Trifecta of Bad Policy
- August 29, 2012
Makes no sense – Our latest report on special-interest tax breaks found that even as state policymakers talk about closing some of the tax loopholes that drain $7 billion a year from Ohio’s budget, the legislature is creating more, hurting the state’s ability to invest in the economy and maintain public services. The report identifies new breaks, which benefit convention centers, financial institutions, movie producers, companies that employ people at home, and more.
Penny-wise, pound-foolish – State funding for the Ohio Geological Survey has never topped $3 million a year, but its impact has been huge, saving businesses and taxpayers at least $575 million annually in recent years, according to one estimate. OGS’s geological expertise, core samples, databases and seismic equipment are more important than ever given the pending oil and gas “fracking” boom. Our new report, Cutting into Ohio’s Bedrock, shows why recent drastic cuts to the OGS budget will likely create millions of dollars in unnecessary costs for businesses and taxpayers, and increase risk for Ohio communities.
Cutting doesn’t work – If our state had avoided cuts to local public jobs since the end of the 2007 recession, an additional 35,400 Ohioans would still be employed. That’s one finding from our recent JobWatch report – local public job loss has been a major drag on Ohio’s recovery, and local public jobs are again declining after a brief plateau. The state’s painfully slow recovery from the recession shows that Ohio needs smart investment, not austerity, to restore our communities and grow good jobs.