Fiscal conservatism breeds balanced budgets
Take it away, Mary Katharine Ham:
Gov.-elect Mike Pence of Indiana will go into office with a sunny fiscal outlook:
With a $500 million budget surplus and $2 billion in reserves, Indiana Governor-elect Mike Pence has pledged to give back some of that money when he takes office next week by cutting personal income taxes.
“An across-the-board tax cut for all Hoosiers would send a strong signal that we are managing our funds wisely and also reducing the tax burden on our taxpayers and businesses,” the former U.S. Congressman said while campaigning to replace outgoing fellow Republican Mitch Daniels as governor.
A few more:
Iowa is looking at an $800 million surplus. Florida’s is more than $400 million. Michigan, which was in a recession years before the country entered one in 2007, has an extra $1 billion in its general funds.
I can’t help but think these states have something in common. What is it? Daniels/Pence, Brandstad, Scott, Snyder. Hmmm.
And, it turns out budgeting sanely can actually allow states to help cope with new health care costs:
In Tennessee, Republican governor Bill Haslam has said that much of the state’s $580 million surplus is already spent. Obamacare is expected to increase enrollment in TennCare, the state’s Medicaid program, by more than 60,000 Tennesseans.
California claims it may come in even or with a surplus this year thanks to Gov. Jerry Brown’s tax hike, but California is also utterly drowning in insane amounts of debt, so I’m not sure they get credit for this maybe-surplus. But I’m sure our intellectual betters on the left will continue to tell us their model is the future of the nation.
On Wednesday, Tea Party Patriots highlighted Texas’ success in growing its economy through the principles of low taxes, low spending, and freer markets. As Katharine Ham reports, similar success stories are happening across the country as fiscal conservatives implement sound public policy. Meanwhile, states that continue to overspend – states like long-suffering California – continue to sag under the weight of massive debt, and as they raise taxes their citizens are departing for greener and more economically safe pastures.