Wyoming policymakers face many different decisions on how to change fiscal policy to improve growth or fund the government. Using a dynamic macroeconomic model to simulate the Wyoming economy, this paper examines several different policy scenarios where taxes can be raised or lowered to pay for more or less government spending.
Since 2008, the Wyoming economy has been contracting even as the overall United States economy has been expanding. Job creation is stagnant and Wyomingites are leaving the labor force. State tax revenues are shrinking with the state economy. The sharp downturn in energy commodities is the main culprit behind Wyoming’s downturn.
Substantial research supports the conclusion that greater economic freedom leads to greater prosperity. This is the 12th edition of the Fraser Institute's annual report, which analyzes economic freedom by comparing 10 variables in 92 state and provincial governments in Canada, Mexico and the United States. The Buckeye Institute examined the data to provide an overview of economic freedom in Ohio.