Thursday, September 29, 2005

Lawmakers Ignorance

Another great article at Hawaii Reporter writen by Lowell L. Kalapa of tax Fundation of Hawaii Read it hear

It is truly amazing that lawmakers continue to swim against the tide of common sense and basic economics and still insist that they are right. Lesson after economic lesson is ignored and lawmakers still insist on plowing ahead in the same direction.

In the late 1980s observers cautioned against the drunken spending spree state leaders enjoyed, pointing out that money should be saved for a rainy day, but none of that sunk in at the state Capitol. Then when Hawaii’s economic malaise became a reality, lawmakers figured that they could "fix" the economy with a passel of gimmicks called tax credits and tax incentives. Again, state leaders were cautioned that those tax incentives came at a price to all other taxpayers and again those critics were ignored.



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