Bloomberg columnist Barry Ritholtz is a firm believer that government knows better how to spend your money than you do.
Ritholtz is on another tirade now, this time crowing loudly The Kansas Supply-Side Experiment Unravels. Ritholtz's solution, as always, is more tax hikes.
Let's take Ritholtz's observations, complaints, and analysis and apply them to Illinois.
Ritholtz says Governor Sam Brownbacks's "Tax cuts were supposed to spur growth, boost revenue and create jobs. The results were the exact opposite."
When did the problems start?
Barry provides the answer "Kansas was one of the highest outbound migration states in 2014, 2015 and 2016. As recently as 2012 and 2011, Kansas didn't make the lists of states with high migratory outflows."
Blasting economically illiterate socialists is an easy game so there is not much of a story here so far.
However, Ritholtz made a story with this paragraph.
Have an exit strategy: Because Kansas didn't focus on specific and measurable benchmarks, it had no way to know when to pull the plug. This is important, as the legislature was forced to wait until things were unequivocally bad and getting worse before taking steps to end the experiment. An exit strategy based on specific goals would have saved a lot of unnecessary austerity-induced pain for the people of Kansas.
Dear Barry, it would behoove to look at this simple chart.