RALEIGH – While the Trump economic policies pull U.S. business activity up from the doldrums, North Carolina had a head start when it comes to conservative economics bolstering prosperity. The latest report from the non-partisan Fiscal Research Division of the N.C. General Assembly shows that the economic engine of the Old North State is revving up and switching gears.
“The economy is experiencing the second-longest recovery after a recession on record; in seven more months it will surpass the 128-month recovery that ended in March, 2001. For now, most forecasters see a minimal risk of a downturn and are reporting more upside than downside risks to their forecasts (Wall Street Journal, Economist Survey December 2017).
Since October 2017, when the last General Fund Revenue Update was published, the economy’s course has changed little. The economy is stronger now than it was a year ago, and it is beginning to look like an economy that has entered a true expansionary phase.”
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The report also noted that employment gains continue to strengthen and should lead to overall wage growth.
It is difficult to separate, entirely, the North Carolina economy from national trends because economic activity is inextricably linked across regions, the nation, and even globally. However, it is hard to deny the evidence that conservative policies have enabled stronger growth and more stable revenues for Jones Street to appropriate.
The Republican legislature enacted historic tax relief this decade to save state taxpayers billions of dollars, encourage economic growth and spur job creation.
Since 2011 the General Assembly has levied a lower sales tax rate, personal income tax rate and corporate tax rate on North Carolina families and businesses, while raising the standard deduction for low-income earners.
It is not rocket science. The less money you steal from families and businesses, and the less government regulates their lives and operations, the more value those families and businesses will create for themselves and for communities from Murphy to Manteo.
These truths will be, and should be spread far and wide as we approach 2018 primaries and general elections. Primaries, because the more conservative candidates offer a more consistent view on such limited government policies. General elections, because voters should understand just what they are sacrificing if Democrats are given the chance to make any dents in the Republican super-majorities.
Especially because after such a long run since the last recession, a downturn is inevitable, and North Carolina can weather any such storms much better under conservative leadership that understands to whom the money actually belongs.