Featured Article
Governor's New Deal is a Raw Deal
By Samuel R. Staley, Ph.D
Ohio's
economy is languishing. We lagged behind the rest of the
nation's growth in every year over the last decade except
one. Job growth averages half the national rate since 1990,
and our unemployment has exceeded the national average every year since
2003.
Recently, Gov. Ted Strickland offered up a $1.7 billion bond sale as an
antidote. This self-described "stimulus
package" would supposedly prime the state's economy
by adding to our debt.
While the governor offered his initiative as a forward looking economic
solution, many economists had backward visions of a 1930's
style big government endeavor.
Buckeye Voices
Sam Staley, director of urban and land use policy for the Reason Foundation, thinks Gov. Ted Strickland's proposed $1.7 billion debt issuance is a bad economic deal for Ohioans. He explains his concerns to Buckeye Institute President David Hansen on Buckeye Voices.
Governor's Borrowing Plan Flawed
The Newark Advocate editorializes "Governor Ted Strickland hopes to pump up Ohio's economy by selling $1.7 billion in bonds. The funds would be distributed among several projects, including renewable energy technology, biomedics, local infrastructure projects and downtown redevelopment. The hope is to add as many as 80,000 jobs. As the faltering national economy catches up to Ohio's already flagging economy, Strickland's plan looks like it's worth a try."
In Governor's New Deal is a Raw Deal, Dr. Sam Staley writes,"Restoring Ohio's economic vitality will be difficult under the best of circumstances. But the solution is not in having state government pick winners and losers by rewarding favored, politically correct businesses over others not on their political radar screen. On the contrary, the key will be in creating a policy environment where broad-based entrepreneurship and business investment is welcomed and nurtured."
Earmarks Continue to Flourish
According to the Cleveland Plain Dealer, "Only a dozen House members and half as many senators declined to play in Congress' pork barrel playground last year by refusing to ask for home state projects, a Washington-based watchdog group disclosed Wednesday. Their more than 500 colleagues easily filled the gap, obtaining more than $18 billion worth of these so-called earmarks, according to a database assembled by Taxpayers for Common Sense, a budget watchdog group that advocates sharply curbing the practice."
In
It's Time for Both
Parties to Put and End to Earmark Spending,
Buckeye Institute Ronald Reagan Distinguished Fellow Ken Blackwell
writes, "Democrats used the GOP's spending binges as a campaign issue
to take power in Congress. But now that Democrats control both
chambers, they've suddenly lost all interest in stopping pork-barrel
spending."
Higher Fuel Bills on the Way?
The New Philadelphia Times-Reporter notes, "The House is going to make another run at imposing more than $17 billion in taxes on major oil companies....When pushed by Democrats last year, the tax measures – one that would rescind tax breaks on foreign oil production and another aimed at making domestic manufacturers competitive with foreign companies – prompted strong opposition from Senate Republicans and the White House. President Bush pledged a veto if the taxes were included."
In
Increasing Oil Company
Taxes Hurts Consumers, Buckeye Institute analyst
Marc Kilmer
writes "As our nation learned with the Windfall Profits Tax imposed
during the Carter Administration, when you increase taxes on domestic
oil producers you reduce the amount of domestic oil. And that means
buying more oil from overseas. Of course, raising taxes on oil
companies also means that consumers will likely pay more at the pump.
These oil companies are almost certain to pass along any tax increase
as part of the price of gasoline. So you can add this hidden tax onto
the federal excise tax on gas (over 18 cents a gallon) and the Ohio
state gas tax (26 cents a gallon). That's a lot of money
going to the government for every gallon of gas you put in your
vehicle."
Buckeye Institute in the News
In his weekly New York Sun column, Ken Blackwell discusses Barack Obama.
In the Cincinnati Enquirer, columnist Peter Bronson mentioned Buckeye Institute President David Hansen's criticism of Governor Strickland's bond plan.
The
Hillsboro
Times-Gazette published Marc Kilmer's article on tobacco
taxes.
