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Phoenix--When lawmakers go back to work in January, their priority will be to close the state's billion-dollar budget deficit. With expenses far exceeding revenues, government will have to reign in spending or increase taxes to comply with the state's balanced budget requirement. Raising taxes in a down economy will make it even harder for Arizona families to make ends meet, so tax increases should be off the table.
Goldwater Institute President Darcy Olsen made a post-Thanksgiving appearance on Sunday Square Off to talk about the issues facing Arizonans, including the economy.
Goldwater Institute economist Byron Schlomach went on KXAM Radio to talk about the state budget deficit, how it happened, and how it can be fixed.
The City of Phoenix provided a nearly $100 million subsidy for the CityNorth project. The Goldwater Institute's Byron Schlomach talked about it with 3TV.
Darcy Olsen went on CBS 5 News to talk about the state budget deficit and how much of your money Arizona is spending.
Dr. Byron Schlomach talked to Channel 3 about the fine print inside the government's economic bailout, including a six million dollar tax break to the makers of wooden arrows.
It all started with the rescue of Bear Stearns. The government's reckoning that the foundational principles of our economic system could be ignored, just this once, was a colossal blunder. Now we have full-blown bailout mania.
It didn't have to happen. The lightly regulated securities industry had been remarkably stable from the Depression until the sub-prime mortgage crisis of 2007. There were occasional failures of securities firms, but government bailouts were never seriously considered.
To balance the 2009 state budget, legislators swept funds from accounts that members of various professions are required to pay into. Not only did this gimmick not balance the budget, it may have broken the law. Goldwater Institute attorney Carrie Ann Sitren recently discussed this situation with "Good Evening Arizona's" Ben Lemoine.
Goldwater Institute Economist Dr. Byron Schlomach appeared on Scottsdale Channel 11's Links program where he gave Scottsdale's economy an economic health checkup.
Phoenix-- Arizona is awash in federal money, almost $8 billion this year. While this growing pot of money seems attractive, there is a catch. Most federal money requires state matching funds. As more federal dollars come in, more state dollars are committed to federal programs. Indeed, the state legislature has direct appropriation authority over only 25 percent of state spending.