For fifteen years the American Legislative Exchange Council (ALEC) has produced Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index. This broad index measures 15 policy variables that ALEC has deemed important to economic growth, with a particular focus on tax and spending policies.
Americans have less money than they had last year—though taxes haven’t been raised. So what’s the problem? Inflation, which has increased at a 40-year high annual pace of 7.9%. It acts as a hidden tax because we don’t see it listed on our tax bills, but we sure see less money on our bank accounts.
A few recent headlines have passed without much attention. The first story is our national debt has reached $30 trillion, while the second is the trade deficit for 2021 hit a record $859.1 billion. Both stories were virtually ignored because the American people have just become numb to the topics, though they may be missing some wider ramifications, especially when it comes to trade.
By Patrick Barron What almost everyone calls “inflation” is really a rise in the general price level. OK. But the real definition of “inflation” is inflation of the money supply. A rise in the general price level is a consequence of inflation of the money supply. Technically, the price level is determined by supply and demand, one of economic science’s […]
Let’s make something clear right away: Iowa’s state budget is going to continue to grow in the coming years. The only reason that point may be in question is Iowa’s Revenue Estimating Conference (REC), which has the difficult responsibility of estimating revenue for the state, recently released updated projections. The REC increased the current fiscal year (2022) estimate by 4.2 […]
Governor Kim Reynolds, in her Condition of the State address this week, delivered a Reagan-esque take on the finer points of governing. “Under these ceilings, next to this marble, among these columns and portraits, it’s tempting to believe that nothing good happens unless we legislate it, regulate it, or fund it. But in the small towns, around kitchen tables, in […]
Some of our country’s fastest growing states have spent the past decade crafting policies that lower taxes, reduce the regulatory burden, and rely on the choices of their citizens instead of government mandates and control. The free-market solutions presented in this report are a blueprint for growth and a reliable roadmap for Iowa’s future. Click to download the report
By John Hendrickson, Policy Director for ITR Foundation, and Dean Stansel, Ph.D., Economist at the Bridwell Institute in the Cox School of Business at Southern Methodist University A major trend from the Census is the growing number of individuals who are voting with their feet against bad economic policies. States with high tax and regulatory burdens such as California, […]
ITR Foundation Deputy Director Walt Rogers recently interviewed Dr. Ernie Goss, a professor of economics at Creighton University Heider College of Business. They covered many topics facing our economy today. Among them were: Supply chain: We do a monthly survey at Creighton University of supply managers and manufacturers, and we’ve been doing it for 25 years. This is the […]
When will the supply chain crisis be resolved? Americans are being told that they will just have to “deal” with empty store shelves and are starting to realize that “Build Back Better” is more of a wrecking ball. “Thanksgiving turkeys may be more expensive and harder to find. Buy your bird now, the experts say,” ran a headline in the […]
Nothing from the local elections here in Iowa, nor races across the country, will have changed the perception that this political environment is toxic for those who want to push a tax and spend agenda. Tuesday’s elections in Iowa and across the country are now in the books. Iowa voters went to the polls to elect candidates to school […]
Senator Josh Hawley (R-MO) is a leading conservative who is fighting for the America First agenda. Recently, Senator Hawley introduced the “Make in America to sell in America Act,” in an effort to address the supply chain crisis and the troubling dependency upon foreign countries for necessities. Americans are being confronted with increasing prices due to inflation and a clogged […]
Before President Biden left for a trip to Europe on Thursday, which will include climate talks and a meeting with Pope Francis, he was negotiating a new tax and spend plan with members of his own party in Washington. Apparently, Iowans weren’t the only ones opposed to his $3.5 trillion Build Back Better plan, as the President was trying to […]
Our friends in Texas have published a new report entitled Reversing the Recovery, that details how the proposed Build Back Better spending plan could affect our national economy, including how it would impact each individual state. Their conclusion? Iowa would be responsible for shouldering $43 Billion in new debt and lose 51,000 jobs. From the report: “This plan includes heavy […]
Iowans are known for being plain-spoken and clear-thinking. Perhaps that’s why President Biden’s approval rating in Iowa has recently sunk to a dismal 31 percent. Afghanistan and COVID notwithstanding, another of the Biden Administration’s promises that seems to have failed the believability test is his insistence middle-class Iowans won’t be hurt in the pocketbook by his $3.5 trillion budget blueprint. […]
The Des Moines Register released a new poll that shows a 53 percent job approval rating for Governor Kim Reynolds. This is up from 51 percent from the last poll. Governor Reynolds approval rating is even higher, 57 percent, when asked how she has handled Iowa’s economy. The poll affirms that Iowa supports the conservative pro-growth policy agenda that Governor […]
The national debt is rapidly nearing $29 trillion, which is 25% more than our entire economy, and is orders of magnitude higher if you consider unfunded liabilities of Social Security and Medicare. This threatens life as we know it and must be addressed now. Since the start of 2020, the debt has increased by $5.2 trillion. And President Joe Biden […]
It is often forgotten, but America’s conservative tradition was not based on free trade, but rather economic nationalism. The American System became the basis of conservative economic policy. This economic philosophy was developed by Secretary of the Treasury Alexander Hamilton and the Federalists, continued by the Whigs under the leadership of Henry Clay, and was eventually adopted by the Republican […]
Image: Official White House Photos by Shealah Craighead and D. Myles Culle Iowa is a beacon of liberty against an onslaught of poor federal policies. President Biden has already proposed $6 trillion in new spending during his first 100 days in office. Iowa is awash with federal stimulus dollars. Iowa is frequently overlooked, but Governor Kim Reynolds is an example […]
“From this day forward, a new vision will govern our land. From this day forward, it’s going to be only America first. America first. Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American workers and American families.” President Donald J. Trump, Inaugural Address, January 20, 2017 “Are the Republicans Switching Places […]
Photo by Keystone/Getty Images Andrew Mellon, who was considered the best Secretary of the Treasury since Alexander Hamilton, served in the presidential administrations of Warren G. Harding, Calvin Coolidge, and Herbert Hoover. Prior to his service as Secretary of the Treasury, Mellon was a successful financier and businessman. Mellon understood sound fiscal policy and he helped to advance policies […]
A recent editorial by the Des Moines Register asks whether the push for “smaller” government in Iowa has achieved a point where it is “too small to work.” The editorial argues that those who believe in a “smaller, more efficient” government fail to address how limited government can solve some of the policy problems confronting Iowa. In other words, the […]
Following a path of fiscal conservatism is never easy. Numerous interests are calling for either new or an expansion of existing taxpayer funding for programs. Policymakers are confronted with difficult decisions in crafting a budget and providing for the priorities of government, but at the same time trying to be good stewards of taxpayer dollars. The pressure for policymakers to […]
Governor Kim Reynolds has made growing Iowa’s economy a priority. To accomplish this goal, she is working to ensure that Iowa has a competitive tax climate. As a result of following fiscal conservatism of prudent spending and lowering tax rates, Iowa was able to weather the economic impact of the COVID-19 pandemic. Iowa’s fiscal house is in order with full […]
In a recent interview with Tax Education Foundation of Iowa, Dr. Ernie Goss, Professor of Economics at Creighton University, discussed current issues and economic trends for both Iowa and the nation. Goss noted that Iowa’s economy “is still about three or four percent below pre-pandemic levels” but is on the road to recovery. Although both Iowa’s and the national economy […]