Dr. Martin Luther King, Jr. reminded us that “budgets are moral documents.” If you believe that, as I do, then our state lawmakers are not only leading us toward financial bankruptcy, but moral bankruptcy as well.
For the past two years, we have watched our state gamble with our tax code as if were chips at a roulette wheel. And just like a casino, the odds are stacked against us.
As in the past, legislators have doubled-down on proven losers such as corporate and personal income tax cuts that have benefitted those at the very top, siphoned resources out of the economy, and weakened the building blocks of a strong economy like schools, community colleges and courts.Read more
Who remembers the “Anyone, anyone?” scene from Ferris Bueller's Day Off, where the dry civics teacher, played by Ben Stein, walkes students through the history of supply-side economics? (If you’re drawing a blank, you can watch the clip here.)
At the end of the scene, Stein asks the barely-conscious class what Vice President George H. Bush called the idea that if you cut taxes sharply enough, you can generate huge amounts of economic activity and thereby keep revenue rates steady. Do you remember the answer? The answer is “voodoo economics.”Read more