38. In Search of Sanity: COVID-19 Risk & Government Spending

I discuss the need for sanity regarding rising threats of government action to deal with the Delta variant, massive federal government spending proposals, excessive property taxes in TX, and more.

Hello Friend,

I hope you’re having a fantastic week with many opportunities to prosper. As always, thank you for subscribing to this newsletter, and please share with others who also agree (and even if they don’t): Free-market capitalism best lets people prosper!

• I recently had several productive meetings at the Texas Capitol to discuss how the Legislature can work to eliminate property taxes.

  Vance Ginn @VanceGinn

  Another beautiful day at the #Texas Capitol. #txlege @TPPF

  

• Property taxes are on the minds of Texans. The time for real cuts is now.

  Texas Public Policy Foundation @TPPF

  70% of Texans say property taxes are a “major burden for them and their family” and crave change. Are you one of them? #lowertaxesbettertexas #txlege

  

• Here are a few books that I’ve read so far this year.

  Vance Ginn @VanceGinn

  Here are several books that I’ve read this year. What about you?

  

Let’s get to the economic and fiscal situations in Texas and D.C.

TEXAS ECONOMIC AND FISCAL SITUATION

• The state-level jobs report was recently released. Here’s my take on what’s going on in Texas, how the Lone Star state compares with other states, and what are the policy implications to improve things. (jobless claims info here)

  Vance Ginn @VanceGinn

  An insider’s insight on today’s economy: #Texas #txlege texaspolicy.com/texaseconomy/ via @TPPF

  

  texaspolicy.comAn insider’s insight on today’s economy: TexasTexas’s economy is improving after the destruction from the pandemic and forced business shutdowns. The opening of the economy on March 10, 2021, helped bring some normalcy as many return to work, excessive government restrictions cease, and civil society improves. This normalcy is supported by wins…

• TPPF recently released the bold proposal “Lower Taxes, Better Texas” to eliminate property taxes in Texas. This would start by either immediately or over time eliminate school district maintenance and operations property taxes, which comprise 43% of total property taxes statewide and even higher for many Texans. Watch this news segment with my interview to learn more.

  Vance Ginn @VanceGinn

  Proposals to cut property taxes almost in half getting attention in Austin news4sanantonio.com/news/trouble-s… #txlege #Texas @TPPF

  

  news4sanantonio.comProposals to cut property taxes almost in half getting attention in AustinMon Jul 19 2021 It’s one thing Texans don’t love about Texas: the property taxes. Our property tax bills are the seventh highest in the nation. Some lawmakers claim they have a way to cut your property taxes almost in half. Most of your property tax payment goes to pay for public schools. So, in ord…

• We have an extraordinary opportunity to go big on lowering property taxes during a special session, but Texas Democrats running to D.C. is keeping this and other good policy from being happening. And there are indications that some Democrats also want to eliminate property taxes, as their hefty burden hits everyone across the political spectrum. Here’s an overview of my recent Special Edition newsletter and the benefits to families.

  Vance Ginn @VanceGinn

  Fed up with high #propertytax bills? Want #txlege to do something about it? Check out this edition of the #letpeopleprosper newsletter. vanceginn.substack.com/p/special-edit… @txbiz @taxreformer @yct @TPPF @JamesQuinteroTX @GAWTP @GregAbbott_TX @TeamBettencourt @TomOliverson @TXRealtors

  

  vanceginn.substack.comSpecial Edition: Lower Taxes, Better Texas -- Eliminating Property TaxesIn this special edition of the newsletter, I highlight my latest TPPF report on a bold proposal to eliminate nearly half of the property tax burden and unleash prosperity in Texas.

  Vance Ginn @VanceGinn

  Families benefit from @TPPF's "Lower Taxes, Better Texas" proposal. Here are avg effects on families from the redesign option to eliminate nearly half of property taxes in #Texas. Families could receive >$1,000 in annual net tax savings! More: texaspolicy.com/lower-taxes-be… #txlege

  

• Texas Democrats are still not at work, which Democrats seem to like the notion of not working as most of their economic policies disincentivize work and investment that is used to create jobs. There was some hope they would return soon but those hopes faded quickly. It looks like not much will happen before Governor Abbott’s first called special session ends on August 7th so he will likely call the second one for August 8th. Stay tuned!

  Vance Ginn @VanceGinn

  ❤️Texans in #Texas say we’d appreciate care packages of property tax relief. Before Aug. 7, we’re looking for at least $5B in property tax cuts and path to eliminating nearly half of property taxes. No shipping necessary. TY! Here’s what we want: texaspolicy.com/press/tppf-rel… #txlege

  

  Dallas Democrats @dallasdemocrats

  💙 Our Dems in DC said they’d appreciate care packages from home. Before 5pm Tues, we're collecting Dr. Pepper, salsa, hard candy, hairspray, travel toiletries, hand sanitizers, sewing kits, first aid, and/ or $ to pay shipping. TY! 📍 9am-5pm, M-F 1414 N. Washington Ave, Dallas https://t.co/PgZHQTy10h

• My friends at ALEC published a good paper on state-level debt.

• Check out my commentary on how Texas is leading the way in fiscal policy.

  Vance Ginn @VanceGinn

  My latest @TPPF: Conservative Texas Budget Helps Keep Texas Texan Responsible fiscal policy since 2015 has improved state—with more to do. How did this happen? 👉thecannononline.com/conservative-t… #txlege #Texas @GregAbbott_TX @DanPatrick @KHancock4TX @DrGregBonnen @SenJaneNelson

  

  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…

U.S. ECONOMIC AND FISCAL SITUATION

• Given the looming debt ceiling fight, here are key considerations and policy recommendations by my colleague Wes Coopersmith, which the key is to control spending to provide fiscal sanity in D.C. (See Responsible American Budget)

• My TPPF colleague E.J. Antoni published an excellent piece on inflation created by the Fed’s poor policies, which are paired with poor fiscal policy.

• E.J. Antoni and I also published this one on the need to return to normalcy.

• Good piece on setting the record straight on income inequality by two of my former colleagues at the White House.

• Here’s one of several upcoming attempts to educate folks on the differences between capitalism and socialism.

  Vance Ginn @VanceGinn

  #Socialism did not make America great, nor will it provide for a more perfect union. While we’ve moved toward socialism, Americans should appreciate #capitalism to advance human flourishing. thecannononline.com/life-liberty-a… @TPPF @HumanProgress @feeonline @FreedomWorks #Cuba @aier @yct

  

  thecannononline.comLife, Liberty, and the Pursuit of CapitalismMany Americans have historically associated “socialism” with things like the Red Scare, Nazism, the Cold War, and McCarthyism. Today, that fear has largely faded—particularly among young people—and has instead become a love affair. A recent Axios/Movement poll found that 51% of 18 to 34 year-olds vi…

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. Data on demographics at the U.S. level. Research on the ineffectiveness of lockdowns in slowing the spread of the novel coronavirus. Another piece noting how we will always have coronaviruses, we need to start better understanding risk and drop the ridiculous lockdowns and mask mandates to better align the risk with the policies while understanding the direct and indirect costs of those policies.

• Given the evidence of the situation and questionable results of mandates and restrictions by governments at every level, Gov. Greg Abbott lifted the state restrictions on March 10, 2021, and local restrictions on May 21, 2021.

  Vance Ginn @VanceGinn

  NEW: 7/25/2021 #Texas #COVID19 7-day trend: New cases⬆️& New fatalities⬇️ COVID-19 hospitalizations/hospital capacity=7.2% (#Austin=6.9%) Available hospital capacity=23.5% (#Austin=19.9%) @TPPF #txlege @RealBPhil @bradj_TX @MattRinaldiTX @MattMackowiak dshs.state.tx.us/coronavirus/ad…

  

  

  

• Fortunately, Gov. Greg Abbott recently said this:

  Vance Ginn @VanceGinn

  “no mask mandate imposed, and the reasons for that are very clear,” said @GregAbbott_TX. “past the time of govt mandates” & “into the time for personal responsibility.”“Kids will not be forced by govt or schools to wear masks in school.”✅ google.com/amp/s/news.yah… #txlege @TPPF

  

  google.comTexas Gov. Greg Abbott says he won’t impose new mask mandate despite increasing COVID-19 casesAs the delta variant spreads, the state’s positivity rate on Sunday breached 10% for the first time since February; 43% of Texans are fully vaccinated.

• An interesting study by economist Casey Mulligan at the University of Chicago:

  Vance Ginn @VanceGinn

  Let’s do better about understanding risks, as policy responses aren’t aligned. “For each 22 million unvaccinated students and teachers schooling in-person for a 5-day week during the pandemic, the expected number of fatalities among teachers and their spouses is one or less.”

  

  caseybmulligan @caseybmulligan

  My article on the health costs of in-person schooling is now published. In unvaccinated schools under the prevention protocols used Fall 2020, the risk of in-person teaching for a day was similar to this risk of driving a short distance in a car. https://t.co/wxJt0V1NKK

Closing Thoughts

Here is a good representation of economists (ha!): 

Vance Ginn @VanceGinn

It's complicated being an #economist. #EconTwitter #txlege #congress @TPPF @JamesQuinteroTX @alexwsalter @PeterBoettke @EconomicsOne @caseybmulligan @aaron_hedlund

My prayers this week are focused on the following verse:

Vance Ginn @VanceGinn

Too often we depend too much on politicians, experts, and others. Depend less on humans and more on God. Doing so provides answers to overcome troubles with His help.

Thank you for reading this newsletter and sharing it with your network. I pray that we know that no matter the times of trouble that the Lord is good and He will provide for us because He wants us to prosper in every way. Many blessings to you and yours, and have a prosperous week.

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