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Indiana on Track

Indiana on Track

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Published by: Afp Hq on Feb 15, 2013
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02/15/2013

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Prosperity in the Hoosier StateKeeping Indiana on Track
 
Did You Know?
TAXES AND SPENDING
• Indiana ranks 11th among the fty states in Business Tax Climate,and 4th when you only consider states with an individualincome, corporate income and sales tax.
Source:
Tax Foundation
• Despite low levels of state and local taxation, Hoosiers as awhole will work over 100 days this year just to pay the sum oftheir local, state and federal taxes.
Source:
Tax Foundation
• Around the country, many state and local governments areturning to tax and expenditure limits (TELs) to limit wastefulgovernment spending.
EDUCATION
• Indiana is now one of the few states with a statewidescholarship program which allows low and middle incomefamilies to send their child to the school of their choice.• While Indiana spends over $9,000 per student to educatechildren in the public school system, Hoosiers taxpayers wouldspend no more than $4,500 per student to send children to aprivate school alternative.
 Source:
National Assessment of Educational Progress and  America’s Promise Alliance
• Indiana is now holding schools accountable and providingperformance rewards for teachers.• With these changes, in 2011, Indiana’s education system earnedthe grade of “B” up from “C+” just a year before.
Source:
American Legislative Exchange Council 
LABOR
• Indiana is now the rst “Right-to-Work” state in over a decadeand the rst in the industrial Midwest.• Right-to-Work states enjoy faster growing populations andhigher job growth rates.
Source:
U.S. Census Bureau & U.S. Bureau of Labor Statistics
Known as the “Crossroads of America” the Hoosier State hasa rich and diverse history. Originally a wilderness outpost,Indiana rapidly became an important manufacturing state dueto its geographic location and Great Lakes access. Throughoutthe 20th century, Indiana grew to be an automotive, steel andpharmaceutical leader with strong ties to its agricultural core.
This pamphlet outlines ways that Indiana can remaincompetitive and create even greater prosperity for Hoosiers.• How can we keep taxes low and bringprosperity to our citizens?• How can we improve education for our children?• How can we help workers and improve Indiana’seconomic success?This pamphlet will attempt to answer these questions andprovide solutions for a future of prosperity and growth.
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With
sound scalpolicy and management,
Indiana has grownto be a leader in theMidwest and thecountry as a whole.
 
RECESSION IN THE MIDWEST
Population and GDP growth are well-accepted measures of a state’sprosperity. Population growth indicates how desirable it is to liveand do business in a state. GDP, a useful indicator of a state’s sizeand strength, represents the market value of all goods and servicesproduced within a state.Many factors affect population and GDP growth, but taxes andgovernment spending play a fundamental role in Indiana’s growthand its ability to recruit businesses and individuals to the state.Over the last decade, the growth of Indiana’s economy was positivebut lagged many other states. While Indiana grew faster than manyof its regional peers, the Midwest suffered a rough decade duringthe 2000’s. Indiana, Michigan, Illinois and Ohio were four of the sixslowest growth states.Another way to measure a state’s economic situation is to look atpopulation growth. A state’s population growth usually grows rela-tive to other states when it provides a welcoming environment forpeople to live, work and start businesses.During the same time frame, Indiana’s population grew by 6.6%.Indiana grew faster than most of its regional peers, but again itsgrowth was slow when compared to the national averageof 9.71%.
Why are some states more prosperous than others? Factors suchas size, location and natural resources are important yet uncon-trollable. However, there are many instances in which one stateclearly outperforms similar states.
What explains the difference?
3
History tells usprosperity is driven bytwo important factors:
the rule of lawand private property.
 
“A wise and frugal government, which shall leave men free to regulate their ownpursuits of industry and improvement, and shall not take from the mouth of laborthe bread it has earned—this is the sum of good government.”
—Thomas Jefferson
Private property is not just your land or house; it includeseverything you own, including cash and savings. The rule of lawand private property work together to assure citizens that theywill keep the fruits of their labor. When allowed to makedecisions over their own private property, people use it in theway they think is best. These factors interact to encouragetrade, investment and the creation of wealth.People rarely have complete control of their property becausegovernment always takes some of it in the form of taxes.Although it is necessary for government to provide serviceslike police and re protection, it is important to remember thatevery dollar that government spends cannot be spent by anindividual or a business.Comparing Indiana to its neighboring states and to the nationtells us where Indiana stands in terms of prosperity and thelevel of control it permits citizens over their property.
REAL GDP GROWTH RATE, 
2000-2010
 Source:
U.S. Bureau of Economic Analysis
IllinoisIndianaKentuckyMichiganOhio-11.25%-7.50%-3.75%0%3.75%7.50%11.25%15.00%8.21%10.60%12.70%-7.08%-0.70%
4
What Drives Prosperity?

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