28. Need Strong Families: Not Big Government (Happy Mother's Day)
In this newsletter, you'll read about how the TX Legislature could pass historic spending limit reform, how Biden continues terrible policies, and how states should fight back to let people prosper.
First, Happy Mother’s Day! This quote by Booker T. Washington hit home for me.
I’m thankful for the terrific moms, including my mom, wife, and mother-in-law.
It’s been two weeks since my last newsletter. Time flies when things are heating up at the Texas Capitol, there are more outrageous policy proposals by the Biden administration, and I was under the weather for a few days. I don’t know about you, but when I’m not being productive it takes a toll on me mentally, so writing this newsletter is therapeutic. I hope you find it informative and thought-provoking.
I’ve tried to keep this one short even though it’s been two weeks to focus on the key highlights of recent events from my unique perspective. Unfortunately, I’m one of the few free-market economists championing how free-market capitalism best supports human flourishing.
Don’t miss my interview on the Jacki Daily Show.
Also, please read my write-up on my dad who passed away a decade ago from SUDEP that SUDEP Action published on their website.
Let’s get to the economic and fiscal situations in Texas and D.C. along with the latest on the positive news about COVID-19 in Texas (and America) below.
TEXAS ECONOMIC AND FISCAL SITUATION
Big News in Texas
The Texas Comptroller recently updated his revenue estimate for the current 2020-21 biennium and the upcoming 2022-23 biennium. There is now a budget SURPLUS expected at the end of the current biennium and $3.1 billion MORE available for the 2022-23 biennium, which should be used for property tax relief. This would be fantastic to combine with a Conservative Texas Budget.
Texas may receive about $40 billion in taxpayer dollars through President Biden’s and Congressional Democrats’ latest poorly written $1.9 trillion ARPA, BUT...
Texas becomes the 9th state to sue the Biden administration over ARPA.
Multiple state governors are correctly rejecting the federally-enhanced unemployment insurance payments of an additional $300 per week above the amount provided by the state through employer taxes. Texas should reject it.
Texas ranks near the bottom of the pack in unemployment rates as of March 2021 because of severe, extended restrictions compared with other states.
More people from New York and moving to Texas. Here’s why.
My recent piece on making college more affordable in Texas.
Testimony & Key Legislation Before the Texas Legislature
SB 1336 would strengthen the state’s spending limit. It passed the House Appropriations Committee and should be on the House floor this week. As I’ve noted previously, this would be one of—if not the biggest—win this session.
HB 1869 was passed by the House. This bill would add non-voter-approved debt under the election trigger for raising property taxes. Hopefully, it will be improved in the Senate, but this is a good bill for more taxpayer protection.
U.S. ECONOMIC AND FISCAL SITUATION
April’s jobs report was weak though it was good to see continued positive job creation. Part of this weakness seems to be policies that disincentivize work. Even the recently left-leaning Chamber of Commerce was against recent policies.
This tweet received some attention this week. See the comments.
Some say “what inflation?” EJ Antoni and I explain how there IS inflation.
Several right-leaning groups and politicians are debating whether or not more funding should be given to child care, families, workers to return to work, and other handouts. I say we should stop the handouts, cut wasteful spending, cut taxes, cut regulations, and streamline safety nets to let people prosper.
TEXAS OPEN, NOW OPEN AMERICA…
Here is a summary of the latest in the COVID-19 situation in Texas as of 5/8/2021. Given the evidence of the situation and questionable results of mandates and restrictions by governments at every level, it’s good that the state ended its restrictions on March 10, 2021 (two months ago) but it’s time to end all restrictions. More on TX DSHS data here.
This quote by one of my top three economists is prescient at this time:
My prayers this week are focused on the following verse..DREAM BIG!:
Thank you for reading this newsletter and sharing it with your network. I pray that you overflow this week with big dreams as you prosper in whatever is best for you. Many blessings to you and yours.
Vance Ginn, Ph.D. | www.vanceginn.com | #LetPeopleProsper