Author Archives: Joel Griffith
Author Archives: Joel Griffith
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Converting from Defined Benefit to Defined Contribution: The “Free” Money Pays Down Unfunded Liabilities and Pays Dividends to Taxpayers
Implementing a DC system delivers immediate payroll savings for the new plan’s participants. Using these savings to shore up the unfunded liabilities from the preexisting DB plans will ensure that past promises made are kept. At the same time, the new DC plan participants rest assured that each and every paycheck, funds are being deposited into an account belonging to them. Taxpayers win as the escalation in retirement overhead costs level off and eventually realize the full benefit of the savings.
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Trouble in Paradise: Hawaii Governor Ige Acknowledges Livability Concerns
The governor took note of several pressing concerns—energy, affordable housing, education, and income growth. However, many of his solutions threaten to aggravate the underlying problems.
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Oklahoma State of the State: Governor Fallin Delivers Stern Tax and Spend Message
Despite early promise of being a bold reformer, the governor now zealously possesses the tax and spend mantle. And the spending extends beyond education. She promises a cornucopia of spending courtesy of the tax hikes on “initiatives that each of you are passionate about.”
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New Mexico State of the State: Governor Applauds Economic Diversification and Pushes for Comprehensive Tax Reform
The governor’s proposals for comprehensive tax reform, economic diversification, infrastructure spending prioritization, and education reform can generate longer-term opportunities. However, additional changes are needed. The state’s tort system and worker’s compensation costs remain economic drags. The relative lack of tax and expenditure limits and 8th highest number of state employees per capita contribute to a bloated state government.
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Alaska State of the State: Governor Calls for Expanded Energy Production along with Higher Taxes
Governor Walker's wholehearted support for a continued energy production renaissance, energy infrastructure development, and expanded international trade bode well for an Alaskan economic rebound. However, the continued advocacy for income taxes and sales taxes combined with lack of acknowledgement of much-needed operational reforms threatens to negatively counter those pro-growth actions.
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Wyoming State of the State: Fiscal Soundness Despite Setbacks in Energy Sector of Economy
Wyoming enjoys the 8th best economic outlook in the nation, according to Rich States, Poor States. This outlook has failed to translate into performance largely due to numerous macroeconomic factors and regulatory measures. The governor’s commitment to state regulatory reform, bureaucratic downsizing, and budget reform has resulted in the state weathering this storm with a strong balance sheet and low taxes. Rather than resort to higher taxes or centrally planned economic development, the continuation of a business-friendly climate is needed to incentivize further diversification and future growth of the economy.
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Utah State of the State: Acting Today with the Future in Mind
Even with the modest changes to property taxes and a possible increase in the gas tax, Utah’s overall pro-business status remains unrivaled. Economic growth and jobs growth over 10 years are 5th highest and 3rd highest, respectively. Perhaps Utah has indeed “become that shining city on a hill for our nation.”
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Washington State of the State: Governor Inslee Repeats Demand for Destructive Carbon Tax
In addition to a massive carbon tax, Governor Inslee called for workforce development initiatives, healthcare regulations, and myriad new social regulations. In aggregate, this big government agenda would impede the business climate and economic growth of the state.
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New Jersey Inauguration: Governor Murphy Claims the Moral High Ground in Bid to Expand Government
Governor Murphy failed to recognize that those on the other side of the aisle may share the same ultimate policy outcome goals—justice, fairness, and growth—albeit with far different policy preferences. This threatens to block pragmatic bipartisan progress on numerous pressing issues.
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The Williams Report
Budget National: S&P finds tariffs could hurt state, city budgets Alabama: The Alabama Senate delivers a general fund budget to the governor’s office. Alaska: To avert shutdown…
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Colorado State of the State: Hickenlooper’s Pursuit of Taxes
The governor is right that “by almost any measure, we’ve become one of the best places for business in America.” But expanding crony capitalism and increasing the tax burden make maintaining this coveted status more difficult. Following five consecutive years in the top 10 for economic outlook in Rich States, Poor States, Colorado dropped to 16th in 2013 and has failed to fully recover. A sharpened focus on regulatory reform and pension reform are required to guarantee continued success in the Centennial State.
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Kansas State of the State: Gov. Brownback Resists Tax Hikes, Calls for Constitutional Amendment on Ed Financing
The governor’s rejection of a tax increase is welcomed news for taxpayers. Just last year, legislators overrode his veto in order to enact an enormous tax increase of $1.2 billion over the next two years alone. This tax hike on individuals and businesses wiped out much of the tax reductions from the 2012 reforms. Avoiding a new tax increase, pushing for a voter-approved constitutional amendment on school financing, and demanding educational reforms will help avoid compounding the damage from last year’s tax hikes.
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The Williams Report
Budget Alabama: The Alabama Senate passed a $2 billion dollar general fund budget. The increase is due primarily to $51 million dollars of additional appropriations to the Department of…
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The Rest of the Story: Right-to-Work Could Spur Opportunity in the Buckeye State
Economic results conflict with the charge that right-to-work is a “radical change” that would “only take away from working families.” In fact, right-to-work states experienced nearly twice the rate of population growth and a more than 50 percent greater change in nonfarm employment.
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Arizona State of the State: Confidence and Conviction, Promise and Possibility
Arizona Governor Doug Ducey delivered a sunny State of the State address, highlighting the “capacity of our state, and its people, to always be ahead of the…
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California State of the State: A High Speed Train of Taxes and Spending
California Governor Jerry Brown boldly championed an unabashedly liberal agenda throughout his 16th—and final—State of the State address. The governor declared, “California is prospering,” a stark turnaround from the economic…
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South Dakota Legislative Proposals Would Dramatically Reform Spending, Provide Stability, & Deliver Tax Relief
Two pieces of legislation working their way through the South Dakota legislature could provide spending restraint along with property tax relief for residents. The first is SJR 5, which is…
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South Dakota State of the State: Mixed Agenda of Pro-Growth Regulatory Reform but Possible Tax Hikes
South Dakota Governor Dennis Daugaard’s 2018 State of the State focused on workforce development, public education, occupational licensing reform, a possible transportation tax increase and support for overturning legal precedent…
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Idaho State of the State: Governor Otter Celebrates Economic Strength, Advocates for Modest Tax Cuts in Final Year
In his twelfth and final state of the state address, Governor C.L. “Butch” Otter celebrated Idaho’s continued strengths. “Our State government is leaner, more fiscally responsible, more transparent, more responsive,…
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The Williams Report
Budget National: States in For Fiscal Crises Without Reining in of Irresponsible Spending. California: Despite Warnings of Recession, Gov. Brown’s Budget Proposal Massively Hikes…