Columbus, OH – On Tuesday, The Buckeye Institute 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.”

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