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2) Yet ANOTHER Reason To Get out of Blue States
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Our friends at ALEC – which represents several thousand state legislators – have found in a new 50 State report that the unfunded liabilities for promised public employee benefits (not including pensions) are MUCH higher in liberal blue states. These benefits include medical benefits, life insurance, and supplemental Medicare.
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Eight of the 10 states with the lowest liabilities are red states. Eight of 10 of the states that are loading future costs onto taxpayers' backs are blue states.
As Jonathan Williams, one of the report's authors points out, these liabilities are "a penalty imposed on those who move into a state and then have to pay taxes for public services provided in the past." It's like having to pay at a restaurant for someone else's meal.
We wish to issue a commendation to Nebraska, Utah, South Dakota, Idaho, Oregon, and Montana for having per capita liabilities of less than $200 per person.
The states to avoid like the plague are: Hawaii, New Jersey, Alaska, Delaware, Connecticut, and Illinois. They have liabilities of more than $8,000 per person. In New Jersey, the liability is almost $20,000 per person, which is like an $80,000 TAX for buying a house in the Garden State.
What is so sad about this is that the solution is so obvious. Convert public employee health benefits into defined benefit and portable medical savings accounts (and on the pension front, retirement benefits should be standard defined contribution 401k plans).
Why doesn't this happen in blue states? Oh, yeah, we forgot. States like New Jersey, New York, and Illinois are run for the benefit of the teachers' unions and other public employee unions, not the citizens.
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3) Farmers Win! Europe Caves on Radical Net Zero Plan
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This month, farmers in Belgium, France, Italy, Germany, and Spain launched angry protests against absurd “Net Zero” energy restrictions on their land. Blockades led to some empty store shelves and snarled traffic. No energy means no food.
Now, hooray, the European Union has backed down.
Plans to reduce nitrogen, methane, and other emissions linked to farming by almost a third have been scrapped. A recommendation demanding EU citizens eat less meat has been trashed. The EU even wanted to cut pesticide use in half so that apples come with worms in them.
In waving the white flag of surrender, Ursula von der Leyen, the European Commission president, declared: “Our farmers deserve to be listened to,” she told the European Parliament. Duh.
Meanwhile, populist anti-Net Zero parties have gained significant support and could win everywhere in Europe against climate crazies.
Back here at home, the radical greens want to ban everything from lawnmowers to air travel to cows.
We need Europe’s populist/common-sense revolt to come to these shores.
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4) How the Senate Can Fix the Tax Bill
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We liked the business extenders in the bipartisan bill the House passed, especially 100% bonus depreciation for capital investments and the full write-offs for R&D expenses for tech and new drug innovation. Our view is ALL business expenses should be immediately deductible in the year the expense was incurred. Period.
Two sensible fixes in the Senate would vastly improve the bill. First, don’t make ANY tax provisions retroactive. Extend these provisions for the future years – not the past. You can’t change behavior for events that have already happened.
Second, as we’ve noted previously, the child credit eligibility needs to be only for families with a parent who is CURRENTLY working, not for families with a parent working last year. This change will encourage – rather than discourage work.
Senate Majority Leader Chucky Schumer is telling Senate Republicans: no amendments to the bill. Take it or leave it.
Senate Republican Senate Whip John Thune is saying no deal and he’s right. Mend it, don’t end it.
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5) Bloomberg’s Freudian Slip
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Our friend Andy Puzder sent us this Bloomberg News summary about an appeals court decision ruling against Trump. In a later edition they changed the word “persecution” to “prosecution” – but let’s face it, they got it right the first time.
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