More On What Went Wrong?

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Unleash Prosperity Hotline
Issue #656
11/14/2022
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1) More On What Went Wrong?
We noted last week that the paradox of the 2020 election debacle is that even though 70% of voters say the country is headed in the wrong direction, they went to the ballot box and voted exactly the same way they did in 2020. There was virtually no change. Why? This fascinating analysis below from Financial Times provides some useful and disturbing insights that help explain the conundrum. We have become tribal voters.

At the time of writing, less than five percent of midterm voters have changed allegiance since 2020. This is the second lowest amount of vote-switching recorded in a US election since data collection began in 1952, narrowly beaten by the general election two years ago.

Usually such political tumbleweed would imply apathy, but this uniquely American inertia is instead the result of voters feeling more strongly about politics than ever before. This renders crossing the aisle unthinkable for all but a tiny minority.

In the early 1970s, when asked to rate their feelings towards their political opponents from 0 (icy dislike) to 100 (positively glowing), Republicans and Democrats alike placed their rivals at just above 57. Hardly a warm embrace, but cordial enough. Since then, and especially in the past two decades, that has fallen to a frosty 20. Simultaneously, the share of Americans who say there are big differences between the parties has doubled from 40 percent to 80. Essentially, US politics is calcifying.

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2) Biden’s Schitzophrenic Energy Policy
This was the actual headline from National Public Radio’s website yesterday:

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Well, Joe. Which is it? One day he shamefully attacks the oil and gas industry as “wartime profiteers.” The next day he is “doing all I can to reduce gas prices.”

One day he wants to “close down fossil fuels,” except if they are produced in other countries. (He announced at the climate change summit that he wants to give countries like China and India a free pass from the strict environmental standards he will impose here at home.)

Methane, ladies, and gentlemen is natural gas. Natural gas, ladies and gentlemen, is what heats our homes, provides power for our factories our steel mills, the internet, and keeps the lights on.

And, natural gas is CLEAN. It is the reason that America has reduced our greenhouse gas emissions more than any other major nation. So, if you are in favor of reducing carbon emissions, why kill the gas industry?

What is so frustrating is that while Biden declares war on Natural gas in America – even though we are the nation with 300 years supply – Europe and other nations are embracing natural gas as green energy and they are right and Biden is dead wrong. This isn’t just bad economics, it’s terrible for the environment.

Turn Off the Spigots?

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3) Britain Crashes Into Recession – Will Raise Taxes
As another sign that the world has been knocked off its axis, the Brits are now officially in recession with two straight quarters of negative growth. (At least the Brits aren’t redefining a “recession” as Biden has tried to do.).

The new “conservative” Prime Minister Rishi Shunak and his finance minister announced on Friday their plan to combat the recession by...raising tax rates.

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Why the hard times on the other side of the pond? Britain foolishly locked down big time during COVID under Boris Johnson and then borrowed and spent to prop up their economy. As a consequence, their gross output is smaller today than at the end of 2019. That’s nearly three years of no growth.

Except for the government sector, which has soared.

Government Spending in Britain
Raising taxes worsens recessions it doesn’t solve them.

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4) Why Georgia Runoff Still Matters
With the apparent continuation of Senate Democratic control, all eyes shift to the Georgia runoff election on December 6. Between incumbent Democratic Senator Raphael Warnock and Republican Herschel Walker.

Conservative sources in the state tell us that they are having trouble raising money or motivating volunteers for Walker. The skeptics argue that since Senate control is with Democrats, there is no real difference between Republicans having 49 Senators and 50 Senators – because Vice President Kamala Harris breaks ties.

But the race does matter a lot. The current Senate power-sharing agreement provides for equal numbers of members on committees, some minority rights on discharging nominees and bills, and equal staffing levels and office space.

In addition, in a Senate with 51 Democrats, no single Democratic Senator can block nominations or floor action.

In short, it is vital that the Senate remain tied even with Kamala.

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5) Another Democrat Donor Crashes And Burns
It’s fascinating to us how the media doesn’t talk about the nefarious influence of big money in politics anymore – because THEY get the preponderance of the “evil, dark” money these days. And have you noticed the pattern that so many of the crooks who get carted off to jail are major Democrat donors? Harvey Weinstein and Bernie Madoff jump to mind.

And so we now have the amazing downfall of another swindler, Sam Bankman-Fried, the Democrats' second-biggest donor this year.

Bankman-Fried is the 30-year-old billionaire whizkid CEO of crypto exchange FTX. His fortune has evaporated amid allegations his entire “crypto-empire” may have been a vast Ponzi scheme.

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Bankman-Fried was Joe Biden's second-biggest donor in 2020. He initially pledged to spend $1 billion on political donations this year. He ended up giving closer to $40 million, probably because of the impending collapse at FTX.

Bankman-Fried became a hero to liberal and “woke” Democrats by championing something called “effective altruism” which had billionaires justifying their profits because they promised to give them all away.

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Now Bankman-Fried has become a pariah with many prominent Democrats pretending who are suddenly pretending they never even met him or heard of him.

Uh-huh. And they never heard of Madoff and Weinstein…. Just remember this the next time Democrats pontificate about ending “corrupt money in politics.”

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6) Full Speed Ahead

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