Price of Bad Government
Nevada’s citizens have been hurt in this national economy more than people in any other state. Here’s a report on the latest data from the US Bureau of Economic Analysis:
Nevadans saw their personal income decline more in 2009 than residents of any other state, a new report from the U.S. Bureau of Economic Analysis found.
Residents’ personal income in Nevada fell to $102 billion in 2009, down 4.8 percent from $107.1 billion in 2008. That’s not only the worst performance in the nation in 2009, it’s also the second-biggest decline among the states since 1969, the bureau said. Total personal income gauges the combined earnings of all residents in the state. Nevada has always had one of the country’s lower overall personal incomes, because it’s one of the country’s smallest states.
It seems a classic “killing the golden goose” scenario.
Nevadans’ personal income is a function of jobs. Jobs is a function of the economy. The economy grows (and jobs are created) when taxes are not raised. The economy shrinks (and jobs are lost) when taxes are raised. It’s not just government taking away the money that the economy uses to pay for new jobs; just as harmful, it’s what our government does with its money and power: increased regulation presents impossible hurdles for some new businesses; Legislators push Nevada’s minimum wage up higher than our surrounding states, creating a predictable migration of jobs; tax-happy leaders continue to advocate that taxes be raised higher still, scaring away all the small businesses fleeing California to settle in Utah, Arizona, Colorado, Idaho and Texas.
