The University of Texas and The University of Oklahoma recently announced that they would soon be leaving the Big 12 Conference to join the Southeastern Conference. Without Texas and OU, the rest of the conference is undoubtedly facing smaller television deals, lower attendance, and other negative consequences. The result would be reductions in athletic revenue, tourism, and economic benefits for affected communities.
Since the COVID-19 pandemic began, the number of Texans seeking food bank assistance has risen 200%. This dramatic increase in food insecurity has caused immeasurable stress and suffering, eroding the health and wellbeing of people across the state. In the midst of this greatly increased need for help, the surplus agricultural products grant, a key aspect of food bank support, has been drastically cut. If this reduction remains in place, the opportunity to acquire almost 20 million pounds of healthy local produce will be lost. Hunger involves quantifiable economic costs in the form of increased health care and social service needs, inferior educational outcomes, and lost productivity. The Perryman Group estimates that cutting the surplus agricultural products grant would cost the state economy hundreds of millions of dollars over time, with economic harms spreading across the entire economy. Because economic activity generates taxes, the cut would also lead to reductions in State and local taxes. State costs for health care and education would also rise due to the effects of hunger.
The Perryman Group was recently asked to examine the potential economic benefits of statewide competition in the Florida electric power market. Outcomes in other areas which have increased competition (fully adjusted for Florida economic and demographic patterns) were used as a basis for estimating the potential benefits.
Throughout human history, societies have relied upon family members to care for and support those with specific needs. For much of that time, virtually all assistance to the elderly was provided in that manner. One of the byproducts of this approach tended to be very large families. This phenomenon continues to exist in many emerging nations.
The recent extreme winter weather is unprecedented in Texas. Records were shattered, and the demands on the power grid were exceptional. When brutal conditions took down about 40% of generation capacity (wind turbines and conventional plants alike), disaster struck. Most people had to deal with power outages (sometimes for days in freezing temperatures) and millions had no water (again for an extended period).
The United States recently reached a tragic milestone in the COVID-19 pandemic when the number of lives lost reached 500,000. The suffering and hardships imposed by these losses are incalculable and the primary concern, with few Americans not personally affected in some way
The high human cost and loss of life due to COVID-19 is tragic and staggering. Few people have remained untouched by the disease in one way or another, with over 20 million US cases. As of the end of 2020, the coronavirus had contributed to the death of nearly 345,000 people in the United States. While the suffering and hardships imposed by these losses are incalculable and the primary concern, the economic consequences cannot be ignored.
Dr. Perryman presents the findings from The Perryman Group's recent study detailing the economic impact of the Permian Basin petroleum sector on activity on the Midland Area. Priority Midland is a forum for the community to work together, meeting Midland's challenges head-on, for more information visit their website.