Reduce Unemployment Benefits (and enact other free market policies), reduce unemployment like North Carolina

Check out this story from Business Insider. It details North Carolina’s experience with falling unemployment in the wake of the elimination of extended unemployment benefits last summer and free market tax reforms that “reduced or eliminated dozens of special tax breaks and exclusions while replacing North Carolina’s multi-rate personal income tax, with a top rate of 7.75 percent, with a flat-rate tax of 5.75 percent. The corporate tax rate drops from 6.9 percent to as low as 3 percent, if the state meets revenue growth targets.”

In other words, ambitious, free-market reforms are working in North Carolina as they tend to in states that retain or embrace free market reforms (even New Mexico has benefited from tax cuts in the past).

Check out the incredible falling unemployment rate chart from Business Insider relating to North Carolina below: