This article originally ran in The Texan on April 30. With less than two months of data from the COVID-19 lockdown, the long term revenue picture for Texas state and local governments is still unclear. But the short term is beginning to come into focus. Cities, which rely heavily on various sales taxes, have been…
Category: Fiscal
As Coronavirus Prompts Economic Downturn, Texas is Facing Fiscal Uncertainty on Two Fronts
This article originally ran April 8 on The Texan Recently, Texas Comptroller Glenn Hegar briefed legislators on the potential fiscal effects of the coronavirus shutdown and the collapse of oil prices. While no one knows for sure at this point, it is likely that the state could face a significant revenue shortfall that could disrupt…
Texas Should Act Now to Address the 2021 Budget Crunch
Recently, Texas Comptroller Glenn Hegar briefed legislators on the potential fiscal effects from the COVID-19 shutdown and collapse of oil prices. While no one knows for sure at this point, it is likely that the state could face a significant revenue shortfall that could disrupt the ability of the Texas government to fund its…
The Conservative Texas Budget: A Review of the First Three Biennia
This paper was originally published by the Texas Public Policy Foundation and was coauthored with Talmadge Heflin. The Conservative Texas Budget (CTB), which sets growth limits on state appropriations and spending to no more than population growth plus inflation, has been in place for three regular sessions of the Texas Legislature. Its purpose is to…
Fiscal Restraint and Tax Relief is Still Possible in the 86th Texas Legislature
This commentary originally was originally published by the Texas Public Policy Foundation, and was coauthored with Talmadge Heflin. Texas policymakers generally understand that Texans do not want bigger government and higher taxes. So they have gotten pretty good over the years at concealing how much of your money they are spending. The textbook example of…
Sixty Hours of GOP Dysfunction on Spending
Do you think the Republicans will ever learn? Here is the portrait of a dysfunctional party: On Tuesday (June 19), the House Republicans revealed a budget that set a goal of spending cuts totaling $6,454 billion. On Wednesday, Senate Republicans defeated legislation to cut spending by $1 billion. On Thursday, House Republicans voted to renew $20…
Quote of the Week – Mises on the Religion of Government Spending and Credit Expansion
“No one should expect that any logical argument or any experience could ever shake the almost religious fervor of those who believe in salvation through spending and credit expansion.” – Ludwig von Mises, in his book, Planning for Freedom: Let the Market System Work : a Collection of Essays and Addresses.
TX Legislature in Review: Financial Regulation
It is not high finance, but short-term lending helps a lot of consumers out of tight places. This session, multiple bills would have significantly reduced or banned short-term lending. Banks and credit unions generally won’t make short-term loans, so people in need of quick access to funds have to turn higher cost alternatives. While critics…