1) China’s Carbon Dioxide Emissions Are Double U.S., India Close To Surpassing Us
Why doesn’t John Kerry just move his whole climate change doomsday melodrama to Beijing or Mumbai? We’re sure they will listen to his self-righteous lectures.
The chart below shows China now has double the CO2 emissions as the United States and will soon have triple our levels of greenhouse gas emissions.
Meanwhile, India is on pace to surpass the U.S. in emissions in the next few years even though their GDP is about one-fifth as large as ours.
And on top of the $5 million is at least 250 years of guaranteed income:
The plan also includes "a comprehensive debt forgiveness program that clears all educational, personal, credit card, payday loans, etc" – which is a little surprising because you would think these debts could be handled by the $5 million and the guaranteed income.
San Francisco is already in a deep budget hole and the only explanation of how the plan would be paid for in the document is: "Introduce a ‘Reparations Tax’ to partially offset additional costs necessary to fund this infrastructure." (Wait, what infrastructure???)
Hello out there in the land of fruits and nuts: did anyone ever teach you that California NEVER had slaves?
3) CTUP Estimate That Biden Shrank 401(k) Plans By $34,000 Was Right On The Money
Well, what do you know; we hit the bullseye.
In our highly publicized study last year, we conservatively estimated that the average 401(k) plan had fallen 25%, from $135k at the start of 2022 to $101k by the end of Q3. This was a result of high Bidenflation and the terrible stock market returns in 2022.
The latest Fidelity Investments report shows we were almost exactly on target: the average 401(k) ended Q3 with a balance of $97,200, falling from $130,700 at the start of the year, a drop of 26%.
4) Texas Goes For Number 1 (In Economy Not Football)
Texas and Florida have been like Secretariat and Seattle Slew neck and neck sprinting past the other 48 states as they vie for the fastest-growing economy. Neither has an income tax and both are right to work.
Texas Governor Greg Abbott’s State of the State message on Tuesday was right on the mark. He will push for tax cuts as well as dramatic school choice and more parental input into the school curriculum. Parents, Abbott said, “deserve the freedom to choose the education that’s best for their child.”
As for the state’s $33 billion surplus, Lt. Governor Dan Patrick says he believes the legislature will raise the homestead exemption from $40,000 to $70,000, reducing property taxes for all homeowners. He also called for an exemption of $100,000 in business property, up from the current $2,500.
As we’ve frequently said, the gap between the success of Red States and the stagnation of Blue States is one of the most important untold stories today – and Texas is about to widen that gap.
5) Meanwhile Progressive Blue States Planning New Wealth Taxes
We didn’t know whether to laugh or cry when we read the Washington Post story yesterday that many blue state governors and state legislators are consulting with leftwing Berkeley economics professor Emmanuel Saez for advice about how to soak the rich. Saez is a discredited professor who says that tax rates can go to 70 or 80 percent without a negative economic effect. He’s been sleepwalking through the last 40 years.
But progressive Democrats take him seriously and here are just a few of the dingbat ideas that have been introduced in blue states all with, as the Washington Post puts it “raising taxes on the rich.”
The Post also notes this is a “coordinated effort” in state capitals.
California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington will introduce Elizabeth Warren-style wealth taxes where citizens get whacked year after year on their lifetime savings.
Illinois, Connecticut, Hawaii, Maryland, and New York are considering raising their capital gains tax or – worse – taxing unrealized capital gains.
Connecticut, Maryland, and Washington want higher income or payroll tax rates.
What is even more devious is that a number of states want these wealth taxes to apply to the wealth of former residents that have already moved out of the state.
Our advice to readers: if you still live in one of these states get out while the gittin’ is good.
