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To Ike Brannon, Director of Economic Policy and Congressional Relations at the American Action Forum and a Bush Institute Fellow, the problem is that, when it comes to taxes, the “person who is actually writing the check is not bearing the cost” — something that legislators forget in their confidence that raising corporate taxes can solve short-term budget and long-term debt problems. The real cost is shared by shareholders, customers, and workers. And government, under the pressure of too many competing interests, uses tax policy to “reward friends and punish enemies” on political rather than economic grounds. The result is depressed productivity and lower job growth, which in turn lead to lower tax revenue, while long-term debt accumulates. This “death spiral” of ever “higher taxes and higher unfunded liabilities” makes Illinois the “worst place to do business,” according to Brian Wesbury, Chief Economist, First Trust Advisors L.P., and a Bush Institute Fellow. Wesbury warned that the credit default spread in Illinois — the cost of buying insurance on a state-issued bond — is “approaching the level of Greece and Spain a few years ago.”
Robert Asahina has been a newspaper and magazine editor and writer, a book publishing executive and editor, and a data management consultant. He was editor in chief and deputy publisher of Broadway Books, president and publisher of the adult publishing group of Golden Books, and vice president and senior editor of Simon and Schuster; deputy managing editor of The New York Sun and an editor at The New York Times Book Review, Harper's, George, and The Public Interest; and a consultant at Freddie Mac. He is the author of "Just Americans" and of numerous articles and reviews for The Wall Street Journal, Harper's, The New York Times Book Review, and elsewhere.
TARIFF-IED: Trade Talk with Matthew Rooney
This week, trade relations between the U.S. and India are continuing to escalate. Earlier this month, the U.S. stopped granting India special trade privileges by taking away the Generalized System of Preferences (GSP) program, and India has responded by enforcing more tariffs of its own. The George W. Bush-SMU Economic Growth Initiative Director Matthew Rooney breaks down the trade conflict: For more information on trade groups and the global economy, visit www.bushcenter.org/scorecard.
How Trade Spreads Holiday Cheer
It is projected that the average American household will spend more than $1,000 during the holidays this year.
Deporting Salvadorans May Lead to Economic Decline
We should think carefully about a policy whose major impacts are likely to be reductions in employment and economic activity here at home, and increased instability and lawlessness along our borders.
Bush Institute's Laura Collins Talks Immigration on Good Morning Texas
Last week, Deputy Director of Economic Growth at the George. W. Bush Institute Laura Collins spoke with Good Morning Texas about immigration myths. During the interview, Collins had the opportunity to set the record straight and address common misconceptions about legal immigrants living in America today. The segment was inspired from facts released earlier this fall by the Bush Institute in the third edition of America's Advantage: A Handbook on Immigration and Economic Growth. Watch the full Good Morning Texas interview here.