Tweet Of The Day

Posted: July 8, 2014 by watsonthethird in Conservative Idiocy, Current Events, Economics, Politics, Tweet Of The Day
Tags: , , ,

More evidence of the failure of trickle down economics, this time perpetrated by Kansas Governor Sam Brownback, who took only two years to bankrupt the State of Kansas.

From the Vox article:

The governor proposed to cut income taxes on the state’s highest earners from 6.45 percent to 4.9 percent, to simplify tax brackets, and to eliminate state income taxes on most small business income entirely. In a nod to fiscal responsibility, though, he proposed to end several tax deductions and exemptions, including the well-liked home mortgage interest deduction. This would help pay for the cuts.

Yet as the bill went through the state Senate, these deductions proved too popular, and legislators voted to keep them all. The bill’s estimated price tag rose from about $105 million to $800 million, but Brownback kept supporting it anyway. “I’m gonna sign this bill, I’m excited about the prospects for it, and I’m very thankful for how God has blessed our state,” he said.

After the cuts became law, it was undisputed that Kansas’s revenue collections would fall. But some supply-side analysts, like economist Arthur Laffer, argued that increased economic growth would deliver more revenue that would help cushion this impact.

Yet it’s now clear that the revenue shortfalls are much worse than expected. “State general fund revenue is down over $700 million from last year,” Duane Goossen, a former state budget director, told me. “That’s a bigger drop than the state had in the whole three years of the recession,” he said — and it’s a huge chunk of the state’s $6 billion budget. Goossen added that the Kansas’s surplus, which had been replenished since the recession, “is now being spent at an alarming, amazing rate.”

Of course, it’s all President Obama’s fault. “This is an undeniable result of President Obama’s failed economic policies of increasing taxes and overregulation,” Brownback’s revenue secretary Nick Jordan said.

These people are seriously deluded. And dishonest, too. Evidently, Brownback is in a tight re-election race in a deep red state. If he loses, of course that will be President Obama’s fault, too. I can hardly wait to hear his excuses.

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Comments
  1. 02casper says:

    Kansas is on it’s way to join Mississippi, Alabama, Georgia, and a number of other red states that prove conservative policies don’t work. High poverty rates, poor education systems, lower life expectancy, etc are the norm for Red States.

    • Not only that, they’re on their way to joining those other states as having the highest number of painkiller prescriptions per capita!

      http://www.cdc.gov/vitalsigns/opioid-prescribing/infographic.html

      • meursault1942 says:

        Yeah, well, the fact that conservative economics has been a calamitous failure every time and the conservative states are the perpetual leaders in nearly every negative social indicator is still all the liberals’ fault because shut up, that’s why!

        Conservatism can never fail; it can only be failed.

      • mitchethekid says:

        With Americans telling $arah to shut the fuck up and a GOP Senator saying there is no such thing as global warming because of Mars, do we really have anything to worry about? We no longer have to ask “are these people representative of the GOP base?” They are, and their profound stupidity and total lack of self awareness is eye-spinning. Anyone who admires these kind of encephalitic idiots and defends them as a paragon of intellectual insight and political acumen is irreparably damaged and should be quarantined from the rest of society. They carry a stupid gene and they shouldn’t be allowed to breed. No wonder they hate contraception. It poses a threat to their existence.

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