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Texas Built Its Model on Economic Freedom

1/13/2026

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Originally published on Substack. 

​Texas ranks fourth nationally with an overall score of 8.15 in the Economic Freedom of North America report recently published by the Fraser Institute.
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The ranking, based on 2023 data, places Texas firmly among the most economically free states in the country.
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But the more important signal in the data is not where Texas ranks now. It is how the state has had excessive spending and high property taxes weigh on economic freedom today and in the coming years.

Texas’s economic success is visible first in the labor market.

According to the Bureau of Labor Statistics, Texas had one of the fastest job creation rates in 2023 (and thereafter). Employment growth has consistently exceeded the national average, while unemployment rates have generally remained below the U.S. rate.

When marginal tax rates on work are zero and labor markets are flexible, employers expand, and workers respond.

The economic output data tell the same story.

The Bureau of Economic Analysis shows that Texas’s real GDP growth was a leader in 2023, driven by private-sector expansion. Capital flows toward jurisdictions where expected after-tax returns are higher, and policy risk is lower. Texas has benefited from that reality for decades.

The EFNA index explains why.

Texas scores well on taxation and labor-market regulation, largely because it imposes no personal income tax and maintains comparatively flexible employment rules. Those institutional features reduce distortions on work, saving, and investment, raising long-run growth potential.

Yet the same EFNA data also reveal why Texas’s ranking has flattened rather than improved in recent years. The binding constraint today is not necessarily taxes or labor policy. It is government spending growth at the state and local levels.

Since at least the mid-2010s, state and local spending in Texas has grown substantially faster than population growth plus inflation, meaning government now consumes a larger share of personal income than it once did.

EFNA measures spending relative to income because this ratio determines how much private activity is crowded out. When the government expands faster than the economy and taxes rise to fund it, economic freedom declines.

Property taxes are the primary transmission mechanism.

Texas constitutionally bans income taxes, wealth taxes, and state property taxes, but relies heavily on sales taxes to fund state spending and local property taxes to finance local budgets.

Property-tax collections have risen faster than household incomes, raising effective tax rates even when statutory rates appear unchanged.

From an economic perspective, this is not neutral. Higher property taxes can raise the cost of housing and capital formation, reduce real wages over time, and slow investment, especially in high-tax metropolitan areas.

Public-sector employment growth reinforces the trend.

BLS data show government employment rising faster than private employment in recent years. EFNA penalizes this pattern because it signals higher future tax burdens or debt service.

Economic theory predicts the outcome: slower productivity growth and weaker private-sector dynamism.

Directionally, Texas has held its rank while peer states have closed the gap. That is an important distinction.

The EFNA report relies on 2023 data, which means recent policy changes about restraint are not yet reflected. What is reflected is the cumulative effect of spending decisions made over the past decade.

Rankings move slowly because institutions change slowly. That is a feature, not a flaw.

The Fraser Institute’s findings are consistent across time and geography. States with higher economic freedom exhibit higher income levels, stronger labor-force participation, faster job creation, and greater net in-migration.

Texas still benefits from those advantages. But the data now show that fiscal drift could erode the margin.

The lesson is not ideological. It is arithmetic. Economic freedom helped build the Texas Model. Preserving it now requires discipline.

If government spending growth continues to outpace population growth plus inflation, Texas’s comparative advantage will narrow, then disappear. Growth can mask that reality for a while. It cannot undo it.
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How Does Kansas Rank in Economic Freedom?

1/12/2026

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Originally published at Kansas Policy Institute. 

Kansas ranks 14th nationally, with an overall score of 7.12, in the Economic Freedom of North America report published by the Fraser Institute. The ranking, based on 2023 data, places Kansas just outside the top quartile of states. That position tells a precise economic story. Kansas has restored stability after years of fiscal turbulence from the excessive spending under Governor Kelly and the lack of spending restraint to go with then-Governor Brownback’s tax cuts. And yet, the conditions for sustained acceleration have not been met.
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The labor market illustrates the point. According to the Bureau of Labor Statistics, Kansas’ unemployment rate has remained relatively low since 2021 and generally tracks close to the national average. That outcome reflects a labor market that has absorbed shocks without prolonged dislocation. But stability is not the same as expansion. Job growth in Kansas has largely tracked population growth rather than exceeding it, indicating limited growth in labor demand rather than a tight labor supply.

Economic freedom, or lack thereof, can help explain the difference. States that consistently outperform improve labor demand by reducing barriers to investment and expansion. EFNA measures this through labor-market flexibility, tax burdens, and government size relative to income. Kansas performs reasonably well on labor markets, with relatively low union density and predictable employment rules. Recent tax reforms also improved marginal incentives and reduced uncertainty compared with earlier periods of policy volatility.

But EFNA indicates that these improvements did not translate into a higher overall ranking for The Sunflower State. Government spending grew faster than personal income, particularly during recent revenue windfalls during COVID-19. Because EFNA measures spending as a share of income, this expansion directly reduced the spending component score and offset gains elsewhere.

This matters economically. Higher government spending today implies higher taxes or debt tomorrow. Even when budgets appear balanced, households and firms adjust their behavior based on expected future burdens. The result is lower capital formation and slower productivity growth.

Property taxes are the clearest channel. While attention often focuses on state-level income taxes, local property-tax collections in Kansas have continued to rise, increasing the cost of capital and housing. From an economic perspective, shifting the tax burden rather than reducing it does not increase freedom. EFNA treats the combined state-and-local burden as what matters, because that is what households and firms actually face.

Output data reinforce the diagnosis. The Bureau of Economic Analysis’s state GDP figures show Kansas real GDP growth lagging that of faster-reforming peers such as Oklahoma and Nebraska in 2023, particularly in private investment–intensive sectors. Kansas has grown, but more slowly in sectors with the highest capital mobility. That is exactly what economic theory predicts when spending growth leads to higher taxes, thereby weakening expected returns.

Directionally, Kansas’s EFNA ranking improved earlier in the last decade, then flattened in recent years. That pattern is coherent. Initial reforms improved labor and tax components, lifting the score. Subsequent spending growth offset those gains, producing a plateau. The EFNA report uses 2023 data, meaning recent discussions about spending restraint or tax base reform are not yet reflected. What is reflected is the cumulative effect of decisions made during surplus years.

This timing distinction matters for policymakers. EFNA should be read as a report card on past policy choices, not a forecast of future outcomes. If spending restraint becomes institutionalized, it will show up in future rankings. If not, Kansas will remain stuck just outside the top tier.

The long-run findings of the Fraser Institute are consistent across decades. States with higher economic freedom experience stronger job creation, higher incomes, greater capital inflows, and more upward mobility. Kansas has laid part of that foundation. Labor markets are flexible. Taxes are more competitive than they once were. What remains is the hardest part of reform: restraint during good times.
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Kansas does not need new incentives or targeted programs. It needs consistency. Without binding limits on spending growth tied to population growth and inflation, further reforms will yield diminishing returns. Stability has been restored. Whether Kansas accelerates from here will depend on whether economic freedom is allowed to compound.
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What Free-Market Economics Actually Means

1/2/2026

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Originally published on Substack. 

​“Free markets” get blamed for just about everything these days—high prices, inequality, corporate power, even government debt. That alone should make anyone curious.

When one idea is blamed for every failure, it usually means the failures didn’t come from that idea at all.

So let’s reset the conversation.

Free-market economics is not chaos. It’s not greed. And it’s definitely not whatever passes for today’s mix of subsidies, bailouts, protectionism, and monetary manipulation.

Free-market economics is a rules-based system built on voluntary exchange, price signals, and accountability. When those foundations are undermined, markets don’t fail—policy does.

​What free markets actually are

At their core, free markets rest on a few simple principles.

First, voluntary exchange. People trade because both sides expect to be better off. No mandates. No coercion. That discipline matters. When exchanges stop being voluntary, inefficiency and resentment follow.

Second, prices as information. Prices are not just numbers; they are signals. They reflect scarcity, preferences, and opportunity costs. When governments cap prices, subsidize demand, or suppress interest rates, they destroy the very signals people rely on to make good decisions.

Third, profit and loss. Profit rewards value creation. Loss punishes waste. Remove loss—through bailouts or guarantees—and you remove learning. That’s how bad decisions pile up instead of being corrected.

Fourth, decentralization. No committee can know what millions of people know individually. Markets work because they disperse decision-making. Central planning fails because it concentrates error.

This tradition runs through the best of economics—from Adam Smith to Friedrich Hayek, Milton Friedman, James Buchanan, and modern institutional economics. It’s not radical. It’s realistic.

What free markets are not

Here’s where the confusion—and frustration—comes in.

Free markets are not corporate welfare. When government picks winners, subsidizes losses, or protects firms from competition, that’s not capitalism. It’s favoritism or crony corporatism.

Free markets are not protectionism. Tariffs are taxes. They raise costs, reduce choice, and invite retaliation. They protect politically connected producers while quietly punishing families and small businesses.

Free markets are not monetary manipulation. Holding interest rates artificially low, expanding a multi-trillion-dollar balance sheet, and absorbing government debt does not stabilize markets. It distorts them. It inflates assets first, wages last, and widens inequality by design.

Free markets are not regulatory micromanagement. Licensing barriers, zoning restrictions, certificate-of-need laws, and bureaucratic approvals don’t protect consumers. They protect incumbents.

When politicians defend these policies and call them “capitalism,” they poison the well. Then they blame markets for the damage government caused.

Why affordability keeps getting worse

If free markets are so powerful, why does everything feel more expensive?

Because we don’t have free markets where it matters most.

Housing prices rise when zoning blocks supply.

Healthcare costs explode when patients don’t control their dollars.

College prices soar when subsidies inflate demand.

Energy costs spike when production is restricted.

In each case, policymakers focus on symptoms—prices—rather than causes: permission, scarcity, and distorted incentives.
Markets lower costs when people are allowed to build, compete, innovate, and fail. Governments raise costs when they say “no,” then spend billions trying to fix the damage.

The moral case still matters

Free-market economics isn’t just efficient. It’s humane.

It respects human dignity by letting people choose.

It rewards effort rather than connections.

It limits power by dispersing it.

That’s why economic freedom correlates so strongly with higher incomes, longer life expectancy, and faster innovation. Prosperity isn’t accidental. It’s institutional.

This is also why public-choice economics matters. Politicians respond to incentives just like everyone else—except their incentives are political, not economic. They get rewarded for spending today and passing the bill to tomorrow.

Markets impose discipline. Politics evades it.

Where this leaves us

If we want real reform, we need to stop apologizing for free markets and start explaining them better.
That means:
  • Ending corporate welfare, not expanding it
  • Letting prices work, not suppressing them
  • Limiting government spending growth to something sustainable
  • Restoring sound money instead of permanent intervention
  • Trusting people more than planners

None of this is extreme. It’s foundational.

I’ve spent my career pushing these ideas—not because they’re fashionable, but because they work. If you’ve found value here, I encourage you to share this post, subscribe if you haven’t already, and help bring clarity back to economic debates that desperately need it.

Free-market capitalism doesn’t need reinvention.

It needs honesty.
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That’s how we let people prosper.

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Christmas, Family, and Nothing Is Free

12/25/2025

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Originally published on Substack. 

​Last night, I caught myself pausing in the living room.

In just a few hours, my kids will step out of their rooms—still sleepy, still innocent—and turn the corner to a living room filled with presents. There will be that unmistakable twinkle in their eyes. Pure joy. Anticipation. Wonder.

And I couldn’t help but ask myself the question every parent eventually does: Will they remember why we celebrate Christmas—or only what they receive?

They know the story. We’ve told it. We’ve read Bible scriptures. We’ve prayed together. But knowing and remembering aren’t the same thing. One lasts a season. The other lasts a lifetime.

That tension—between gifts and grace, celebration and substance—is what makes Christmas so powerful and so fragile at the same time.

Christmas feels different as I get older.

​When you’re young, it’s about the gifts. When you’re building a career, it’s about the pace. But when you’re raising a family—while quietly carrying the weight of parents who passed too soon—it becomes something deeper. Heavier. More eternal.

I miss my parents more during this season than at almost any other time of year. They helped lay the bricks in my path. Not all of them were gold. Some were chipped. Some were heavy. But they mattered. And without them, I wouldn’t be who I am today.

Loss has a way of clarifying priorities.

It strips away the noise and reminds us what actually endures: faith, family, love, and truth. It also reminds us that our time here is borrowed—and that how we use it matters far more than how comfortable we make it.

That’s where Christmas meets reality.

Christmas Day isn’t about nostalgia or tradition for tradition’s sake. It marks the most extraordinary claim in human history: God entered His own creation as a man.

Jesus Christ wasn’t a symbol. He wasn’t a metaphor. He wasn’t a moral teacher who showed up to offer life hacks. He was—and is—God made flesh.

The humility of that moment should stop us in our tracks.

The Creator of the universe chose dependency. Chose vulnerability. Chose to be born not into power or wealth, but into obscurity. Not because humanity deserved it—but because we needed it.

And here’s the part we don’t like to talk about much anymore:

Nothing about that was free.

Not grace. Not redemption. Not salvation.

Christmas points directly to the cross. Jesus paid the ultimate price so that we could be reconciled to God. That truth alone should permanently shatter the modern lie that anything of real value comes without cost.

Love costs. Forgiveness costs. Sacrifice costs.

And salvation cost everything.

That lesson matters far beyond theology—it shapes how we live.

It reminds us that responsibility precedes reward. That meaning comes from service, not self. That freedom without truth collapses into chaos.

It’s also why I believe so deeply in faith, family, free markets, and federalism. Not as slogans, but as systems that respect human dignity, responsibility, and choice—while acknowledging our limits.

We flourish not because government directs us, but because people—imperfect people—are free to love, give, fail, repent, and try again.

Voluntary exchange works not just in markets, but in life itself. We don’t notice it most days because, for the most part, it works quietly. Parents sacrifice for children. Friends show up when it’s hard. Communities carry one another when they stumble.

That’s grace in action.

As a father, my prayer tonight is simple.

I pray my kids remember the joy—but more importantly, the reason. I pray they never confuse the gifts under the tree with the Gift that made Christmas possible. I pray they understand that love isn’t measured by what we receive, but by what we’re willing to give.

And I pray that when they face hardship, loss, or uncertainty—as we all do—they stay anchored in Christ, not convenience.
Because being centered in Christ doesn’t remove the storms. It gives us something solid to stand on when they hit.

I’m deeply grateful for this community—more than 45,000 strong—made up of people from many walks of life who care about truth, liberty, and human flourishing. Your willingness to engage, challenge, and think deeply is a blessing I don’t take lightly.

As we celebrate Christmas, my hope is that we slow down just enough to remember what matters most.

Not the noise.

Not the excess.

Not the temporary.

But the eternal hope born in a manger—the One who paid a price none of us could afford, so that we might live with purpose now and joy forever.
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Merry Christmas. May God bless you and your family—today and always.
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ECON 101 Guide: 20 Principles that Build Prosperity

12/3/2025

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The Quiet Power of Gratitude—Happy Thanksgiving!

11/29/2025

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Originally published on Substack. 

​We discuss a lot about the economy, liberty, and public policy in this newsletter. But every now and then, it’s worth stepping back to remember why any of it matters. Gratitude has a way of clearing the noise and reminding us what’s real.

The truth is, gratitude surrounds us constantly—even when we don’t notice it.

Most of the beauty of everyday life flows from voluntary exchange. It’s the invisible cooperation that happens between people who choose to serve one another, often without ever meeting. The clothes we wear, the food on our table, the technology in our pockets—all exist because someone, somewhere, devoted time and creativity to make life a little better for people they’ll never see.

That’s gratitude in motion. That’s the miracle of free people choosing to help one another.

We rarely pause to marvel at how well this system usually works, because the best systems are the ones that remain almost invisible. We only notice when something breaks. But most of the time—nearly all the time—our world hums along on a foundation of trust, cooperation, and voluntary relationships. And that’s worth celebrating.

Gratitude for Family, Friends, and the Moments That Matter

This season always brings our attention back to the people who make life meaningful: our families, our friends, our mentors, our communities.

We gather around tables, in living rooms, on back porches, or wherever our people are, and we share food, laughter, stories, and presence. These are the moments that tell us life is bigger than our inbox, our schedule, or our politics.

But gratitude isn’t always easy. Sometimes it comes with the sting of remembering those who aren’t at the table anymore.

We all carry losses—family members who shaped us, friends who lifted us, mentors who guided us. Their absence isn’t just a reminder of pain; it’s a reminder of how deeply their presence mattered. They helped lay bricks on the path we walk today. Some of those bricks were smooth, some were cracked, and some we had to replace or redirect ourselves. But each of them was part of the journey.

And even when the path wasn’t gold, it still led us forward. That’s something to be grateful for, too.

Gratitude for the Freedom to Choose

One of the greatest blessings in America is the freedom to build the life we want—in faith, family, work, or community. We don’t rely on politicians to direct our relationships. We don’t need bureaucrats to tell us how to raise our kids or shape our future.

Freedom gives us room to make mistakes, grow, forgive, innovate, love, and start again. It gives us the chance to take responsibility for our choices and reap the rewards of our hard work.

Gratitude and liberty go hand in hand. Unfree people can’t be fully grateful—because their lives belong to someone else.

That’s why faith, family, free markets, and federalism matter so much. They’re not slogans. They’re pillars of a society where ordinary people shape their own destiny. They make gratitude possible because they protect the voluntary interactions that allow us to flourish.

Gratitude for This Community

I’m grateful for this newsletter community—more than 45,000 strong across platforms—filled with people who care deeply about liberty, prosperity, and human flourishing. You come from every corner of life: teachers, business owners, engineers, pastors, public servants, parents, students, retirees, entrepreneurs, and everything in between.

And yet you share something powerful in common: You believe in the dignity of free people. You believe that prosperity comes from bottom-up creativity, not top-down control. You believe in accountability, not coercion. You believe in freedom—not because it’s easy, but because it’s right.

This newsletter exists because you show up—reading, sharing, supporting, and engaging with ideas that matter. I’m grateful for the trust you place in my work, the conversations we’ve had, and the hope you carry for a freer, more prosperous country.

A Closing Thought

Gratitude isn’t passive. It strengthens us. It sharpens our purpose. It grounds us when the world feels chaotic. It reminds us that the most meaningful things in life aren’t controlled by government—they’re cultivated through relationships, responsibility, and freedom.

As we look forward, I’m thankful for the chance to keep sharing insights, shining a light on sound economics, and making the case every week for policies rooted in liberty. I’m thankful for the opportunity to help equip leaders, families, and communities to navigate a challenging world with clarity and hope.

And I’m thankful for each of you—for reading, supporting, questioning, sharing, and standing firm in the belief that America’s best days come from trusting people, not power.

Gratitude fuels liberty.
Liberty fuels prosperity.
Prosperity lets people flourish.
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And that’s a reason why we keep going! Reach out if I can ever serve you.
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Faith, Family, and Fiscal Responsibility with Robert Ordway | Let People Prosper Show Ep. 174

11/13/2025

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​In a time when personal discipline and fiscal restraint feel out of fashion, Robert Ordway reminds us that the path to prosperity—both individually and nationally—still runs through faith, family, and responsibility.

This week on the Let People Prosper Show, I’m joined by Robert Ordway, a writer, speaker, entrepreneur, and policy professional whose life story bridges small-town America and the halls of power in Washington. Robert currently serves as Senior Policy Advisor to Indiana Governor Mike Braun, supporting the Freedom & Opportunity Agenda. Previously, he worked in the U.S. Senate as Deputy Legislative Director and Senior Policy Advisor to then-Senator Braun, where he specialized in budget and tax issues, and with the American Legislative Exchange Council (ALEC) advancing pro-growth policy across the states.

Robert’s upcoming memoir, Mill Rat: A Memoir from the Multiethnic Working Class, tells the remarkable story of growing up in Gary, Indiana, caring for his father during a five-year battle with ALS, and overcoming profound family adversity through faith and perseverance. It’s a moving portrait of working-class America—and a lesson in personal agency that applies as much to the federal budget as to everyday life. We discuss the parallels between personal health and national spending, why faith and family remain the bedrock of freedom, and how fiscal conservatism is not just a policy preference but a moral necessity.

For more insights, visit vanceginn.com. You can also get even greater value by subscribing to my Substack newsletter at vanceginn.substack.com. Please share with your friends, family, and broader social media network. 
(0:00) – Introduction and Personal Story
(3:00) – Faith, Family, and Community
(9:00) – Public Policy and Fiscal Conservatism
(18:00) – Overcoming Adversity and Building Resilience
(27:00) – Insights on Budget Reform and the Future of Fiscal Responsibility
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Louisiana’s Tax Competitiveness Problem

11/12/2025

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Originally published on Substack. 

​The Tax Foundation’s recently released 2026 State Tax Competitiveness Index ranks Louisiana 31st in the nation, a middling position that reflects the state’s economic climate. While Louisiana has taken modest steps to simplify its tax code, government spending continues to grow faster than the economy—and that’s what keeps the state stuck in neutral.
Across the country, the story is becoming clear. States that maintain a limited and predictable government are the ones that attract new residents, jobs, and businesses. Those that allow spending to balloon are watching people and investment leave.

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The Real Problem: Spending, Not Just Taxes

Louisiana’s tax structure looks competitive in some areas, but high and complex spending patterns undermine those gains. The state ranks 10th in corporate taxes and 15th in individual income taxes after its 2024 reforms. However, it ranks 50th—dead last—in sales-tax simplicity due to its fragmented local collection system. Property taxes are moderate at 22nd, but they continue to climb as local budgets expand.

The real obstacle is not insufficient revenue; it’s a lack of fiscal restraint. When state spending grows faster than population growth plus inflation, taxpayers lose purchasing power, and the private economy—the engine of prosperity—shrinks. Every dollar the government spends must first be taken from someone who earned it. The longer this pattern persists, the more challenging it becomes for families and businesses to plan, invest, and thrive.

Learning from Our Neighbor: What Mississippi Is Doing Right
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Louisiana’s neighbor, Mississippi, is taking a disciplined and forward-looking approach. Under the Build Up Mississippi Act, enacted in 2022, the state is phasing out its individual income tax through a series of scheduled rate reductions. The top rate will fall to 3 percent by 2030—a goal Louisiana has already achieved—but then further cuts will occur automatically if revenues and reserves meet defined benchmarks. Louisiana has no such automatic trigger or plan to achieve further reductions. In fact, earlier this year, state senators balked at a proposal to lower the rate to 2.75%. Analyses from the Mississippi Policy Center and ALEC indicate that Mississippi’s  forward-looking plan fosters certainty for employers and workers who can anticipate the direction of policy.
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That clarity matters. Expectations shape behavior. When people know tax burdens will decline, they invest more, relocate more confidently, and hire more aggressively. It’s not simply about the current rate; it’s about the direction of policy. Mississippi is communicating that its government intends to grow less so that its people can grow more.

What Louisiana Should Do Next

If Louisiana wants to rise in competitiveness and attract long-term investment, it needs two straightforward reforms:
  1. Cap government growth. Adopt a rule that limits the state’s annual budget growth to less than the combined rate of population and inflation. This approach keeps the government aligned with taxpayers’ ability to pay, allowing surpluses to build naturally without the need for higher taxes.
  2. Establish a clear path to lower income tax rates. Once spending is under control, dedicate future surpluses to permanent income tax rate reductions. Louisiana’s current top individual income tax rate is lower than Mississippi’s, yet Mississippi’s trajectory is clearer. Direction and discipline are what create growth, not merely rate differences on paper.

The Bigger Lesson

Economic freedom is not just an accounting exercise—it’s a moral principle. Prosperity occurs when individuals, not bureaucracies, determine how to allocate their earnings. States that respect that truth, such as Mississippi, Texas, Florida, and Tennessee, are outperforming those that treat government as the primary driver of opportunity.
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Louisiana can join that group, but only if it confronts its spending habits and sends a credible signal that tax burdens will continue to fall. Fiscal restraint and predictable policy are the cornerstones of growth. The path to prosperity is simple: spend less, tax less, and trust people to make their own choices. That’s how Louisiana—and every state—can let people prosper.
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Argentina’s President Milei Lesson for America’s President Trump

10/28/2025

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Originally published on Substack. 

In a world that keeps drifting toward more government control, Argentina just reminded us what bold leadership rooted in economic truth looks like.
​
President Javier Milei’s Liberty Advances political coalition just won another major election — deepening support for his free-market revolution. For those who’ve watched Argentina’s century-long slide from prosperity to poverty, this moment feels like a reset in real time.

Markets rallied. The Argentinian peso stabilized. Confidence crept back into a country long written off as a case study in policy failure. But this isn’t just an Argentine story — it’s a warning and a lesson for America.

Who Is Javier Milei? The Economist with a Chainsaw
Before he was president, Milei was a professor of economics, a best-selling author, and a late-night television debater who did something few politicians ever dare: he told the truth about socialism, loudly.

Raised in Buenos Aires by a bus-driver father and a homemaker mother, he grew up in a country that was once among the wealthiest on Earth — but where hyperinflation, protectionism, and political corruption had destroyed faith in the market.

Milei wasn’t born into privilege; he fought his way into economics the hard way, working in private finance and teaching at universities while publishing papers steeped in Austrian-school thought. His intellectual roots trace directly to Friedrich Hayek, Ludwig von Mises, and Milton Friedman — thinkers who understood that free people, not bureaucrats, create prosperity.

When Milei waves his symbolic chainsaw, it’s not for show. It’s his promise to cut away the bureaucratic rot that’s strangled Argentina for generations.

Milei’s Economic Philosophy: Liberty with Consequences

​Milei’s ideas aren’t “radical.” They’re simply Economics 101, applied with courage:
  • Inflation is a monetary phenomenon. Stop printing money to fund deficits, and prices will stabilize.
  • Government spending crowds out private growth. Shrink the state, and innovation returns.
  • Trade and competition create value. Tariffs and protectionism only make the poor poorer.
  • The market is moral. Voluntary exchange — not political coercion — allows dignity and wealth to coexist.

His most controversial proposal, dollarization, is an effort to restore trust after decades of currency manipulation. Critics claim it limits sovereignty; Milei argues that fiscal discipline is the truest form of national strength.

He’s not wrong. In economics, credibility is capital — and Argentina has spent too much of it.

Why America Should Pay Attention

While Milei battles inflation and bureaucracy, the United States faces its own crisis of discipline.

Our national debt just surpassed $38 trillion, federal spending keeps outpacing growth, and tariffs disguised as “economic security” are raising costs for families and businesses. Both Argentina and America are learning the same painful truth: you can’t borrow, print, or regulate your way to prosperity.

Having served in the first Trump White House’s Office of Management and Budget, I saw this up close. No nation — no matter how rich — can sustain runaway spending and survive on the illusion that debt doesn’t matter.

And while I deeply admire Milei’s courage, I’m skeptical that foreign political alliances — including President Trump’s recent claim of “helping” Milei’s party win — do much good. Economic freedom isn’t something nations can export; it’s something they must choose, through courage and restraint.

Milei chose freedom. Now the United States must, too.

Classical Liberalism Still Works

What makes Milei’s story powerful isn’t just his policies — it’s his conviction. He preaches what Friedman, Sowell, and Hayek spent lifetimes proving:
  • When governments spend beyond their means, inflation punishes everyone.
  • When politicians try to plan the economy, innovation withers.
  • When individuals are free to work, trade, and save — prosperity follows.

These are the same principles that shaped my career, from studying at Texas Tech to leading economic policy reforms in Austin and Washington. I’ve seen them tested at every level of government — and they hold true across continents and cultures.

The difference between Argentina and America isn’t the economic law; it’s the political will.

The Global Stakes of Economic Freedom

Milei’s victory gives classical liberalism a second wind in the Western Hemisphere. If he succeeds, Argentina could once again become a global example of how markets lift nations out of despair. If he fails — or if protectionists in the U.S. keep undermining the global trading system — then socialism’s false promises will find new life.

His challenge is enormous: reform Argentina’s tax code, restore faith in money, and rebuild public trust after decades of corruption. But he’s already done the hardest part — he changed the conversation.

The same conversation America desperately needs to have again. Because prosperity doesn’t come from politicians. It comes from people.
​
Let People Prosper.
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From Prison to Philosophy: The Journey of Michael Liebowitz | Let People Prosper Ep. 171

10/23/2025

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​Can a man find freedom inside a prison cell?
Today’s guest did—and he’s using that hard-won wisdom to help others do the same.

In this week’s Let People Prosper Show, I sit down with Michael Liebowitz, host of The Rational Egoist podcast, author, and prison reform advocate who spent 25 years behind bars before transforming his life through philosophy, reason, and purpose.

Michael’s story isn’t just one of redemption—it’s a case study in what happens when a man discovers the moral and economic power of rational self-interest. Drawing from Ayn Rand’s Objectivism, he argues that true morality isn’t about self-sacrifice—it’s about living productively, rationally, and responsibly.

We explore how his years in prison shaped his philosophy, why he believes America’s criminal justice system is broken, and how rational egoism directly connects to the free-market ideas that allow people to prosper.
For more insights, visit vanceginn.com. You can also get even greater value by subscribing to my Substack newsletter at vanceginn.substack.com. Please share with your friends, family, and broader social media network. 

(0:00) – Introduction to Michael Liebowitz
(1:32) – The Journey of Transformation
(4:51) – Life in Prison: Challenges and Growth
(10:31) – Philosophy and Morality: A Rational Egoist’s Perspective
(12:05) – Debating Beliefs: Religion and Atheism
(15:00) – The Importance of Free Speech
(17:39) – Economics: Understanding Human Action
(22:04) – Objectivism and Capitalism
(30:57) – Criminal Justice Reform: A Call for Change
(38:50) – Legacy and Future Aspirations
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    Vance Ginn, Ph.D.
    ​@LetPeopleProsper

    Vance Ginn, Ph.D., is President of Ginn Economic Consulting and collaborates with more than 20 free-market think tanks to let people prosper. Follow him on X: @vanceginn and subscribe to his newsletter: vanceginn.substack.com

    View my profile on LinkedIn

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