Connect with us

New Hampshire

New Hampshire Tops Economic Freedom Index Again

Published

on

New Hampshire Tops Economic Freedom Index Again


The positive relationship between economic freedom and economic growth is one of the most robust empirical relationships in economics. This is good news for New Hampshire, which ranks number one in the latest edition of the Fraser Institute’s Economic Freedom of North America (EFNA) index.

Each year, the Fraser Institute releases its EFNA index, which ranks the 50 U.S. states, 10 Canadian provinces, and 32 Mexican states based on how free their citizens are to engage in economic activity. The three primary areas analyzed for the index are government spending, taxes, and labor market freedom. Data for the report are from 2022, which are the most recent data available due to lags in reporting across the various states and countries. Among the three countries, U.S. states are freer on average, holding every top 40 spot except for one: Alberta, Canada is tied for 12th overall. Every Mexican state is ranked below every U.S. state and Canadian province.

Advertisement

In the United States, New Hampshire is the freest state, followed by South Dakota and Florida. New York is the least free state, ranked just below California and Hawaii (see figure below).

As discussed in the report, the most economically free U.S. states experienced faster population growth and more employment growth from 2013 to 2022. Population growth in the states ranked in the top 25% was 8.3% over this period. For those ranked in the bottom 25%, it was only 0.8%. Similarly, employment growth in the states ranked in the top 25% was 12%, while it was only 4% for those in the bottom 25%. Per capita incomes also grew faster on average in states that increased their economic freedom over this period, as shown in the figure below.

Advertisement

So, what can state policymakers do to increase economic freedom in their state? One option is tax reform. High tax rates impose large financial burdens on workers, businesses, and consumers and distort choices, such as whether to work more or invest rather than spend. Lower tax rates allow people to keep more of their money and reduce distortions, which is why lowering rates increases economic freedom.

Louisiana ranks 23rd on this year’s index, but it is likely to do better next year due to its recent tax reforms. In a recent special session that ended a couple weeks ago, Louisiana’s legislature approved a flat 3% individual income tax rate, eliminating the previous top rate of 4.25% that applied to income over $50,000. It also lowered the corporate income tax rate to a flat 5.5% from a top marginal rate of 7.5%. To offset some of the lost revenue, the sales tax rate was increased from 4% to 5%. Unfortunately, other pro-growth tax reforms that eliminated tax credits for restoring historic buildings and the film industry were defeated.

Reducing regulation is another way states can boost economic freedom. While regulation can provide benefits, too much regulation restricts consumers’ choices and imposes unnecessary burdens on businesses. America’s inability to build housing and energy and transportation infrastructure is a perfect example of what happens when regulation runs amok.

Advertisement

Idaho is a great example of how a state can reduce its regulatory burden. Since 2019, it has eliminated or simplified 95% of its regulations through a comprehensive process that requires agencies to periodically review regulations and eliminate or reform those that are not working. Today, it is one of the least regulated states in the country and its economy is booming: Its real GDP grew by 5.9% on an annualized basis—the highest in the country—according to the most recent data from the Bureau of Economic Analysis.

A thriving economy benefits everyone—workers, consumers, and entrepreneurs—and government has a role to play in protecting individual economic choices so people are free to innovate and create new products and services. State officials who want to improve their state’s economy should focus on increasing economic freedom.



Source link

New Hampshire

Intriguing proposed laws in New Hampshire legislature – Concord Monitor

Published

on

Intriguing proposed laws in New Hampshire legislature – Concord Monitor


With lots of legislators, New Hampshire gets lots of proposed laws.

As the New Year approached, the 400 members of the House and 24 senators proposed more than 1,140 potential bills in the form of Legislative Service Requests, or LSRs. Many deal with high-profile subjects like school funding, but a hunt through the list finds plenty of intriguing topics that don’t get as much attention.

You can search the list online at gc.nh.gov/lsr_search/.

Advertisement

Here are a few. Many of these, perhaps most, will never even make it to a full legislative vote, so don’t expect them to become laws any time soon.

David Brooks can be reached at dbrooks@cmonitor.com. Sign up for his Granite Geek weekly email newsletter at granitegeek.org.
More by David Brooks

Advertisement



Source link

Advertisement
Continue Reading

New Hampshire

2 killed, 1 seriously injured in NH crash

Published

on

2 killed, 1 seriously injured in NH crash


Two people are dead and another person has serious injuries following a crash Friday in Rumney, New Hampshire.

The Rumney Fire Department says it responded to Route 25 just after 1:30 p.m. for a motor vehicle crash with entrapment. Crews, including from Plymouth-Fire Rescue and the Wentworth Fire Department, arrived on scene to find two vehicles in the road that appeared to have been involved in a head-on collision.

The driver from one vehicle was taken to a local hospital with serious injuries, the fire department said. The driver and a passenger in the second vehicle were both pronounced dead on scene.

The victims’ names have not been released at this time.

Advertisement

Route 25 was closed for approximately five hours for an on-scene investigation and clean up, the fire department said.

It’s unclear what caused the fatal crash. The Rumney Police Department is investigating.



Source link

Advertisement
Continue Reading

New Hampshire

Fireball spotted streaking over towns in southeast New Hampshire: video

Published

on

Fireball spotted streaking over towns in southeast New Hampshire: video


An eagle-eyed photographer captured the moment a shining fireball cut across the sky in southeast New Hampshire early Saturday evening.

Rob Wright, a professional photographer based in New Hampshire, shared dash camera footage of the suspected meteor — which he called a “bright green boldie” — blazing straight downwards while he was cruising through Portsmouth.

“That was one of the best I’ve seen and likely the best I’ve ever caught on camera,” Wright boasted on Facebook.

Dash camera footage captured a fireball beaming in the sky on Saturday. Rob Wright/Storyful

Wright was approaching a traffic circle in the coastal town when a pulsing yellow light appeared in the sky. It tracked downwards in a straight line and released a brighter spurt of light before disappearing entirely, all in the span of eight seconds, according to the video.

Advertisement

Others in Nashua and Londonderry, both located southwest of Portsmouth and closer to the Massachusetts border, told WMUR that they also saw the suspected meteor.

The “bright green boldie” blazed over multiple towns in New Hampshire. Rob Wright/Storyful

Several other highlighted sightings around the same time in Dover, Bedford, Rindge, Hooksett and Jaffrey, which are all within a 90-mile radius of Portsmouth, according to the American Meteor Society.

Locals who follow Wright’s work reported seeing the fireball, too. One woman who also lives in Portsmouth commented that she “thought it must have been a firework.”

It’s unclear what exactly the fireball was.

It’s unclear what exactly the supposed fireball was. Rob Wright/Storyful

Meteorites present similarly to a fireball when they’re plummeting from orbit — but leave a more obvious impact.

Advertisement

In August, a 3-foot meteor splintered in the air while it was flying over Georgia and left fragments scattered all over Newton County. The explosion caused a sonic boom equivalent to 20 tons of TNT exploding at once.

Pieces of the meteor were found all over the county, including one that crashed through the roof of a home.

Over the summer in 2024, a meteor disintegrated about 30 miles above Midtown Manhattan. The force shook parts of New York City, rattling midday commuters.



Source link

Advertisement
Continue Reading
Advertisement

Trending