September 23, 2010

Spending Restraint in Florida

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Following the economic collapse of 2008, almost every state in the Union faced a significant budget shortfall. Florida was no exception. Yawning budget gaps plagued the state budget in 2009 and 2010. Though the recession was the proximate cause of the gaps, decades of overspending spawned Florida’s fiscal woes. Furthermore, the predicament was avoidable. If Florida had held spending constant for the last 20 years while adjusting for inflation and population growth, it would have avoided its 2009 budget gap. Moreover, the state can avoid future budgetary problems by restraining the growth of spending, permitting Floridians greater economic freedom, and adopting stronger balanced-budget requirements.