12vol issue Rich countries, impoverished countrieswritten by White House advisers Dr. Arthur Laffer, Stephen Moore and Jonathan Williams, chief economist of the American Legislative Exchange Council, shows why some states in the Union grow and prosper while others shrink and fail.
Based on the authors’ collective research, appropriate regulation, competitive tax rates and wise government spending create greater opportunities for all Americans. Citizens in countries where lawmakers focus on ensuring long-term well-being especially benefit the most. This is especially true when these citizens trust the judgment of their political leaders and have witnessed the wisdom of their policies.
Moreover, from year to year, wealthy states in motion tend to maintain and even augment their prosperity, while impoverished states experience the opposite and lament “tax breaks for the rich” and other popular bells and whistles.
15 key policy areas
As in every edition, Rich countries, impoverished countries assesses the economic prospects of all 50 states based on 15 political variables that are given equal weight. These policy variables include the highest marginal personal income tax rate, the highest marginal corporate income tax rate, progressivity of personal income tax, real estate tax burden, turnover tax burden, AND remaining tax burden.
Are also included real estate or inheritance taxes collected, recent tax changes, debt service as part of tax revenues, public sector employees per 10,000 inhabitants, studies of the state liability system, minimum wage in the state, average costs of workers’ compensation, whether the state has the right to work, AND tax expenditure limits.
The common denominator of countries with high economic prospects is that they pay less tax and spend less and promote policies that stimulate investment or augment employment, or both.
Analyzing the list below, you can see that the 15 states in the union with the highest economic prospects ranking voted for Republicans in the last presidential election (counting the four states with votes still in question), including Utah, Wyoming, Idaho, Indiana, North Carolina, Nevada, Florida, Tennessee, Oklahoma, Arizona, North Dakota, Wisconsin, South Dakota, Michigan and Texas.
Economic prospects ranking
From Utah’s best to New York’s worst, here’s the state’s full lineup:
1. Utah
2. Wyoming
3.Idaho
4. Indiana
5. North Carolina
6. Nevada
7. Florida
8. Tennessee
9. Oklahoma
10. Arizona
11. North Dakota
12. Wisconsin
13. South Dakota
14.Michigan
15. Texas
16. Virginia
17. New Hampshire
18. Colorado
19. Missouri
20. Mississippi
21. Georgia
22. Arkansas
23. Alabama
24.Delaware
25. Kansas
26. Alaska
27. Iowa
28. West Virginia
29. Ohio
30. Louisiana
31. Kentucky
32. South Carolina
33. Montana
34. New Mexico
35. Massachusetts
36. Nebraska
37. Maryland
38. Pennsylvania
39. Washington
40.Connecticut
41. Maine
42. Oregon
43. Rhode Island
44. Hawaii
45. Minnesota
46. ​​​​California
47.Illinois
48. New Jersey
49. Vermont
50. New York
It’s crucial to note that all of the states with the lowest economic prospects, starting with the worst – New York, as well as Vermont, New Jersey, Illinois, California, Minnesota, Hawaii, Rhode Island, Oregon and Maine – all voted Democratic in the last election.
Choose your fate
Republican-led states tend to prosper, Democrat-led states tend to suffer. Mere coincidence? With such wide disparities in rankings of economic prospects and the resulting economic prosperity versus lack thereof, Americans have had something of a double experience during President Trump’s time in office.
There was a different reality in states that voted for Trump and Republicans in general than in states that traditionally voted for Democrats. This economic disparity between different regions of the country has been going on not only for years, but for decades. These city where there has been devastation and economic destruction, we have once again voted for Democratic regimes not just for years but for decades, and Republican-led cities tend to prosper while Democrat-led cities tend to suffer.
Why don’t states with impoverished economic prospects rankings and cities that have long been in decline emulate the policies and practices of states and cities that continue to thrive? This is an crucial question to ask, and especially an crucial question for Democratic politicians and the millions of voters who pointlessly support them.
