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Thursday, July 07, 2005

Governor Granholm Chooses To Do the Opposite Of What Works

Rick Baxter and Gary Wolfram discuss the idiotic tax hikes proposed by Gov. Granholm of Michigan in today's WSJ. In a piece called "How to Skin a Wolverine" , we learn that Michigan is tied for the highest unemployment rate in the nation and ranks poorly for business tax climate. The writers ask if she is aware of the typical, historically proventrack record of tax cuts: increased government revenues and increased jobs.

Instead of following tried and true solutions, Gov. Granholm proposes increasing spending and borrowing to cover the deficit. The writers advise:

A Cato Institute study compared 10 tax-cutting states to 10 tax-raising states between 1990 and 1996, and found tax-cutting states generated 1.84 million more new jobs, family incomes grew by $1,600 more, economies grew 20% faster, and state governments averaged four times the budget reserves.

When will these politicians ever learn?

1 Comments:

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