The TPPF unemployment insurance debate

The Texas Public Policy Foundation hosted a debate last week on the subject of whether Texas should accept the stimulus funds for unemployment insurance. The audio is available on the TPPF web site here. The participants were Republicans Kelly Hancock and Dan Gattis and Democrat Mark Strama. Craig Eiland, who was originally scheduled to participate, had a conflict. I am going to summarize the arguments below:

Hancock

He Told Us So

THIS FALL, as the Asian financial crisis threatened to cross the Pacific, economists in Washington, D.C.—including Alan Greenspan, the chairman of the Federal Reserve—suddenly started echoing the words of James K. Galbraith, an economist who teaches at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin. For more than two decades, against the prevailing opinion of others in his field, Galbraith has chided the Fed every time it has raised interest rates in the name of preventing inflation.

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