Tuesday, December 9, 2014

Wisconsin will follow Kansas Comeback into deficit black hole!!!

Supply-side Republican economics continues to fail miserably. You’d think it was designed to just that, so these penny pinching guardians of taxpayer money can make even more spending and tax cuts.

The “Kansas Comeback,” like the Wisconsin Comeback, is fraught with budgeting inconsistencies. I thought “borrowing” money from the state’s public pension fund was already determined to be a really bad idea? Guess not in Kansas. And that transportation fund Wisconsin voters constitutionally protected from other funding raids? Well, Kansas luckily doesn't have to worry about that Walker created problem, as they drain that to compensate for their last few tax cutting sprees:
AP: With Kansas facing a projected $279 million budget shortfall after enacting aggressive tax cuts, Republican Gov. Sam Brownback proposed to trim spending and divert funds for highway projects and public pensions to general government programs. The governor has the authority to order budget cuts for the state fiscal year that began in July and to divert $41 million in funds from the pension system for teachers and government workers.
Amazing Infallible Economics? It’s true, GOP policies can’t fail. If their austere tax and spending cuts fail - creating deficits from lower than expected revenues - they simply make more tax and spending cuts. See? Still, Kansas Governor Sam Brownback has one major problem:  
The plan does not tackle an additional $436 million shortfall in the budget for the next fiscal year.
This will be fun to watch.

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