2024 Recap: Election Insights, Policy Wins, and Sound Money Solutions | This Week's Economy Ep. 92
Celebrating Progress in Fiscal Responsibility, Tax Reform, and Education in 2024
Hello Friends!
As 2024 ends, let’s reflect on a year filled with significant progress and challenges. From the election results to bold policy initiatives and much-needed conversations about sound money and inflation, this year has highlighted the ongoing need for fiscal conservatism and economic freedom. Here’s an overview of the year’s biggest stories, key wins, and essential reads to carry us into 2025. Watch the episode on YouTube below, listen to it on Apple Podcast or Spotify, and visit my website for more information.
ELECTION RESULTS OVERVIEW
With Donald Trump winning the presidency, economic reform and government improvements took center stage. His proposed Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy, aims to cut wasteful spending and increase transparency. This innovative approach is a promising step in tackling excessive government spending that burdens taxpayers.
KEY TAKEAWAY:
The next four years will be shaped by a focus on tariffs, immigration reform, and tax cuts. We must ensure that these policies drive prosperity without unintended consequences like inflation or market distortions.
Related:
THE FEDERAL RESERVE AND SOUND MONEY
Inflation remains persistent, with the Federal Reserve’s core PCE inflation hovering at 2.8%, exceeding its 2% target. Despite rate cuts, the Fed’s bloated $7 trillion balance sheet sustains inflationary pressures.
Why Sound Money Matters:
Avoiding Past Mistakes: Premature rate cuts resemble the missteps of the 1970s, risking another inflationary spiral.
Reducing the Fed’s Balance Sheet: Returning the balance sheet to 6% of GDP—around $1.75 trillion—would stabilize liquidity and promote long-term growth.
Pro-Growth Policies Are Essential: The most sustainable path forward is to pair monetary restraint with fiscal discipline. The Trump administration must prioritize policies that reduce government spending and empower the private sector to lead growth.
Related:
STATE-LEVEL POLICY HIGHLIGHTS
- Tax Competitiveness Gains Nationwide
Texas proposed bold reforms to phase out property taxes, while Louisiana improved its tax system through simplifications. Kansas also made strides, though more work is needed to eliminate income taxes and enhance competitiveness. (The Case for Eliminating Property Taxes)
- School Choice Expansion
Over 30 states expanded school choice, including universal school choice programs in Florida, Iowa, and hopefully soon, Texas. These policies empower families, create competition, and improve educational outcomes for students nationwide. (My Testimony before the Texas House Committee on Public Education)
- Deregulation and Economic Freedom
States like Arizona and Florida led the way in reducing bureaucratic barriers, streamlining permitting processes, and fostering innovation. These efforts are crucial to unleashing economic growth. (Fraser Institute’s Economic Freedom of North America 2024)
FEDERAL POLICY HIGHLIGHTS
- DOGE’s Bold Mission
The Department of Government Efficiency sets a precedent for reducing federal overreach by tackling inefficiency and waste. Combined with congressional action, this approach could significantly lower the national deficit.
- Inflation’s Impact
Rising prices continue to erode purchasing power. Fiscal and monetary reforms—reducing government spending and controlling the Fed’s balance sheet—are critical to addressing this challenge.
PERSONAL WINS & OUTREACH
Sustainable Budget Advocacy:
I’ve championed cutting spending and tying any spending growth to a maximum rate of population growth plus inflation to ensure fiscal discipline. My work with Texans for Fiscal Responsibility, Pelican Institute, Americans for Tax Reform, and many other great institutions highlights how sustainable budgets can strengthen economies.
Expanding the Conversation:
Through The Let People Prosper Show, I’ve discussed economic freedom, corporate welfare, energy innovation, and education freedom with influential leaders like John Taylor, Judy Shelton, Pete Boettke, Stephanie Slade, Steve Moore, John Tillman, Veronique De Rugy, and many others. These conversations are helping shape public policy and encouraging free-market solutions.
Pro-Taxpayer Testimonies:
My outreach efforts, from advocating for property tax elimination in Texas to promoting tax reform at the federal level, continue to advance policies that allow people to prosper.
2024’S TOP READS
Here are my favorite books from this year that I recommend for anyone interested in economics, liberty, and prosperity:
Money, Greed, and God: Why Capitalism Is the Solution and Not the Problem by Jay W. Richards. An insightful defense of free-market capitalism from a moral and practical perspective.
Basic Economics: A Citizen's Guide to the Economy by Thomas Sowell. A timeless guide to understanding economic principles without jargon.
The Case Against the Fed by Murray Rothbard: A compelling argument for reforming the Federal Reserve.
For the Least of These: A Biblical Answer to Poverty by Anne Bradley and Art Lindsley. A faith-based perspective on addressing poverty with economic freedom.
LOOKING AHEAD TO 2025
This year has been about building momentum for economic freedom. As we move into 2025, we must focus on:
Passing pro-growth policies that reduce taxes, spending, and regulations.
Promoting sustainable budgets at the state, local, and federal levels.
Expanding school choice to empower families and improve education.
Advocating for sound money to combat inflation and restore purchasing power.
Thank you for joining me on this journey toward prosperity. Together, we can ensure that America remains a beacon of opportunity for all.
Keep reading with a 7-day free trial
Subscribe to Let People Prosper to keep reading this post and get 7 days of free access to the full post archives.