Conservative Libertarian Outpost

What follows is nothing more than what anyone learns in Economics 101. What does that tell you about the so-called leaders that we have around the nation..?

What should young adults be thinking about who they support politically?

A report just released by the Tax Foundation has given the unwelcome title of least “business-friendly” states to — no surprises here — New Jersey, New York and California. On the other end of the spectrum is South Dakota, which has the most business-friendly tax system, followed by Wyoming and Alaska. Evaluating states based on taxes that matter most to businesses — corporate income, individual income, sales, unemployment insurance and property taxes — the foundation found that the blue state trio boasts “the most inhospitable [tax structures] to economic growth.” The foundation noted, “The ideal tax system … is simple, transparent, stable, neutral to business activity, and pro-growth.”

Interestingly, a study released earlier this year by the Mercatus Center at George Mason University ranked the same bottom three states among the five least free states in the country in terms of economic and personal freedom as measured by “state and local government intervention across a wide range of public policies.” New Hampshire, which tied for first in freedom, also came in as one of the Tax Foundation’s most business-friendly states.

Unfortunately, the most anti-business states have yet to fully grasp the connection. For example, it appeared to be news to California Gov. Arnold Schwarzenegger’s office when it announced this week that small business regulations have cost the state $492 billion and a whopping 3.8 million jobs, amounting to $134,122 and one job loss per small business in 2007.

So, freedom = economic growth, while burdensome government regulations = economic contraction. Coincidence? We think not.

Young voters went for Barack Obama by a 2-1 margin but they seem to be the generation hardest hit on the job front, with an unemployment rate significantly above the national 9.8 percent mark. Economists and other experts blame the increase in the minimum wage for part of the problem, yet layoffs and decreased hours among older workers have also backed up the job market. Entry-level jobs once performed by youths are being filled by adults who are punctual, polite, professional and simply grateful to have a job, even at minimum wage.

The consequences of this trend may turn out to be severe. Youths who can’t get that first opportunity may be held back economically for up to 15 years, according to a government study. This translates into slower economic growth down the road as a generation handicapped by high unemployment and jobs farther down the economic scale than their parents enjoyed at the same age attempts to scrape together funding to buy a house, a new car, or other needs and desires. Then again, as a demographic group, these young people are reaping exactly what they voted for.

“We’re putting Americans back to work doing the work that America needs done: Rebuilding roads, bridges and new schools, and all manner of construction projects across all 50 states. I’m not going to rest. I know the governors and candidates here are not going to rest, and I know that the American people are not going to rest until everybody who’s looking for work can find a job.” –The One, BO, just before the Labor Department announced another 263,000 lost jobs in September, which raised unemployment to 9.8 percent

SOURCE

Tags: Economy, News, Obama, Politics, Taxation, unemployment

This entry was posted on October 3, 2009 at 10:02 and is filed under Economics, Editorial, Opinion, Education, Law, News, Politics, Wordpress Political Blogs. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.