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Item Federal Liabilities: 2024 Update(Private Enterprise Research Center, Texas A&M University, 2024-09-10) Jansen, Dennis W.; Rettenmaier, Andrew; Uddin, ThaminaThe 2023 Financial Report of the United States Government identifies total federal liabilities of $42.9 trillion as of September 30, 2023, marking a 10% increase from 2022. The federal debt and interest payable of $26.4 trillion comprised 62% of these liabilities. Federal employees’ accrued benefits make up another 33%, and various other categories round out the remainder. However, current official liabilities exclude current retirees’ expected Social Security and Medicare benefits – an additional $36.5 trillion in liabilities. Together, the official liabilities plus current retirees’ accrued Social Security and Medicare benefits total $79.4 trillion, or 290.4% of GDP in 2023. This highlights the substantial fiscal challenge, as the total liabilities are nearly three times the size of the publicly held debt’s share of GDP.Item U.S. Budget Woes(Private Enterprise Research Center, Texas A&M University, 2024-09-10) Jansen, Dennis W.; Sinha, Somali GhoshThe Congressional Budget Office’s latest economic and budget projections from “An Update to the Budget and Economic Outlook: 2024 to 2034” are worrisome, to say the least. The CBO projects large and persistent federal government deficits through 2034, and with no end in sight. In the Fall 2024 issue of PERCspectives on Policy, Dennis Jansen and Somali Ghosh Sinha take a historical look at the debt held by the public as a percent of GDP from pre-World War II onwards, analyze how increased government spending during the Covid-19 pandemic differed from war-era deficits, and discuss the causes behind ever-increasing government outlays.Item Economic Indicators of the College Station-Bryan MSA, August 2024(Private Enterprise Research Center, Texas A&M University, 2024-08-15) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali GhoshThe Business-Cycle Index increased 0.08% from May 2024 to June 2024. The local unemployment rate for June 2024 was 3.2%, up from 3.1% in May. Local nonfarm employment increased by 0.5% from May to June 2024. Inflation-adjusted taxable sales increased by 1.9% from May 2024 to June 2024. Average real (inflation-adjusted) hourly earnings in College Station-Bryan in June 2024 were 8.2% lower than in February 2020. Nationwide, average real hourly earnings were 0.6% higher over this same period.Item Economic Indicators of the College Station-Bryan MSA, July 2024(Private Enterprise Research Center, Texas A&M University, 2024-07-17) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali GhoshThe Business-Cycle Index increased 0.3% from April 2024 to May 2024. The local unemployment rate for May 2024 was unchanged from the April value of 3.1%. Local nonfarm employment increased by 0.2% from April to May 2024. Inflation-adjusted taxable sales decreased by 3.2% from April 2024 to May 2024. Inflation-adjusted quarterly wage payments increased by 2.8% in the fourth quarter of 2023 compared to the previous quarter. Texas A&M had the highest total enrollment and engineering enrollment among selected MSAs that house large universities.Item Texas: The Exporting Powerhouse(Private Enterprise Research Center, Texas A&M University, 2024-06-20) Jansen, Dennis W.; Sinha, Somali GhoshAt $445 billion worth of goods and services, Texas was the largest exporter of all the U.S. states in 2023. Exports also made up 23% of Texas GDP the same year. This issue of PERCspectives on Policy compares the dollar value of exports for the top U.S. states, and takes a more comprehensive look at Texas' largest exporting industries.Item Interview with Maya Mikdash; Does (All) Police Violence Cause De-Policing?(Private Enterprise Research Center, Texas A&M University, 2024-06-19) Ashley BullockThe death of George Floyd spurred nationwide protests and the media storm that ensued placed police accountability and reform front-and-center in the American news cycle. In this issue of PERCspectives on Research, PERC's M.J. Grove Scholar Maya Mikdash is interviewed and her paper on the causes behind increases in criminal activity following incidents of police violence is discussed.Item Economic Indicators of the College Station-Bryan MSA, June 2024(Private Enterprise Research Center, Texas A&M University, 2024-06-21) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali GhoshThe Business-Cycle Index increased 0.3% from March 2024 to April 2024. The local unemployment rate for April 2024 was unchanged from March's value of 3.1%. Local nonfarm employment increased by 0.8% from March to April 2024. Inflation-adjusted taxable sales decreased by 3.6% from March 2024 to April 2024. Inflation-adjusted quarterly wage payments increased by 2.8% in the fourth quarter of 2023 compared to the previous quarter. Employment in the College Station-Bryan MSA was 12.6% higher by April 2024 than it was before the pandemic occurred.Item Economic Indicators of the College Station-Bryan MSA, May 2024(Private Enterprise Research Center, Texas A&M University, 2024-05-14) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali GhoshThe Business-Cycle Index increased 0.3% from February 2024 to March 2024. The local unemployment rate for March 2024 was 3.1%, unchanged from February 2024. March’s local nonfarm employment was essentially the same as in February 2024, and was up 0.8% from March 2023.Inflation-adjusted taxable sales were up by almost 1.2% from February 2024 to March 2024. Inflation-adjusted quarterly total wage payments were down by 1.6% in the third quarter of 2023 compared to the previous quarter. The median sales price for single family homes in Brazos County increased 8% from the previous year.Item Economic Indicators of the College Station-Bryan MSA, April 2024(Private Enterprise Research Center, Texas A&M University, 2024-04-17) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali GhoshThe Business-Cycle Index increased 0.2% from January to February 2024. The local unemployment rate for February 2024 was 3.1%, unchanged from the previous month. February’s local nonfarm employment increased by 0.2% from January 2024. Inflation-adjusted taxable sales were down by almost 1% from January 2024 to February 2024. Inflation-adjusted quarterly wage payments were down by 1.6% in the third quarter of 2023 compared to the previous quarter. College Station - Bryan ranks ninthth-lowest in overall Regional Price Parity and in Regional Housing Price Parity among eleven selected college towns.Item Economic Indicators of the College Station-Bryan MSA, April 2024 (2024-04-17) Bullock, Ashley; Dennis, Jansen, W.; Ghosh Sinha, SomaliThe Business-Cycle Index increased 0.2% from January to February 2024. The local unemployment rate for February 2024 was 3.1%, unchanged from the previous month. February’s local nonfarm employment increased by 0.2% from January 2024. Inflation-adjusted taxable sales were down by almost 1% from January 2024 to February 2024. Inflation-adjusted quarterly wage payments were down by 1.6% in the third quarter of 2023 compared to the previous quarter. College Station - Bryan ranks ninthth-lowest in overall Regional Price Parity and in Regional Housing Price Parity among eleven selected college towns.Item Economic Indicators of the College Station-Bryan MSA, March 2024 (Private Enterprise Research Center, Texas A&M University, 2024-03-20) Bullock, Ashley; Jansen, Dennis; Ghosh Sinha, SomaliThe Business-Cycle Index increased 0.2% from December 2023 to January 2024. The local unemployment rate for January 2024 was 3.1% in January 2024, unchanged from December 2023. In the March data release, January’s local nonfarm employment decreased by 0.3% from December 2023. Inflation-adjusted taxable sales were up by almost 1% from December 2023 to January 2024. Inflation-adjusted quarterly wages were down by 1.6% in the third quarter of 2023 compared to the previous quarter.Item Economic Indicators of the College Station-Bryan MSA, February 2024(Private Enterprise Research Center, Texas A&M University, 2024-02-15) Bullock, Ashley; Jansen, Dennis W.; Ghosh Sinha, SomaliThe Business-Cycle Index increased from 226 in May 2023 to 228 in June 2023. The local unemployment rate decreased from 3.4% in May 2023 to 3.3% in June 2023. Local nonfarm employment increased by 0.3% from May to June. June’s inflation-adjusted taxable sales were down by 1.2% from May. By using a modified poverty measure that adjusts for college students, the poverty rate in Brazos County drops from 25% to 18%.Item Economic Indicators of the College Station-Bryan MSA, January 2024(Private Enterprise Research Center, Texas A&M University, 2024-01-18) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali GhoshThe Business-Cycle Index increased by 0.5% from 227 in October to 228 in November 2023. The local unemployment rate decreased to 3.2% in November compared to 3.3% in October. Local nonfarm employment in November increased by 0.05% from October’s level. November’s inflation-adjusted taxable sales were down by 0.5% from October. For 2022, the new and revised inflation-adjusted Gross Domestic Product (GDP) for College Station-Bryan grew by 16.4% from 2017, where Texas grew 15.3%, and 11.2% for the U.S. over the same period.Item The Covid-19 Federal Reserve(Private Enterprise Research Center, Texas A&M University, 2023-10-13) Saving, Thomas R.At almost the onset of the effects of the pandemic, the Federal Reserve engaged in a massive asset expansion that was truly unprecedented. In just the first three months of the pandemic, March, April and May of 2020, the Federal Reserve bought $2.13 trillion in securities. Two years later, the money injection reached $4.76 trillion, almost 20% of 2022 GDP! What is more astounding is that unlike the Great Recession interventions, there were no undergoing financial crises that triggered this massive expansion. It has resulted in the end of the Federal Reserve’s annual transfers to the U. S. Treasury that in 2022 equaled 30.5% of the net interest cost of the federal debt. Here, Thomas Saving examines the Federal Reserve’s actions during both the Great Recession and the Covid-19 pandemic, as well as the problems facing the Federal Reserve – a catastrophe of its own making.Item Economic Indicators of the College Station-Bryan MSA, December 2023(Private Enterprise Research Center, Texas A&M University, 2023-12-14) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali GhoshThe Business-Cycle Index increased to 232 in October 2023 compared to 231 in September. The local unemployment rate remained unchanged at 3.3% in October compared to September. Local nonfarm employment increased by 0.10% from September to October. October’s inflation-adjusted taxable sales were up by 2.4% from September. Among comparable college towns, the percentage of 20-24 aged residents was highest in the College Station-Bryan MSA at 17.6%.Item Economic Indicators of the College Station-Bryan MSA, November 2023(Private Enterprise Research Center, Texas A&M University, 2023-11-16) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali GhoshThe Business-Cycle Index increased by a few decimal points in September and remained stable at 231 compared to the previous month. The local unemployment rate remained unchanged at 3.3% in September 2023 compared to August. Local nonfarm employment decreased by 0.05% from August to September. September’s inflation-adjusted taxable sales were down by 2.3% from August. Cumulative Texas state tax revenues for fiscal year 2023 were $0.9 billion higher than in fiscal year 2022 at $83.7 billion.Item Economic Indicators of the College Station-Bryan MSA, October 2023(Private Enterprise Research Center, Texas A&M University, 2023-10-19) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali GhoshThe Business-Cycle Index increased from 229 in July 2023 to 230 in August. The local unemployment rate remained unchanged at 3.3% in August 2023 compared to July. Local nonfarm employment increased by 0.2% from July to August. August’s inflation-adjusted taxable sales were up by 0.3% from July. Texas A&M University 2023 Fall enrollment was 3.4% higher than in Fall 2022.Item Economic Indicators of the College Station-Bryan MSA, September 2023(Private Enterprise Research Center, Texas A&M University, 2023-09-21) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali GhoshThe Business-Cycle Index increased from 228 in June 2023 to 229 in July. The local unemployment rate remained unchanged at 3.3% in July 2023 compared to June. Local nonfarm employment decreased by 0.2% from June to July. July’s inflation-adjusted taxable sales were up by 0.6% from June. Inflation-adjusted quarterly wage payments increased by 2% from its previous quarter. Oil natural gas tax revenue increased by 21% from February 2020 to August 2023.Item Economic Indicators of the College Station-Bryan MSA, August 2023(Private Enterprise Research Center, Texas A&M University, 2023-08-17) Bullock, Ashley; Jansen, Dennis W.; Sinha, Somali Ghosh; Rettenmaier, Andrew J.The Business-Cycle Index increased from 226 in May 2023 to 228 in June 2023. The local unemployment rate decreased from 3.4% in May 2023 to 3.3% in June 2023. Local nonfarm employment increased by 0.3% from May to June. June’s inflation-adjusted taxable sales were down by 1.2% from May. By using a modified poverty measure that adjusts for college students, the poverty rate in Brazos County drops from 25% to 18%.Item Taxing Wealth(Private Enterprise Research Center, Texas A&M University, 2020-01-29) Jansen, Dennis W.; Liu, Liqun; Rettenmaier, Andrew J.During this presidential primary season, several candidates have proposed a tax on the wealthy to fund platform promises. There is certainly appeal for a wealth tax, as these proposed taxes are seen as a tax on someone else - only the wealthiest Americans - and not the common taxpayer. In this edition of PERCspectives on Policy, authors Dennis W. Jansen, Liqun Liu, and Andrew J. Rettenmaier examine ways individuals will respond to a new wealth tax.