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Stimulating a Bad Idea
By Marc KilmerWith the news about Bear Stearns, Fannie Mae and Freddie Mac, and Lehman Brothers, we saw some good examples of financial irresponsibility. But we do not need to look far for such an example. Here in Ohio, Governor Ted Strickland and the General Assembly have produced a budget mess that was entirely predictable. And, much like the financial sector, they now want someone else to bail them out.
Buckeye Voices
The Fordham Institute recently released a five-point education plan intended to give Governor Strickland a responsible road map to improve K-12 education in Ohio. Fordham Vice President Terry Ryan discusses plan with Buckeye Institute President David Hansen on BuckeyeVoices.
The "Cycle of Debt" Myth
The
Cleveland Plain Dealer reports,
"Opponents have said the [payday loan] industry's business model is
reliant upon trapping customers in a cycle of debt so they take one
loan out after another to pay for the principle and interest on the
previous loan."
In
Batchelder, Hagan Wrong
About Payday Loans,
Buckeye
Institute analyst Marc Kilmer
writes, "It is certainly true that many people take out multiple payday
loans over the course of the year. When economists analyze why people
do this, however, they find that the borrowers' underlying financial
situation leads them into this behavior. It is not payday loans causing
their financial problems. Instead, their financial problems lead them
to seek payday loans. If legislation eliminates payday loans it will
not eliminate the underlying financial problems of borrowers."
Flawed Bailout Plan
"President Bush is welcoming the $700 billion financial rescue deal reached by congressional leaders and his administration. He says the measure would help protect the nation's economy from a systemwide breakdown. Bush says the cost to the economy could be disastrous without the rescue plan," according to the Cleveland Plain Dealer.
In Demand Accountability, Buckeye Institute Ronald Reagan Distinguished Fellow Ken Blackwell writes, "When financial meltdowns occur, the public's outrage drives government to take over part of the private sector. When the government does so, it replaces irresponsible executives with unaccountable bureaucrats. That takes us out of the frying pan and into the fire. To prevent that outcome, corporate officers must be made accountable."
Bedbugs in Columbus
WBNS reports, "People living at a west side apartment complex said on Wednesday that management is not doing enough to combat a bed bug problem."
In
Letting the Bedbugs Bite,
Marc Kilmer writes,
"Because of [the DDT] ban we are now facing problems like bedbugs which
should not be an issue in this day and age. While it may be a nice
dream to think we can live in a world without man-made chemicals, the
reality is that these chemicals have made our lives better if we use
them properly. Trying to eliminate their use ensures that we will
continue to see problems like bedbugs plague us. As has been
illustrated often in the past, legislators often deal with these issues
based not on science but on public perception. This public perception
is often wrong."
Buckeye
Institute in the News
The Hillsboro Times Gazette published Ken Blackwell's article on the proposed financial bailout and Marc Kilmer's article on ending Ohio's income tax.
