The hustlers have no clothes
Chris Chocola, president of the Club for Growth has been instrumental in lowering the credit rating of the State of Kansas.
Does this sound familiar? “We have to cut taxes. It’s the only way to encourage investment and to attract businesses. Tax cuts are the only path to financial stability.” That’s all total nonsense of course but the sales pitch still works like a charm. But you can only rob Peter the police officer to pay Paul the investment banker for so long before the facts become clear. The state of Kansas has just seen its bond rating lowered, primarily because of tax cuts. Wisconsin looks like the next state to see a credit rating downgrade largely because of the same policies that Kansas pursued – policies that now make financial institutions far less likely to make loans to the Sunflower State.
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