Voters in Maine will have the opportunity to vote on a referendum limiting state spending and tax increases. The Maine Heritage Policy Center released a new paper offering some facts about spending limits, noting the success of the Taxpayer Bill of Rights (TABOR) in Colorado.
Between FY 1990 and FY 2008, Colorado’s personal income has more than tripled while population has grown 49 percent. The fact that Colorado’s personal income growth vastly exceeds population growth is evidence of a highly productive economy. As a result, in 2008, Colorado had the 13th highest per capita income in the country - $42,377 for every man, woman and child in the state. Unfortunately, Maine’s economic performance has been significantly less stellar. Between FY 1990 and FY 2008, Maine’s personal income has only doubled while population has grown a mere 7 percent.
Like Maine, Pennsylvania's unlimited spending has kept the state near the bottom in economic growth. Click here for more on state spending limits.
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