Today, I'm honored to be joined by Dr. Michael Munger, director of the interdisciplinary politics, philosophy, and economics program at Duke University and professor of political science. We discuss: 1) How transaction costs, including regulations and political corruption, prolong poverty and prevent prosperity and the role of economic freedom in human flourishing; 2) Whether capitalism can work within America’s republic and the ways in which it's currently failing because of too much government; and 3) Why cutting taxes without cutting spending is futile and the need for de-regulation, especially in regards to housing. Dr. Munger’s bio:
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.
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Thank you for listening to the Let People Prosper podcast and for reading the newsletter for show notes and key economic insights. We discuss: 1) Fascinating findings and research from his new book "The Spirit of 1776: Libertarianism and American Renewal," including how the current U.S. system of government has strayed from the Constitution and what we can learn from the founding fathers about compromise; 2) The true definition of the “common good” and why we can only achieve a free society through liberty and humanitarian virtues; and 3) Dr. Salter's opinion on the current economy, whether or not the U.S. is in a recession, and why he believes the dollar is seriously threatened. Dr. Salter’s bio:
Today, I'm honored to be joined by Dr. Jay Bhattacharya, Professor of Health Policy at Stanford University and a research associate at the National Bureau of Economics Research. We discuss: 1) How the U.S. policy response to the COVID-19 pandemic harmed the poor, working class, and children and the subsequent side effects those groups continue to grapple with (see his Twitter thread here for more details); 2) Why shutting down the economy and enforcing social distancing is not effective from a health and medicine perspective and a better alternative; and 3) Why Dr. Bhattacharya fears the U.S. would have the same response in the event of another pandemic and his suggestions for how to handle one. Dr. Bhattacharya’s bio:
Today, I'm honored to be joined by Patrick Gleason, Vice President of State Affairs at Americans for Tax Reform. We discuss: 1) How the state flat tax revolution has swept across the country over the last two years, which states have joined, and why it is a beneficial change for more flourishing; 2) Misconceptions about flat taxes, Kansas as an example of how to make tax relief fail, and the need for responsible state budgets; and 3) Patrick's current work on tax and school choice reform across states. Gleason’s bio:
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 my Substack newsletter. 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. We discuss: 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. Today, I'm honored to be joined by Amity Shlaes, who has written four NYT bestsellers, chairs the board of the Calvin Coolidge Presidential Foundation, is winner of the Manhattan Institute's Hayek Book Prize, and serves as a scholar at the King's College. We discuss:
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.
What REALLY Happens in the White House, Need Tax & Spending Reforms & More w Paul Winfree | Ep. 455/23/2023 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. We discuss:
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.
TRUTH On Inflation, Housing Market, Interest Rates, & Incentives w. Dr. Chuck Beauchamp | Ep. 445/16/2023 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. We discuss: 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). Chuck’s bio:
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. On today's episode of the "Let People Prosper" show, I'm thankful to be joined by Dr. Larry White, Professor of Theory and History of Banking and Money at George Mason University and author of the new book "Better Money: Gold, Fiat, or Bitcoin?" We discuss:
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). Dr. White’s bio:
For show notes, thoughtful economic insights, media interviews, speeches, blog posts, research, and more, check out my personal website and subscribe to my Substack newsletter where you can get every episode in your inbox. In Let People Prosper episode #42, I talk w James Hohman with Mackinac Center for Public Policy about improving Michigan's economy, right-to-work policies, corporate welfare, and budget. On today's episode of the "Let People Prosper" show, I'm thankful to be joined by James Hohman, Director of Fiscal Policy at the Mackinac Center for Public Policy and host of The Overton Window Podcast.
We discuss: 1) Right-to-work policies, workers' unions, and corporate welfare; 2) How shutdowns impacted the economy of his home state, Michigan; and 3) A path forward for the state, and others, to prosper with a Sustainable Michigan Budget 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). James’ bio:
In Let People Prosper episode #41, I talk w Dan Mitchell, Ph.D., about the need government spending limits, benefit of flat tax revolution, Fed's booms and bust cycles, and more to let people prosper. On today's episode of the "Let People Prosper" show, which was recorded on March 24, 2023, I'm thankful to be joined by Dr. Dan Mitchell, President of the Center for Freedom and Prosperity and blogger at International Liberty.
We discuss: 1) Lessons from history on government spending and why strong spending limits are needed at every level of government; 2) Issues with the Fed creating artificial cycles of booms and busts; and 3) Reasons to be optimistic about the flat tax & and school choice revolutions happening in states across the country. 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). Dan Mitchell’s bio:
For show notes, thoughtful economic insights, media interviews, speeches, blog posts, research, and more, check out my personal website and subscribe to my Substack newsletter where you can get every episode in your inbox. In Let People Prosper episode #40, I talk with Max Gulker, Ph.D., about whether Big Tech is a monopoly, FTC's overreach with regulations, & benefits of network effects to let people prosper. On today's episode of the "Let People Prosper" show, which was recorded on March 21, 2023, I'm thankful to be joined by Dr. Max Gulker, Senior Policy Analyst at Reason Foundation.
We discuss:
Dr. Gulker’s bio and other info (here):
In Let People Prosper episode #39, I talk with Daniel Erspamer, CEO of Pelican Institute in Louisiana, about LA's economic issues, need for tax and budget reforms, and ways that let people prosper. Thank you for listening to the Let People Prosper Show podcast and for reading the newsletter for show notes and key economic insights.
On today's episode of the "Let People Prosper" show, which was recorded on March 31, 2023, I'm thankful to be joined by Daniel Erspamer, CEO of the Pelican Institute for Public Policy in Louisiana. We discuss the Pelican Institute’s “Louisiana’s Comeback Agenda” which includes:
Please like this video and subscribe to the channel if you enjoyed this podcast! In Let People Prosper episode #38, I talk with Annie Spilman, Texas State Director of NFIB-Texas, about regulatory consistency and tax reforms which will help businesses thrive and let people prosper. On today's episode of the "Let People Prosper" show, which was recorded on March 31, 2023, I'm thankful to be joined by Annie Spilman, Texas State Director at the National Federation of Independent Business (NFIB) in Austin, Texas.
We discuss:
On today's episode of the "Let People Prosper" show, which was recorded on Feb. 24, 2023, I'm honored to be joined by Dr. Tyler Goodspeed, who is an economist, fellow at the Hoover Institution at Stanford University, and was acting chairman of the White House’s Council of Economic Advisers from 2020 - 2021.
We discuss:
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). Dr. Goodspeed’s bio and other info (here):
In today's episode of the "Let People Prosper" podcast, which was recorded on February 24, 2023, I'm joined by Dr. Vincent Geloso, who shares his insights on:
Dr. Geloso’s and other info (here):
On today's episode of the "Let People Prosper" show, which was recorded on March 6, 2023, I'm honored to be joined by Dr. Arthur Laffer, legendary economist and 2019 recipient of the Presidential Medal of Freedom. We discuss:
Dr. Arthur Laffer’s bio and other info (here):
In today's episode of the "Let People Prosper" podcast, which was recorded on February 27, 2023, I'm joined by Randan Steinhauser, who shared her insights on School Choice, including:
Randan Steinhauser’s bio and other info (here):
How Congress Funds Tyranny and Government Inflates Its Role w U.S. Congressman Chip Roy | Ep. 332/28/2023 In today's episode of the "Let People Prosper" podcast, I have the honor of being joined by U.S. Congressman Chip Roy (R-TX) who shares his insights on:
Congressman Chip Roy’s bio (here):
In today's solo episode, I use sound economics to break down misleading claims from President Biden's 2023 State of the Union address and share realities on the following (see my recent newsletter for more on this):
Dr. Vance Ginn’s bio (here):
Key Point: Texas continues to lead the way in job creation over the last year (see first figure) and second in economic growth in the third quarter of 2023 (see last figure), but there’s more to do to help struggling Texans deal with the state’s affordability crisis, especially spending, regulating, and taxing less. Overview: Texas has been a national leader in the economic recovery since the inappropriate shutdown recession in Spring 2020. This includes reaching a new record high in total nonfarm employment for the 14th straight month, leading exports of technology products for 20 consecutive years, and being home to more than 50 of the world’s Fortune 500 companies. While the 87th Texas Legislature in 2021 supported the recovery by passing many pro-growth policies like the nation’s strongest state spending limit, there’s more to do in the ongoing 2023 session to remove barriers placed by state and local governments. Labor Market: The best path to prosperity is a job, as it helps bring financial self-sufficiency, dignity, hope, and purpose to people so they can earn a living, gain skills, and build social capital. The table below shows the state’s labor market for December 2022. The establishment survey shows that net nonfarm jobs in Texas increased by 29,500 last month, resulting in increases for 31 of the last 32 months, to bring record-high employment to 13.7 million. Compared with a year ago, total employment was up by 650,100 (+5.0%)—fastest growth rate in the country—with the private sector adding 628,800 jobs (+5.7) and the government adding 21,300 jobs (+1.1%). The household survey shows that the labor force participation rate is slightly higher than in February 2020 but well below June 2009 at the trough of the Great Recession. The employment-population ratio fell was unchanged in November and nearly where it was in February 2020, and the private sector now employs 700,000 more people than then. Texans still face challenges with a worse unemployment rate, though historically low, and nonfarm private jobs just recently above its pre-shutdown trend (Figure 1). The figure below compares the ratio of current private employment to pre-shutdown forecast levels in red states and blue states if both chambers of the legislature and the governor are Republican (dark red), Democrat (dark blue), or some combination (lighter colors). The results show a clear distinction between red states and blue states, with the stringency of restrictions by governments during the pandemic along with pro-growth policies before and after the shutdowns playing key roles. Specifically, 21 of the 25 states with the best (highest) ratios are in red-ish states while 13 of the 15 states and D.C. with the worst (lowest) ratios are in blue-ish places as of December 2022. The following figure from Soquel Creek on Twitter tells the story even more directly: those states with more economic freedom prosper more than those with less economic freedom (see rankings in Fraser Institute's Economic Freedom of North America report: FL ranks #1, Texas ranks #4, California ranks #49, and New York ranks #50). Overall, multiple indicators should be considered in this nuanced labor market, such as the fact that the unemployment rate is a weak indicator as many have dropped out of the labor force. While the labor force participation rate in Texas slightly exceeds where it was before the shutdowns, and the 3.9% unemployment rate could be considered full employment, the employment-population ratio is 0.2-percentage point below the pre-shutdown ratio. Economic Growth: The U.S. Bureau of Economic Analysis (BEA) recently provided the real gross domestic product (GDP) by state for Q3:2022. The Figure below Texas had the second fastest GDP growth (first is Alaska) of +8.2% on an annualized basis to $1.89 trillion (above the U.S. average of +3.2% to $20.05 trillion). In the prior quarter, Texas had the fastest growth with +1.8% growth as the U.S. average declined by -0.6% that quarter. Of course, these followed Texas’ GDP contractions of -7.0% in Q1:2020 and -28.5% in Q2 during the depths of the shutdown recession. Fortunately, GDP rebounded in Q3 and Q4, yet declined overall in 2020 by -2.9% (less than -3.4% decline of U.S. average) but increased by +3.9% in 2021 (below the +5.9% U.S. average). The BEA also reported that personal income in Texas grew at an annualized pace of +6.9% in Q3:2022 (ranked 6th highest and faster than the U.S. average of +5.3%) but slower than the robust +8.4% in Q2:2022 (ranked 6th best and above the U.S. average of +4.9%) as job creation and inflated income measures found their way across the economy. Bottom Line: As Texas recovers from the shutdown recession and faces an uncertain future with the U.S. economy having stagflation and a likely recession, Texans need substantial relief to help make ends meet. Other states are cutting, flattening, and phasing out taxes, so Texas must make bold reforms to support more opportunities to let people prosper, mitigate the affordability crisis, and withstand destructive policies out of D.C.
Free-Market Solutions: In 2023, the Texas Legislature should improve the Texas Model by:
In LPP Episode #10, I talk with Dr. Boettke, who is a professor at George Mason University, about why he chose economics, his books on economics and rules-based policy, COVID, and No Due Date group. You can find the YouTube video and links to the Apple Podcast and Spotify for this episode in my newsletter here. Please excuse any spelling or grammatical errors as this transcript is from an online converter and it and I may not have caught everything. For those that remain, I take all credit for those errors. I hope you'll read, watch, and listen to the episode, and please subscribe to my newsletter and other avenues for more episodes like this one. The shutdown recession from February to April 2020 and subsequent government failures have caused substantial harm to Americans’ livelihoods, which include high inflation and a recession. One policy mistake was Congress adding more than $6.1 trillion in deficit spending since January 2020 to reach the new high of $30.6 trillion in national debt, or nearly $244,000 owed per taxpayer. Another mistake is the Federal Reserve monetizing much of the new debt, contributing to 40-year-high inflation rates. These bad policies have resulted in an inflated boom that is busting into what will likely be a long, deep recession with elevated inflation. The failed Keynesian policies out of the Biden administration, Congress, and the Fed must be replaced with a free-market approach so that Americans have more opportunities to prosper. Published at TPPF When did it all start to go wrong? In the early 20th Century, Americans fighting poverty not only lost sight of the goal—lifting families up—but even of the problem itself, and instead sought to remake society through government intervention, often at the expense of the very people they were meant to help.
In 1920, Owen Lovejoy, president of the National Conference of Social Work, set a “new task” for the increasing number of social workers—they would become “social engineers,” who would create “a divine order on earth as it is in heaven.” As Marvin Olasky writes in his book, “Renewing American Compassion,” such a goal is far too lofty for individual acts of charity; “As some leaders forgot that compassion means suffering with, they looked more and more to government. They combined power seeking (for the good of others, of course) with social universalistic faith.” Who has time to worry about that man under the bridge when we’re remaking the world? This helps to explain failures in the war on poverty. Even setting aside the Great Depression and World War II, our most concentrated efforts have failed to move the needle on the official poverty rate. Nationally, about $25 trillion (adjusted for inflation) have been spent to combat poverty since 1964 when President Lyndon B. Johnson’s “war on poverty” engendered the Great Society. And the nation spends about $1 trillion per year on more than 80 federal safety-net programs. However, the country’s official poverty rate was declining before 1964, which was the primary measure available, but remained virtually unchanged between 10-15% since then, suggesting a failure of these redistributionist measures to substantially mitigate poverty. In addition to losing sight of the goal, we’ve lost sight of the problem itself—poverty. We haven’t done a good job of defining it, much less fixing it. To define the official poverty measure, the U.S. Census Bureau provides an estimated income threshold annually. When a family’s income falls below that threshold, they are considered to be in poverty, which the rate was 11.4% in 2020. There are flaws with this measure. So, if we merely look at it, we know a lot less about real poverty than we might think we do. While there are now better measures of poverty based on broader income levels or consumption, which tend to show much lower rates of poverty since 1964, these measures are focused primarily on material things rather than other important issues that influence poverty. What can we know about other issues related to poverty? We can look at statistical correlations and learn a lot. The strongest correlation we see with poverty is a job. Employment, in general, drives down poverty, irrespective of wages, although the effect is more pronounced with higher wages. The availability of jobs has a significant impact on poverty in both the present and a decade into the future. Education matters, as those with a high school diploma have a 24.7% poverty rate. Graduating high school is vital to help stay out of poverty. Demographics also matter. Perhaps the most powerful demographic structure, and the most powerful predictor of poverty in general, is single motherhood (25.6% poverty rate overall or 46.2% for those with children under 6 years old). Single motherhood is also a strong predictor of intergenerational poverty. Location matters; for example, there are 41 Texas counties within 100 miles of the U.S.-Mexican border that have been considered “persistently poor,” meaning at least 20% of the residents have been living in poverty for the last 40 years. Age is also a factor in poverty, but its impact varies depending on other group characteristics. Metro areas with a younger Black population have higher poverty rates, while areas with an older Black population have lower poverty rates. What does this tell us? It tells us where we can focus our efforts—and it’s not a one-size-fits-all approach. The path forward must consider these facts for increased opportunities for people to find financial self-sufficiency through a more holistic approach to poverty relief through an education, job, training, community, social capital, intact families with a mother and father, and other avenues provided by civil society whereby government provisions are available as a last resort. This follows much of what’s in the success sequence which is a formula of at least graduating high school, working full-time, and marrying before having kids (in that order) to have a 97% chance of not being in poverty. By connecting people to work, education, or training, enhancing community-based case management, streamlining safety-net programs, and getting resources to those who need it most, we can provide more opportunities for people to be self-sufficient. https://www.texaspolicy.com/too-big-to-succeed-righting-the-wrongs-in-the-fight-against-poverty/ Texans continue to recover from the shutdown recession. There have been challenges like business closures, skyrocketing local property taxes, and anti-prosperity fiscal and monetary policies out of Washington. Fortunately, the Texas economy was (finally) fully opened on March 10, 2021, and the third wave of COVID-19 is now behind us with better results than after prior waves without statewide mandates of masks, closures, or vaccines—as these should always be voluntary. The 87th Texas Legislature mostly helped support the recovery with passage of many sound policies like a Conservative Texas Budget, a stronger state spending limit, and independent efficiency audits. However, there were missed opportunities like permanent, broad-based property tax relief. Given other states are drastically cutting or even eliminating taxes, Texas must remove government barriers so it can support more opportunities to prosper, remain an economic leader, and withstand bad policies out of Washington. https://www.texaspolicy.com/texaseconomy/ |
Vance Ginn, Ph.D.
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