The Buckeye Institute

The Buckeye Institute has released a new policy brief, "Weathering the Storm: Budgeting for Prosperity in a Time of Crisis," which outlines sound, fundamental economic principles that – if followed – can save the state more than $4 billion and put Ohio in a better position to weather and recover from the fiscal storm brought about by COVID-19.

“As Ohio policymakers deliberate the next biennial operating budget – the most challenging in recent memory – they must resist the temptation to overspend and raise taxes, and instead look for ways to trim unnecessary spending, promote pro-growth tax reform, and chart a sustainable fiscal path forward,” wrote Greg R. Lawson, a research fellow at The Buckeye Institute, in "Weathering the Storm."

“With fiscal discipline and transparency, Ohio can emerge from the COVID-19 crisis with an even stronger, more durable economy and a more sustainable state budget in the years ahead.”

In "Weathering the Storm," Lawson urges lawmakers to adhere to clear and prudent budgeting principles that:

• Cut wasteful spending;

• Promote fair, equitable, pro-growth tax policy;

• Adopt simple local tax structures and targeted revenue sharing;

• Eliminate Ohio’s “shadow budget”;

• Save or return budget surpluses to taxpayers; and

• Give the state budget sustainable safeguards.

Lawson writes, “Had policymakers followed these principles more rigorously in previous budgets, Ohio could have saved $4 billion, been better positioned to weather the fiscal storm brought by COVID-19, and recovered from it more quickly.”