Exploring the Relationship between the size of Government and Economic Growth

September 19, 2022 | 2022 Kansas Green Book Report

"U.S. Supreme Court Justice Louis Brandeis saw states as “laboratories of democracy” conducting “experiments” in public policy. Today, more than eight decades after Brandeis coined the phrase, state experimentation with tax policy makes it abundantly clear that tax policy has a direct impact on economic growth. As shown on page 27, each of the eleven states that enacted an income tax since 1960 now has a smaller share of state GDP relative to the other 39 states and each one also has a smaller share of state and local tax revenue. That is a remarkable statistic; those eleven states enacted a new source of tax revenue and lost revenue share to other states! On the contrary, states with low tax burdens and states without an income tax consistently outshine their higher-burden peers on the key, tangible economic measures like growth in private-sector jobs, GDP, and wages. What’s more, citizens are taking notice and “voting with their feet” by flock- ing to low-burden states from higher-burden counterparts. Skeptics try to dismiss this definitive migratory trend by cherry-picking success stories like Texas and Florida and characterizing them as ‘’happy accidents” of favorable geography, climate, and/or resource abundance."

The Federal Government has borrowed trillions, but who owns all that debt?

September 12, 2022 | The Peter Peterson Foundation

"At the end of 2021, the nation’s gross debt had reached nearly $30 trillion dollars. Of that amount, about 20 percent, or $7 trillion, was intragovernmental debt — which simply records transactions between one part of the federal government and another. 

Here, we are looking at the other 80 percent, known as debt held by the public. That approximately $23 trillion represents cash borrowed from domestic and foreign investors."

Fixing America's Fiscal Mess- A Time for Advanced Citizenship

September 6, 2022 | Bill of Financial Responsibilities Project

"Our national regulatory structure is 170,000 pages long and, according to Steve Forbes, costs our economy about $2 trillion a year. That’s about as much in totalas we collect yearly from business and personal income taxes. Yet ironically the process of regulation is largely unregulated, does not have to derive its specific authorities from law, and as a practical matter is protected from independent judicial process. America’s federal government is the only element of government in our country not subject to generally accepted accounting principles independently promulgated by experts, and independently audited on time by accounting firms with full transparency and timely reporting to citizens, including a full explanation and official acceptance of responsibility by leaders and managers for the outcomes."

Biden’s IRS Auditor Army Will Disrupt Economic Recovery

September 6, 2022 | Real Clear Politics

"The Biden administration’s decision to recruit nearly 90,000 new IRS auditors could have a chilling effect on small businesses and economic growth, permanently impeding our nation’s ability to recover from its current economic malaise.

As part of the misleadingly titled “Inflation Reduction Act,” President Biden and his allies secured roughly $80 billion in new IRS funding to hire 87,000 auditors. This is bad news for the American economy."

 

GOVERNMENT STUDENT LOAN DEBT WORSE THAN IT LOOKS

August 30, 2022 | Kurt O'Keefe Guest Article Contributor

"The student loans owed to the Federal government – over $1.6 trillion dollars and growing – are shown as assets on the government’s books.

The Government Accounting Office (GAO) did a deep dive into the recent actual Direct Loan repayment history at the request of Congress persons.

The purpose of the report,  released last month, is stated here:

https://www.gao.gov/products/gao-22-105365

 “This report examines how and why Education’s Direct Loan cost estimates have changed over time. A forthcoming report will examine government and private sector estimation methods and Education’s approach to estimating Direct Loan costs.” 

Guess what? – the government has consistently over-estimated how much student loan debt would be repaid."

Cancelling Student Debt Would Undermine Inflation Reduction Act

August 30, 2022 | Committee for a Responsible Federal Budget

"The recently-passed Inflation Reduction Act (IRA) will reduce budget deficits by roughly $275 billion while pushing fiscal policy in the right direction to assist the Federal Reserve in its fight against inflation. However, a possible announcement from the White House to offer across-the-board student debt cancellation could undermine the bill’s disinflationary gains and deficit reduction."

Thirty-Nine States Do Not Have Enough Money To Pay Their Bills

August 9, 2022 | Forbes

"Most pundits and the media are trying to figure out what politicians’ posturing before the cameras really means for President Biden’s Build Back Better Pans. Yet, way below their radar is the weak financial health of the majority of U.S. states. ‘Financial State of the States,’ a report published earlier this week, shows that 39 states do not have enough money to pay their bills, potentially leaving a significant tax burden for current and future residents of their states. According to Sheila Weinberg, CEO of Truth in Accounting, a not-for-profit nonpartisan accounting watchdog, “Despite receiving federal assistance from the CARES Act and other COVID-19 related grants, the majority of states’ finances worsened. Total debt among the 50 states amounted to $1.5 trillion at the end of the fiscal year 2020, which was just the beginning of the COVID-19 pandemic.” 

Opinion: When Social Security and Medicare funds run dry, what’s the plan?

July 26, 2022 | DeseretNews

"Opinion polls show Americans are worried about the economy. They ought to be.

But Americans don’t fully understand how deeply they ought to be worried. 

In a June poll conducted by the Deseret News and the Hinckley Institute of Politics, 88% of registered voters in Utah said they worry a recession is coming within the next year. A new national poll conducted for CNN by SSRS put this in a slightly different light, with 82% saying the nation’s economic conditions are poor and 64% believing a recession already has begun."

 

3 Retirement Pitfalls And How To Avoid Them

July 26, 2022 | Forbes

"Never before have American retirees faced such monumental risks when planning for retirement. Our extended life expectancy (commonly referred to as “longevity”) coupled with market volatility, sky-rocketing health care costs in retirement, and the inevitability of taxes and inflation have led many to wonder if they have enough funds set aside to last through their retirement."

Sri Lanka’s Cautionary Tale: Death by National Debt

July 12, 2022 | The Lighthouse - The Independent Institute

"The nation of Sri Lanka was many things. A beautiful country, international tourism was a major industry. A fertile land, it grew enough rice to feed all its people. Prosperous, it earned its place as an upper-middle income nation. Then it all went to hell.

Steve Hanke provides an executive summary"

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