Saturday, December 16, 2017

Wisconsin's GOP rocket men have had launch failure

Job-hunting US House Speaker Paul Ryan continues to pitch the standard GOP nostrum that cutting taxes for the rich, with a few crumbs tossed in for some middle-class earners, will send the economy roaring.

A more honest public official, especially one from Wisconsin, should be far more cautious, given noting the Badger State's disappointing performance after failed WI job creator and GOP Gov. Scott Walker, with the cooperation of his loyal legislative lieutenants, achieved only middling numbers and promise-breaking job development after predicting skyrocketing growth through business and other tax cuts favoring the rich.

So as we get ready to blow up the deficit, and resuscitate long-discredited "Voodoo economics," please don't forget this 2012 gem:

Walker win means boon for business: GOP officials
Once June 5 hits and Gov. Scott Walker is securely re-elected, “our economy is going to take off like a rocket,” state Rep. Robin Vos, R-Rochester, said Monday during a meeting with The Journal Times Editorial Board. 
And this around the same time from the launch master himself
Gov. Walker says business hiring will skyrocket after he wins recall election
Wisconsin Governor Scott Walker told an Illinois business conference today that quote, “like a rocket, you’ll see businesses hiring” after the June fifth recall election..."
As the Christian Science Monitor wrote in an extensive 2016 review: 
But Wisconsin has not outperformed in growth and jobs, as Walker promised it would. And other states in the same economic tier didn’t cut taxes and reduce social spending to get their economies going again. 
The question: Was it worth it?...
So far, Walker’s tax credits have mostly been a boon for existing manufacturers but aren’t bringing in many new investors. The Ewing Marion Kauffman Foundation ranks Wisconsin last for start-up activity, citing a lack of entrepreneurs and new businesses...
A 2015 study by the nonpartisan Tax Policy Center came to the same general conclusion, finding no strong evidence, positive or negative, that tax cuts affected states’ economic growth. 
“There’s no evidence that what [Walker has] done has been good for growth. And there’s potential for what he’s done to be bad for growth,” says Kim Rueben, coauthor of the study.
Good question, was it worth it?

And speaking of that dead-last Kauffman business startup ranking, Walker won it for a second straight year, according to an announcement earlier this year: 
Once again, the Kauffman Foundation has pegged Wisconsin as the worst state in the nation for startup activity.
And it’s not even close.
The state has received the worst scores in the U.S. for new business creation from the foundation since 2015...
In the latest report...Wisconsin’s score is even lower than last year’s. The state immediately ahead in the rankings, Alabama, outpaces the Badger State by a considerable margin.

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