The Texas economy has continued to recover since the steep downturn due to the COVID-19 pandemic and shutdowns by state and local governments in March. The partial reopening of most non-essential businesses has been a key part of that recovery, but the rise in COVID-19 hospitalizations has contributed to increased capacity restrictions that have slowed economic activity.
More on the data and how Texans can get back to work as quickly and safely as possible
In this newsletter, I discuss many improving COVID factors in TX, TX Legislature's budgets, TX jobs report, Janet Yellen's fiscal philosophy, President Biden's first few destructive days, & more.
Today, the Texas Workforce Commission released the state jobs report for Dec. 2020 in which the Texas unemployment rate fell from 8.1% in Nov. 2020 to 7.2%.
“Today’s jobs report for Texas shows some good news for workers and employers in December as employment increased for the eighth straight month and as the unemployment rate dropped to 7.2%,” said TPPF’s Chief Economist Vance Ginn, Ph.D. “While these gains are welcome, Texas’ labor market remains much weaker than a year ago when there were 384,700 more people employed in the private sector and the unemployment rate was 3.5%. Despite the potential policy challenges for the state’s recovery imposed by the Biden administration, the Texas Legislature looks poised to help with the recovery in their latest budget proposals as soon as the economy opens.”
Today, the Texas House and Senate introduced their versions of the 2022-23 budget.
The Texas Public Policy Foundation’s Chief Economist Vance Ginn, Ph.D. offered the following statement:
“At a time when many Texas families and employers are struggling financially across the state, we are glad to see the Texas Legislature come together to introduce a state budget that protects taxpayers. By maintaining last session’s property tax relief and ensuring the savings does not go to extra spending, the total 2022-23 budget comes in well below the Foundation’s Conservative Texas Budget. It controls spending growth, keeps property taxes lower, doesn’t raise other taxes or tap into the rainy day fund. The state budget is a responsible approach that puts Texans in a better position to recover their lives and livelihoods as soon as the economy is fully open.”
To read more about TPPF’s 2022-23 Conservative Texas Budget, please visit:
In this newsletter, I share my thoughts on TPPF's recent Policy Orientation, the start of the 87th Texas Legislature, Biden's $1.9T COVID bill, the economic and fiscal situation, and much more.
Americans’ lives and livelihoods took a hit in spring 2020 when the COVID-19 pandemic disrupted their routines and how they earn a living as lockdowns by governments in response to the pandemic exacerbated the situation.
Congress has since authorized about $4.5 trillion in aid, which has swelled an unsustainable national debt. Combined with the redistribution of resources from the private sector, the result is a crowding out effect that harms America’s future economic potential and disproportionately hurts those who cannot afford this government overreach.
There is a need for sound policy by governments at every level to support a safe, expedited, and fiscally responsible rebound so Americans have more opportunities to thrive.
In this newsletter, I share my thoughts on the recent events in DC, the upcoming legislative session in Texas, the increased harm to families from government lockdowns, and the need for competition.
You can read this newsletter and register to receive it weekly at no charge here: vanceginn.substack.com/
Today, Texas Comptroller Glenn Hegar released the Biennial Revenue Estimate (BRE) which tells the Legislature the amount of taxpayer dollars available to fund various programs like public safety, education, and health care during the upcoming session which begins Jan. 12.
“Given the COVID-19 pandemic and business shutdowns by state and local governments, the Comptroller’s budget forecast, while better than anticipated, has a great deal of uncertainty,” said Texas Public Policy Foundation Chief Economist Vance Ginn, Ph.D. “While the BRE is well above expectations and the 2020-21 budget will likely end balanced, the Legislature should continue to find savings. At a time when many families are struggling, it is essential that the Legislature maintain conservative fiscal policies, so Texans have the best opportunity to flourish. This can be done by assuring that the budget increases by no more than the maximum threshold of the Conservative Texas Budget, reducing spending where appropriate, cutting taxes, and rolling back regulations as we outlined in the Foundation’s Responsible Recovery Agenda.”
The Texas economy continues recovering since the steep downturn due to the COVID-19 pandemic and business shutdowns by state and local governments in spring 2020. Tailwinds could be strong in 2021 if the government removes restrictions and follows responsible fiscal policy so people are free to live and earn money.
Let People Prosper Newsletter #11: Watch My Episode on Brad Polumbo's "Breaking Boundaries" Podcast about Fiscal Insanity in DC
I had a blast discussing free-market economics and sound fiscal policy in an era of business shutdowns & fiscal insanity by governments with Brad Polumbo on his podcast "Breaking Boundaries."
Here's an overview of our discussion:
Former White House economist and current Texas Public Policy Foundation chief economist Vance Ginn joins the show to break down the $3 trillion+ in taxpayer money Congress has spent on "stimulus" and the shortcomings of this Big Government approach to revitalizing the economy. Can you spend your way out of shutdowns? How have Congress's key stimulus initiatives, from unemployment expansion to the Paycheck Protection Program to stimulus checks, worked out? And what about the push for more future $2,000 stimulus checks?
We discuss this and more—like Vance's hot take on how best to consume meatloaf.
Follow Vance on Twitter: https://twitter.com/VanceGinn.
Subscribe to his newsletter: https://vanceginn.substack.com/.
Check out his work for TPPF: https://www.texaspolicy.com/about/sta....
Follow Brad on Twitter: https://twitter.com/brad_polumbo.
Follow Brad on Instagram: https://www.instagram.com/bradpolumbo/.
You can watch our episode at the link below and subscribe to his podcast here: https://apple.co/35ET311
Vance Ginn, Ph.D.