Work Persists for Free Market Defenders | Prosperity Pulse #31
New policy guides, conference stops, and the latest fight for economic freedom.
Hello Free Market Warriors!
These days, there is no shortage of work for those of us defending free-market capitalism. I’m grateful to have recently spoken at and attended several events, with two more conferences coming up (Freedom Conservatism Meeting in DC and Operation Gigawatt Summit by Abundance Institute in Park City, UT).
I thoroughly enjoyed joining Stephen Moore and David Bahnsen for a panel discussion at the State Policy Network’s Roe Retreat. We discussed our recent books, and I had the opportunity to discuss and sign my new book, Become an Empowered Patient: Get Care You Need When You Need It, co-authored with Dr. Deane Waldman.
I also had the privilege of speaking on the benefits of classical liberalism at an event hosted by the Institute for Policy Innovation in Dallas.
I also released a couple of new policy guides for lawmakers. Policymakers at the federal, state, and local levels can learn more about sustainable budgeting principles in one guide, while the Club for Growth Foundation published my educational freedom guide co-authored with Jenny Clark. Together, these resources outline practical policy recommendations that help let people prosper.
I hope to see some of you at the Freedom Conservatism Conference or the Operation Gigawatt Summit hosted by the Abundance Institute. If you see me there, please come say hello!
A warm thank you for your continued trust of this mission to let people prosper. If you’re not already, please become a paid subscriber to support my work.
Highlights from This Month
1. Spending and Taxes
Don’t miss my new guide for federal, state, and local policymakers on sustainable budgeting principles!
The new 2026 Kansas Green Book makes the problem clear: the state is becoming too expensive, too fragmented, and too economically average to remain competitive while other states continue pulling ahead. As I explain for Kansas Policy Institute, the core issue ultimately comes down to costs and the policies driving them.
I’m quoted in The Sentinel on why many residents are leaving Kansas for nearby states with stronger economic growth, lower costs, and better opportunities.
Kansas isn’t the only state that should be concerned about outmigration. Across the country, Americans are voting with their feet. These migration trends reflect incentives—and they carry major implications for tax reform, spending restraint, and the long-run competitiveness of states.
South Carolina’s recurring General Funds budget came in below the South Carolina Responsible Budget benchmark this year. That is worth recognizing. But as I argue at South Carolina Policy Council, it is still not enough to ensure the state remains on a truly sustainable fiscal path.
At Pelican Institute, I write about a new bill in Louisiana that recognizes an important reality: states cannot tax-cut their way to prosperity unless they also control government spending.
When it comes to tax reform, North Carolina has done many things right. But if lawmakers want those reforms to endure over the long term, they need stronger fiscal guardrails to keep spending growth under control.
Many Texans are understandably frustrated that their property tax bills continue rising despite years of promised “relief.” At the Houston Chronicle, I explain that the issue is not a lack of state revenue or policy options. The real problem is that Texas has attempted to reduce property tax burdens without fixing the underlying structure that causes property taxes to increase year after year.
RealClear Health featured my Let People Prosper conversation with Patrick Horan on Washington’s spending problems and the growing fiscal challenges facing Capitol Hill.
Abuse of the civil court system has become widespread, and the costs do not stay confined to the courtroom. Lawsuit abuse acts as a hidden tax that raises grocery prices, medical bills, housing costs, and insurance premiums for families across the country. I explain how this works at The Center Square.
Another hidden tax is tariffs. Ironically, while President Trump’s tariffs and trade wars have raised input costs for farmers and weakened export markets, many farmers continue to support them despite the growing economic strain these policies create.
2. Energy Markets
Kansas’ gas prices may be below the national average, but that offers little relief to families already strained by rising grocery bills, housing costs, insurance premiums, utility bills, and high interest rates. At the Kansas Policy Institute, I explain that while the state cannot control Iran, OPEC, or global crude markets, it can stop making affordability worse through burdensome state policies.
Texas faces a clear choice: build enough power for the future or regulate its way into energy scarcity. The answer is straightforward—produce more energy, build infrastructure faster, and remove government barriers standing in the way of reliable and affordable power.
3. Banking & Money
Washington’s proposal to force banks to collect and verify customers’ citizenship status may sound appealing to some as a way to tighten immigration enforcement. At the Washington Examiner, I argue that outsourcing immigration enforcement to private financial institutions would ultimately pass the costs on to families through higher bank fees, worse customer service, and more red tape for Americans simply trying to manage everyday life.
On the Joe Pags Show, Joe and I discussed the future of the Federal Reserve, why I believe Kevin Warsh would be a strong choice for Fed chair, and my broader case for ending the Fed altogether.
Kevin Warsh appears to understand that inflation is a policy choice, that central bank independence matters, and that the Fed’s massive balance sheet is part of the problem—not the solution. For that reason, I hope he is confirmed. But the real test will be whether he moves the institution toward smaller holdings, clearer rules, less discretion, and a narrower mandate that allows markets to function without constant central-bank management.
A Senate draft deal on stablecoin yield is emerging just as the White House Council of Economic Advisers tells lawmakers that banning yield on payment stablecoins would increase bank lending by roughly $2.1 billion, despite creating broader welfare costs. That figure is being presented as reassurance. It shouldn’t be. At RealClear Markets, I argue that policymakers should be cautious about protecting incumbent financial institutions at the expense of innovation, competition, and consumer choice.
At DC Journal, I write that the Tillis-Alsobrooks stablecoin-yield compromise—now embedded in Section 404 of the Digital Asset Market Clarity Act—fits Washington’s long tradition of declaring victory before the battle is actually won. I review the bill and its shortcomings here:
In a recent Substack post, I take a deeper look at the Digital Asset Market Clarity Act and explain why Congress should not confuse a narrow stablecoin-yield loophole with genuine financial freedom and open competition.
I joined Focus with Paul W. Smith to discuss inflation, money printing, and the policy decisions driving higher prices for American families.
4. Technology and Artificial Intelligence
The AI fight in Washington is hot. But America should choose confidence over panic. The better path is clear: use existing law where possible, fill real gaps carefully, and keep guardrails narrow, fast, and tied to actual harms.
A recent debate over AI and tax policy gets at a real political tension, but it points toward a questionable policy fix. We should not respond to AI by taxing capital, compute, data centers, or other forms of productive investment more heavily. And we definitely should not pretend that taxing servers, chips, algorithms, or machine-intensive infrastructure solves the deeper problem.
RealClear Health featured my Let People Prosper episode with Logan Kolas, where we discussed policy’s impact on innovation, opportunity, and prosperity.
5. Supporting Families & Safety Net
Educational freedom, rooted in free-market principles, offers a proven alternative to failing government school systems. By allowing families to direct education funding toward the learning environment that best fits their children’s needs, we can create more opportunity, accountability, and better outcomes for students. Jenny Clark and I explain this in our new guide at Club for Growth Foundation.
New SNAP restrictions are spreading under the MAHA banner. But if policymakers truly care about improving health outcomes, they should follow Milton Friedman’s standard and focus on what actually works — not simply what sounds politically appealing.
On KTRH NewsRadio, I warned that proposals to raise the minimum wage could ultimately reduce employment opportunities, leading to fewer workers overall rather than simply creating more higher earners.
RealClear Health featured my This Week’s Economy episode on welfare reform and how we can better align incentives, restore dignity, and expand opportunity for more Americans.
6. Defending Capitalism
Classical liberalism begins with a simple truth: people flourish most when they are free, responsible, and protected by equal justice under the law. That means protecting property rights, free exchange, free speech, religious liberty, limited government, and the rule of law. These principles are what make classical liberalism more coherent—and more durable—than the alternatives. RealClear Policy also featured this piece.
I joined Sean Themea of Voices of Liberty to discuss my defense of free-market capitalism and explain why it remains the best system for human flourishing and long-term prosperity.
The latest economic data reveal something Washington and Wall Street do not want to admit: beneath the headlines, the economy is softer and more fragile than many would like to believe. Yet despite the challenges we face, I remain optimistic. Because freedom still works.
7. Health Care
The Trump administration has opened a Section 232 national security investigation into imported medical products. In reality, this amounts to another tax on Americans that would raise health care costs for patients and families, as I explain at RealClear Markets.
Affordable health care will not come from empowering more bureaucracies. It will come from empowering patients. The Empower Patients Initiative represents a shift away from centralized control and back toward a health care system that treats people like capable adults making decisions for themselves and their families.
A recent cyberattack on the University of Mississippi Medical Center shut down clinic operations for nine days, disrupting appointments and access to care across the state. In a competitive system, that level of fragility should not exist. But as I explain at The Daily Economy, UMMC is not just another hospital—it is Mississippi’s only academic medical center and the state’s primary hub for specialty care, physician training, and complex medical services.
What I’m Learning
Net Choice: Important analysis on the impact of the Supreme Court’s decision in Chiles v. Salazar and what it could mean for free expression online.
The Daily Economy: Helpful explainer on why adjusting end prices cannot solve the underlying problem of gasoline shortages.
Cato Institute: Trump’s executive order on psychedelics may lower barriers to research, but it is unlikely to meaningfully increase access on its own.
Hoover Institute: As “tax the rich” proposals gain traction, this research explains how billionaire wealth taxes would effectively destroy long-term investment returns.
CiVL: Dave Hebert and Amity Shlaes discuss the dangers of populism at a recent AIER conference.
Liberalism.org: Strong argument for why classical liberals need a serious theory of the state.
Houston Chronicle: We need housing abundance, not more restrictions on families, institutional investors, or development. The best solution remains removing government barriers to building.
Washington Post: As anti-tech politics becomes more aggressive, this piece offers an interesting exploration of the Luddites and what we can learn from history.
R Street Institute: The GUARD Act takes the wrong approach to online safety for minors. This piece outlines better alternatives that focus on genuinely protecting children from harm.
Stars and Stripes: Another thoughtful argument from Jessica Melugin on why social media bans do not work.
City Journal: Loudoun County, Virginia shows what can happen when governments embrace growth instead of restricting it.
USA Today: More evidence that NIL policies for college athletes creates unintended consequences.
Bloomberg: Rather than strengthening U.S. shipping capacity or the merchant marine, Scott Lincicome argues the Jones Act has overseen the long-term decline of both.
Washington Post: As health reform debates intensify, policymakers should focus on the root causes of unaffordable health care instead of merely treating the symptoms.
Washington Examiner: Rob Marchand makes a compelling case against applying an FDA-style pre-approval system to artificial intelligence.
Parent Data: Interesting article from Emily Oster on parents using phones around their children.
Law and Liberty: Abundance politics has become an intriguing bipartisan discussion, but Samuel Gregg asks whether classical liberals can truly form a strategic alliance with left-leaning abundanistas.
Washington Examiner: Why many of the New Right’s so-called “pro-worker” policies are more likely to create economic harm than lasting prosperity.
The Center Square: How the stablecoin loophole risks repeating familiar mistakes created by regulatory carveouts that favor certain deposit-holding financial institutions.
Books I’m Reading:
I recently enjoyed Recession: The Real Reasons Economies Shrink and What to Do About It by Tyler Beck Godspeed.
Let People Prosper Show Podcast
The Let People Prosper Show features deep discussions on hot topics:
Episode 198 (Thursday):
Jack Salmon joined me on the latest episode of the Let People Prosper Show. As a research fellow at the Mercatus Center at George Mason University, he focuses on fiscal policy, taxation, economic growth, and state-level public finance. We discuss the flaws in the tax the rich plans, Washington state’s new income tax, why people are leaving states with high taxes, and more.
Episode 199 (Next Thursday):
Next Thursday, I’m speaking with Patrick McLaughlin, a research fellow at the Hoover Institution, a visiting research fellow at the Pacific Legal Foundation, and one of the country’s leading experts on regulation and the regulatory process. We are chatting about transportation’s impact on economic growth, how regulation raises the cost of moving goods, and what smart regulatory reform should look like.
Did you miss This Week’s Economy episode 163?
Quote of the Week
Bible Verse of the Week
Thank you for supporting my mission to promote economic freedom and prosperity. I hope this edition of Prosperity Pulse keeps you informed, inspired, and ready for the days ahead.
Please subscribe (get a paid subscription!) to this newsletter today, become a paid subscriber, and share it with your staff, family, and friends. Get more of my work at Ginn Economic Consulting at vanceginn.com.
God bless you and your family,
Vance Ginn, Ph.D.
President, Ginn Economic Consulting