52. Let People Prosper: Make Work Great Again!
In this newsletter, I discuss the many ways that governments at multiple levels are overreaching while others are providing a sound path based on unleashing prosperity by making work great again.
Hello Friend,
Welcome again to what I hope you find is a valuable resource for how free-market capitalism best lets people prosper, which supports self-sufficiency, hope, and community resources to reduce dependence on government. Given my work in academia, public policy at the largest state-based think tank (TPPF), and government at the White House’s Office of Management and Budget, I will continue to use this background to provide with you quick, trustworthy views at a time when there’s a lot of hot air available. In particular, this newsletter provides an overview of the economic and fiscal situations in Texas (9th largest economy in the world and largest mostly conservative state) and the U.S., along with the COVID situation in Texas. Please subscribe here:
Personal take: I thoroughly enjoyed my week of Thanksgiving with family and friends. I hope you did, too! This week, I attended an event at the University of Texas Wealth Management Center with a debate on inequality and the role of taxation with economist Art Laffer providing the conservative view versus James Galbraith of UT-Austin providing the progressive view. It was a good discussion overall and nice to catch up with Dr. Laffer about our times at OMB.
I’m in San Diego, California at the American Legislative Exchange Council (ALEC) meetings. It’s been great to see many friends, learn what others are doing to improve opportunities to prosper, and present on what I’ve been working on along with my other TPPF colleagues in Texas, other states, and federal policies.
My family and I are doing well. Next week we have the 20-week appointment to see baby Parker again, so we’re excited to see her. The boys are being rambunctious as usual and we’re cherishing every moment watching them grow. Speaking of family, we want to wish yours a Merry Christmas from ours!
I held a virtual workshop recently on the Conservative Budget approach. It was a great discussion with four panelists about different state budgets, how the conservative budget approach has worked in their states, and what are the next steps. Thank you to the great panelists: Kendall Cotton from the Frontier Institute in Montana, John Hendrickson from Iowans for Tax Reform Foundation, Quinn Townsend from Alaska Policy Forum, and Ron Shultis from Beacon Center in Tennessee! Watch it here.
Hot take: Here’s to killing the Build Back Better Act that Americans don’t want and can’t afford!
Now for the latest on Texas, D.C., and COVID-19 in Texas.
TEXAS ECONOMIC AND FISCAL SITUATION
Novel prize-winning, progressive economist Paul Krugman recently asked why Texas was so expensive, I answered him in this thread.
@paulkrugman 1/ #Texas is more affordable from fiscal conservatism. But each city is different. Progressive policies in places like #Austin create barriers for markets to work effectively so result is less affordability, especially for poor who supposedly benefited from those bad policies.Reasons people flock to #Texas ✅Entrepreneurial spirit ✅Housing affordability ✅Melting pot of people ✅Fiscal conservatism ✅No personal income tax ✅Safe communities ✅Southern hospitality ✅Opportunity to live your dream ✅Jobs! ✅Whats yours? https://t.co/SwB3fTJDxH @TPPF https://t.co/JezGQNRoXd https://t.co/zx8BXsx5cl
Vance Ginn @VanceGinnThe latest Ginn Economic Brief on Texas takes an in-depth view that you don’t want to miss.
Overview of the differences in the labor market between red and blue states.
Texas correctly used some of the ARPA money to pay off UI debt.
Given #txlege correctly used about $7B of the $16 B in federal #ARPA funds to pay off & re-fund the unemployment trust fund, #Texas avoids raising taxes on biz. @TPPF Other states like CA, NY, IL, & MA aren't so lucky. @GregAbbott_TX @SenJaneNelson @DrGregBonnen @txbiz
Texas Employers: Thanks to action by the #txlege & @GovAbbott, TWC set stable unemployment insurance tax rates for 2022 to avoid burdening Texas businesses with a significant tax increase. Learn more: https://t.co/7IcKPvjxfV https://t.co/ZEsBK93yPd
Texas Workforce Commission @TXWorkforce
Fiscal conservativism doesn’t include corporate handouts like we see in Texas. Good thing there are so many other good things about fiscal policy here.
Why are some people so against giving parents the freedom to do what’s best for their kids? Terrible.
.@pastors4txkids has proven they don’t care about choices of parents, students, or teachers, which seems immoral from “pastors.” They only care about sustaining a flawed govt school system no matter bloated costs, less teacher pay, & worse student outcomes. Demand more! #txlege@VanceGinn @TPPF @DeAngelisCorey “Progressive left.” What a joke. Our Texas Baptist, Methodist, Lutheran, Disciples, Church of Christ pastors would be surprised to know they are the “progressive left.” Another lie by @TPPF and their anti-#txed crowd. @Texans4E @TexasAFT @OfficialATPE @txstateteachers #txlege
Pastors for Children @pastors4txkids
U.S. ECONOMIC AND FISCAL SITUATION
The benefit of just limiting the growth of federal spending!
Similar scenario for U.S. federal budget. If spending matched pop+inf from 2000-20, budget would have had a cumulative surplus of $2.6T versus actual deficit of $16.2T. Need a Responsible American Budget: texaspolicy.com/press/what-the… @TPPF @Heritage @CatoInstitute @BudgetHawks
Unlike balanced budget rules, spending caps are both conceptually sound and have a real-world track record of success https://t.co/7g02KZbYsV
Dan Mitchell @danieljmitchellPresident Biden and his chief of staff have had some ridiculous claims lately.
Taking you at your word, how would you pay for $5T in new spending for the #BuildBackBetterAct? So far, your #Democrat lawmakers haven’t put forward a proposal to do it. #killthebill @TPPF #congress #txlege @POTUS @WhiteHouse @WHCOS https://t.co/UCgbmxh8NoI’m happy to debate how we pay for my Build Back Better Act. Because if congressional Republicans want to argue that continuing tax cuts for big corporations and the wealthiest is more important than lowering costs for Americans, that’s an argument I’m happy to have.
President Biden @POTUSThis is #Biden’s @WhiteHouse @WHCOS. Jokester! 😂 Unfortunately, they believe in controlling economic activity in a crisis or not. #NeverAgain #Freedom > #Control #LetPeopleProsper @GregAbbott_TX @GovRonDeSantis @govkristinoem @ScottWAtlas @aginnt @justin_hart @StephenMoore https://t.co/xIcantU5b3Nope. Stronger COVID measures produce STRONGER ECONOMIC outcomes. That's why jobs, growth, and economic activity are UP this year, significantly over last year. https://t.co/06j5K7Qeb5
Ronald Klain @WHCOS
The CBO score on the Build Back Better Act is fake news.
Don’t believe @USCBO scoring based on gimmicks in the #BuildBackBetter Act. @BudgetHawks gets closer to the truth by accounting for the full $5T cost of the bill as the most permanent govt program is a temporary one. Thanks for the analysis, @MarcGoldwein. @TPPF #congress🚨 NEW 🚨 - With extensions, the Build Back Better Act would cost $4.8 trillion and without offsets would add $2.8 trillion to the debt. https://t.co/GjBjbB3Jvg via @BudgetHawks https://t.co/Y82ZVi3hVa
Marc Goldwein - GET VAXXED! @MarcGoldwein
What would happen if you made this big mistake at your job?
What are the repercussions? Powell is nominated for another four year term.❌ Imagine if this sort of blatantly wrong decisions were made in the private sector. The business would fail. Govt will just do more of the same.🙄 https://t.co/xEsgiHB4XmPowell admits Fed got it wrong on inflation, says they should stop calling it 'transitory' https://t.co/0fnCB2YmXw
FOX Business @FoxBusinessMy take on more of the costs of the BBB.
Stop bankrupting the country!
Almost $29 TRILLION in national debt. That’s $87,000 owed per citizen. Or $230,000 owed per taxpayer. That’s ridiculous The excessive spending that increases the size and scope of government in our lives must stop. usdebtclock.org #congress #txlege$28,908,671,966,903.25 (+) #NationalDebt
National Debt Tweets @NationalDebtThe misery index is indicative of how miserable many people feel.
Inflation is too often misunderstood across the political spectrum. Don’t miss this piece by my colleague and fellow economist E.J. Antoni to set the record straight.
It’s really not that hard to correct the nonsense in Washington.
This economist does🤓 ✅It’s pretty simple, have #Congress stop excessively spending & creating more debt giving the #Fed more Treasury debt to purchase causing #inflation as too much money is chasing too few goods. #Biden @POTUS @TPPF @Heritage @Comm4Prosperity @FreedomWorksMany economists are skeptical that efforts under way by the White House can meaningfully change the short-term path of inflation. “They don’t have any fantastic policy tool available to them." https://t.co/4elUiFdEsi
Real Time Economics @WSJecon
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=16.1% (#Laredo=1.5%) COVID hospitalizations=5% (#Amarillo=20.4%) Since 3/20: Fat/Pop=0.24%, Case/Pop=12.0%, CFR=2.0% Est. % Infected: 67% % Vaccinated: 69% #Freedom>#Control #txlege @TPPF @GregAbbott_TX @therealarod1984
NEW: #COVID19 #Hospitals #Texas shows 3rd wave ended without govt mandates. #liberty Available staffed beds=16.5% (#Laredo=2.2%) Case-Fat Rate: Wave #1=2.5%, #2=1.8%, #3=2.0% Since 3/20: Fat/Pop=0.24%, Case/Pop=12.0%, CFR=2.0% #txlege @TPPF @GregAbbott_TX @therealarod1984 https://t.co/NjGBFMaumo https://t.co/JdI0nsoCaZVance Ginn @VanceGinn
The vaccine mandate is hurting the staffing shortage at hospitals.
Learn from the science and evidence.
With evidence on effects of recoveries & vaccines for #covid19, approaching herd immunity from both can better protect most vulnerable, as CFR remains low—especially for healthy. Lesson: Need targeted, voluntary approaches during entire episode rather than universal policies.Evidence is building that immunity from Covid-19 infection is at least as strong as that from vaccination. Scientists are divided on the implications for vaccine policy. https://t.co/rqv1aat2MW
The Wall Street Journal @WSJA reminder before people get to crazy about the Omicron variant.
Let the fearmongering & social media flurry ensue. #Omicron Lessons learned from previous #COVID19 waves & variants indicate that people are rational and governmental mandates aren’t worth it. #FactsMatter #Freedom > #Control @ScottWAtlas @aginnt @GovRonDeSantis @GregAbbott_TX https://t.co/YkarRQWO9PBreaking: The first confirmed U.S. case of the Omicron variant was reported in California, in a traveler returning from a trip to South Africa on Nov. 22 https://t.co/fnb3r9C3r6The Wall Street Journal @WSJ
Closing Thoughts
President Biden recently talked about how the era of Milton Friedman is over, but we need Friedman’s lessons now more than ever!
Speaking of which, this is also something for us to remember.
My prayers this week are focused on this Bible verse as I’m praying for us to sow more into ourselves and each other through our positive words, valuable work, and good deeds.
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