Thursday, July 10, 2014

One of the great crackpot theories of our time

"Our new pro-growth tax policy will be like a shot of adrenaline into the heart of the Kansas economy." — Kansas Gov. Sam Brownback in 2012, promising an elusive bright future.
How Tea Party tax cuts are turning Kansas into a smoking ruin

Michael Hiltzik, LA Times

What's the matter with Kansas? Idiotic tax cuts, that's what

Tea party-inspired tax cuts in Kansas benefit the Koch brothers but are destroying state services

Sam Brownback, the Republican governor of Kansas, doesn't just believe in whistling past the graveyard--he's willing to stroll past it in full-throated song.

The graveyard is where the economy of Kansas has been buried since 2012, when Brownback and his Republican state legislature enacted a slew of deep tax cuts in a tea party-esque quest for economic "freedom."

"Our new pro-growth tax policy will be like a shot of adrenaline into the heart of the Kansas economy," he promised then. Brownback's tax consultant, the supply-side guru Art Laffer, promised Kansans that the cuts would pay for themselves in supercharged economic growth.

Instead, job growth in Kansas trails the nation. The state's rainy-day fund is dwindling to zero. Month after month, revenue comes in even lower than fiscal officials' most dire expectations.

(More here.)

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