Decision of the Century: General Assembly’s Budget Approach Will Set State’s Trajectory for Decades to Come
The problems we face did not come down from the heavens; they were government-made and they can be reversed. Lawmakers should not feel helpless, nor do we have to be reliant of the federal government. Many states are taking proactive steps to prepare their state economies for rapid recovery... and we must do the same. Lawmakers have to understand that they can no longer hide from the responsibilities and difficult decisions they were elected take on: the status quo budget approach - tax, spend, and borrow - can not work in response to this pandemic crisis.
With a one-billion dollar anticipated revenue shortfall, and with recent statements from leading Rhode Island lawmakers indicating a general feeling of helplessness, the RI Center for Freedom & Prosperity today published a report with proven budget strategies that can help put the state on a long-term positive trajectory. Virtually all recent comments from public officials appear to place an undue reliance on federal bailout funds in the hope that status quo spending levels might be maintained. This is not a budget strategy.
Compiled after numerous discussions with colleagues in other states as well as with state budget experts with national organizations, the Center’s report, Decision of the Century, is premised on the understanding that the decisions that will soon be made by lawmakers in dealing with the pandemic-caused revenue losses, will set the near and long term trajectory for the Rhode Island economy.
PolitiFact Should Fact-Check Itself in Bogus Ruling
Update: PolitiFact acknowledges that the major elements of my statement were indeed true, before RULING that the statement was “Mostly False”. Read their twisted logic here … Read the full […]
Without Sales Tax Reform, 2-out-of-3 Ain’t Good Enough
/in Budget and Spending, Sales Tax, Taxes/by Mike StenhouseRI’s 2015 includes corporate and estate tax reforms for big biz and the wealthy, but provides no relief for average family or worker. Read this unique commentary that takes a […]
Managing a Phase-In of Major Sales Tax Reform
/in Blog, Budget and Spending, Recent Posts, Sales Tax, Taxes/by Justin KatzThe Center’s proposed strategy for managing the transition to a 3% sales tax in Rhode Island.