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April 14, 2009 (202) 742-8536 or
New Study Shows Path to Economic Recovery for States
Poor labor policies, high state debt, excessive government bureaucracy, and recently legislated tax increases have combined to devastate
The report shows how federal stimulus dollars may simply encourage out-of-control state spending, which is up 124 percent over the last 10 years, without requiring states to make the tough decisions needed to bring about financial stability. “States were quick to increase spending and add programs during the good times,” said State Senator Owen Johnson, ALEC’s New York State Chairman. “Now we need to make tough choices to live within our means. The best solution to our budget woes is to control state spending and promote policies that foster economic growth and job creation.”
Co-author and renowned economist Dr. Arthur B. Laffer summarized the report's findings when he said, “States cannot tax their way into prosperity.” Rich States, Poor States presents rankings of the 50 states based on the relationship between policies and performance – revealing which states are best positioned to make a recovery, and which are not.
Laffer and his co-authors, Steve Moore, senior economics writer at The Wall Street Journal, and
“The top performing states keep taxes, spending, and regulatory burdens low, while the biggest losers in the book tend to share similar policies of high tax rates, unsustainable spending and regulation,” said co-author,
TOP FIVE STATES BOTTOM FIVE STATES
To read more about the state-to-state comparisons, see the individual state analysis, and view the full report, download it for free at www.alec.org.
The American Legislative Exchange Council (ALEC) is the largest individual membership organization of state legislators and the private sector that brings them together as equal partners in the development of free-market model legislation for the states.
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