The GOP is the party of tax cuts but that strategy could be leading to deficits in some red states.
For most of modern U.S. political history, Republicans in general have cast themselves as the party of fiscally responsible governance, adhering to a simple equation: low government spending plus tax cuts – the bigger, and broader, the better – equals all-but-guaranteed economic growth and full government coffers.
Look at states governed by Republicans, however, and it seems that the GOP might need a collective refresher course in economics, if not general math.
Five years after the economic recession wreaked havoc on their budgets, at least a dozen red states are awash in red ink, facing nine- and ten-figure deficits heading into the new fiscal year. That’s led GOP governors who won office by pledging fiscal responsibility, and bans on new taxes, to slash spending on everything from education to the environment while simultaneously increasing the financial burdens for the poor, along with the use of accounting sleight-of-hand to make the books look better. ….