Wyoming Liberty Group
Yesterday I reported some data showing that the U.S. economy is in good shape from a structural viewpoint. Household spending and business investments - domestic private-sector activity - today absorb a larger share of output than they did under the Bush Jr. administration. Government consumption and investment spending has taken a step back, and the foreign trade balance is in better shape today than at the height of the Bush business cycle.
Next year, Wyoming voters will be faced with a ballot measure to legalize, and create a tax on, marijuana. As part of the preparation for the vote, it is a good idea to study what has happened in Colorado since legalization. The Washington Times keeps up with the latest developments:
Everyone in Colorado from Republicans to marijuana moguls wants to stop welfare cash from being used to buy recreational pot, but standing in their way are the state’s formidable legislative Democrats. Despite mounting evidence that “welfare for weed” is more than an urban myth, Democratic legislators are balking at a bill that would add marijuana dispensaries and strip clubs to the list of places, along with casinos and liquor stores, where debit-style benefits cards cannot be used to withdraw cash from automatic teller machines, or ATMs.
As the legislature works its grinds, turning bills into recycling or legislation, the day comes closer when the proposed Vision 2020 commission begins its work. Senate File 122, referred to the Senate Revenue Committee on January 27, is very likely going to end up on Governor Mead’s desk. The purpose of the commission is to comprehensively review state revenue and expenditure in response to the mounting fiscal problems awaiting the state in just a couple of years.
The two most recent reports from CREG, the Consensus Revenue Estimating Group, tell of a mounting revenue problem for the state government. This has now led to the introduction of a bill - S122 - to the ongoing legislative session that calls for the formation of a group to find a solution to the problem.
Today Tuesday the House will hold its second reading of HB75, the Compact for a Balanced Budget bill that proposes a debt-limitation balanced budget amendment to the U.S. Constitution.
Yesterday's first reading included a vigorous debate, demonstrating that this is an issue the members of the House take very seriously. The vote, 35-23, also shows that while the idea of a balanced budget amendment is accepted in principle, there is still some hesitation as to whether or not the Compact is the right way to go.