Thank you for reading the Let People Prosper newsletter, which today includes the 12th episode of "This Week's Economy,” where I briefly share insights every Friday on key economic and policy news across the country.
Today, I cover:
1) National: New Pew Research poll reveals that inflation is the top concern for Americans on both sides of the political aisle, Fed needs to do more, and financial markets remain loose;
2) States: New state-level jobs report and which states are leading and breakdown of the largest spending increase in Texas history and why it's not good for keeping the Texas Model strong; and
3) Other: The importance of educating young audiences on capitalism and socialism and my experience teaching with a "minimum wage" game to a group of high school students.
You can watch this episode and others along with my Let People Prosper Show on YouTube or listen to it on Apple Podcast, Spotify, Google Podcast, or Anchor. Please share, subscribe, like, and leave a 5-star rating!
For show notes, thoughtful insights, media interviews, speeches, blog posts, research, and more, check out my website (https://www.vanceginn.com/) and please subscribe to my newsletter (www.vanceginn.substack.com), share this post, and leave a comment.
The Flawed U.S. Safety Net System & What States Can Do About It w Leslie Ford | Let People Prosper Episode 48
Today, I'm honored to be joined by Leslie Ford, adjunct fellow at the American Enterprise Institute’s Center on Opportunity and Social Mobility and a senior fellow with the Alliance for Opportunity.
1) The history of the war on poverty, how safety net programs have evolved, and where the war on poverty stands today;
2) How safety net programs can discourage upward mobility and keep people trapped in poverty through penalties such as those on marriage; and
3) Data on what requirements help safety net recipients achieve long-lasting self-sufficiency and prosperity, and more.
You can watch this interview on YouTube or listen to it on Apple Podcast, Spotify, Google Podcast, or Anchor. Please share on social media, subscribe to your favorite platform and my newsletter, like it, and leave a 5-star rating.
Find show notes, thoughtful economic insights, media interviews, speeches, blog posts, research, and more at my website and here in my Substack newsletter. Please subscribe to this newsletter, share it with your friends and family, and leave me a comment.
Op-Ed: The New Biden-McCarthy Debt Deal Is Just Like The Old Ones — It Doesn’t Solve The Actual Problem (Daily Caller)
On Wednesday night, the House passed what could be one of the worst debt ceiling deals in U.S. history, as it doesn’t provide the fiscal responsibility needed for suffering Americans.
In fact, this deal perpetuates most of the same reckless policies that have contributed to stagflation, leaving Americans struggling financially. Despite what appears to be a relatively strong labor market, wages have failed to keep pace with inflation on an annual basis for more than two years. Homeownership has become unattainable for many, and higher prices have forced over half of the adult population to reduce their savings.
You would think that such widespread suffering would motivate Congress to reform its fiscal insanity, but apparently, that’s not the case.
While 49 out of 50 states have a balanced budget amendment and most have a spending limit, there are no such rules at the federal level. The debt ceiling is the only mechanism, other than elections, that we have to keep Congress’ spending in check.
By suspending the debt ceiling, we’re inviting more reckless spending, which is why our national debt has skyrocketed to a ridiculous amount of more than $31 trillion. The net interest on the debt alone will soon surpass $1 trillion.
The new debt ceiling bill allows politicians to kick the can further down the road of payment for the debt to our children and grandchildren to deal with later. By raising the debt ceiling for another two years and only imposing a one percent annual spending limit next year, there’s ample room for the debt and spending to continue to grow at an already bloated budget.
A more reasonable timeframe for suspending the limit would have been two months, giving Republicans and Democrats the opportunity to pursue essential spending restraint. Irresponsible spending is a bipartisan problem, but Republicans, with their majority in the House and a platform of fiscal conservatism, bear even greater responsibility to address this issue.
Two years is an extensive period considering the adverse effects of the current national debt on inflation, interest rates, the U.S. dollar’s status, and the result of exacerbating the daily struggle of Americans to make ends meet, let alone pursue the largely destroyed American Dream.
Some argue that Congress should budget like a family. However, they should budget even more conservatively as Congress is entrusted with the hard-earned tax dollars of the public, not their own. Unleashing spending on out-of-control war efforts with the lack of major reforms and cuts where needed in the budget when our country teeters on the brink of financial crisis doesn’t promote individual liberty or economic growth.
In the meantime, fiscal conservatives in Congress should continue advocating for a spending limit rule such as seen in the states to put an end to this crisis. A responsible budget that grows, if it grows at all, by less than the rate of population growth plus inflation, which represents the average taxpayer’s ability to afford spending, would be a great goal.
Without substantial spending restraint, Americans can expect more suffering. As economist Milton Friedman once said, the ultimate burden of government is not how much it taxes but how much it spends. This debt ceiling bill was an opportunity to help reduce this burden, and we lost that.
Originally published by the Daily Caller.
Today, I'm honored to be joined by economist and trusted public policy adviser Paul Winfree, who has served in top management and policy roles in the White House, U.S. Senate, and think tanks.
Paul Winfree is an economist and a trusted public policy advisor. He has served in top management and policy roles in the White House, the US Senate, and in think tanks.
In today's new episode of the "Let People Prosper" podcast, I'm thankful to be joined by Dr. Chuck Beauchamp for a thought-provoking discussion on new inflation numbers and the current economy.
1) The newest inflation numbers and how the rate is impacting various markets including food, housing, and energy;
2) Interest rates' impact on the housing market and the crisis of affordability; and
3) Why the U.S. dollar's status could continue to wane and more.
You can watch this interview on YouTube or listen to it on Apple Podcast, Spotify, Google Podcast, or Anchor (please share, subscribe, like, and leave a 5-star rating).
Find show notes, thoughtful economic insights, media interviews, speeches, blog posts, research, and more here at my website (https://www.vanceginn.com/) or Substack newsletter (https://vanceginn.substack.com). Please subscribe to the newsletter, share it with your friends and family, and leave me a comment.
Vance Ginn, Ph.D.