Quote of the day: Mourning 'the death of fiscal federalism'

“We should mourn the death of fiscal federalism.

"The fear of losing taxpayers to another jurisdiction gives policymakers an incentive to keep taxes, regulations and other intrusions modest; but homogenized, top-down policy diminishes the incentives for states to compete for residents.

"Instead of competing for residents, states compete for federal funding and privileges. It's a system that rewards the best lobbyists while wasting taxpayers' money."

--The Heritage Foundation, "Make States Compete by Reviving Fiscal Federalism"