Ventings from a guy with an unhealthy interest in budgets, policy, the dismal science, life in the Upper Midwest, and brilliant beverages.
Thursday, February 16, 2023
This is a massive budget. And it'll go to a lot of things
There's a lot of figures and initiatives in Gov Evers 2023-25 budget. And it's a go-for-broke type of budget, that uses up almost all of the state surplus in these two years. The effect of the Evers budget is shown in orange.
And the reason why is almost entirely due to spending/tax credit reasons, as Evers tax cuts for lower/middle-income and vulnerable Wisconsinites are mostly offset by higher taxes on the rich and the end of a multi-million dollar tax cut for large manufacturers. Note the difference in the Evers budget expenditures and what the Legislative Fiscal Bureau estimated as the base budget a month ago.
Here is what a little more than half of the $8 billion in increased GPR spending goes to in the next Fiscal Year. You can see that it is a lot of things, with the largest being nearly $2 billion that will be used for state building projects, and keep the state from having to borrow money for them. You can also see a reduction of DOT debt, $500 million deposit into the state's Rainy Fund, $750 million for broadband expansion, and nearly $1 billion in increased spending on K-12 education in year 1 of this budget.
I doubt that there much of these initiatives in Evers' budget goes through in this form, or in nearly this amount of investment. But this should at least give you an idea about what we're talking about as we go forward in the coming months.
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