“Arizona’s policymakers are still depending on technocrats to help shape decisions aimed at influencing the economy. Nowhere is this truer than in tax policy, where a debate is raging over whether a series of tax cuts enacted a few years ago is spurring economic growth or only decimating corporate income tax revenues.”
Info RCGJim Rounds: A Tactful Approach to Better Budget Policies
Last week I did some venting on how economic “rankings reports” very often miss the mark, or completely mislead the reader. Some people asked how we compare our economy to others if these reports are so flawed. The answer is: it depends…
Info RCGComparing Economic Regions – a.k.a. What is Your Favorite Color?
Governing Magazine published an article that ranks the Arizona economy 41st worst in the nation. They took the time to examine six data points that were easily collected from federal government websites. This wasn’t a discussion of school funding, or tax cuts, or anything like that. It was just based on broader economic measures like the unemployment rate, state GDP, and personal income. On the surface this sounds okay. Here is why it’s not.
Community planning can be based on a number of different lifestyles. We can indeed strive for amenities that are similar to what we would find in some of the greatest cities. But, it’s ok if we also have yards and cars and wider streets. It’s also ok to not apologize for them.
Part I of our discussion covered the fact that the economic “story” has been anything but consistent, and it’s ok to not know what’s going on with precision. However, a person, a business, or your local or state government can still plan wisely. Whether or not they actually do this is another matter.
Info RCGSchizophrEconomics Part II – Budgeting and the Unknown