Fortunately, some people are catching on to just how dangerous Reaganomics is, and are trying to protect themselves from it. Thats where Kansas comes in. Two years ago, Kansas, under the direction of Republican Gov. Sam Brownback, decided to give Reaganomics a try. That state slashed income taxes, as part of the largest tax cut in one year in any state ever. In 2012, the Kansas legislature slashed individual income taxes by 25 percent. In 2013, that same legislature passed even more tax cuts, with the premise that the cuts would help spur economic growth. Gov. Brownback even promised the people of Kansas that, Our new pro-growth tax policy will be like a shot of adrenaline into the heart of the Kansas economy. But as you can imagine, that pro-growth tax policy has been more like a shot of poison to the Kansas state economy. Job growth in Kansas trails the nation. That states rainy-day fund is dryer than a California desert. And month after month, revenue is coming in consistently lower than even the worst predictions could have imagined. The situation is so dire that both Moodys and Standard & Poors have downgraded Kansas credit rating.
Posted on: Tue, 16 Sep 2014 21:19:45 +0000
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