousands of Americans leaving blue states for places like Florida, South Carolina, and Arizona mainly were older Americans – retirees and near-retirees. We were told that dynamism and entrepreneurship were still found in places like New York City, San Francisco, and Chicago.

Except that the numbers don’t show that anymore. A survey conducted by SmartAsset tracked the movement of so-called “rich young professionals,” a group it described as anyone under 35 earning an income of at least $100,000.

Using IRS data from 2019 and 2020 tax returns, Smart Asset found that a NET of 16,000 upper-income young professionals has abandoned The Big Apple. In California – the technology capital of the world in the 1980s, ‘90s,and 2000s - the net outflow is 8,000.

The top states they are fleeing to are primarily Red States. It turns out, the future is now happening in Texas, Florida, and North Carolina.

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3) The Death Of A Once Iconic American City
Speaking of the outflow from blue states and cities, Chicago just lost another one of its biggest corporate headquarters. The giant food-company, Tysons, is relocating to Arkansas.

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Tyson Foods joins Boeing, Caterpillar, and Citadel among other business giants that have abandoned the Windy City. It is so sad how crime, taxes, horrific schools, and incompetent/corrupt political leadership is killing this once-iconic American city - which was once ironically known as “the city that works.”

How humiliating is it for Chicago’s reputation that businesses are leaving for greener pastures in…Arkansas. (With no offense to our Razorback friends.)

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4) Quote Of The Day – From America’s Favorite Left-Wing Economist
Paul Krugman wrote this in 1998:

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5) Morale At The FTC Worst In All Federal Agencies Under Super-Regulator Lina Kahn
Lina Khan, President Biden’s choice to chair the Federal Trade Commission, has been a one-woman wrecking ball for the American economy.

Now a new study by the Phoenix Center of employee surveys of federal agency working conditions finds that the FTC fell from being the highest-ranking federal agency in 2020 to the bottom water of all agencies in 2021. The decline represents nearly the largest decline of any agency over the past twelve years. Phoenix Center Chief Economist George S. Ford reports that a major reason for the morale problem at the FTC is a lack of respect for senior leadership due to a perceived lack of honesty and integrity.”

The Democrats recently voted to give the FTC even more money and power over the business – and 40 House Republicans voted yes. If we had our druthers, there would be no FTC at all to harass our businesses.

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6) The EPA Discovered Another Wetland For Preservation

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