293. Contract With America Turns 30 | Weekly Prosperity Pulse 3

Friday newsletter with key insights on pressing issues.

Welcome to my Friday newsletter. I hope you’re doing well and had a blessed week. This week, I visited Washington, DC, for the Club for Growth Foundation fellowship event, for which I’ve been a fellow this year, and have the opportunity to celebrate the 30th anniversary of the Contract with America. It’s a great organization with fantastic people.

Let’s dive into this week’s updates!

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Highlights

• I was on The Mandy Connell Show to discuss the continuing resolution passed by Congress that kicks the proverbial can down the road of needed reforms.

• My Testimony Before the Texas House Select Committee on Sustainable Property Tax Relief on 9/26/2024. I wrote about how Texas can eliminate property taxes, but Texas needs politicians with the courage to do it. Find out how at the link!

• The size of the economy expanded at a faster pace than previously reported. This is a statistical game that they play to revise data for years when they get “new data,” another reason to be cautious of their figures when reported and after revisions. More here.

• Check out my discussion about the Texas budget and more on the Luke Macias Show. If you want to know the ins and outs of the budget, this episode is for you!

• I did an interview on KTRH News Houston on how inflation-adjusted median household income in 2023 remains 0.7% below its level in 2019. No wonder many people feel worse off today than they did four years ago.

• With the Federal Reserve recently cutting its federal funds rate target by 50 basis points to a range of 4.75% to 5%, Kansas must reassess its economic policies to prepare for the challenges ahead. Lower interest rates may offer short-term relief by reducing borrowing costs, but the continued risk of inflation demands long-term reforms.

• Check out my latest commentary and first article at

  Discourse
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• Is the supply-demand imbalance in healthcare an example of catastrophic failure? Yes, but not market failure, because healthcare is not a free market. Check out my latest co-authored commentary with Dr. Deane Waldman in the Real Clear Health:

• After 2020, the Federal Reserve printed way more money than in 2008, so inflation increased. This increase in money creation fuels higher prices, and the effects aren't over yet. Government mistakes, like overspending, are a big part of the problem. The Fed is creating money to cover massive debt, worsening inflation and hurting our economy. To fix this, we need strict rules to control how much money the Fed can create and how much the government can spend. This will stop politicians from making the same mistakes and keep inflation from spiraling out of control. It’s all about making the right choices politically profitable.

• Two ways to balance the federal budget within a decade:

  1) Faster economic growth of 1pp per year would bring in $3.5 trillion more tax revenue over a decade.

  2) Slower spending growth of just 1% increase per year would save $11.9 trillion over a decade.

  = Balance the budget by 2032.

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What I’m Learning

• Don’t miss this excellent discussion with Milton Friedman and former Dallas Fed President Richard W. Fisher.

Let People Prosper Show podcast

The Let People Prosper Show features deep discussions on topics ranging from defense policy to empowering women in the workforce:

• Episode 115 (Yesterday):
  I interviewed Jessica Melugin, Director of the Center for Technology & Innovation at the Competitive Enterprise Institute, to discuss critical issues surrounding technology policy, including social media regulation, antitrust overreach, and the future of innovation in the U.S.

• Episode 116 (Next Thursday):
  Don’t miss next week’s episode with  Ben Ayanian for a fantastic conversation about how good intentions don’t make good policy. He graduated from the University of Minnesota, studying philosophy, business law, and political science. He is also the author of the book Beyond Intention: How Progressive Economic Policy Initiatives Would Harm Society's Most Vulnerable.

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Quote of the Week

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Bible Verse of the Week

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Conclusion

Thanks for joining me on this journey to promote economic freedom and prosperity. I hope this Weekly Prosperity Pulse keeps you informed, inspired, and ready for the week ahead. If you aren’t already a paid subscriber, now’s a great time to join for exclusive content and deeper dives below the paywall. And be sure to share this newsletter with your family and friends.

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