That didn’t work the first three times, let’s try it again!
"That didn't work, let's try it again" is a good working definition of insanity. Not so coincidentally, it's the battle cry of progressives everywhere.
In this episode, that which hasn’t worked, and which we’re being told we must try again, is Big Government supported by progressive taxation.
The Albany-Trenton-Sacramento Disease
How three liberal states got into deep trouble with ‘progressive’ ideas.
Review and Outlook
OpinionJournal
The Wall Street Journal
President Obama has bet the economy on his program to grow the government and finance it with a more progressive tax system. It’s hard to miss the irony that he’s pitching this change in Washington even as the same governance model is imploding in three of the largest American states where it has been dominant for years-California, New Jersey and New York.
A decade ago all three states were among America’s most prosperous. California was the unrivaled technology center of the globe. New York was its financial capital. New Jersey is the third wealthiest state in the nation after Connecticut and Massachusetts. All three are now suffering from devastating budget deficits as the bills for years of tax-and-spend governance come due.
These states have been models of “progressive” policies that are supposed to create wealth: high tax rates on the rich, lots of government “investments,” heavy unionization and a large government role in health care.
Here’s a rundown on the results:
Government spending as economic stimulus. State-local spending per capita is $12,505 in New York (second highest after Alaska), $10,136 per person in California (fourth) and $9,574 in New Jersey (seventh).
Has all this public sector “investment” translated into jobs? Not quite. California had the nation’s third highest jobless rate in May (11.5%). New Jersey and New York had below average unemployment rates in May compared to the national average of 9.4%, but one reason is that so many discouraged workers have left those states. From 1998-2007, which included two booms on Wall Street, New York and New Jersey ranked 36th and 31st in job creation. From 2000 to 2007, the New Jersey Business & Industry Association calculates that nine out of 10 new Garden State jobs were in the government.
Everywhere this has been tried, it has been a spectacular failure. What say we skip the repeat?
There is, as one might expect, more. All of it well worth the the read.
Hat Tip: Glenn “Instapundit” Reynolds
In this episode, that which hasn’t worked, and which we’re being told we must try again, is Big Government supported by progressive taxation.
The Albany-Trenton-Sacramento Disease
How three liberal states got into deep trouble with ‘progressive’ ideas.
Review and Outlook
OpinionJournal
The Wall Street Journal
President Obama has bet the economy on his program to grow the government and finance it with a more progressive tax system. It’s hard to miss the irony that he’s pitching this change in Washington even as the same governance model is imploding in three of the largest American states where it has been dominant for years-California, New Jersey and New York.
A decade ago all three states were among America’s most prosperous. California was the unrivaled technology center of the globe. New York was its financial capital. New Jersey is the third wealthiest state in the nation after Connecticut and Massachusetts. All three are now suffering from devastating budget deficits as the bills for years of tax-and-spend governance come due.
These states have been models of “progressive” policies that are supposed to create wealth: high tax rates on the rich, lots of government “investments,” heavy unionization and a large government role in health care.
Here’s a rundown on the results:
Government spending as economic stimulus. State-local spending per capita is $12,505 in New York (second highest after Alaska), $10,136 per person in California (fourth) and $9,574 in New Jersey (seventh).
Has all this public sector “investment” translated into jobs? Not quite. California had the nation’s third highest jobless rate in May (11.5%). New Jersey and New York had below average unemployment rates in May compared to the national average of 9.4%, but one reason is that so many discouraged workers have left those states. From 1998-2007, which included two booms on Wall Street, New York and New Jersey ranked 36th and 31st in job creation. From 2000 to 2007, the New Jersey Business & Industry Association calculates that nine out of 10 new Garden State jobs were in the government.
Everywhere this has been tried, it has been a spectacular failure. What say we skip the repeat?
There is, as one might expect, more. All of it well worth the the read.
Hat Tip: Glenn “Instapundit” Reynolds