It is encouraging that Tennessee’s gross domestic product – the total of all that our state produces in a year – rose 3.5 percent in 2010. In fact, the U.S. Department of Commerce says Tennessee had one of the fastest rates of growth in the country last year.
Of course, unemployment in Tennessee – which is 9.7 percent – is far higher than we’d like it to be, and many of our state’s residents face serious economic challenges. But it is good that Tennessee is, at least, on the right path.
Naturally, wherever you find good news, you can find many people claiming the credit for it. As the saying goes, “Success has many fathers, but failure is an orphan.” So it is no surprise that some Democrats and Republicans in Tennessee are squabbling over who has done more to boost the state’s economy.
But whoever gets the credit, what is obvious is that Tennessee’s commitment to low taxes – with no general income tax – and its business-friendly policies have been key to attracting business to the state, and to getting existing businesses to expand.
Neither political party should tamper with that winning formula.