Wednesday, May 7, 2014

Walker 2015-17 Budget in $717 million Hole. Hopes for Projected Surplus Continue...

Fiscal conservative is an oxymoron. A myth successfully pawned off on the public. Even Mary Burke used the term to describe herself the other day. Good grief Mary, really? Considering how conservatives have messed up the economy and ushered in the job killing Great Recession, perhaps you'd like to rethink that line of bullshit.

Here's the latest look behind the GOP curtain of magical math. Northwestern:
Wisconsin Legislative Fiscal Bureau Director Bob Lang calculates the state will need to find $717 million in new revenue or spending cuts to balance the 2015-17 state budget if nothing changes. The estimates do not include revenue growth projections or increased program expenditures. He said the state’s current budget expenditures will consume most of the $759.2 million general fund balance the state had on July 1, 2013. 

By July 1, 2015, he estimated the general fund would have a net balance of $100 million.

“The budget is being balanced not because revenues and expenditures are equal, but because we carried over a balance (from the last budget),” Lang said. “Much of the $759 million has been used–about $594 million–to balance the budget.” 

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