256. Economic Shake-Up: Inflation, Housing, and Texas Reforms | This Week's Economy Ep. 63

Learn how inflation, housing challenges, and Texas reforms could impact you in just 5 minutes!

Hello Friends!

Welcome to Episode 63 of "This Week's Economy." I'm your host, Dr. Vance Ginn, president of Ginn Economic Consulting, a fellow at more than ten free-market think tanks, and former chief economist of the White House’s Office of Management and Budget.

Today, we're diving into key national and state economic issues, including inflation, housing market challenges, and the national debt. Plus, we'll cover significant state issues like Texas' recent runoff election results and what they mean for universal school choice.

Rockstars Can Make A Difference

Did you know that even rockstars can make a difference? On May 25, 2002, I was in a traumatic car accident where we wrecked, going 120 mph, and I was life-flighted to a hospital in Houston, Texas. Here's part of my story (with pics of the car and drumming!) from growing up in a low-income, single-mom household to becoming a drummer in a hard rock band in Houston, surviving a traumatic car accident, experiencing God's grace, and eventually pursuing a calling to help people prosper through policy work and economic consulting. God is good!

📈 Inflation Impact

Inflation continues to be a major concern. The Federal Reserve's ongoing interest rate hikes aim to cool the economy, but what does this mean for you and me? Higher interest rates increase borrowing costs, affecting everything from mortgages to business loans. We need to monitor these changes and understand their broader economic impact. Check out my thoughts on inflation and the Federal Reserve's actions on my Twitter here.

🏡 Housing Crisis

Housing prices are at an all-time high, driven by limited supply and high demand. This has made homeownership a distant dream for many. We must look at market-based solutions, such as zoning reforms and reducing regulatory burdens, to increase housing supply and reduce costs. For more on housing affordability and solutions, see my tweet here.

Federal Spending Problem

“The U.S. Treasury ran a surplus last month, thanks to the April 15th tax deadline. However, the federal government is still on track to end the fiscal year with more than $1.5 trillion in the red. April tax receipts totaled $776 billion — a 22% increase from the previous year. Treasury officials credited part of the jump to the growing number of people working and rising wages. Government spending for the month rose 23% from a year ago, with the biggest increase — $26 billion — coming from higher interest payments on the federal debt. Interest payments have increased due to rising debt and today's high interest rates.” Addressing this requires significant fiscal reforms, including spending cuts and budget prioritization. We must implement policies that ensure long-term economic health without burdening future generations. Explore my perspective on the national debt and fiscal policy here.

🤠 Texas Runoffs & Reforms

Texas' recent runoff election results have significant implications for education policy. The push for universal school choice is gaining momentum, and with the new political landscape, there's a strong possibility that it will pass. Universal school choice would empower parents to choose the best educational options for their children, fostering competition and improving education quality. The Texas Legislature now should have enough votes to cut the bloated state budget, pass a stronger constitutional spending limit, put school district property taxes on a path to elimination, remove occupational licenses, and pass universal school choice. Learn more about the implications of the Texas runoff election results here.

Stadium Subsidies and Economic Policy

My work with the Kansas Policy Institute involves fighting against stadium subsidies. These subsidies often divert public funds from essential services, not providing the promised economic benefits. We need to ensure taxpayer money is used efficiently and effectively. Read more about this issue here.

Let People Prosper Show

Don't miss the latest episode of the Let People Prosper Show with Ryan Bourne of the Cato Institute, where we discuss the war on prices and what can be done to help improve prosperity for all. Next week’s Show will be with Dr. Judget Glock on the housing market and local debt crises.

Quote of the Week

Here’s a great quote from FEE about the importance of free markets and personal responsibility.

Bible Verse of the Day

This verse reminds us of the importance of faith and resilience.

Conclusion

Thanks for tuning in to Episode 63 of "This Week's Economy." We've covered a lot of ground today, from national issues like inflation and the housing market to state-specific developments in Texas. Remember to like, subscribe, and share this episode. For more insights, visit vanceginn.substack.com and vanceginn.com. Until next time, let's keep working towards a more prosperous future!

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