Bad
things happen when a single party is in control of all three branches
of our government. That statement particularity applies to the state
of the State of Ohio.
In
an attempt to placate major big money contributors the governor
resurrected a failed economic policy first tried by the Reagan
administration in the 1980s.
Supply
side economics consists, in large part, of cutting taxes on the
investor class in the expectation that economic growth will follow
and tax revenue will grow. The father of the supply side or trickle
down theory, David Stockman later in life admitted that the idea was
a failure and that it contributed to the 2008 macro recession.
Governor
Kasich, not to be deterred by the history of failure and without
meaningful opposition in the legislature, tried the system at the
state level. The governor and a compliant legislature, including our
Rosenberger and Peterson. cut taxes on the investor class and
businesses promising great job growth and new revenue.
The
result: A significant loss of tax revenue, poor job growth and a
budget that is stretched thin. We can add to this sad tale of
failure, increases in sales and property taxes and robbing local
governments and schools of their share of taxes sent to the state.
There
was no one with the power to say Hey! Wait a minute.
As
state after state has moved to incentivise
renewable
and alternate energy projects our legislature has gone backwards and
instead plan to place the added costs of inefficient coal plants to
the consumers bill. Other legislative disinsentives have slowed the
progress job generating wind and solar power projects.
Who's
to say no that's the wrong way to go? Certainly no one in the
majority party will.
Paul
Hunter, Wilmington 6/19/17
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