Rick Lowe
I was on holiday last week and enjoyed the Atlas Networks annual Atlas Experience where think tanks from all over the the world get together to share ideas about public policy.
One of the striking presentations was from the Texas Public Policy Foundation (TPPF) and how the Texas economy has performed over other states, particularly California before and after the "Great Recession".
Here's an interesting tidbit from TPPF:
"According to the Bureau of Labor Statistics, seasonally adjusted, total non-farm employment growth in the state of Texas between January 2006 and January 2011 equated to 545,900. Texas has far surpassed job growth in all other states, both on an individual and in aggregate."
I hope you can take the time to read the two short booklets (Pdf's) that follow as they explain how this was possible.
Competitive States: Texas v. California; Economic Growth Prospects for the 21st Century 2010 (pdf)
Facts are Facts. Relatively low taxes, low government spending and less regulation are better public policies, leading to higher economic growth in good times and lower declines in bad times.
And it can be done without an income tax or VAT.
I know a lot of sweat equity goes into public policy making here at home as well, making it difficult to consider that something else might work, but we've obviously been on the wrong track for a couple or more decades now.
There is also no silver bullet or perfect solution to pull us out in the short term, but it's high time we pursued alternative public policies that provide different and statistically better outcomes for more Bahamians.
