To We the People – Just passing this invite along from our friends at the Republican Party of Nassau County:
The Republican Party of Nassau County will be hosting their 2024 Lincoln Day (fundraising) Dinner on Saturday, May 18, 2024, at the Courtyard by Marriott Amelia Island. The event will feature many local, state, and federal officials including: US Senator Rick Scott (as the main speaker), US Representative Aaron Bean, Florida Secretary of State Cord Byrd, State Senator Clay Yarborough, and State Representative Dean Black.
Doors will open at 5:30 PM with a reception and networking until 6:30 PM. A cash bar will be available during the event. Business casual attire is suggested.
Tickets to the event are $150 each (plus a $12 handling fee), and may be purchased through eventbrite at the following link:
Speaking of Republicans….29 US Senate Republicans approved the extension of FISA in the wee hours of the night last weekend. Notice which Republican Senators voted it extend FISA:
On the other hand, both Florida US Senators voted NO last night on the $90B foreign aid bill which passed 79-18. You can see how each US Senator voted here:
The US Govt adds 1.2 Trillion in Debt every 100 days and that is accelerating.
President Biden’s proposal to increase the top individual ordinary income tax is projected to raise $245.9 billion over 10 years.
Biden’s proposed increase in capital gains tax could effectively charge investors more than 100% tax after considering inflation. According to Arthur Laffer, a former advisor to Ronald Reagan, the proposal could more than double the current tax rate for long-term investments for those earning over $1 million.
Biden’s plan, part of his $6.8 trillion budget for 2024, would raise the capital gains tax rate from 20% to 39.6% and add a 5% Affordable Care Act surcharge, totaling a 44.6% tax rate for high earners. Economist Stephen Moore suggests that with expected inflation rates, the real tax rate could soar to 86% or even exceed 110%.
Moore illustrates the issue with an example: If you buy stock at $100 and it rises to $120 in five years, but inflation was 24%, you actually lose money after inflation. Yet, you’d still owe the government 40% tax on the $20 increase, which he calls “sheer idiocy.
Wartime Shipbuilding News
US Navy Shipbuilding Woes Per Megan Eckstein, Naval Warfare Reporter at Defense News, dateline April 24, 2024:
Several of the U.S. Navy’s top shipbuilding programs are running one year to three years behind schedule, as the service and the industrial base grapple with workforce and management challenges.
Navy leaders conducted a 45-day review of its shipbuilding portfolio, following news in January that a first-of-class guided-missile frigate was behind schedule due in part to a workforce shortage at Fincantieri’s Marinette Marine shipyard in Wisconsin.
Coupled with existing delays to the Virginia-class attack submarine construction line and worries those delays might spill over to the top-priority Columbia-class ballistic missile submarine, Navy Secretary Carlos Del Toro that month ordered an “assessment of national and local causes of shipbuilding challenges, as well as recommended actions for achieving a healthier U.S. shipbuilding industrial base that provides combat capabilities that our war fighters need, on a schedule that is relevant.”
A Snapshot of delays
The review’s leaders, Navy acquisition chief Nickolas Guertin and Naval Sea Systems Command head Vice Adm. James Downey, told reporters April 2 the review provided a snapshot of shipbuilding delays and challenges.
Based on current performance, the Navy projects the first Columbia-class SSBN will deliver 12 to 16 months later than its contractual delivery date of October 2027. The submarine is built by General Dynamics’ Electric Boat and HII’s Newport News Shipbuilding.
This is particularly worrisome because the vessel is expected to deploy shortly after its post-delivery testing and training. The Navy is obligated to have 10 SSBNs ready to deploy, lurking beneath the oceans while carrying nuclear missiles. The service is counting on the lead Columbia boat to deliver in 2027 so it can go on its maiden patrol in 2031. With any delays, the Navy will dip below the requirement.
Guertin said the Navy took significant steps prior to the pandemic to reduce risk on this program and accelerate the schedule where possible.
NOTE: The full article, which can be viewed at the link below, goes on to cover supply issues and workforce challenges.
Meanwhile, China produces over half of all cargo ships
Per Foreign Policy magazine:
China produces more cargo ships than all the countries in the world combined. Foreign Policy magazine recalled such data when discussing the US lag in the shipbuilding industry.
The publication provides statistics according to which this industry in theUnited States now accounts for 1% of the world’s, and in China – more than 50%. Over the past year, Beijing showed a 12% increase in shipbuilding.
The magazine believes that China’s goal is to build supply chains that are resistant to possible Western sanctions, since 80% of global trade is carried out by sea.
Beijing generously funds shipbuilding projects. At the same time, the production of ships is almost completely localized.
Western economies will find it difficult to respond to China’s dominance in shipbuilding because their shipyards compete with each other and cannot achieve the concentration of resources that China has, Foreign Policy believes.
Read more detail in columnist Agathe Demarais’ articleForget About Chips—China IS Coming for Shipsat the link below:
