Returning To Normal = Returning To Work

In this newsletter, I highlight the latest on the failures of Bidenomics, the need to end the extra federal unemployment payments, the Texas Legislature's actions, and the ways to let people prosper.

Hello Friend!

Thanks again for reading! If you haven’t signed up for my newsletter yet, please subscribe here at no charge and share with others to spread the news on how to let people prosper. As we’ve discussed and I’ll continue to reiterate, free-market capitalism best supports human flourishing!

It’s been a busy week with more nonsense out of D.C. and with things heading to the home stretch in Austin, as the Texas Legislature will Sine Die on May 31. It’s been a successful session so far from a free-market perspective, but there’s more work to do in these final days of the session. In other good news, a court case in Ohio is helping to fight back against federal overreach of state sovereignty, Texas Governor Greg Abbott announced he will soon be rejecting the extra $300 per week payment to unemployed workers, and there are avenues to turn around the flawed approach of Bidenomics.

These issues and more related to the economic and fiscal situations in Texas and D.C. along with more positive news about COVID-19 in Texas (and America) are highlighted below in the bullet points with more information at the links provided.

TEXAS ECONOMIC AND FISCAL SITUATION

Big News in Texas

  • Watch this SMU Bridwell Institute for Economic Freedom event where I joined Michael Cox of SMU and Pia Orrenius of Dallas Fed to discuss the TX economy.

  • After my colleague EJ Antoni and I released a piece on the need to end the federal government’s $300 per week unemployment payment keeping many workers on the sidelines, there were almost 40 groups, including TPPF, that said the same thing and Governor Abbott then announced that Texas will reject it starting on June 26, 2021.

  • The U.S. Treasury recently released guidance on how states can spend their funds from ARPA, however, there are unanswered questions that Treasury will have to answer after the 60-day comment period. Texas will likely receive about $40 billion including $10 billion to local governments. I outline here what Texas should do with this money IF the state accepts it, which I think most or all should be rejected. And a judge in Ohio says the federal takeover of state fiscal policy in ARPA by President Biden and the Democrats in Congress is likely unconstitutional, so that’s something to watch.

  • Texas’s state budget is currently with the conference committee to iron out the differences between the Senate and House versions, which is basically dealing with funding for healthcare-related items like Medicaid. I believe it will remain a Conservative Texas Budget with hopefully more funds for property tax relief. And I recently worked with my friends at the Alaska Policy Forum to create their Responsible Alaska Budget which is based on TPPF’s methodology for sound spending. I’ll do a Livestream with them later this week to highlight their approach.

Testimony & Key Legislation Before the Texas Legislature

U.S. ECONOMIC AND FISCAL SITUATION

TEXAS OPEN, NOW OPEN AMERICA…

Closing Thoughts

Two quotes by two of my favorite economists are helpful with inflation:

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 show our kids and others what it means to live a good life so that others will remember us for it. Many blessings to you and yours.

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