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47. Reckless Spending: Effects of Biden's Build Back Better Plan and ARPA & Property Tax Elimination in Texas
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47. Reckless Spending: Effects of Biden's Build Back Better Plan and ARPA & Property Tax Elimination in Texas

In this Let People Prosper newsletter, I highlight our latest research on the economic effects of the Build Back Better plan, how we can get property tax elimination and wise uses of ARPA in Texas.

Vance Ginn, Ph.D.
Oct 7, 2021
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Hello Friend,

This Let People Prosper newsletter is our dive into better understanding how free-market capitalism best lets people prosper. Please subscribe and share.

  • Personal take: The last week has been a bit of a blur. I’ve testified three times before legislative committees in Texas (see below). And have had many great moments with family and friends. This tweet really got to me because even though I can often get caught up in the day-to-day activities of life, I remind myself often how blessed I am to be doing God’s will for my life. This wealth mindset is challenging but I know it will be the best path for having abundance and happiness and for leaving a legacy. #livingmydream

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Great day that started early and ended late in a #Texas Senate Finance Committee hearing to fight for the #txlege to remember the taxpayer. @TPPF #letpeopleprosper
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    October 5th 2021

    8 Likes
  • Astros!

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    #CLINCHED @astros #BringItHome #HTown

    MLB @MLB

    The @astros capture their 4th division title in 5 years! #CLINCHED https://t.co/pf6xnshDSs

    October 1st 2021

  • Hot take: There is so much reckless spending going on in Washington that it makes it almost hard to think about where to start to turn things around. Much of it starts with us, the people. We must begin to understand the cost of this excessive spending that reduces our liberties, purchasing power, entrepreneurial spirit, financial independence, and more. Instead, the government should be spending a limited amount to preserve liberty that is within the average taxpayer’s ability to pay for it (as measured by population growth plus inflation). This is a reason I’m so eager to get a spending limit imposed at the federal level like the Responsible American Budget that I released recently. Without changing how we view this excessive spending, we will continue heading down the path of no good return.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    #thebigswipe #rejectthebills @TPPF @A1Policy @aier @FreedomWorks @Comm4Prosperity @taxreformer @StatePolicy
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    October 5th 2021

    1 Retweet2 Likes
    • Register and watch this TPPF event on 10/7 at 12 pm CT.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Don’t miss this @TPPF event tomorrow: Recovery Done Right: Using ARPA Funds Wisely
    texaspolicy.com/multimedia/art… @taxreformer @ALEC_states @StatePolicy #txlegeRecovery Done Right: Using ARPA Funds WiselyThursday, October 7, 2021 12:00 pm – 12:30 pm CT Texas has received tens of billions of dollars from Congress through the American Rescue Plan Act signed by President Biden earlier this year. The Texas Legislature is meeting during the third special session to determine how to allocate these funds. …texaspolicy.com

    October 6th 2021

    4 Retweets5 Likes

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

TEXAS ECONOMIC AND FISCAL SITUATION

  • Don’t miss my conversation with Paul Gessing of the Rio Grande Foundation in New Mexico.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Thanks for having me on the show, @pgessing! I enjoyed our conversation on many ways to #letpeopleprosper. @TPPF @StatePolicy @StatesTrust @ALEC_states #txlege @kwteaparty

    Paul Gessing @pgessing

    On this week's Tipping Point interview I talk to @VanceGinn Chief Economist at @TPPF about his time in DC with @POTUS45, how Texas stacks up economically with big "Blue" states like CA & NY, and what Texas needs to do next & what NM can do: https://t.co/5ofAhkHqC7 #nmpol #nmleg

    October 1st 2021

    2 Retweets4 Likes
  • I testified twice this week on bills that would allocate roughly $16 billion in ARPA funds to Texas. Both had good and bad components. I may have been the only person to actually advocate for remembering the taxpayer rather than having my hand out for increased spending. See these threads for more.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    I’m testifying today on #HB145 that allocates $16B in #ARPA funds to #Texas. We must remember the taxpayer. More on how in the commentary below & one pager here:
    texaspolicy.com/keep-texas-tex… @TPPF #txlege @DrGregBonnen @RepMattSchaefer @TerryWilsonTX @justinaholland @VoteGiovanni https://t.co/es5AFxMxdq
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    Vance Ginn @VanceGinn

    Responsible Budgeting in Texas’ Special Session Here’s how to allocate #ARPA funds if they’re going to be allocated given it adds the national debt of $28+ trillion and further burdens Texas taxpayers. https://t.co/m5m5nDx3L1 @TPPF @DrGregBonnen @RepMattSchaefer @TerryWilsonTX

    October 6th 2021

    4 Likes
    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Watch my testimony yesterday before #Texas Senate Finance at time 42:35 at the link where in 2 minutes I note the flawed approach of Congress sending #ARPA to states and how #txlege must remember the taxpayer & use best practices if appropriate it.
    tlcsenate.granicus.com/MediaPlayer.ph… @TPPF
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    October 5th 2021

    1 Retweet2 Likes
  • I testified for SB 1 and HB 90 to make the case for how these set the stage to eliminate property taxes in Texas over the next decade. Watch here:

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Watch my testimonies before #txlege House Ways & Means Comm for eliminating property taxes by 2033. This includes: 1) #HB90 to return state surplus to taxpayers over time (see at 10:45) & 2) #SB1 to return at least $2B now (see at) 46:40 Watch:
    tlchouse.granicus.com/MediaPlayer.ph… @TPPF
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    October 3rd 2021

    1 Retweet2 Likes
  • Texas needs those pro-growth reforms to recovery quickly.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Fortunately, #Texas has been taking steps to turn things around after the shutdown recession by passing a Conservative #Texas Budget, not raising taxes, cutting regulations, & hopefully soon cutting property taxes to put TX back in the lead again. #letpeopleprosper @TPPF #txlege

    Vance Ginn @VanceGinn

    NEW: #Texas economy grew by 6.4% in Q2:2021. #Texas has 7th slowest recovery since pre-shutdown Q4:2019 after longer and more restrictive shutdowns than many in nation. This contributes to #Texas having 3rd highest unemployment rate of 5.9% for a dark red state. #txlege @TPPF https://t.co/hiBlfJirlc https://t.co/ahJMMluNXG

    October 1st 2021

    2 Likes
  • And that includes a need for regulatory relief.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    .@FreedomWorks Report: State Regulatory Openness Scorecard #Texas scores high but has some work to do.
    freedomworks.org/content/report… #txlege @GregAbbott_TX @TPPF @tdlrlicense
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    September 29th 2021

    11 Retweets10 Likes
  • I updated this a bit to include the cost of living differences among the states.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Why do people move from blue to red states? A comparison of the largest four states indicates a major reason is the importance of institutions. #Texas & #Florida follow more economic freedom and have better results than #California & #NewYork
    texaspolicy.com/institutions-m… @TPPF
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    October 4th 2021

    2 Retweets14 Likes
  • Commentary on how Texas can eliminate property taxes by 2033.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    My Latest @TPPF: Unleashing the Dream: Eliminating Texas’ Burdensome Property Taxes
    texaspolicy.com/unleashing-the… #txlegeUnleashing the Dream: Eliminating Texas’ Burdensome Property TaxesI don’t know the story behind the clean two-story home on Goldfinch Lane in Montgomery County. But I know enough. Soon, attorneys will sell the property on the fourth floor of the Commissioners Court Building in Conroe. In this white-hot real estate market, it will likely to go investors. What it me…texaspolicy.com

    October 6th 2021

    7 Retweets13 Likes

U.S. ECONOMIC AND FISCAL SITUATION

  • TPPF released this paper that I wrote with my colleague E.J. Antoni and friend Steve Moore (press release). We rip apart Biden’s Build Back Better agenda that would increase spending by $6.2 trillion, increase debt by $4.5 trillion, reduce jobs by 5.3 million, cut real median household income by $12,000, and more negative effects at the national and state levels compared with baseline growth. Please read and share! #killthebill

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    NEW @TPPF @Comm4Prosperity REPORT Economic effects at national & state levels of #Biden’s “#BuildBackBetter” agenda by @StephenMoore, EJ Antoni & me. The plan destroys prosperity & punishes middle class.
    texaspolicy.com/reversing-the-… @kerpen @GroverNorquist @WSJ @FoxBusinessReversing the Recovery: How President Biden’s “Build Back Better” Plan Raises Taxes, Kills Jobs, and Punishes the Middle ClassCongress is attempting to force through massive tax, spending, and debt hikes that would fundamentally transform America into something it is not and cannot afford. Key points: President Biden and congressional Democrats seek to spend another $6.2 trillion over the next decade, spread across at leas…texaspolicy.com

    October 6th 2021

    13 Retweets22 Likes
  • Nice overview of the costly spending items paying people not to work by economist Casey Mulligan.

  • See this coalition letter that I was proud to sign to not raise taxes (or spending).

  • Too bad President Biden (or many people) doesn’t understand economics.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    Let me be clear: No business pays taxes no matter the rate on it. Econ101 Businesses submit taxes that hardworking Americans pay for through higher prices, lower wages, lower investment returns, fewer hours, and fewer jobs available. Stop trying to hide your big govt socialism.

    President Biden @POTUS

    Let me be clear: No hardworking American should be paying more in taxes than entire tech or oil companies. It’s long past time corporations pay their fair share.

    October 2nd 2021

    3 Retweets5 Likes
  • Thoughts on the following point? Oh, and inflation isn’t transitory! #triggered

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    And given the fiscal insolvency in America, default would be a rational choice feel the burdens of excessive spending for decades. The cost of fiscal insanity must come home to roost before getting worse. I’d rather a fiscal rule that limits spending but that seems unlikely. https://t.co/E3UkT178Yl

    John Cochrane @JohnHCochrane

    Fact: If the debt limit binds, default is a choice, not an inevitability. The US government could choose to cut spending, so spending = taxes, no new debt. Pay bondholders not, say, social security. Cuts would be large. Default is a defensible choice. But default is a choice.

    October 5th 2021

    1 Retweet4 Likes

WHAT’S UP WITH COVID-19 IN TEXAS AND BEYOND

  • Latest: TX DSHS Covid-related data here. First 2 major waves had restrictions in place, but people forget 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. Things are improving in Wave #3 without shutdowns and mandates. Choose freedom over fear, mandates, and control.

    Twitter avatar for @VanceGinnVance Ginn @VanceGinn
    NEW 10/5/21 #COVIDTX19 Wave #3 Improving Rt=0.68, 7-day avgs, hospitalizations Available staffed beds=14.7% (#Austin=16.6%) Case-Fat Rate: Wave #1=2.5%, #2=1.8%, #3=1.8% Since 3/2020: Fat/Pop=0.2%, Case/Pop=11.3%, CFR=1.9% Freedom>Fear/Control @TPPF #txlege @GregAbbott_TX
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    Vance Ginn @VanceGinn

    NEW 9/26/21 #COVIDTX19 Wave #3 Improving Rt=0.59, 7-day avgs, hospitalizations Available staffed beds=14.7% (#Austin=16.0%) Case-Fat Rate: Wave #1=2.5%, #2=1.84%, #3=1.77% Since 3/2020: Fat/Pop=0.2%, Case/Pop=11.3%, CFR=1.88% Freedom > Fear/Control @TPPF #txlege @justin_hart https://t.co/xy9x8gG68q https://t.co/I2b75ZApxk

    October 7th 2021

Closing Thoughts

I can relate to this quote by one of my favorite economists:

Twitter avatar for @VanceGinnVance Ginn @VanceGinn
Happy birthday to the late, great economist, James M. Buchanan. A key point in his #PublicChoice Econ is politicians are rational just like people in private sector but have different incentives. Learn about him in this short video by @FraserInstitute:
m.youtube.com/watch?v=LJ-XDa….
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October 3rd 2021

6 Likes

My prayers this week are focused on the following:

Twitter avatar for @VanceGinnVance Ginn @VanceGinn
#JesusIsTheLight
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October 3rd 2021

2 Likes

Thank you for reading and sharing this newsletter. I pray that we continue to walk in the light of Jesus Christ so that we learn from our failures and be ready to let our light shine because of Him. Many blessings to you and yours, and have a prosperous week.

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

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