Is Economic Recovery Automatic?

June 26, 2010 by  

Unfortunately, no.  And with over 300,000 jobs lost in Arizona since the start of the “great recession” – 27% unemployment in one Arizona county  and still hovering near 10% statewide – we’re all feeling the effects.

What’s worse – Congress is adding to economic uncertainty through deficit “stimulus” spending and passing massive new healthcare, business and energy regulations that will raise taxes and consumer costs. 

We know these actions are hampering economic growth.

But what should government be doing?   Should government do anything?   Yes – and the sooner the better. 

Good paying jobs won’t suddenly appear in Arizona  unless we systematically create a better economic tax environment in the state.  That’s what the Arizona Economic Recovery and Jobs Act would have accomplished if passed last session and what a similar plan House Majority Whip Andy Tobin is sponsoring will also do.

The plan would immediately improve our state’s economic competitiveness, helping us compete with lower-tax states like New Mexico, Colorado and Nevada and, indeed, foreign countries around the globe.

Creating economic incentives now and reducing both income and property taxes for both small and large businesses  incrementally and permanently will spur Arizona’s economic engine and produce  jobs.

As you prepare to vote this August in the primary and again in November,  ask candidates if they support these plans. 

View a great discussion about the issue by the AZ Chamber’s Glenn Hamer which aired on Horizon.  

Basic Economic 101 principles inform us that lower corporate taxes produces investment, jobs as well as supply ample revenues to sustain state government.  View a great video by Daniel Mitchell from Cato Institute here.

Doing nothing is neither a plan nor an option.

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