On November 3rd, the voters of Maine will be deciding on a number of ballot initiatives including “Question 4," Maine's TABOR 2 initiative. TABOR 2, if passed, will limit state government spending and taxation in the state.
In a blog post, J. Scott Moody, Chief Economist at the Maine Heritage Policy Center, recently discussed how fast Maine's private sector was shrinking (click here to see his blog post). In order to start reversing this trend, Maine needs to adopt TABOR (Taxpayer Bill of Rights), which would encourage private sector growth.
According to the 2009 Edition of Rich States, Poor States: ALEC Laffer State Economic Competitiveness Index, Maine is ranked 47th of the states in its Economic Outlook Rank. Jonathan Williams and co-authors Steve Moore and Arthur Laffer used 15 policy variables when grading the states. One of those policy variables was spending limitations.
In a press release, endorsing TABOR, Jonathan Williams said, "Rich States, Poor States clearly outlines how America's poor states share similar policies of high taxes, unsustainable spending, and regulation.....No state has ever spent, borrowed or taxed it's way into prosperity.” Williams continued, “The formula for prosperity is clear."
Visit www.tabornow.com for more information, on Question 4, to be voted on November 3.