|Unleash Prosperity Hotline
Issue # 142
|1) U.S. Economy Continues to Sizzle
More evidence hot off the presses of the amazing American economic miracle eight months after the pandemic. Unemployment insurance claims fell below 800,000 for the first time since March, according to the Labor Department. Some 15 million Americans have come off unemployment since March – the greatest stretch of job recovery ever.
More good news. There are now more job openings in America, 6 million, than at any time during the Obama-Biden Presidency.
All of these job numbers would be much better still if it weren’t for the “lockdown” blue states that still have 10% unemployment rates. Why would any rational, thinking person believe that putting the Democrats in charge of our national economy would be a wise thing to do?
|2) New York Literally Has No Plan B: It’s Bailout or Bust
New York is stalling for time and praying a federal bailout is coming after Election Day.
The Wall Street Journal reports that New York governments and authorities face a gargantuan $59 billion in revenue shortfalls.
Governor Andrew Cuomo says said services will be cut and taxes will increase if Congress doesn’t send direct aid to states and cities hit by the pandemic. He openly admits he is postponing decisions in the hope Democrats make big gains on Election Day.
“My position is, the state is not liable for this deficit. It was caused by the federal government’s negligence.” What a crock! This from the governor who admitted about his policies to combat the virus: “We don’t know what we’re doing.” There HAS been severe government negligence. But it has been in Albany and in New York City Hall. Trump didn’t shut down New York’s economy – its businesses, stores, restaurants, churches, schools, warehouses. Cuomo and de Blasio did. They broke it; now they want residents of Texas, Florida, Tennessee, and other states to fix it.
“I’m not taking action to close the deficit—the federal government has to make up for the deficit,” Cuomo says. Tom DiNapoli, the state’s comptroller says “There really is not a plan B.”
Actually, there is. New York could live within its means. Just one example: it spends $76 billion on Medicaid – three times what Florida spends even though Florida has more people than New York.
E.J. McMahon of the Empire Center, a free-market think tank in Albany, points out that the state will face a reckoning sooner or later. “The gap is not going away,” he says. “Anything (Cuomo) gets from the feds is just a temporary tiding over.”
Maybe New York’s fiscal chaos is one reason Governor Cuomo is having his allies float his name to become Attorney General in a Joe Biden administration. He might want to get out of town before all the bills come due.
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