Saturday, May 24, 2014

Walker's “Fiscal Conservatives” spend money they don’t have, as tax revenues fall.

Never wasting an opportunity to “win” the next election or ram their agenda down our throats, state Republicans cut taxes on the whim higher revenue estimates were a sure thing. Funny, nationally they feel just the opposite about CBO predictions. Go figure.

Expecting to see revenues grow 1% this year, Republicans are now surprised revenue fell.
College dropout guides state...
jsonline: State tax collections are lagging both last year's figures and expectations … the state has collected $10.53 billion since July 1, down 0.2% from the same period in the previous year. The state budget has built in 1% growth for this year.

Falling short of that budget target could bring pain for the state … the state was already projected to spend $559 million more out of its main account next year than it has budgeted to take in. Gov. Scott Walker and GOP lawmakers passed a more than $500 million tax cut bill in March.
Democratic advice ignored by the media again: Despite Democratic arguments against increasing the deficit with another “tax cut,” the media continues to ignore the warnings. After all, the public falsely trusts Republicans with the economy. If it wasn't for the gubernatorial race, even this little mention from the Democratic candidate would have been ignored:  
Mary Burke said that the latest numbers showed that Walker should have left the state with more of a financial cushion … the figures were being released before Memorial Day to avoid drawing attention to them. Walker's election-year spending spree based on rosy assumptions was irresponsible."
What, me Worry? The unshakable incidental governor, when not touring the U.S., isn't the least bit concerned. In fact, now all of a sudden he’s a big believer in consumer spending, something he should have thought about when he cut government wages and rejected a raise in the minimum wage:
Walker said the tax cuts could help to stimulate the economy … consumers will use more of that to make purchases to help fuel the economy..."
GOP knew this going in:
The 2015-'17 budget imbalance between the state's expected tax revenue and its budgeted spending has a projected shortfall (of) $642 million. That's an increase from the earlier figure of $559 million. 
As I often do, I always check out the comments section. I think we can all agree with this thoughtful gem:
Oh - This is just too rich. An incredibly "bad news" press release dumped to the media the Friday before a long holiday weekend.

Beautiful Scotty - You are ALL-PRO! It looks like the management of the WI Department of Revenue has been turned over to the Committee to Re-Elect Scott Walker.

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