The Coming Economic Storm
What to Know: Most investors are expecting an economic storm in the near future.
The TPPF Take: It’s already here, in the form of stagflation.
“Given rampant inflation and a stagnating economy, stagflation is here for the first time since the 1970s,” TPPF’s Vance Ginn says. “Specifically, the Biden administration, Congress, and the Fed should stop overregulating, overspending, and overprinting, respectively, and instead provide pro-growth policies that support productive activity so that Americans can improve their livelihoods.”
For more on the economy, click here.
Heartbreaking
What to Know: Kids who age out of Texas’ foster care system have experienced months and years of further trauma—sometimes caused by the system itself.
The TPPF Take: More than a decade after being sued in federal court for operating a system that routinely placed children at an unacceptable risk of harm, the Texas foster care system still struggles.
“A great deal of time, effort, and taxpayer resources have been spent on fixing the Texas foster care system,” says TPPF’s Andrew Brown. “But while these efforts have borne some fruit, system transformation has been frustratingly slow at times, and much more work is left before us.”
For more on foster care, click here.
Budget Season
What to Know: Most cities, counties and school districts have begun the budget-writing process. And that could mean higher taxes soon.
The TPPF Take: Texas taxpayers should tell their city, county, and school board officials to adopt much lower property tax rates to compensate for higher values and a weakening economic outlook.
“Local officials have discretion in the tax rate-setting process. They determine where the tax rate is ultimately set,” says TPPF’s James Quintero. “If they decide to hold it steady, then you’ll pay higher taxes because property values are soaring. If they decide to lower it only a tiny bit, then you’ll probably still pay higher taxes in that scenario also. Anything short of a dramatic rate reduction should be seen as a tax increase.”
For more on local taxes, click here.