Each month, new revenue figures suggest more clearly that raising the state’s cigarette tax is not going to save the state from the effects of its profligate ways. But then, it might give us a more vibrant black market like they have in Chicago and New York.
Sen. Barack Obama’s campaign, when not focused on attacking Gov. Sarah Palin, seems to want to dig up the old Clinton playbook and run on the economy being worse here than in Burma.
And why not? Clinton’s famous “it’s the economy, stupid” campaign, in addition to President G.H.W. Bush’s tax increase flip-flop and 19.7 million votes for Ross Perot, made Bill Clinton the President by convincing 43% of the electorate that we were in the worst economy in fifty years.
There was no evidence then, just as there is no evidence now, to support the doom-and-gloom.
In fact, the most recent Census data shows twenty five years of the rich get richer and the poor getting richer much faster.
“The new Census Bureau data on income and poverty reveal that many of the economic trends in this country are a lot more favorable than America’s detractors seems to think. In 2007, overall real median family income increased to $50,233, up $600 from 2006. The real median income for intact families — mother and father in the home — rose to $78,000, an all-time high.”
“Although incomes fell sharply in the U.S. after the dot-com bubble burst in 2000 (and still haven’t fully recovered), these latest statistics reflect a 25-year trend of upward economic mobility. More important, Barack Obama is wrong when he states on his campaign Web site that the economic policies started by Ronald Reagan have rewarded “wealth not work.” Based on this false claim — that the rich have benefited by economic growth while others have not — he intends to raise tax rates on high-income individuals.”
There is plenty to be concerned about in the American economy, but nothing really suggests a bigger, more expensive government will cure what ails us.
Usually when I get around to reading a David Hawpe column in the Louisville Courier Journal, the effort is rewarded with a nugget of silliness to write about derisively.
Thanks to Andy Hightower at the Kentucky Club for Growth, though, I know that when I get to Mr. Hawpe’s latest offering, about pork spending in Frankfort, it will be an altogether different experience.
“Mr. Obama would stimulate the economy by increasing federal spending. Mr. McCain would stimulate the economy by cutting the corporate tax rate. Mr. Obama would expand unionism by denying workers the right to a secret ballot on the decision to form a union, and would dramatically increase the minimum wage. Mr. Obama would also expand the role of government in the economy, and stop reforms in areas like tort abuse.”
“The states have already tested the McCain and Obama programs, and the results are clear. We now face a national choice to determine if everything that has failed the families of Michigan, Ohio and Illinois will be imposed on a grander scale across the nation. In an appropriate twist of fate, Michigan and Ohio, the two states that have suffered the most from the policies that Mr. Obama proposes, have it within their power not only to reverse their own misfortunes but to spare the nation from a similar fate.”
Governor Steve Beshear while busily trying to save the state from too-low cigarette taxes and the hope of for a sustainable public employee benefits program, took time out today to try his hand at being a petroleum economist.
Love this rhetoric:
“I am outraged by the voracious practices of price gouging we are seeing,” said Gov, Beshear. “Today, I have taken an extraordinary step to protect the consumers of the commonwealth from these predators.”
I guess we will all feel safer under the protection of our daring governor as long as a real disaster doesn’t lead to shortages — albeit moderately priced shortages — at Kentucky gas stations.
And since he says “we are seeing” all this “price gouging,” Gov. Beshear shouldn’t have any trouble pointing out at least one specific example. Right?