According to a new analysis by the nonprofit American Legislative Exchange Council (ALEC), Pennsylvania ranks 46th among states for economic performance and 35th for economic outlook.
Now in its 16th edition, ALEC’s Rich States, Poor States compares states’ economic posture based on 15 policy factors. Pennsylvania’s performance only ranked ahead of West Virginia, Connecticut, Alaska and — in dead last — Louisiana.
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In his classic 1992 book about the Ronald Reagan 1980s (and so much more), The Seven Fat Years, Robert Bartley described the great Arthur Laffer describing the universality of credit. It goes like this:
“Laffer would draw a tiny black box in the corner of a sheet of paper. ‘This is M-1,’ currency and checking deposits. A bigger box was M-2, including savings deposits. Still bigger ones included money-market funds, then various credit lines. Finally, the whole page was filled with a box called ‘unutilized trade credit’ – that is, whatever you can charge on the credit cards in your pocket. Do you really think, he asked, this little box controls all of the others? The money supply, he insisted, was ‘demand determined.’”
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Conservative economist Arthur Laffer, who advised the Reagan administration, has endorsed state Sen. Mark Green (R-Clarksville) for Congress. Green is running for the seat being vacated by U.S. Rep. Marsha Blackburn (R-TN-7) to run for Senate. “As a Tennessean, I’ve witnessed firsthand Mark’s leadership for pro-growth policies in the State Senate,” Laffer said in a campaign news release. “With great tenacity and courage, Mark led the fight to repeal the Hall Income Tax, making Tennessee one of only two states that has ever repealed an income tax of any kind. The U.S. Congress needs Mark Green’s leadership.” Laffer is known as the father of supply side economics, which contributed to economic growth in the 1980s. He previously endorsed U.S. Rep. Diane Black (R-TN-6) for Tennessee governor and announced he would assist her campaign as economic policy adviser. In Nashville, he serves as founder and chairman of Laffer Associates, an economic research and consulting firm. Green is an Army veteran, physician and businessman. He also has been endorsed by the Club for Growth, Family Research Council Action PAC and the House Freedom Fund. “I’ve looked up to Art Laffer ever since I was a student of economics at West Point,” Green said.…
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Conservative economist Arthur Laffer on Wednesday endorsed U.S. Rep. Diane Black (R-TN-6) for Tennessee governor and announced that he will serve as her economic adviser. Laffer, who was a close adviser to former President Ronald Reagan, lives in Nashville and earlier this year voiced criticism of the gas tax hike passed this spring by the state legislature. Laffer also was an economic adviser to former British Prime Minister Margaret Thatcher. “Diane Black knows exactly how to keep Tennessee’s economy growing rapidly by ensuring that Tennessee keeps tax rates low while paying its bills and protecting its taxpayers,” Laffer said in a news release. “I moved from California to Tennessee eleven years ago for these very reasons, and I couldn’t be happier with my adopted home state. There’s no one more qualified and prepared to lead Tennessee into a new era of prosperity than Diane Black.” In the 1980s, Laffer became known as the father of supply-side economics because of his influence in a movement to cut taxes. That time period saw great economic expansion in the U.S. “Art Laffer has the greatest fiscal policy track record of the last 40 years,” said Black. “I am honored to have his endorsement and…
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