Return to Work: Capitalism Works Best and Dems Disrupt Prosperity in Texas
In this newsletter, I provide insights on the economic situations in Texas and U.S., updates on the special session in Texas and Responsible American Budget, and other ways to let people prosper.
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Hello Friend,
Happy Friday! I hope you’re enjoying life and have had a prosperous couple of weeks since my last newsletter. Thank you for the feedback, please keep it coming and subscribe to this newsletter and share with others who also agree: Free-market capitalism best lets people prosper!
If you haven’t yet, please vote by July 18 for TPPF in the State Policy Network awards for Biggest Home State Win regarding the Conservative Texas Budget and for Communications Excellence Award for Expanding Your Audience.
We had a blast in the San Antonio area for Independence Day and a couple of days thereafter. We visited the SA Zoo, Aquarium, Riverwalk, and Sea World. It was great to spend some much-needed time with the family and make more memories. These are the things that provide me much satisfaction in this blessed existence we call life.
It’s been hectic around Austin, Texas (I reside about 20 miles north in Round Rock as I don’t want to live in the People’s Republic of Austin) since the 87th Texas Legislature’s first special session started on July 8th and then essentially came to a halt when many Democrats ran to D.C. on July 12th to avoid confronting the fact that Texans want improved elections. Oh, and Texans by a 2-to-1 margin oppose this type of behavior from their elected officials. My colleague Chuck DeVore published a nice piece on what’s going on here at Fox News:
Texas Governor Greg Abbott has said that he will continue calling special sessions, which last 30 days unless the items are completed earlier or leadership ends it early until the 11 items on the call are addressed. This means that it could be a very long year and a half until the next regular session starts in January 2023. Fortunately, one of the key items on the list of items called by the Governor is property tax relief whereby TPPF has been working diligently to cut property tax bills, which TPPF outlines in a paper to be released on Tuesday, July 20 with options of either a redesign, buydown, or some combination. Unfortunately, the Democrats are keeping this sort of relief for Texans unachievable until they do their duty and show up for work.
Let’s get to the economic and fiscal situations in Texas and D.C.
TEXAS ECONOMIC AND FISCAL SITUATION
There were key highlights recently with signing ceremonies and other events to note big policy wins during the regular session (see here and here), but let’s start with one of the key things that can be done during a special session to reduce property tax bills.
Plenty of time for real property tax cuts like using most/all $7.85B surplus, but nothing can be done with Dems leaving. Check out: 1) HB122 capitol.texas.gov/BillLookup/His… @TomOliverson 2) HB80 capitol.texas.gov/BillLookup/His… #Murr @TeamBettencourt @DanPatrick @GregAbbott_TX @TPPF #txlege https://t.co/BnfbFh0rZkVance Ginn @VanceGinn
Another day passes without there being a quorum in the #Texas House for their to be progress towards real property tax cuts by #txlege because some Democrats left the state. Maybe their constituents aren’t paying excessively high property taxes? Unlikely. https://t.co/9CSIPcb9aD
One of my favorite testimonies during the regular session on restraining tuition costs at universities.
One of my latest commentaries with ATR’s Patrick Gleason on the importance of passing a Conservative Budget:
North Carolina (& Texas, Montana, Iowa, Florida, & Tennesse) is leading by example with conservative budgeting. @TPPF @taxreformer carolinajournal.com/opinion-articl… @patrickmgleason @GroverNorquist @kerpen @StephenMoore @ALEC_states @StatePolicy @FrontierMontana @TEFIowa @BeaconTN
U.S. ECONOMIC AND FISCAL SITUATION
Here’s my latest Ginn Brief on the U.S. economic and fiscal situation and what should be done to improve the situation.
Here's my latest brief on the U.S. economic and fiscal situation. I provide insights on what can be done to improve things so there are more opportunities to #letpeopleprosper. texaspolicy.com/an-insiders-in… @TPPF #txlege @WesleyCoop @ChuckDeVore @brad_polumbo @GroverNorquist @kerpen
I’m tired of Capitalism getting a bad rap as most people don’t understand it. My goal in the coming days is to educate people about the successes of this economic institution that is based on ownership of the means of capital by individuals whereby there are voluntary, mutually beneficial exchanges with strong private property rights protected by the government.
🤔🤔🤔 Unfortunately, @JoeBiden doesn’t understand #capitalism. The lack of competition and exploitation is from govt intervention and related cronyism of biz that demand regs and taxes to uphold power, not capitalism which best supports liberty & prosperity. #txlege #Congress https://t.co/vnJPT4jezgPresident Biden @POTUS
Let me be clear: capitalism without competition isn’t capitalism. It’s exploitation.
The federal budget looks to be even worse soon as the Biden administration and Democrats in D.C. ramp up spending and taxing efforts. Fortunately, we know the answer: Spend Less! And dynamic effects, both positive and negative, should be part of the examination of policy choices. While we’re at it, budget cuts and budget limits go together as I explained in this piece.
I joined efforts by Freedomworks, TPPF, and others to oppose any increase in the federal minimum wage, which really I’m opposed to any government-mandated wage as the real minimum wage is always $0 which government action pushes more to that real wage and on welfare.
Inflation continues to ratchet up. Is it transitory? I don’t think so because government policy is doing entirely too much.
Here’s my recent interview on NTD News noting how government action leads to increased income and wealth inequality, not free markets.
Need school choice! This is even more clear after the pandemic.
Protectionism protects the few at the expense of the many, let’s repeal the Jones Act.
Institutions matter! See my paper on this here.
Institutions matter: 1) #CivilSociety, #Capitalism & #Republics let people prosper. 2) #Dependence, #Socialism & #Communism don’t let people prosper. Need more of #1.Mark J. Perry @Mark_J_Perry
The amazing 80.5% reduction in world poverty from 42.3% in 1981 to 8.2% in 2019. It probably took 1,000 yrs to cut the poverty rate in half from 84% to 42% in 1981; then 24 yrs to get to 21% in 2005 & then only 10 yrs to cut it in half from 17% in 2009 to 8.2% in 2019 #Capitalism https://t.co/yYyusaENnE
TEXAS OPEN, NOW OPEN AMERICA…
Here is a summary of the latest in the COVID-19 situation in Texas as of 6/20/2021.
Given the evidence of the situation and questionable results of mandates and restrictions by governments at every level, Gov. Greg Abbott lifted the state restrictions on March 10, 2021, and local restrictions on May 21, 2021.
More on TX DSHS Covid-related data here.
Interesting info here:
🚫Lockdown policy helps “rich.” 🚫Discretionary monetary policy helps “rich.” 🚫Excessive fiscal policy helps “rich.” Common denominator of inequality is govt policy which is a reason for limiting policy through rules that policymakers must follow. #fail #letpeopleprosper https://t.co/r0oPaOCYahMichael Levitt @MLevitt_NP2013
This plot showing the time course of US wealth in the @nytimes today is far & away the most frightening graph I have ever seen. https://t.co/uIydYjfE0K This level of inequality has us in the US heading towards a tipping point. If true it is a great threat to national security. https://t.co/uGmw4ak3wy
Closing Thoughts
Here is a great quote by one of my favorite economists:
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 understand that no matter what burdens we’re carrying right now, Jesus will sustain us while we prosper in all we do. Many blessings to you and yours, and have a prosperous week.
Vance Ginn, Ph.D. | www.vanceginn.com | #LetPeopleProsper
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