The North Dakota Model For Economic Success?
As other states struggle with mortgage foreclosures and economic slowdown, North Dakota’s economy continues to chug right along. The Bismarck Tribune is quick to attribute this to the state’s policies, but the reality is that the state’s economic resiliency has more to do with the still-resurgent oil industry.
To be perfectly blunt, North Dakota is economically successful despite the high-tax, big-government policies implemented under its current political leadership. Not because of it.
North Dakota has one of the worst corporate tax rates in the world. Property taxes have soared as they fund skyrocketing education funding for a school system with declining enrollment.
This is not how you build a vibrant, growing economy. You cannot manufacture a good economy by keeping taxes high and then redistributing those tax dollars to select businesses under the guise of “economic development.” The key to a good economic environment that isn’t entirely dependent on the success of a few industries like oil is to cut taxes and regulation.
Unfortunately, the political leadership in this state doesn’t seem to get that. Instead, we’re stuck with high taxes funding tens of millions of dollars in “economic development.”
If the oil boom ever gives out again, we’re in serious trouble.
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