As Senators Joe Manchin (D - West Virginia) and Kyrsten Sinema (D - Arizona) betray their "moderate"…
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Image of the Day: Prescription Drug Prices Aren't the Inflationary Problem

As Senators Joe Manchin (D - West Virginia) and Kyrsten Sinema (D - Arizona) betray their "moderate" charade and join Senate Majority Leader Chuck Schumer's (D - New York) latest tax-and-spend monstrosity, we've highlighted the preposterousness of the claim that imposing drug price controls will in any way address out-of-control inflation.  Price controls will kill innovation, but do nothing to reduce inflation, because prescription drug prices simply aren't the problem.  Once again, economist Steve Moore offers a handy illustration of that truth:

[caption id="" align="aligncenter" width="554"] Prescription Drug Costs Aren't the Problem[/caption]…[more]

August 10, 2022 • 09:13 AM

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Will Blue States Go for Trumponomics? Print
By Betsy McCaughey
Thursday, November 01 2018
Stefanowski wants to do for Connecticut what Trump is doing nationwide — using tax relief to create growth.

In a contest too close to call, Republican gubernatorial candidate Bob Stefanowski is running to slash Connecticut taxes and bring Trumponomics to the state. The nation is watching to see whether a fiscal reformer can sell President Donald Trump's tax-cutting approach to voters who disdain Trump.

Critics call Stefanowski's proposal to phase out the state income tax "hare-brained" and "laughable." They're wrong. Taxes are no laughing matter. Connecticut residents are crushed by the second-heaviest state and local tax burden in the nation. The state once had the nation's fastest growing economy, until it imposed an income tax in 1991 and subsequently hiked it four times. Now Connecticut ranks dead last in income growth.

Businesses like Aetna, Alexion Pharmaceuticals and General Electric have moved out and the value of homes  a family's major investment  have plummeted. Home values have fallen 24 percent in Fairfield County since 2007.

Stefanowski wants to do for Connecticut what Trump is doing nationwide  using tax relief to create growth. Reducing state income taxes will boost economic activity and likely generate more tax revenue, not less. That's already happening on a federal level, where Uncle Sam is pulling in more revenue since Trump's tax cuts went into effect.

Stefanowski's opponent, Democrat Ned Lamont, wants to change the topic to gun control, health insurance and Trump's personal style. But Stefanowski insists the race is a referendum on one issue  taxes.

If Stefanowski wins, it will be a revolution. Connecticut has supported Democratic presidential candidates for a quarter century, and gave Hillary Clinton a comfortable margin in 2016. But the state's dire situation is making voters rethink their political allegiances, at least locally.

Two years ago, voters began electing more Republicans to the state legislature, giving them half the seats in the upper house and paring the Democratic majority in the lower house. Polls show there's an even chance that on Election Day tax-weary voters will turn the entire state government  both houses of the legislature and the governor's seat  Republican. It's their only hope to restore the value of their homes and bring back lost jobs.

On the other hand, a victory for Lamont would mean four more years of decline, as more businesses pull out of the state. At an Oct. 10 policy dinner at the Belle Haven Club in Greenwich, Connecticut, a director of United Technologies, Harold McGraw, said the company is discussing leaving the state if Lamont is elected. That would put 18,000 jobs at risk. McGraw later downplayed the comment, but didn't deny it. He said an official pronouncement "should definitely come from the company," not him.

Truth is, a Lamont victory will likely mean tax hikes, not tax relief. He says tax cuts aren't possible, because they'd force unacceptable cuts in public spending.

Lamont should look at Florida, where many Connecticut residents flee when they're fed up with high taxes. Florida spends far less per capita than Connecticut  only half as much in fiscal 2017  yet Florida is hardly lacking amenities. Florida's roads are ranked in better condition than Connecticut's. Admittedly, Connecticut has excellent K-12 public schools, but Florida's public university system gets far better grades than Connecticut's.

So will Stefanowski launch a Connecticut tax rebellion that can be duplicated in other blue states? It's certainly time. Under the new federal tax rules, residents of tax-hell states like Connecticut and New York can no longer deduct most of their state and local levies, making the pain worse.

The election hinges on whether voters focus on their economic self-interest, or fall for Lamont's efforts to tar Stefanowski as a Trump double.

Stefanowski himself draws a clear line: "On the social side, I've got three daughters, I don't like the rhetoric, I don't like the tone ... but I'm not going to sit here and tell you his economic policy hasn't worked because it has, and we could use some of that in Connecticut."


Betsy McCaughey is a senior fellow at the London Center for Policy Research and a former lieutenant governor of New York State. 
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"Everyone should be deeply troubled by the recent report that the Army is on pace to miss its recruiting goal by dozens of thousands of troops and by the report that followed a few days later, alleging that the Border Patrol is running short of agents in Arizona and Texas. The border is so porous these days that even mayors of sanctuary cities are starting to complain about illegal immigration.So,…[more]
 
 
—Stephen Moore, Co-Founder of the Committee to Unleash Prosperity and a member of President Trump's Economic Recovery Task Force
— Stephen Moore, Co-Founder of the Committee to Unleash Prosperity and a member of President Trump's Economic Recovery Task Force
 
Liberty Poll   

Do you believe the tax increases and hundreds of billions of dollars in new spending in the so-called ‘Inflation Reduction Act of 2022’ - negotiated behind closed doors by Senators Manchin and Schumer - will increase or decrease inflation if passed?