In NC, a decade of Republican tax policies has led to economic insecurity | Opinion

The new year began with much being made of a ”vibecession” nationwide, where good economic news isn’t syncing with people’s feelings about the economy.

Here in North Carolina we can take the guesswork out of causes and consequences and commit our attention to the powerful fact that people and their well-being drive our economy. After all, it is our skills and labor (paid and unpaid), our spending and innovation, and our votes and advocacy that power our economy to deliver the thriving families and communities we all desire.

So what if our policymakers put people’s well-being first?

Working families would have affordable and available child care so that parents can stay at work knowing their children are getting the supports for a healthy start to their education. Young people starting their work life would not be saddled with student loan debt and would have the training for good-paying jobs that they can afford to live near. Elders in our communities could age in their homes with the support of meals and care-giving.

And together, we create the conditions necessary for a thriving economy.

These things are possible through a smarter, better government that is funded through our public money. That’s right, taxes are how we show up for each other, delivering the quality schools, affordable healthcare and good-paying jobs that ensure all of our families can thrive, no matter what we look like or where we come from.

Those in power at the N.C. General Assembly have blocked us from experiencing this better North Carolina where people and communities have what they need.

Instead, they continue to cut income taxes for the wealthy and big, profitable corporations to levels that will continue to shake the foundations of a strong economy — holding back the funds our public schools, universities, and transportation infrastructure need, as well as the care for our health and security that means all people and businesses can thrive.

A decade of this approach hasn’t delivered greater economic security for most of us. Even in the aggregate, our job growth isn’t outpacing our neighbors and in the detail many communities are being left behind. Wage growth still isn’t sufficient to reduce hardship or make everyday purchases affordable. People aren’t feeling good about the economy because of the uncertainty and limitations of going it alone.

By tackling the everyday issues that North Carolinians want to see policymakers act on — ensuring every child can get a good public education and every worker can build wealth and well-being through hard work without the exploitation of some bad employers — we could create the predictability and sustainability that makes good vibes possible.

An income tax makes sure that everyone contributes to building a better North Carolina. Eliminating it for big, profitable corporations — many of whom operate in many states and whose profits are held by shareholders outside of North Carolina — and continuing to reduce it for the richest just reinforces an economy that has been designed to benefit the few instead of us all.

Instead, our policymakers should make every person’s well-being a priority so that all people — Black, brown and white, indigenous and immigrant — can benefit from an economy that works.

The more people we have contributing to our economy, the better off we all are. The more people who can reach their full potential, the more we benefit from the contributions everyone can make.

We are all experts in what we need to be well. Our policymakers would do well to listen more to people’s experiences and less to special interests and fund the peoples priority that well-being reach every corner of the state.

Doing so will fund a better future for us all.

This story was originally published February 6, 2024 at 11:19 AM.