Strickland and Fisher in WSJ: “Don’t Believe the Doomsayers”
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Governor Ted Strickland and Lt. Gov. Lee Fisher have an OP-Ed in the Wall Street Journal on Sept 6th.
It acknowledges that Ohio will become one of the key battleground states this election, and that much of the press coverage and political commentary has focused on the loss of manufacturing jobs.
However, it takes issue with the image of Ohio as a floundering economy:
But the state has too many strengths, too many successes, and too noble a history to be portrayed as a poster child for the country’s economic woes. Look under Ohio’s hood. Its engine is being redesigned and retooled in ways that offer important lesson on how to make an economy more competitive in a global marketplace.
Instead, Strickland and Fisher state the tax and incentive reforms they’ve passed and the growth of the new economy:
By 2010, Ohio will be one of only two states without a general tax on corporation profits or a property tax on business machinery, equipment and inventories. This year is the last for Ohio’s business property tax; next year is the last for the corporation profits tax. And Ohio’s personal income tax rates are falling by 21% across the board.
Between 2005 and 2007, Ohio’s per capita state tax burden has already fallen to 38th in the nation, from 27th, according to the Federation for Tax Administrators. When the new tax cuts are phased in, Ohio’s business taxes will be the lowest in the Midwest.
We’ve combined higher education and economic development funds to create a $150 million Ohio Research Scholars program, which will bring 26 world-class scholars to state campuses, individuals whose research specialties align with our economic development priorities. This investment builds on many others.
The state has created a $1.6 billion Ohio Third Frontier program that invests in high-tech, advanced materials, bioscience, advanced energy and aerospace industries.
The state is spending $250 million in a higher education internship program, and freezing tuition for two years for undergraduates so that more students can afford to stay in college. We’re also spending $100 million in scholarships for students studying science, technology, engineering and math.
Ohio recently passed a bipartisan $1.57 billion jobs stimulus plan that will invest strategically in our infrastructure, future work force and growth industries such as biosciences and renewable energy.
Our new Advanced Energy Portfolio Standard requires at least 25% of electricity sold in Ohio to be generated from new and advanced technologies by 2025. This will create vast new opportunities for green energy businesses in Ohio.
Read the Strickland Wall Street Journal Srticle Here
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