No government has ever spent its way to prosperity. Our proposals help governments be fiscally responsible so citizens can be prosperous.
It all started with the rescue of Bear Stearns. The government's reckoning that the foundational principles of our economic system could be ignored, just this once, was a colossal blunder. Now we have full-blown bailout mania.
It didn't have to happen. The lightly regulated securities industry had been remarkably stable from the Depression until the sub-prime mortgage crisis of 2007. There were occasional failures of securities firms, but government bailouts were never seriously considered.
To balance the 2009 state budget, legislators swept funds from accounts that members of various professions are required to pay into. Not only did this gimmick not balance the budget, it may have broken the law. Goldwater Institute attorney Carrie Ann Sitren recently discussed this situation with "Good Evening Arizona's" Ben Lemoine.
Goldwater Institute Economist Dr. Byron Schlomach appeared on Scottsdale Channel 11's Links program where he gave Scottsdale's economy an economic health checkup.
Phoenix-- Arizona is awash in federal money, almost $8 billion this year. While this growing pot of money seems attractive, there is a catch. Most federal money requires state matching funds. As more federal dollars come in, more state dollars are committed to federal programs. Indeed, the state legislature has direct appropriation authority over only 25 percent of state spending.
What role should government play in economics? Should it tweak the economy here and there, or stay out of the way altogether? Dr. Byron Schlomach, Director of the Goldwater Institute's Center for Economic Prosperity, goes on Horizon with the answers.
Its going to take a lot of hard work to address the states growing general-fund budget shortfall. Earlier this year, the Goldwater Institute issued 100 ideas for Arizona lawmakers to consider. Here are some that address the states financial health:
Enact an expenditure limit that restricts government spending growth to the rate of population growth and inflation. If state spending had been so restricted since 2002, the state would today have a surplus of roughly half-a-billion dollars.
Arm yourself with the facts about Arizona's budget shortfall to protect your family from the financial shenanigans some state politicians are suggesting. If growth in state spending had increased at a rate that kept pace with inflation and population growth since 2002, Arizona would currently have a general fund surplus of more than half a billion dollars.
With Arizona's budget deficit approaching $1 billion, policy makers are looking for relief from Arizona's fiscal woes. Wouldn't it be nice if lawmakers could just flush fiscal problems away?
Turns out technology exists that might let them do just that, at least a little bit. By installing electronic flush devices in state prisons, Arizona lawmakers could flush part of our spending on correctional facilities down the drain.
The Super Bowl host committee here in Arizona shelled out $17 million for the privilege of hosting the Super Bowl. $13 million of that was privately financed but Michael Kennedy, chairman of the host committee, said they want more public dollars. With dozens of famous movie stars, athletes, and major corporations you have to wonder, Why cant they pay for their own party? Dr. Byron Schlomach talks about publicly funding Super Bowl parties with Charles Goyette.
Arizona Gov. Janet Napolitano, a Democrat, Monday delivered to the state Legislature, which has a Republican majority, an optimistic State of the State address. On Friday, she submitted a corresponding budget of $10.7 billion. billion plus deferred costs for a total spending plan of about $11.4 billion for fiscal year 2009.