54. Non-Stop: Keep Fighting for Liberty & Prosperity
In this newsletter, I list 10 things happening in Texas and other states along with 10 things on the U.S. situation along with COVID data to let people prosper.
Hello Friend,
Welcome to the Let People Prosper newsletter where we believe that free-market capitalism best lets people prosper. Given my experience and research, I provide you with trustworthy views from a free-market economist on the economic and fiscal situations in Texas and the U.S., along with the COVID situation.
Personal take: My family is finishing 2021 strong. I hope you are as well. We will be visiting with family over the next couple of weeks. My wife and I had a great time recently watching the musical Hamilton in Austin. I’m a Jeffersonian but I appreciate the work that Hamilton did, and I’m a fan of the musical. Check it out on Disney Plus if you haven’t yet. One of the songs that resonate with me is “Non-Stop.” My wife has told me that I don’t know how to stop even when I’m on vacation. I’ll technically be on vacation the next two weeks but you’ll still see me around because I guess I am truly non-stop. Ha! But that’s because there’s more to do in the next couple of weeks to let people prosper, but I’ll be slowing down some of my work to get some work and focus on Christ, family, my health, and friends. I hope you’ll do the same.
Hot take: End corporate handouts of taxpayer dollars.
Now for the latest on Texas, D.C., and COVID-19.
TEXAS ECONOMIC AND FISCAL SITUATION
My interview on how Governor Abbott took my approach. Watch:
The latest on today’s state-level jobs report…
Overview of the latest report on personal income by state.
Institutions matter for economic freedom and outcomes.
UPDATED with latest data. Institutions Matter: Reasons People Move From Blue California and New York to Red Texas and Florida A reason: Economic Freedom! texaspolicy.com/institutions-m… @TPPF @FraserInstitute @pgessing @deanstansel @salnuzzo @JamesHohman
Read my commentary on the strengths and weaknesses of the Texas Model.
My Conservative Budget approach is making a difference!
MT Sen. @MarkBlasdel notes the benefits of the @FrontierMontana’s Conservative Montana Budget in his commentary in contrast to the major costs of what #Biden is doing in Washington. Agreed! Spending matters. #killthebill @Cotton_MT @TPPF @StatePolicy @ALEC_states https://t.co/SLisN1jAEL& read how @MTSenateGOP is calling on Washington D.C. to get its spending under control https://t.co/BNFZLIaiGE
Frontier Institute @FrontierMontanaLeave Chapter 313 property tax abatements dead.
Don’t raise Ch. 313 from the dead. Texas doesn’t need it. If claim need for corporate handouts, then choosing winner in foreign-to-Texas business over loser in Texas businesses and families. Instead of this corporatist approach, let’s eliminate property taxes! #txlege @TPPFAfter 20 years, the #Txlege opted against renewing the state's largest corporate tax incentive program — which has wiped many billions of dollars of property taxes off the books for companies. Will lawmakers really let it die? via @cassi_pollock https://t.co/3sO6CmalMd
Rebekah Allen @rebekahallenBe careful what you believe.
Nobel winning economists made specific contributions to the field but that doesn’t mean everything they say thereafter is gospel. Basic economics tells us that the #BBBA will make the current high spending, high deficit, high inflation situation worse. #killthebill @TPPFSeventeen Nobel Prize-winning economists wrote a letter affirming that the Build Back Better Act would reduce longer-term inflationary pressures in the economy. Congressional Republicans are united against the bill.
Kamala Harris @KamalaHarrisFor the sake of Texas and the nation, excess money creation must stop.
The #Taylor rule per different scenarios (my preference is closer to Alt 3), suggests a spike in the fed funds rate similar to Volcker's to slay #inflation. That was after Carter's & Fed's terrible policies and this time after #Biden's & Fed's awful policies. @EconomicsOne
The ECB's interest rates are lower than our and its QE even more vast. So it's a ridiculously dark omen that our inflation rate remains so much higher than Europe's. It defies basic Keynesian monetary policy and could require a Volcker caliber adjustment. https://t.co/zhaO3PARot
Tiana Lowe @TianaTheFirstHere’s how inflation happens…
Congress’ excessive spending creates deficits making national debt funded by Treasury securities Debt = $29T, exceeds GDP by 26% Fed increases balance sheet (now $8.7T) by primarily buying that debt ⬆️Balance sheet=⬆️Money Too much money chasing too few goods=#Inflation👇
Massive U.S. Debts Could ‘Trap’ Powell as Fed Fights Inflation #txlege https://t.co/UDaIlK61cM
Matt Schaefer @RepMattSchaefer
U.S. ECONOMIC AND FISCAL SITUATION
15 ways that the Build Back Better Act is a travesty…It’s at least dead in 2021.
See @TPPF’s one-pager on the 15 ways that the $5T #BBBA costs Americans tremendously by bankrupting our future, purpose, and nation. texaspolicy.com/build-back-ban… #txlege #congress @chiproytx @DanCrenshawTX @JohnCornyn @LindseyGrahamSC @RepublicanStudy
Check out the latest Ginn Brief on the U.S. economy.
My interview on how inflation is created and made worse by D.C.
Don’t miss my interview with Robert Pratt on the high cost of inflation!
You don’t want to miss this important conversation on #inflation that’s the highest in a generation. Thank you, @PrattonTexas! It’s always a pleasure to have these important discussions with you. @TPPF #Biden #Fed #txlege #congress https://t.co/MoN8I57MNLPratt on Texas today at 5pm: Vance Ginn, PhD, chief economist at the Texas Public Policy Foundation, talks about the dangerous of inflation, what causes such, and what needs doing to rein it in. https://t.co/2w4fbdCbXO
Pratt on Texas @PrattonTexasWish we had more fiscal conservatism in Washington.
Agreed… But… What happened with limiting spending in deficit deal, stopping the bad “infrastructure” bill, & promoting pro-growth policies like ✅Responsible American Budget ✅Cutting taxes ✅Ending Jones Act ✅Others to help with spending+debt+inflation crisis? #congress https://t.co/CpAJi6eQj9The big story of the year is the worst inflation in almost 40yrs. It is a tax on Americans. Families have had to spend $3,500 more than they did last year just to tread water. It is directly attributable to Democrats' multi-trillion-dollar inflationary spending earlier this year. https://t.co/NgwT9Q70qB
Leader McConnell @LeaderMcConnellEnd the distortions in the energy market…
The result in Germany of making a concerted policy effort to choose unreliable sources of energy over reliable ones like #Biden’s green energy boondoggles will do if they’re not stopped. Let markets work. @Life_Powered_ @TPPF @AEA @TexasAllianceEP @T_I_P_R_O #txlege #congress https://t.co/IFpy5nTiHVGerman power prices have gone vertical as European natural gas costs soar (on geopolitical worries and tight supplies). https://t.co/cZA9bL7gkT
(((The Daily Shot))) @SoberLookToo many bad policies that are pushing us down a path to socialism.
Can you believe some things people say?
.@SpeakerPelosi, do you know that your progressive policies benefit certain companies, like unreliable energy, over others? Might be good to know the result of your actions before making such a statement. But I agree we should return to a free market economy with limited govt.REPORTER: "Should members of congress and their spouses be banned from trading individual stocks while serving in congress?" PELOSI: "No...We are a free market economy. They should be able to participate in that." https://t.co/2SNqSCwFEU
Townhall.com @townhallcomThe Fed keeps screwing up.
Don’t miss my colleague E.J. Antoni’s take on the costs of the BBB.
COVID-19 IN TEXAS AND BEYOND
Latest info: TX DSHS Covid-related data here. The first 2 major waves had restrictions in place. Hospital data aren’t always best. Gov. Greg Abbott lifted state restrictions on Mar. 10, 2021, and blocked local restrictions on May 21, 2021. Wave #3 ended without government-mandated masks, vaccines, or shutdowns. Good evidence to avoid these in future waves. Things are heating up in Amarillo and El Paso, with staffed bed availability an issue in Laredo. But otherwise, the situation looks okay in Texas.
NEW #COVID19 #Hospitals #Texas Available staffed beds=14% (#Laredo=2.8%) COVID hospitalizations=5.2% (#Amarillo=21.3%) Since 3/20: Fat/Pop=0.25%, Case/Pop=12.3%, CFR=2.0% Winter 2021 "wave" is weak so far compared to Winter 2022 wave #Freedom>#Control #txlege #OmicronVarient
NEW #COVID19 #Hospitals #Texas Available staffed beds=13.9% (#Laredo=2.9%) COVID hospitalizations=5.3% (#Amarillo=23.6%) Since 3/20: Fat/Pop=0.25%, Case/Pop=12.1%, CFR=2.0% Est. % Infected: ~70% % Vaccinated 1 Dose: ~70% Reaching toward herd immunity? #Freedom>#Control #txlege https://t.co/ccNTvENVC9 https://t.co/JtIkJA0rl7
Vance Ginn @VanceGinnMy commentary on a research paper that I was on the advisory council by the Georgia Center for Opportunity on the costs of shutdowns with little to no benefit to mitigating the pandemic.
Here’s more on that commentary highlighting key research.
Closing Thoughts
This!
My prayers this week are focused on this Bible verse as I’m praying for us to rejoice always, pray continually, and give thanks in all circumstances.
Thank you for reading and sharing this newsletter. I pray that we continue to fulfill our God-given purpose. Many blessings to you and yours!
Vance Ginn, Ph.D. | www.vanceginn.com | #LetPeopleProsper