56. Find Prosperity in 2022: Opportunity Overcomes Poverty

In this newsletter, I discuss my journey, need for education freedom, surging Texas economy, ways Biden is reducing opportunity, mixed economic outlook, and new COVID-19 wave.

Hello Friend,

Happy New Year! Here’s to 2022!

I appreciate you joining me again for the latest Let People Prosper newsletter. We believe that an inclusive institutional framework with individual liberty, strong families, robust civil society, competitive capitalism, and a constitutional republic best supports abundant opportunities to relieve poverty and let people prosper. This prosperity isn’t just material but spiritual, psychological, etc. that satisfies human desires. Given this understanding and my experience and research as a free-market economist, I provide trusted views on economies and policies across America, especially Texas where I reside, and the COVID-19 situation. Let’s go!

• Personal take:

  We are blessed. The family is well. Please keep us in your prayers.

  Vance Ginn @VanceGinn

  We made it through another year. We not only made it through it but we thrived in every way. Sure, it wasn’t always easy, and many times were very tough, but we’re blessed to be alive in the greatest moment of human existence. Thank you, Lord. Here’s to 2022! #HappyNewYear

  

  • Back in the groove in 2022 with a new outlook: BUILD.

  Vance Ginn @VanceGinn

  I choose a word each year to focus my efforts though I never know where God will take me. After much prayer, my word for 2022 is “BUILD.” #BUILD opportunities to grow in my faith, family, work, & more. What’s your word? vanceginn.substack.com/p/55-better-be… #HAPPYNEWYEAR2022

  

  • Ready to build on ways to fulfill my calling to help others.

  Vance Ginn @VanceGinn

  Check out the 60 commentaries that I published in 2021. That’s a lot of words, but every word matters in the fight for liberty and prosperity! Read them here: thecannononline.com/commentaries/?…

  

• Hot take: Opportunity overcomes poverty! Please read my commentary here.

  Vance Ginn @VanceGinn

  What’s the answer to poverty? I believe it’s opportunity—and hope. But too often govt gets in the way. Here’s my take on evidence from my journey and research. More to come soon on this from @TPPF & partner orgs. thecannononline.com/opportunity-ov… #txlege #congress #letpeopleprosper

  

  thecannononline.comOpportunity Overcomes PovertyWhat’s the answer to poverty? I believe it’s opportunity—and hope. I grew up in South Houston, Texas, an urban area of Houston in the 1980s and ’90s. I lived in a lower-income, single-mother, two-child household. My mostly absent father was on disability due to epilepsy. I had opportunities to atten…

TEXAS & OTHER STATES ECONOMIES AND POLICIES

1. Teacher unions are making it easier to prove the need for education freedom.

   Vance Ginn @VanceGinn

   Big opportunity to expand education freedom! All parents, not just those with means or those lucky to win a lottery, should have a say in the education of their kids to meet their unique needs. Why not poll parents, too? Unions are the worst! @DeAngelisCorey @PolicyQuantsPhD

   

   Corey A. DeAngelis @DeAngelisCorey

   BREAKING: Chicago Teachers Union is polling its membership asking if they would "support a district-wide pause and temporary shift to remote learning." They're also asking if membership would be willing to "participate in a city-wide work stoppage." https://t.co/AOLuOyoXGY

2. TX stronger spending limit supports automatic tax relief (h/t Michael Lucci)

   Vance Ginn @VanceGinn

   Nice piece by @MLucci731 @InstituteCicero! 2021 in review: #Texas puts tax reform on the permanent agenda (which comes from passing a stronger state spending limit) thecannononline.com/2021-in-review… @TPPF @KHancock4TX @DrGregBonnen #txlege

   

   thecannononline.com2021 in review: Texas puts tax reform on the permanent agendaTexas’ 2021 legislative season overflowed into three special sessions and was full of high-impact politics and policymaking. Yet hidden under the headlines was Senate Bill 1336, a bill that sets the stage for Texas’ bright fiscal future. The bill might not have made the biggest splash in 2021, but i…

3. New spending limit was the biggest win for fiscal conservatism in TX & nation!

   Vance Ginn @VanceGinn

   One of biggest 2021 conservative wins—definitely biggest for #Texas fiscal conservatives & likely in nation—is #txlege passing country’s strongest state spending limit built on much of @TPPF’s Conservative TX Budget that save will taxpayers billions of $.

   

   thecannononline.comConservative Texas Budget Helps Keep Texas TexanEvery dollar the government spends comes from taxpayers. The late economist Milton Friedman said, “The burden of government is not measured by how much it taxes, but by how much it spends.” Taxes should only fund limited government at the least economic harm, which Texas does well by depending mostl…

4. See thread on how and why people move with their feet. (h/t Jared Walczak)

   Vance Ginn @VanceGinn

   Good write-up by @JaredWalczak @TaxFoundation on domestic migration and the influence of policies. United Van Lines provides info on why people move. Biggest reported diff between migration to & from #Texas is COST, which is dependent on govt policies. (h/t @JamesHohman) #txlege

   

   

   Jared Walczak @JaredWalczak

   Americans were on the move in 2021, and they chose low-tax states over high-tax ones. That’s the finding of recent U.S. Census Bureau population data, along with commercial datasets released this week by U-Haul and United Van Lines. https://t.co/hJjhsVK6fZ

5. Economic activity and in-migration are surging in Texas.

   Vance Ginn @VanceGinn

   #Texas' economy 'surging' during omicron as some #California businesses voluntarily shut down. More reason for entrepreneurs to move to #Texas where things are open and improving. foxbusiness.com/economy/texas-… #FoxBusiness #txlege

   

   foxbusiness.comTexas’ economy ‘surging’ during omicron as some California businesses voluntarily shut downThe Texas economy is “surging” with no signs of slowdown due to omicron as some businesses in California voluntarily close

6. Like most states, Texas is having record growth in tax collections, return it!

   Vance Ginn @VanceGinn

   👀This is a substantial amount that likely increases the expected excess taxpayer money collected (surplus) that should be returned by providing property tax relief in #Texas. @TPPF #txlege @Glenn_Hegar @TomOliverson @TeamBettencourt @DanPatrick

   

   Texas Comptroller @txcomptroller

   Sales tax collections are up 18.1% compared to December 2019. https://t.co/VWVL1Fz9G5 Compared to 2020, revenue from all major taxes is up: motor vehicle sales and rental 🚗 motor fuel ⛽ oil production 🛢️ natural gas production 🏭 hotel occupancy 🏨 alcoholic beverage 🍸 https://t.co/Gian09vfDK

7. Can you believe they print this stuff? Price controls suck.

   Vance Ginn @VanceGinn

   Central planning fails every time. This “weapon” is central planning which should not be repeated. The problem today is too much govt, why add more? “We have a powerful weapon to fight inflation: price controls. It’s time we use it.” @guardian theguardian.com/business/comme… #economics

   

   theguardian.comWe have a powerful weapon to fight inflation: price controls. It’s time we consider it | Isabella WeberTo prevent inflation after World War II, America’s leading economists recommended strategic price controls. Is there a case for doing so today, too?

8. Texas recently celebrated its independence!

   Vance Ginn @VanceGinn

   #Texas was an independent republic from 1836 to 1845 when it was annexed into USA as the 28th state. The Texas flag can be flown at the same height as the American flag. Texas is extraordinary in many ways and its start is important. thestoryoftexas.com/discover/texas… #txlege #congress

   

   The Texan @TheTexanNews

   On This Day: Texas is officially annexed into the United States of America, becoming the 28th state on December 29, 1845. https://t.co/yYcCbCIK3S

9. Glad to see this from Texas legislators.

   Vance Ginn @VanceGinn

   Good work, @brianeharrison! Sunset review of these federal regulations is not only necessary in a dynamic economy but is also essential for removing obstacles to human flourishing. Either review these regs or remove them. @SecBecerra @XavierBecerra @HHSGov @OMBPress @POTUS

   

   Brian Harrison @brianeharrison

   Biden now proposing to allow nearly 20,000 regulations from the FDA/CDC/etc to burden Texans forever - without review. Proud to lead a coalition of #txlege opposing that. If federal gov won't even review impact of their regs, our constituents should not have to live under them! https://t.co/ob9Vcq9XzQ

10. Inflation picking up in Texas and elsewhere because of the Fed.

    Vance Ginn @VanceGinn

    Good piece by @bradj_TX @TheTexanNews “There will be higher prices in specific locations or particular goods and services based on underlying supply and demand, but ultimately inflation is always & everywhere a monetary problem,” said Ginn @TPPF. thetexan.news/texas-prices-i… #txlege

    

    thetexan.newsTexas Prices Increase as Inflation Exacerbates ShortagesInflation is wreaking havoc on the economy as prices consumers pay for anything from groceries to gas are rising.

U.S. ECONOMY AND POLICIES

1. Latest on the economic and fiscal situation and what to expect in 2022.

   Vance Ginn @VanceGinn

   Watch my interview with @SteveLanceNTD @capitolreport on the economy, shutdowns, and more here: m.theepochtimes.com/capitol-report… @EpochTimes @TPPF #txlege #congress #Biden

   

2. Math is hard.

   Vance Ginn @VanceGinn

   🤔From Apr. 2020 to Jan. 2021 (9 months) under #Trump, 12.6 million jobs were added More than twice as many jobs under #Trump as the 6 million jobs added under #Biden in the last 11 months. #txlege #congress #economy #jobs

   

   President Biden @POTUS

   When I came into office, our economy was in crisis. But over the last 11 months, we’ve added nearly 6 million jobs. That’s the largest increase in recorded history.

3. I’m not sold that it is a strong labor market, and government action is to blame.

   Vance Ginn @VanceGinn

   While this may be the best "job seeker's market" ever, it's misleading because the total unemployed doesn't account for the many people who haven't returned to the labor force. Especially those in what's considered their prime-age (25-54) years. #jobsreport #jobopenings

   

   

   Heather Long @byHeatherLong

   The United States had 1.5 job openings per unemployed person in November. It's the best "job seeker's market" ever recorded. (10.6 million job openings and 6.9 million unemployed in November 2021) #jobs https://t.co/amNYfSbKnT

4. Lots of talk by the White House of “monopoly” businesses but they’re wrong.

   Vance Ginn @VanceGinn

   .@WSJecon: "@WhiteHouse efforts to bring down meat prices aim to foster competition & bolster U.S. farmers in a roughly $213B industry in which 4 largest companies control 85% of beef production & 54% in poultry." New prices phenomenon, not from monopoly power but govt actions.

   

5. Speaking of questionable “monopoly” accusations…

   Vance Ginn @VanceGinn

   Competition to the top among tech companies continues as more people move online & look for value since the shutdown recession. If you don’t like them, don’t use them. Consumer sovereignty is powerful. If govt is propping them up, stop it. axios.com/newsletters/ax… #axiosmarkets

   

6. Deregulation and ending the Jones Act would help with these delays.

   Vance Ginn @VanceGinn

   Bottlenecks are easing, but delivery times index remains well below 50, indicating a slowing of delivery times. This could help bring more products to market faster thereby helping limit or lower some price increases. Inflation won't peak or decline until Fed stops nonsense.

   

7. I’ve got a plan to combat rapid inflation…

   Vance Ginn @VanceGinn

   Plan: Stop spending so much Spend less to reduce budget deficit Leave less debt for Fed to monetize Jerome Powell at the Fed has monopoly power over inflation, but Biden and Congress can cut his ammunition to create it by spending less More here texaspolicy.com/press/what-the… @TPPF

   

   

   Jim Banks @RepJimBanks

   Has anyone seen a plan from Joe Biden or any Democrat on how to get inflation under control??

8. Told ya!

   Vance Ginn @VanceGinn

   As I’ve been saying…paying people not to work will keep them from working. End this nonsensical fiscal policy forevermore. “A new study (by ⁦@MichaelRStrain⁩ et al) shows the enhanced unemployment payments that began amid Covid reduced employment.”

   

   wsj.comOpinion | Pandemic Jobless Benefits and WorkA new study shows the enhanced payments reduced employment.

9. Keep schools open. Or give parents funds to find a school that’s open.

   Vance Ginn @VanceGinn

   “In con­trast to 2020, there is much broader sup­port to con­tinue school in-per­son fol­low­ing the grim record of re­mote teach­ing on stu­dent men­tal health and learn­ing loss.” Finally following science? Parents need education freedom.

   

   wsj.comOmicron Surge Hinders School Reopening PlansK-12 systems nationwide seek Covid-19 tests as Milwaukee decides to start classes remotely

10. Need less government, not more. (see thread)

    Vance Ginn @VanceGinn

    @BruceLesley Here are @census data in 2019 before shutdown recession hurt huge gains under #Trump admin: 1) Highest inflation-adj median household income 2) Lowest poverty rate 3) Large drops in poverty rates by demographic, near lowest for kids More work needed, but big wins for Americans!

    

    

    

    

COVID-19 SITUATION

Latest info: TX DSHS Covid-related data here. The first 2 major waves had restrictions in place. Gov. Greg Abbott lifted state restrictions on Mar. 10, 2021, and blocked local restrictions on May 21, 2021. No need for government-mandated masks, vaccines, or shutdowns. Wave #4 (2021 Winter 2 Wave) recently started with rising cases but hospitalizations and fatalities remain subdued so far.

Vance Ginn @VanceGinn

NEW #COVID19TX #Hospitals #Texas -Wave #4 (Winter 2 Wave) of #COVID cases rising -COVID hospitalizations rising some, likely peaked in Amarillo & El Paso -Staffed hospital beds available in normal range except DFW & Laredo -Fully vaccinated 83.3% for 65+ Liberty>Control #txlege

Vance Ginn @VanceGinn

NEW #COVID19 #Hospitals #Texas 1) Wave #4 (2021 Winter 2 Wave) of #COVID cases underway 2) COVID Hospitalizations mostly subdued, likely peaked in Amarillo & El Paso 3) Staffed hospital beds available elevated (>14%), except in Laredo (5%) Liberty>Control #txlege #Omicron https://t.co/OZXIktIvKo https://t.co/pfHTZIZqsE

1. Unfortunate situation led by teacher unions to try to close schools again.

   

2. Expand freedom to better solve problems.

   Vance Ginn @VanceGinn

   “Coercive solutions deprive us of freedom and the responsibility that goes with it. Freedom is intrinsically valuable; it is also the central component of the best problem-solving system ever devised.” 💯 ⁦@WSJ⁩ wsj.com/articles/coerc…

   

   wsj.comOpinion | Coercion Made the Pandemic WorseFreedom is the central component of the best problem-solving system ever devised.

3. Another cost of the shutdowns and other restrictions by governments.

   Vance Ginn @VanceGinn

   The costs of mistaken shutdowns by governments across US is very high, and we won’t know by how much for years or decades to come. Examples: “Internet scams. Physical violence. Stolen valuables. The pandemic has left older Americans more vulnerable.”

   

   wsj.comElder Abuse Spreads, Stoked by the PandemicOlder Americans are falling victim to fraud, physical violence and neglect as family isolation and staffing shortages erode safeguards

Closing Thoughts

We must remember this important concept when evaluating policy choices.

Given so much government overreach, this is essential.

My prayers this week are focused on this Bible verse.

Vance Ginn @VanceGinn

#Amen #VerseOfTheDay

Thank you for reading and sharing this newsletter. I pray that we continue to fulfill our God-given purpose and flourish. Many blessings to you and yours!

Vance Ginn, Ph.D. | www.vanceginn.com | #LetPeopleProsper