Go Go Oklahoma!
Why do they look so happy out in Oklahoma?
Well, unlike the morons running government in our beloved, yet tragically ass-backward state of South Carolina, Oklahomans are lucky enough to have a legislature that's figured out the following three fundamental economic truths:
1) Tax cuts spur economic growth
2) Economic growth spurs jobs & higher income levels
3) Jobs & higher income levels spur revenue growth
Oh yeah, and then the cycle repeats itself. It's a little thing called supply-side economics, and the last time FITS checked Republicans are supposed to believe in it.
Of course, the GOP is quickly losing its monopoly on that front.
According to this morning's Wall Street Journal, the Oklahoma General Assembly is armed with $600 million in new revenue this year - a comparable figure to the $700-900 million in new revenue our General Assembly is playing with. But that's precisely where the similarites between our two historically non-advanced, low-income states end.
See, out in the Sooner State there's a vastly different budget battle going on, one that's night and day from the liberal spendfest currently unfolding here in Importantville, S.C.
Rather than stampeding to spend every last nickel the taxpayers have sent them, Oklahoma's House and Senate are actually battling over something else - the novel idea of how much money to give back to the people who earned it in the first place.
First came the Republican-controlled Oklahoma House, which offered up an income tax cut that would lower the state's top marginal rate from 6.25% to 5.85%. Obviously that's great news, but how would the state's Democratic-controlled Senate (sound familiar?) respond to the idea?
Well, it probably won't surprise you to hear that the Democrats in the Senate didn't agree. But what will surprise you is the uncharacteristic way in which they chose to express that disagreement.
To the bewilderment of many local political observers, the Oklahoma Senate (did we mention it's controlled by Democrats) offered a budget that would actually cut the state income tax rate even further - from 6.25% to 4.9%.
On the flip side of this bipartisan effort to stimulate Oklahoma's economy and create new jobs is Gov. Brad Henry, a Democrat pushing for a Dan Cooper-esque 18.4% spending increase.
Now FITS is just wondering here, but is there any way we can negotiate a multi-player trade between our two states? You know, we'll give you our status quo, tax-and-spend Republican Legislature, you can send us your bipartisan tax cutters. Heck, we'll even throw in state economist Bill Gillespie if you want him, too. Kind of a "player to be named later" type thing.
According to the most recent statistics available, Oklahoma ranks 40th in the nation in income levels. South Carolina ranks 42nd.
Guess what, kids. You might want to check those stats in another year or two after Oklahoma passes its tax cut and South Carolina, predictably, grows its already wasteful and inefficient government by double-digit percentages (... again).
Go, go Oklahoma! And once again, shame on South Carolina.