50. Missed Opportunities: Infrastructure, Property Tax Relief, Astros, and More

In this newsletter, I discuss the latest dire fiscal situation in Washington, missed opportunities to cut property taxes in Texas, and how the third wave of COVID-19 is essentially over in Texas.

Hello Friend,

This Let People Prosper newsletter gives my latest takes on what’s going on with the economic and fiscal situations in Texas and the U.S., along with updates on COVID-19 in Texas. My views are based on the fact that free-market capitalism best lets people prosper, supporting self-sufficiency, hope, and community that helps reduce dependence on government. I would appreciate it if you subscribed here.

• Personal take: It’s been a busy couple of weeks since my last newsletter—my apologies for the delay. Last week, I was in D.C. for several days meeting with my colleagues who are working with the Alliance for Opportunity. I’ll be releasing more on this project soon.

  Vance Ginn @VanceGinn

  .@TPPF framed my @WSJ article. #blessed #LetPeopleProsper #txlege

  

• And I also joined my colleague John Hostettler (former U.S. congressman from Indiana) as we met with members of Congress to tell them to reject the flawed Build Back Better plan and pass a Responsible American Budget.

  Vance Ginn @VanceGinn

  Good meetings on The Hill to discuss @TPPF’s Responsible American Budget and the destruction that would be caused by #Biden’s #BuildBackBetter agenda. #txlege #congress @StatesTrust

  

  

• I had a fantastic time recording a podcast episode with Texas Congressman Dan Crenshaw on the country’s dire fiscal situation and what to do to improve it. Watch it here or find it on your favorite podcast platform.

  Vance Ginn @VanceGinn

  Watch episode of #Texas Congressman @DanCrenshawTX’s podcast: “The Tax and Spend Welfare Economy” with Vance Ginn @TPPF. Corrected link: m.youtube.com/watch?v=XSadjl… @RepDanCrenshaw @FreedomWorks @Heritage @Life_Powered_ @RepublicanStudy @chiproytx @Econlib @kerpen @brad_polumbo

  

• The family is doing well overall though we’ve been dealing with a virus being passed to each other. There are still other viruses other than COVID-19! We’re blessed and look forward to what’s coming up. My youngest son recently celebrated his fourth birthday! Happy birthday, son! We had a blast on Halloween helping preserve liberty.

  Vance Ginn @VanceGinn

  #Transformers and an @astros player taking on the world! #Champions #HappyHalloween2021

  

• Don’t miss the economics lesson that I gave to TPPF interns recently.

  Vance Ginn @VanceGinn

  I recently had a great discussion with @TPPF interns in our Philosophy of Freedom course on free markets economics. Check out this: vanceginn.com/letpeopleprosp… #txlege #congress #letpeopleprosper @FreedomWorks @feeonline @StatePolicy @ALEC_states @Heritage @CatoInstitute @mercatus

  

• Sad to see my Astros lose the World Series, but congrats to the Braves.

  Houston Astros @astros

  Congratulations to the @Braves on an outstanding season and #WorldSeries.

  

• Hot take: The passage of the $1.2 trillion “infrastructure” bill by Congress is bad news given that Republicans gave the Democrats a sufficient number of votes to pass this green energy boondoggle. See my Twitter thread for more on this nonsense. Let’s hope that this action somehow negates the passage of the bigger $4+ trillion “human infrastructure” bill.

Vance Ginn @VanceGinn

❌❌❌House Republicans caved and gave the Democrats a victory on the ridiculous $1.2T “infrastructure” bill that has only 10% toward actual infrastructure, the rest is primarily green energy nonsense. This will further weaken the fiscal and economic situation of America. @TPPF

• I’m proud of my colleagues at TPPF who helped lead Texas to a stay of the Biden administration’s private employer vaccine mandate for businesses with 100+ employees. It must be stopped!

  Robert Henneke @robhenneke

  🚨 WE DID IT!! 5th Cir. grants @TPPF emergency motion & stays the #BidenAdministration private employer vaccine mandate. 🚨

  

  

  

  Robert Henneke @robhenneke

  .@TPPF will be filing four separate lawsuits today, each challenging the #BidenAdministration vaccine mandates. Whether to receive a vaccine is your choice, not the government's power to command. This tyranny will not stand. https://t.co/gnCRWVK85Z

Now for the latest on Texas, D.C., and COVID-19 in Texas.

TEXAS ECONOMIC AND FISCAL SITUATION

• My latest Ginn Brief on Texas, including the state-level jobs report.

  Vance Ginn @VanceGinn

  Here’s the latest Ginn Brief on #Texas with how it can: ✅Have more opportunities to prosper ✅Remain an economic leader ✅Withstand bad policies out of Washington. texaspolicy.com/texaseconomy/ @TPPF #txlege #letpeopleprosper @ALEC_states @StatePolicy @Heritage @FreedomWorks

  

  texaspolicy.comAn insider’s insight on today’s economy: TexasTexans’ livelihood is improving after much destruction from forced business shutdowns by governments in response to COVID-19. The Texas economy was fully opened on March 10, 2021, contributing to less unemployment and an improved civil society. The regular and special sessions of the 87th Texas Legi…

• This! #eliminatepropertytaxes

  Texas Public Policy Foundation @TPPF

  Texans need and want real property tax reform. 82% of Texans said property taxes are a serious issue. Until they are eliminated, Texans are just renting their home from the government.

  

• Missed opportunity for substantial, broad-based property tax relief by the Texas Legislature this year as the Texas Comptroller recently noted that the state is awash in taxpayer dollars that should be returned by cutting property taxes.

  Vance Ginn @VanceGinn

  .@txcomptroller @Glenn_Hegar notes in CRE report an expected $12B surplus in GR & $12.6B in rainy day fund at end of 2022-23 budget. Should use for property tax relief! A result of #txlege passing a Conservative Texas Budget within @TPPF’s limit & faster economic growth. #txlege

  

  

  Texas Comptroller @txcomptroller

  Comptroller @Glenn_Hegar released the 2022-23 Certification Revenue Estimate ➡️ https://t.co/j7rdoLEy2G The new projection of $135.32 billion supports the $123.33 billion called for by #txlege and results in a forecasted fiscal 2023 balance for certification of $11.99 billion. https://t.co/vpZINX8hSQ

• I’m thankful that my conservative budget approach keeps expanding to other states! This is now the 13th state that I’m working with to at most freeze inflation-adjusted spending per capita. Let’s see how long until it’s in every state!

  Beacon Center of TN @BeaconTN

  We just released our Tennessee Conservative Budget By limiting spending growth to population growth plus inflation, the Conservative Tennessee Budget sets the maximum amount that government spending can grow. Check it out here,

  

  beacontn.orgA Conservative Budget for TennesseeFor several decades and under the control of both Republicans and Democrats, Tennessee has been known for its fiscally conservative budgeting. Years of limited spending and low taxes have kept hundreds of millions of dollars in the pockets of Tennessee taxpayers that might otherwise have gone to gov…

U.S. ECONOMIC AND FISCAL SITUATION

• Here’s an opportunity to actually achieve a $0 cost of the Build Back Better Act, which would be the best move for Americans, and don’t miss this write-up.

  Vance Ginn @VanceGinn

  Great write-up here by our friends at @KsPolicy on the costly effects of the #BuildBackBetter plan on #Kansas and other states noted in @TPPF’s recent research. More here: sentinelksmo.org/build-back-bet… #txlege #congress #killthebill @StatePolicy @ALEC_states @davetrabert

  

  sentinelksmo.org‘Build Back Better’ backfire would cost Kansans 47,000 jobs - The SentinelTaxes originally proposed in Biden’s Build Back Better plan would give Kansas the 9th-highest tax rate on pass-through businesses.

• Need a spending limit based on the Responsible American Budget. (And need monetary rule)

  Vance Ginn @VanceGinn

  My #LetPeopleProsper newsletter provides an overview of my latest research on the Responsible American Budget and notes what economists, policymakers, and thought leaders are saying about the need for it. Read more: vanceginn.substack.com/p/special-edit… #txlege @TPPF

  

  vanceginn.substack.comSpecial Edition: Responsible American Budget--Bringing Fiscal Sanity to DC (Updated)In this newsletter, I highlight my latest research on the federal budget that constructs the Responsible American Budget to provide a tangible maximum goal for the budget to better let people prosper.

• More evidence there is no tax revenue problem, only a spending problem.

  Vance Ginn @VanceGinn

  Total debt as a share of economy remains at a record high a year and a half after the shutdown recession. We don’t have a tax revenue problem but rather a spending problem. We need a strong fiscal rule. @TPPF’s Responsible American Budget achieves it. texaspolicy.com/the-responsibl…

  

  

  

  

• The Build Back Better act must be rejected…here’s why:

  Vance Ginn @VanceGinn

  My latest @TPPF with E.J. Antoni & @StephenMoore Trick or Treat: More Like Tax & Spend “This latest budget-busting should die—and stay buried this time.” More: thecannononline.com/trick-or-treat… #HappyHalloween2021 #Biden #Budget2021 @Comm4Prosperity @caseybmulligan @kerpen @FreedomWorks

  

  thecannononline.comTrick or Treat: More Like Tax and SpendHouse Speaker Nancy Pelosi set Halloween as the deadline for passing multiple reckless budget increases. The latest new framework announced recently by President Biden has a claimed cost of $1.75 trillion ($1.85 trillion when you include $100 billion for “immigration”). That number may sound frightf…

• Don’t miss this thread on the millions of jobs that would be lost with the passage of the $4+ trillion BBB Act.

  Vance Ginn @VanceGinn

  1/New analyses on latest BBB with higher SALT deduction cap: About 7M job losses over a decade compared with baseline growth. BBB must be killed to avoid big-government socialism that Americans can’t afford & don’t want. @TPPF @TaxFoundation @caseybmulligan @Comm4Prosperity

  

• Here’s what you need to know about Friday’s mixed U.S. jobs report:

  Vance Ginn @VanceGinn

  #JobsReport better than expected but work remains elusive for many Americans as bad policies destroy reason to work. Compared with Feb 2020: •Labor force ⬇️3M •Real earnings ⬇️ •Private jobs ⬇️3.3M •Prime-age emp-pop ratio: ⬇️2.1ppt #BuildBackBetter will make worse. @TPPF

  

  

  

  

  

  BLS-Labor Statistics @BLS_gov

  Payroll employment rises by 531,000 in October; unemployment rate edges down to 4.6% https://t.co/1Y9cSWJUIB #JobsReport #BLSdata

• Just stop this nonsense!

  Vance Ginn @VanceGinn

  “Nothing is free. One of my favorite economists, Milton Friedman, said there's no free lunch. And there's no free community college, there's no free other things that whatever may be put out there,” said @TPPF Chief Economist Vance Ginn. spectrumlocalnews.com/tx/south-texas… #txlege

  

  spectrumlocalnews.comFree community college proposal on chopping blockDemocrats continue to push for free community college.

• More indications of stagflation (higher inflation and slower growth).

  Vance Ginn @VanceGinn

  Both measures are worse than some expected with a decrease in labor productivity of 3.2% and an increase in labor costs of 7.4%. Employers face higher costs with less output per worker, meaning higher prices, fewer hours, and lower wages are on the way. @TPPF #txlege @Congress

  

  BLS-Labor Statistics @BLS_gov

  Productivity decreases 5.0% in Q3 2021; unit labor costs increase 8.3% (annual rates) https://t.co/Pm5169Jn06 #Productivity #BLSdata

• Overview of supply chain issues that may not be what you’d expect.

  Vance Ginn @VanceGinn

  Interesting story on supply chain issues in US, though they have missed the problems of labor strikes driven by union issues and bad monetary and fiscal policies which have highly distorted the marketplace. #letpeopleprosper kxxv.com/news/first-to-… @TPPF #supplychain #txlege

  

  kxxv.comSupply chain, weak links are causing concerns across Texas and worldwideWeak links in the global supply chain are clearing store shelves and causing concern across Texas just in time for holiday spending.

COVID-19 IN TEXAS AND BEYOND

• Latest: TX DSHS Covid-related data here. The first 2 major waves had restrictions in place and 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 is essentially over without government-mandated masks, vaccines, or shutdowns.

Vance Ginn @VanceGinn

NEW: #COVID19 in #Texas improving without govt mandated masks or vaccines or shutdowns. #freedom Available staffed beds=17.1% (#Austin=20.3%) Case-Fat Rate: Wave #1=2.5%, #2=1.8%, #3=2.0% Since 3/20: Fat/Pop=0.2%, Case/Pop=11.9%, CFR=2% #txlege @TPPF @therealarod1984 @kerpen

Vance Ginn @VanceGinn

NEW: #COVID19 in #Texas continues to improve without govt mandated masks or vaccines or shutdowns. #freedom Avail staffed beds=21.7% (#Austin=23.6%) Case-Fat Rate: Wave #1=2.5%, #2=1.8%, #3=2.0% Since 3/20: Fat/Pop=0.2%, Case/Pop=11.7%, CFR=1.9% #txlege @TPPF @GregAbbott_TX https://t.co/fhCtAFf9gK https://t.co/RbfWPOyISs

Closing Thoughts

Good quote by President Jefferson on the need to rein in government spending:

Vance Ginn @VanceGinn

Stop excessive government spending.

My prayers this week are focused on the importance of never quitting when you’re doing God’s calling, which mine is to let people prosper.

Vance Ginn @VanceGinn

#Amen #NeverStop

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