Friday, January 11, 2013

Priebus- "Walker leading the way" permanent wreckage

Caught this little tweet from AP writer Scott Bauer, who ran into RNC Chair Reince Priebus at Monday's inauguration of the Wisconsin State Assembly (Priebus was in town to watch fellow shameless scumbag SE Wisconsin Republican Robin Vos be sworn in as Assembly Speaker).
@sbauerAP- "RNC chair Reince Priebus says Wis. Gov. Scott Walker "leading the way" across country on making case for "fiscal responsibility."
Fiscal responsibility, eh? You mean as exhibited in the state's CAFR, and reiterated in yesterday's report from the Legislative Audit Bureau? LAB, take it away!
As reported on a GAAP basis, and as shown on page 44 of the CAFR, the General Fund deficit decreased from $2.9 billion as of June 30, 2011, to $2.2 billion as of June 30, 2012. In its Management Discussion and Analysis on page 29, DOA attributes this change primarily to an increase of $129.2 million in General Fund revenues, a decrease of $498.7 million in expenditures, and a decrease of $133.3 million in other financing sources and uses, such as transfers to other funds. In FY 2011-12, the State also paid two previously reported liabilities, including $233.7 million to settle transfers previously made from the Injured Patients and Families Compensation Fund, and $59.9 million to the State of Minnesota for individual income tax reciprocity.

The CAFR also reports information on the State’s long-term debt. As shown on page 110, the State’s long-term debt issued for general government operations was $11.0 billion as of June 30, 2012, which is an increase of $453.3 million since June 30, 2011.
Maybe you give a golf clap for having a GAAP deficit of ONLY $2.2 billion in one year, but given that a lot of that decrease in expenditures was taking dollars out of state workers' pockets and that some of those revenues were nearly $50 million of foreclosure funds and Medicaid bonus money that went to fill budget holes instead of go to services, it's not that impressive.

The raising of long-term debt is also alarming, bumping up the state general fund debt by another 4.5% in 1 fiscal year, and refinancings that require hundreds of millions of dollars in added debt payments in the coming years. Somehow that doesn't seem to square with the party that constantly whines about "Obama's debt" and how "they fear for their kids' and grandkids' futures." Another classic example of the GOP's Number 1 rule- "our rules don't apply to our guys."

And now Walker is going to try to cut Wisconsin income taxes in the next budget, to go along with corporate tax cuts that are slated to massively expand in the next couple of years. Because when you're 42nd in job growth, you don't try the same failed, trickle-down strategy! Oh no. You take that failed strategy right to the next level!

But hey, those policies are all the more better to cause a huge budget deficit and FUBARing of services so the 2015 successor to Walker can't clean it up, and it'll clear the way for more privatization to Walker/WisGOP donors and other connected folks. Which is the REAL goal of these failed, unbalanced budgetary plans of Walker and company (along with getting a few more donations off of those tax breaks, which is a nice side effect).

"Fiscal responsibility"? Only in GOP bubble world are Walker's higher debt and destroying of needed services considered "fiscally responsible." Reince sounds as stupid as he did when he stumbled onto the set with Chris Matthews this summer.

1 comment:

  1. Note that the private sector QCEW figures for 2011 - the *exact* same ones that Walker told us in May 2012 were the definitive job figures and a sign of how "it's working" and that therefore he should be re-elected - put Wisconsin in 38th place for the year, once other states' data were reported after the election.

    In 2010, Wisconsin was in 11th place.

    2011 data:
    2010 data: