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Evidence that Republican fiscal policies are better

 
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PostPosted: Wed Jul 12, 2017 6:12 pm    Post subject: Evidence that Republican fiscal policies are better Reply with quote

With states like Illinois going bankrupt, it's important to note that this isn't an anomaly. Red States dominate the top 25 most fiscally responsible states In fact, the top 10 are all red states. The bottom 10 are mostly blue states.

Quote:
Of the 25 most-solvent states, all but four are solidly Republican. Of the bottom 25 states, all but five are solidly Democratic.

What makes this list so intriguing is that the factors that make the Republican states work well aren't much of a secret and could easily be adopted by blue states.

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PostPosted: Thu Jul 13, 2017 12:52 am    Post subject: Reply with quote

State level fiscal policies have built in cutoff for spending money.
When it's at the federal level there isn't a difference between any of the politicians.
Maybe there should be.. like a body part for x dollars they overspend.
if there was then there might be a lot of legless, armless, blind, deaf mute eunuchs in D.C.
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PostPosted: Thu Jul 13, 2017 12:55 pm    Post subject: Reply with quote

Because of MMT (see the thread), it doesn't matter if the federal government overspends. They can print their own money, fiat currency, blah blah. In fact, according to Brinn (and MMT), the economy suffers when the federal government has a surplus. It needs to be in debt ... for some reason.

But on the state level, states can't print their own money. They have to live within a budget or they go bankrupt or can't pay for services they've promised. That's why this ranking is so illustrative.
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Last edited by Zarathustra on Thu Jul 13, 2017 10:01 pm; edited 1 time in total
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PostPosted: Thu Jul 13, 2017 9:15 pm    Post subject: Reply with quote

The number one thing States can do to become fiscally responsible is to quit creating unfunded mandates/pensions. The second thing they can do is one of the same things the Federal government can do--quit punishing people for being successful and tax consumption rather than income.
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PostPosted: Sat Jul 15, 2017 12:26 pm    Post subject: Reply with quote

Hashi Lebwohl wrote:
The number one thing States can do to become fiscally responsible is to quit creating unfunded mandates/pensions. The second thing they can do is one of the same things the Federal government can do--quit punishing people for being successful and tax consumption rather than income.


I would add that the other thing impacting States is unfunded or underfunded mandates from the Feds.

States that try to balance their budget by specifically raising taxes rather than being smarter in spending and trying to be more business friendly are fooling themselves. Raising taxes pushes people away from your state. Raising taxes on the wealthy is worse because they have the ability to just move to a different state. The same with raising taxes on business. They will just up and move.

The States that are doing well have lower taxes, are business friendly, and they have actual budgets that they stick to, that they balance each year. Bring in more jobs and you have less people on welfare and more taxes coming in. Seems logical to me.
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PostPosted: Tue Jul 18, 2017 2:10 pm    Post subject: Reply with quote

Those are all reasons why Texas is such a good State. We are now able to sell light sweet crude internationally and those oil companies are still willing to pay $75,000 and up for Class A drivers.
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PostPosted: Tue Sep 12, 2017 1:43 pm    Post subject: Reply with quote

Well, we do have our downsides here and there. In the wake of Harvey, Houston Mayor Sylvester Turner wants to have the city council raise property tax rates from 58.6 cents per $100 valuation to 63.8 cents, an 8.87% increase. Yes, this increase is slated to be temporary, lasting only one year, and will put about $100 million back into the city's bank accounts, but the reasons for the hike are being cited as "damage to city buildings" and "loss of city vehicles". erm...doesn't the city have insurance for that sort of thing?

Obviously, that "temporary" rate hike won't be temporary once the city realizes that as long as people don't vote them out of office they are okay with it and they can make it permanent to increase the income line on the city's budget sheet.

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PostPosted: Tue Sep 12, 2017 2:38 pm    Post subject: Reply with quote

Seems like a very narrow measurement of economic success. Out of all the "top states", which ones have a significant GDP? You know, how much does it produce? What's its population size? Something other than the inane household finance mentality because guess what? That mentality is for households, not for state governance and certainly not for federal governance.

For example, let's look at North Dakota and compare it with two other percievably left leaning countries: Norway and Venezuela. Norway is highly solvent due to its vast oil wealth and massive sovereign wealth fund that is a result of access to that natural resource. Would we say that it is because of socialist policies that Norway is successful, or would we start nitpicking about the high taxes or hum and hah about how the population is much smaller?

North Dakota has oil, if I recall correctly, and a small population. It should be doing good based on those two factors...except... we now get into our Venezuela comparison. Venezuela seemed like it would be a successful ultraleft country precisely because of its oil resources. Of course, since that was where all its eggs went, when OPAC decided to try and manipulate oil prices to drive away competition, it severely damaged the country's economy to such a point that it snowballed into the hellish mess it is in today.

North Dakota's massive wealth seems to be predicated on oil production as well. Being able to weather the storm of commodities manipulation is due in major part to two factors: the small population and the backing it can get from the federal government.

This is simply to say a mere "balanced checkbook" view is deceptive when viewing actual economic health. If we look at GDP per capita, all of a sudden, a lot of states change position in the ranking. Massachusetts goes from bottom ten to number one, North Dakota actually stays in the top ten but slides to number 6 while Florida goes from number one to number 40. As some examples.

Ultimately, I think that the type of fiscal policy (Republican or Democrat) is dependent on the state. It's not a one size fits all. Certain conservative policies would work in North Dakota specifically because of what I outlined above and for other reasons as well. It does not help places like Utah which has been in an economic malaise for years now (of course, the next question is: does it hurt it? That is another question and depends on the state).

Essentially, what we want is an environment where money flows and the economy is vibrant. That should be the goal of governance, not to run the government like a household. Because it is not a household... at all.

And because I can't resist, I've come to the conclusion that MMT is kinda a crock. At its best, it's Baby's First Economic Theory. At its worse, it kinda downplays or ignores a lot of economic variables and complexity.
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