Kentucky needs a spending cap
Here, Michael New of the Cato Institute talks with Caleb Brown about the good and bad of state-based spending limits. If you want Kentucky's lawmakers to spend less, you need to listen.
Here are the three rules of an effective state spending limit:
1. It must be comprehensive. Lawmakers shouldn't be able to raise other taxes to even out the revenues.
2. It must be self-enforcing. In Kentucky, this means it must be a part of the state constitution. Lawmakers can't just change it at will. Kentucky's lawmakers subvert their own laws all the time. The state constitution is the only way.
3. It must be a low limit. Lawmakers must prioritize spending and only a finite supply of dollars will make lawmakers do so.
Michael New has written about state spending limits for Cato here. Kentucky needs one of these. So, how do we do it?
