Jeffrey Sadow has unearthed data, from Louisiana Economic Development’s own commissioned report, that reveals misleading and self-serving messages about the efficacy of tax credits.
Commentary: Obama’s Deficit Reduction Speech Illustrates Fundamental Misunderstanding of America’s Fiscal Woes
As long as Social Security, Medicare, and Medicaid remain intact, our national debt will be perilous. Additionally, any recovery strategy predicated on tax hikes and increased spending will be a failed one.
On Saturday, the Shreveport Times ran an op-ed coauthored by Kevin Kane of the Pelican Institute and Mark Levin of the Texas Public Policy Foundation. They note that the Bayou State has the highest incarceration rate per capita in the United States, and an address of criminal justice reform is overdue.
The Pelican Institute’s latest research compares Louisiana’s pension crisis Wisconsin’s. Despite less coverage, Louisiana’s situation is far worse, and Bobby Jindal’s plan is nowhere near enough to make a dent in the unfunded liabilities.
The National Debt Relief Amendment, which would mandate state approval before increases in the federal debt limit, has now passed in North Dakota. At least seven other states have equivalent resolutions either pending or with pledged sponsors, for what would be the first ever state initiated amendment to the U.S. Constitution.
Democratic leaders are hounding the Ryan budget for its supposed severity and ideologically-driven agenda. Yet it is the most serious effort to curb record deficits and debts, by either party, in decades.
Governor Jindal’s plan to privatize three state prisons has received criticism from legislators who believe the move is shortsighted, while a study suggests that policies seeking to send more lawbreakers to prison is the cause of Louisiana’s overcrowding problem.
The Tax Foundation states that the 2011 Tax Freedom Day will fall on April 12th. However, if the federal government were to collect enough taxes to finance all of its spending – $1.48 trillion more in tax revenue – that would extend Tax Freedom day to May 23rd, the latest deficit-inclusive Tax Freedom Day since World War II.
State lawmakers were not thinking about long term costs when they passed a law back in 1999 that allowed for taxpayers to pick up all or part of the tab for employee contributions to a local pension plan. Pension reform proposals will be up for discussion in the upcoming state legislative session
2011 is set to be the first year that federal aid becomes the largest component of state revenues. Already 27 states, including Louisiana, rely on federal aid as their primary source of funding, but the report’s author describes this year’s level as a critical breaking point.