Once the recession hit, nearly every state encountered significant a budget gap. Though falling revenue and rising costs were the proximate cause of these shortfalls, the fiscal problems were years in the making. They were the result of decades of unsustainable spending growth. Today on the podcast we discuss the question: What is it that makes a state more or less likely to face a budget gap?
Joining us to discuss his recent research on state budgets and spending is Dr. Matthew Mitchell. Mitchell is a research fellow with the State and Local Policy Project at the Mercatus Center. His research focuses on spending and budget issues, particularly the ways in which government policy is developed and how it impacts various measure of well-being. Mitchell received his Ph.D. in Economics from George Mason University and a B.A. in political science and B.S. in economics from Arizona State University
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Episode 29 The Path Not Taken State Spending Restraints [12:44m]:
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In March 2010, the total federal debt stood at almost $14 trillion. In a recent Mercatus study, “Everyman’s Deficit” by Dr. Bruce Yandle, finds each American citizen’s share of the debt now about $40,000. What’s worse, this $40,000 does not include fiscal exposure, like the unfunded liabilities (Fannie Mae, Freddie Mac, etc.) that taxpayers would have to pay. Thus, the debt and the deficit now belong to families like the Everymans. In this podcast we discuss the consequences of the growing debt, what the United State’s debt means for its citizens, and recommendations for the first steps to mitigating the size of our debt. Joining us is the author of the special study, Dr. Bruce Yandle.
Dr. Bruce Yandle is a Professor Emeritus and the BB&T Scholar at Clemson University, where he has been a faculty member since 1969. From 1976 to 1978, he was a senior economist on the staff of the President’s Council on Wage and Price Stability, where he reviewed and analyzed newly proposed regulations. In addition, Dr. Yandle was executive director of the Federal Trade Commission and is the author or co-author of numerous books and articles. He received his Ph.D. and M.B.A. from Georgia State University and his A.B. degree from Mercer University.
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Episode 28 Everyman's Deficit [14:46m]:
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New Jersey’s public sector defined benefit pension systems are underfunded by more than $170 billion according to a new study, “The Crisis in Public Sector Pension Plans: A Blueprint for Reform in New Jersey” by Eileen Norcross of the Mercatus Center at George Mason University and Andrew Biggs of the American Enterprise Institute. This is not a sustainable path, and in order to avert a fiscal crisis and ensure that future state employees have dependable retirement savings, Norcross and Biggs offer recommendations for state policy makers to reform the public pension system.
Joining us for the podcast is one of the author’s of this study, Eileen Norcross. Eileen is a senior research fellow at the Mercatus Center at George Mason University. She blogs on state and local issues at Neighborhood Effects.
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Episode 27 A Blueprint for Reform in New Jersey's Public Pensions [10:06m]:
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In January the federal estate tax, sometimes called the “death tax”, completed a ten-year phase out and expired. However, the estate tax will return with a top rate of 55% on January 1, 2011 when the Bush tax cuts expire. In this podcast we discuss who the estate tax affects, the effects of inheritance taxes in the states, how the estate tax affects the everyday American and policy recommendations concerning the estate tax.
Joining us to discuss these issues is Dr. Antony Davies. Davies is currently an associate professor of economics at Duquesne University who has published a study on estate taxes and written extensively about the issue.
Episode 26 Are You Dying to Pay Taxes? [14:26m]:
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There are several states that do not allow grocery stores to sell wine in grocery stores. However, in the midst of dealing with budget woes and shrinking revenues many states are considering changing existing laws to now allow the sell of wine in grocery stores as a means to increase revenue for the state. On this podcast, we provide an overview of current existing policy in several states, the affect on consumers in maintaining laws that prohibit the sale of wine in grocery stores, and what role the sale of wine in grocery stores plays on states’ economies.
Joining us this week is Dr. Jerry Ellig, a senior research fellow at the Mercatus Center at George Mason University. Jerry is back on the podcast to talk about new developments in regulation of wine, specifically the sale of wine in grocery stores. Between 2001 and 2003, he served as deputy director of the Federal Trade Commission’s Office of Policy Planning and coauthored the FTC staff study on direct wine shipment
Episode 25: The Economics of Wine in Grocery Stores [13:20m]:
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States are facing tough decisions. Spending cuts, restructuring programs, and re-thinking the role of state government is being taken up across the country by “streamlining commissions” where a blend of private and public sector representatives offer recommendations how making state governments more effective and efficient.
Over past year the Mercatus Center has been advising the Louisiana Streamlining Commission. Joining us to discuss streamlining state government commissions regarding their experience with the Louisiana Streamlining Commission is Maurice McTigue and Daniel Rothschild. McTigue is the Vice President, Director of the Mercatus Center’s Government Accountability Project and served New Zealand as a Cabinet Minister, Ambassador, and member of Parliament. Most recently, he was appointed to Virginia’s Governor McDonnell’s Commission on Government Reform and Restructuring. Daniel Rothschild is the Managing Director of the State and Local Policy Project for the Mercatus Center.
Episode 24: Streamlining State Governments:
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Complex ideas can be communicated in different ways, so why not a rap? On the podcast we are joined by Dr. Russ Roberts. Roberts is the Smith Scholar at the Mercatus Center and a Professor of Economics at George Mason University. Along with his popular blog Café Hayek and famed podcast Econ Talk, Dr. Roberts the co-creator with filmmaker John Papola of the rap video “Fear the Boom and Bust”. In this economic rap video, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there’s a “boom and bust” cycle in modern economies and good reason to fear it.
On the podcast, Roberts discusses how they came up with the idea for a rap about economics, what audiences they are reaching, and the economic implications of some of the Keynesian based policies implemented to deal with the current deficit. Also, tune into hear what more to expect from Papola and Roberts at Econstories.tv in the future.
Episode 23: Rapping about Economics with Russ Roberts:
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What explains the migration decisions of young adults in the prime years of their working lives, people 25-39 years old, the builders of future economies? Are they driven to find emerging knowledge economies where returns to their investment in human capital may be highest? Or are they more oriented toward avoiding high taxes and onerous regulation and finding greater personal freedom? Do people migrating within the United States behave like foreigners migrating to the United States? Does protection of personal freedom matter? In short, what are the knowledge and freedom determinants of migration? These questions are discussed in this podcast with returning guest, Dr. Bruce Yandle.
Dr. Bruce Yandle is a Professor Emeritus and the BB&T Scholar at Clemson University, where he has been a faculty member since 1969. From 1976 to 1978, he was a senior economist on the staff of the President’s Council on Wage and Price Stability, where he reviewed and analyzed newly proposed regulations. In addition, Dr. Yandle was executive director of the Federal Trade Commission and is the author or co-author of numerous books and articles. He received his Ph.D. and M.B.A. from Georgia State University and his A.B. degree from Mercer University.
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Epidsode 22: Can Freedom and Knowledge Economy Indexes Explain Go-Getter Migration Patterns? [18:03m]:
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The current outlook for states is dire. In recent reports, states are expected to face a cumulative budget shortfall of $193 billion for fiscal year 2010. Federal bailouts, increased taxes, and budget gimmicks are emerging as solutions to fill budget gaps. It is critical that states employ policies and practices that enhance economic competition.
Joining us today to discuss just where your state ranks and how states can avoid losing that competitive edge is Professors William Ruger of Texas State University and Jason Sorens of the University of Buffalo. They are the authors of the Mercatus Center’s “Freedom in the 50 States” that ranks each state on economic, personal and regulatory freedoms.
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Episode 21: Freedom in the 50 States [11:34m]:
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There is an emerging trend of state attorney generals serving as enforcement arm of the federal government by issue of federal law. On the podcast this week we discuss how the role of the state attorney general has changed through history, and how this current trend effects federalism.
Joining us to discuss these issues is Rob Raffety, the Associate Director of the Regulatory Studies Program and the Government Accountability Project at the Mercatus Center. In this capacity, Rob manages research for a wide network of economic, legal, and public policy scholars. Aside from his duties at Mercatus, Rob is an adjunct professor of law and public administration for the GMU School of Law and the Department of Public and International Affairs and teaches a seminar on attorney generals.
Episode 20: State Attorney Generals and Federalism [17:43m]:
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