Come Join Me at the Common Sense Institute on March 4
Hey gang, I'll be participating in an interesting breakfast (7:30 AM to 9 AM) discussion on Tuesday at the Common Sense Institute in Greenwood Village. I'd love for you to join us. Info is here:
Eggs and the Economy - Common Sense Institute
I note that this event has been ongoing for some years and that the use of eggs in the name is because it's over breakfast but it seems particularly appropriate right now given how, as I've said on the show a lot lately, eggs have become the avatar for the infuriating increase in cost of living.
I probably won't say this on the air because I want to reward people who read the blog: I have a very limited number of "comps" I can give away so if you email me at ross (at) iheartmedia.com and tell me you want to attend, if you're one of the first several to do so I can get you in at no charge.
Just One Thing: Tariff Man arrives in full
This is by far the most dangerous part of Donald Trump's policies: Trump’s Tariff Onslaught Is Coming Faster Than His Team Can Carry It Out - WSJ
I maintain my view that Trump is NOT, contrary to claims by his fawning supporters, only interested in tariffs as negotiating leverage. Do note my use of the word "only" there. I think he's happy to use them for that but I also think he just likes them. It's a way to massively increase taxes on Americans while lying to the public by claiming that foreigners (fer'ners) are paying the tariffs, which is literally impossible. I think Trump has very few actual beliefs but one of them is that free trade is bad and that a trade deficit (which really just means that other countries want to invest in America because the other side of the trade deficit is a capital surplus) means other countries are "ripping us off."
I think that fear of tariffs -- a fear that's absolutely justified -- is already keeping businesses from making formation, expansion, and hiring decisions. Combine that with massive layoffs of federal workers and layoffs from institutions and businesses that rely on federal funding that's being cut back, and I expect both business confidence and consumer confidence to fall fast. (I am NOT saying that I'm against significant reductions in the federal workforce, only that any short-term negative impacts of it will be magnified by the weight of idiotic tariff impositions.)
For what it's worth, I'm not just spouting off here. I significantly reduced my exposure to stocks (even though I still have plenty of exposure) about two weeks ago. So I'm making a real bet on this, or at least taking some risk off the table. I asked my investment guy about other folks who are getting a little defensive and he said my move was the most aggressive. For what it's worth, I hope I'm wrong. And for what it's worth, I typically make a move like this once or twice a decade. Again, I could be wrong, I hope I'm wrong. And I recognize that much of the Trump economic plan is pro-growth and that could offset some of the harm from tariffs. We'll see. It's also possible that ugliness in the markets could cause Trump to back off; it sure seemed to when he first announced tariffs on Mexico and Canada...but now it seems that they're back.
Trump understands his business very well, probably understands most business fairly well, has only a modest grasp of economics, and has no understanding at all of trade economics (which is admittedly difficult) -- or does understand but is willing to lie to the public every day.
In any case, Trump's destructive desire to impose tariffs should scare Americans a lot and Trump supporters need to wise up and not blindly support what almost all economists know is one of the worst possible policies a nation can adopt. Remember, tariffs hurt the nation that imposes them even though politicians never talk about it that way.
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Today's Guests
Matt Rube is VP of business development at Heimdal. We'll discuss the science and economics of carbon capture and sequestration.
Skepticism: (1) One Hundred Diablos - Doomberg
Optimism: Trump's Energy 'Emergency' Sets Up Carbon Capture as a Solution
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Caleb Kruckenberg is Litigation Director at the Center for Individual Rights. We'll discuss the truly ridiculous business filing requirements of the Corporate Transparency Act. I'm subject to this because of a couple of partnerships I have, including one in which I and my retirement account are the only participants. It's expensive and it's nuts and I hope Republicans eliminate this stupid law and rule.
Caleb Kruckenberg - Center for Individual Rights
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Other Stuff
I was pretty upset on the air yesterday about Denver Mayor Mike Johnston's ridiculous idea to add a mandatory 20% service charge to restaurant bills -- AND have that included in the taxable portion of the bill so tax is added to the 20% -- and I am still shocked at how a smart guy could propose something so obviously stupid and harmful. It's typical of the "progressive" mindset; F.A. Hayek called it "the fatal conceit." The idea that just because you're smart means that you have enough wisdom or information to create a policy that's better than what the free market would come up with. Indeed, Johnston's idea (which I suspect he'll back away from in a hurry) reminds me of this timeless Hayek wisdom: "The curious task of economics is to demonstrate to men how little they know about what they imagine they can design."
Johnston floats service fee to cure Denver restaurant woes | News | denvergazette.com
If you're feeling a bit econ-nerdy, this 13-page essay, "The Use of Knowledge in Society" (also by Hayek) is one of the most important short pieces of economic writing of all time: Online Library of Liberty: “The Use of Knowledge in Society” - Portable Library of Liberty
Meanwhile, ALL this trouble was caused by Democrats in Denver, Boulder, and elsewhere raising the minimum wage far too high, too fast, and not exempting tipped workers even as the restaurant industry (and anybody with common sense) was screaming that doing so would put many restaurants out of business. So now the minimum wage for tipped workers is too high and the socialists are fighting to keep it there, apparently forgetting (or never recognizing) that the actual minimum wage is zero: Trolling, attacks and name-calling: Inside the Colorado restaurant wage fight - Axios Denver
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ISW: Putin is trying to manipulate Trump (which should not surprise anyone): Russian Offensive Campaign Assessment, February 27, 2025 | Institute for the Study of War
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I love this story. It reminds me that sanity is taking hold. And also that BP has been one of the worst (in the sense of most anti-energy) energy companies for a long time: BP blames ‘misplaced’ faith in green transition for its renewed focus on fossil fuels | BP | The Guardian
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Planetary parade this evening, but not too easy to see: Planetary parade: Mercury falls into line for rare seven-planet alignment | Space | The Guardian
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1) I am for reducing the size, scope, and cost of government
2) Firing essentially all "probationary", meaning recently hired, employees seems quite stupid. I mean really f-ing stupid. It's likely that the new workers are the ones with the most enthusiasm, perhaps a more modern skill set, and lower salaries.
I applaud DOGE's mission but its methods seem, at least in part, questionable and, if you will, inefficient.
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We were a little ahead of the curve on the show getting you good information a couple of days ago from the head of the Colorado Division of Unemployment. Colorado prepares for impact of mass layoffs on federal civilian workforce
What can and can’t DOGE and OPM do? Judge finds mass firings of federal probationary workers were likely unlawful | AP News
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If this is what it claims to be, I'm in favor of this move. And I absolutely believe the Biden administration would have done what this says. Attorney General Pam Bondi Dismisses DEI Lawsuits Involving Police Officers and Firefighters, Advances President Trump’s Mandate to End Illegal DEI Policies | United States Department of Justice
However, it's not impossible that some departments really do have racist practices.Justice Department ends lawsuits over tests for police and fire jobs - POLITICO
I note that in the case discussed here, the investigation started during the Trump administration: Justice Department Secures Agreement with Durham, North Carolina, to End Discriminatory Hiring Practices in City’s Fire Department | United States Department of Justice
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So there's a slang word that starts with t that means women's breasts and is also used in a metaphor for a company failing, by adding the word "up". So....people are wondering now, is Hooters about to "go t**s up"? Hooters in Talks for Potential Bankruptcy in Coming Months.
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On one hand, I get it. On the other hand, I'd think this risks making it much more difficult to get another job and to get better jobs over time: Micro-retirement is Gen Z’s answer to burnout — here’s why it’s important | Metro News
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Computer security warning: Urgent warning to 3.2m Google Chrome users: 'Delete right now' | Daily Mail Online
Related...and I wonder this is right: Over 3m people who use Apple, Google and Meta had their data harvested by the US government | Daily Mail Online
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Mike Munger on unicorns and magical thinking:
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I've said it a lot but I'll say it again: RFK Jr is a charlatan and grifter who the nation should be ashamed of rather than installing in a position of power and trust. He's made a career of hurting other people's children. It's disgusting that so many Republicans (or anyone else) support him: Some experts question RFK Jr. calling measles outbreak 'not unusual' - ABC News
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I hope Caldara runs this even if SB 005 fails or gets vetoed. If the latter, we cannot rely on the next governor to protect Colorado businesses: Colorado's right-to-work amendment clears Title Board hurdle | Elections | denvergazette.com
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I didn't go to Del Taco much (which may have been the problem) but this sure seemed sudden: Del Taco suddenly closes Colorado locations | FOX31 Denver
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The "Epstein Files" are a dud...but is the FBI hiding relevant documents? The AG thinks so: Attorney General Pam Bondi alleges FBI agents withheld Epstein documents
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The burning question of the day: When your plane lands do you stand up as soon as you can or do you wait until it’s almost your time to disembark?
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Today's Videos
Self-defense lessons
I have gnome idea what to think of this
Wait, what? Please tell me she's just trolling people