44. Economic Freedom: Does It Matter?
In this newsletter, I discuss the importance of economic freedom to human flourishing, the upcoming third special session in Texas, the latest on the economic situation in U.S., and info on COVID-19.
Hello Friend,
As another week passes, I’ve enjoyed the opportunity to find optimism in our beautiful world. I’m thankful that you’ve continued joining me in the endeavor to find ways to uphold the fact: Free-market capitalism best lets people prosper.
Personal take: The last week has been busy as we’re gearing up at work for the Texas Legislature’s third special session. This includes talking with members of state leadership and legislative offices on ways to improve the Texas model. I also took time to reflect on the 20th anniversary of 9/11 to pray for our country, lives lost, freedoms lost, and families continuing to deal with those atrocious acts. This anniversary should provide further evidence in our country of the need to uphold freedom over the control that others would want us to be under. My mom and sister’s family visited us from Deer Park (near Houston) this past weekend. We had a great time fishing, eating, and catching up. Fortunately, they didn’t sustain too much damage at their place from this week’s Hurricane Nicholas. The immediate family has been doing well as the boys are appropriately keeping us on our toes and my wife is doing great with her business while battling morning sickness. This week will include a trip to SMU’s Bridwell Institute for Economic Freedom where I’ll be on the keynote panel discussing the national economic and fiscal situation and on another panel discussing why people are moving from blue to red states (hint: policies matter!). I’d be glad to speak at one of your events, too.
Hot take: Too many “economists” don’t know much about economics.
Now for the latest on Texas, D.C., and COVID-19 in Texas.
TEXAS ECONOMIC AND FISCAL SITUATION
The Texas Legislature starts the third special session on Sept. 20. Here’s what you need to know regarding the fiscal opportunities.
2022-23 TX Budget < @TPPF’s Conservative TX Budget Here’s how to keep it, responsibly spend #ARPA money, & provide substantial tax relief in 87(3). texaspolicy.com/txbudget/ #txlege @GregAbbott_TX @DanPatrick @DadePhelan @SenJaneNelson @DrGregBonnen @TCCRI @taxreformer @TexasAFP
Institutions matter, here is why people are moving from blue states to red states.
According to C2ER, Texas has a substantially lower cost of living compared with California and Florida. See this thread.
The Census Bureau released the latest data on poverty, income, and other key data showing how the shutdown recession hit Americans hard. Here’s more on it and the result for states.
U.S. ECONOMIC AND FISCAL SITUATION
Don’t miss my latest Ginn Economic Brief on the U.S. situation after recent releases on GDP growth, jobs, and inflation along with pro-growth solutions.
Ginn Economic Brief: U.S. Economic Situation Sept. 2021 We need a pro-growth approach that makes work great again. vanceginn.com/4/post/2021/09… @TPPF #txlege @kerpen @GroverNorquist @patrickmgleason @Taxeconomist @StatePolicy @StephenMoore @FoxBusiness @PaulGreaney_NTD @EpochTimes
The Fraser Institute recently released its 2021 Economic Freedom of the World report. Here’s my co-authored commentary on it with one of the authors.
New inflation data through August indicate this is not a transitory situation though I guess one could define “transitory” how they’d like to support their priors.
The new $5 trillion “human infrastructure” bill by the Democrats would massively raise taxes thereby necessitating more government as the result will be more in poverty. Many organizations are rejecting this nonsense.
More evidence that ending the new temporary federal unemployment bonus did boost job creation.
Here’s info on the fallacy of Modern Monetary Theory.
Student debt reaches a new record high. Here’s what we can do about it.
WHAT’S UP WITH COVID-19 IN TEXAS AND BEYOND
Here is a summary of the latest in the COVID-19 situation in Texas. More on TX DSHS Covid-related data here. Remember the first two major waves in Texas had restrictions in place, but people often forget just like many think the case-fatality rate in the U.S. is above 10% when it is really 1.6% according to Johns Hopkins University. There’s evidence that hospital data isn’t the best":
A new study suggests that almost half of those hospitalized with #COVID19 have mild or asymptomatic cases, @davidzweig reports. @TheAtlantic theatlantic.com/health/archive… @RealBPhil @ChuckDeVore @kerpen @therealarod1984 @DavidBalatHC @GregAbbott_TX @MayorAdler @JohnCornyn @chiproytx
Good overview of why President Biden’s vaccine mandate on businesses with more than 100 employees is likely unconstitutional, but it’s wrong regardless as noted by my boss and friend Dr. Kevin Roberts.
Gov. Greg Abbott lifted state restrictions on March 10, 2021, and blocked local restrictions on May 21, 2021. This 3rd major wave appears different than the first two, as noted below. Although the Delta variant may be more contagious, it isn’t as deadly from either a less severe variant, vaccinations or recoveries that provide antibodies are helping, or some other answer. Let’s hope the situation has peaked with Rt being less than 1 for several days.
NEW 9/14/21 #COVIDTX19 Rt=0.74<1 + 7-day avgs suggest current Wave #3 has peaked Available staffed beds=12.6% (#Austin=13.2%) Case-Fat Rate: Wave #1=2.5%, #2=1.8%, #3=1.5% Since 03/2020: Fat/Pop=0.2%, Case/Pop=10.8%, CFR=1.8% @TPPF @GregAbbott_TX @therealarod1984 #txlege
9/7/21 #COVIDTX19 Rt=0.85<1 & 7-day mvg avgs indicate current Wave #3 already peaked Available staffed beds=13.1% (#Austin=12.6%) Case-Fat Rate: Wave #1=2.5%, #2=1.8%, #3=1.3% Since 03/2020: Fat/Pop=0.2%, Case/Pop=10.5%, CFR=1.8% @TPPF @GregAbbott_TX @therealarod1984 #txlege https://t.co/lVebbUrJGM https://t.co/wpzRxI5IJc
Vance Ginn @VanceGinn
Closing Thoughts
President Jefferson hit the nail on the head, and we’d be wise to take note now.
My prayers this week are focused on the following verse:
Thank you for reading and sharing this newsletter. I pray that we have a wealth mindset based on God’s calling for our lives. Many blessings to you and yours, and have a prosperous week.
Vance Ginn, Ph.D. | www.vanceginn.com | #LetPeopleProsper