Heartland Daily Podcast – Erick Elder: Is Your State Preparing for the Next Economic Recession?

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Jesse Hathaway

Jesse Hathaway is the managing editor of the Budget & Tax News Heartland publication. Before joining the Heartland Institute, Hathaway worked for Media Trackers, a conservative non-profit news organization active in 5 states. His investigatory research has appeared in local, state, and national publications including The Daily Caller, Drudge Report, and the Cleveland Plain Dealer.

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In today’s episode of The Heartland Daily Podcast, managing editor Jesse Hathaway talks with University of Arkansas-Little Rock economics professor Erick Elder about a new study, published by the Mercatus Center at George Mason University, about how well state lawmakers are preparing for the next economic recession.

States’ rainy-day funds, Elder explains, are used by lawmakers to save up for economic recessions. By putting away surplus taxpayer revenue during good economic times, state governments can help reduce the impact of recessions on government services, reducing the need for higher taxes during those lean times. Some states are being fiscally responsible by building up emergency reserves, like the ant in Aesop’s fable, Elder says, but other states are putting taxpayers at risk by failing to prepare for the worst.

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