39. Keeping Optimistic: Avoid the Noise
In this newsletter, I highlight what's going on in Texas, America, and with COVID so that we're better prepared with institutions that best let people prosper.
Hello Friend,
It’s another fantastic week for prosperity and liberty, though some try to infringe on it. Thank you for subscribing to this newsletter, and please share with others who also agree: Free-market capitalism best lets people prosper! And always unsubscribe if you wish not to receive this newsletter. I’ll keep cutting through the noise in the media and by politicians while finding ways to keep optimist because there’s so much to be optimistic about even when things seem lost.
Personal take: My family has been doing well and is continuing to find ways to improve our livelihoods. My wife’s life-coaching business, IVF This, is doing well. You might find it of interest if you’re like us and have had fertility issues in the past. We’ve been going through this process for our third child (first was spontaneous conception and second was through IVF), so please keep us in your prayers. Work at TPPF (sign-up for our daily newsletter) is going very well as we continue to find ways to push the envelope for new ideas to let people prosper, which we’re going through our policy idea phase for the next legislative session in Texas in 2023 while working on issues in other states and at the federal level. I’m thankful to have the opportunity to be the Chief Economist at this extraordinary, family-oriented do/think tank that turns sound research into good policy. God is good and we’re blessed. I hope the same for you.
Let’s get to the economic and fiscal situations in Texas and D.C.
TEXAS ECONOMIC AND FISCAL SITUATION
The economy is picking up in Texas contributing to higher sales tax collections.
Sales tax receipts are up rapidly as the #Texas economy is fully open & people are returning to dignity of work. Expect more economic growth from spending restraint during regular session & hopefully property tax relief in a special session. #normal #txlege @Glenn_Hegar @TPPFJuly sales tax collections continued to see major growth from non-retail sectors. Receipts from retail trade are still the most elevated, with no signs of slowing. 📈 Details in our latest press release: https://t.co/y8SYjnW5KP #txlege https://t.co/XEOHE2CeaQ
Texas Comptroller @txcomptrollerSpending restraint is the key! Here’s what’s been going on in Texas. I’m hopeful that the conservative budget approach will be picked up by every free market-leaning think tank in the nation at the state level and federal level.
#Texas leads in fiscal restraint since 2015 by keeping budget below pop+inf & passing stronger spending limit. How? 1) New state leadership 2) @TPPF’s Conservative TX Budget thecannononline.com/conservative-t… @GregAbbott_TX @DanPatrick @SenJaneNelson @KHancock4TX #txlege @TxFreedomCaucus
I’m going to keep messaging this:
Check out this nonsense by a so-called “pastors” Twitter handle in Texas:
Equating public education through government schools to be God’s will would be laughable in general but it’s actually sad because this group of “pastors” seem to believe this nonsense. #txlege #misinformationPrivatization of public education is a perversion of God’s will for all children to receive an equitable and quality education. ALL. The Biblical vision for humans is to name God’s world. (Gen 2) Only the public can ensure this. #txed #txlege
Pastors for Children @pastors4txkids
U.S. ECONOMIC AND FISCAL SITUATION
Check out my radio interview on the costs of socialism.
These progressive reckless spending proposals must be rejected.
Don’t miss my TV interview on the terrible “infrastructure” bill:
The Republican Study Committee had a good overview of this bill here:
Agreed! Thank you for noting how this is a BAD "infrastructure" deal that should be rejected along with the forthcoming "human infrastructure" deal. Here's more on why it should be rejected from @TPPF thecannononline.com/reject-democra… @RepublicanStudy @_Alexa_Walker #Congress @RepJimBanksThe bipartisan infrastructure proposal floating around the Senate is essentially a Green New Deal Lite. Check out the latest #RSC memo from Chairman @RepJimBanks explaining the top 10 reasons to vote no: https://t.co/BgdtCI2Pp0
RSC @RepublicanStudyYou can’t make this stuff up about the “infrastructure” bill (and more here by Brad Polumbo):
What sort of ridiculous economic theory is this? Deficit spending driving demand is a Keynesian view, while tax cuts supporting supply is a Supply Sider view. My free market view is removing govt obstacles by cutting spending, taxes, & regs for more liberty & prosperity..@SecretaryPete on the infrastructure bills: "If we get both of these bills passed and signed, it will also help ease the inflationary pressures, by helping improve the labor markets." https://t.co/nKU2XHwUst
The Hill @thehill
This can’t be good as yet another asset price continues to soar from the Fed’s excessive money creation and shortages from government policies.
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 thankfully lifted the state restrictions on March 10, 2021, and local restrictions on May 21, 2021. As you know, I’d prefer it if there had been no lockdowns or mandates so that freedom and entrepreneurial activity could have better dealt with the situation with far fewer opportunity costs that we won’t know the full extent of for likely decades to come.
With the data in my tweet below from TX Department of State Health Services and assuming we’re testing accurately, I'm not as worried about the COVID-19 cases or testing because of the number of people vaccinated or recovered so they have antibodies that will help reduce the severity of the reaction from the novel coronavirus. We will have this coronavirus with us just like we do the seasonal flu, which is a coronavirus, so we need a better way to react to it based on freedom and personal responsibility.
These trends are similar to hospitalizations & deaths related to #Covid_19. This virus will always be around but how we react must improve. Vaccinations should always be voluntary. Freedom trumps control. I chose to be vaccinated but understand there are risks either way.This. This. A thousand times, this. https://t.co/TB24b1JIbl
Aaron E. Carroll @aaronecarrollWhat I do watch is available hospital capacity, no matter what the reason is for hospitalization, which can be a leading indicator of deaths, though this relationship is breaking. There is evidence that RSV is rampant this year and contributing to some decline in available hospital beds. If one is interested in "flattening the curve to not overwhelm hospitals," which is what was sold to Americans for lockdowns and mask mandates, then the available hospital bed capacity is really the only variable to consider. Available beds as a share of total bed capacity in Texas is about normal now across the state. Stop the fearmongering and political value signaling.
Massive costs to kids from shutdowns in general and by government schools.
“@McKinsey analysts find that students adversely impacted by school closures could earn $49K to $61K less over their lifetimes as a result. This may amount to a $128B to $188B annual loss to the US economy as the affected generation eventually enters the workforce.” @brad_polumboSchool Shutdowns Will Cost Students a Staggering Amount in Lifetime Earnings, New McKinsey Analysis Shows. By @brad_polumbo https://t.co/41qKFD7RlO
FEE @feeonlineMore on the situation in this WSJ piece on Florida hospitalizations:
Closing Thoughts
Here are my favorite economists. Whom are yours?
On July 31, it would have been the late economist Milton Friedman’s birthday!
Economist Thomas Sowell makes an important point that only he knows how:
My prayers this week are focused on the following verse:
Thank you for reading this newsletter and sharing it with your network. I pray that we know that we continue to work together for the good because that is what God is doing for us. Many blessings to you and yours, and have a prosperous week. Please share this newsletter:
Vance Ginn, Ph.D. | www.vanceginn.com | #LetPeopleProsper