Bacon's Rebellion

Democracy Thrives in Sunlight

$3.2 Billion Shortfall — Just Business As Usual

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by

James A. Bacon
in

The grim news just doesn’t quit. From today’s Times-Dispatch:

The Senate Finance Committee of the Virginia General Assembly is projecting a budget shortfall of at least $3.2 billion for the 2008-10 biennial budget — an even bleaker projection than the $2.5 billion Gov. Timothy M. Kaine had forecast previously.

Had enough Business As Usual? Tired of “muddling through” by spending more money on the same old failed solutions and shoring up the same old broken institutions?

Fundamental Change, anyone?

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9 responses to “$3.2 Billion Shortfall — Just Business As Usual”

  1. charlie Avatar
    charlie

    Too late to recall Tim Kaine? Our only hope is Obama promotes him to a place where he can do less damage.

    I saw CA was re-instating the car tax. Would be hilarious if that came back in VA.

  2. Ray Hyde Avatar
    Ray Hyde

    It’s not a 3.2 billion shortfall, it is 3.2 billion in excess budget that needs to be cut.

    The money is what it is: deal with it.

    RH

  3. Darrell -- Chesapeake Avatar
    Darrell — Chesapeake

    No! Can’t be true. 3.2?

    Ain’t seen nothin yet. Now the morons want to decrease spending on social programs and education. Exactly the stuff needed in a recession.

    Look, this isn’t hard. When the economy is booming, reduce welfare because people can find jobs. Put the savings into a contingency fund, SO YOU WILL HAVE IT WHEN THE ECONOMY TURNS SOUTH.

    But what do these financial Einstein’s do? They spend every penny and raise taxes to spend even more.

    Then they whine when the boom turns to bust.

  4. Darrell -- Chesapeake Avatar
    Darrell — Chesapeake

    The hits just keep on comming.

    Here's one for NOVA, and the rest of us.

    http://www.financial-planning.com/asset/article/1238761/news/treasury-urged-back-silo-lilo-deals.html?pg=&topicName=news

  5. Anonymous Avatar
    Anonymous

    I’d like to see the General Assembly impose a gross revenues tax on advertising with an exception to exclude small media outlets. It would be fun to read Fred Hiatt’s argument against that one.

    I cannot increase personal spending at a rate higher than my income grows. My business cannot increase spending or pay me more than its income grows. Government cannot increase its spending at a rate higher than the economy grows. Virginia’s spending has been out of control for at least 10 years. Mark Warner’s attempt to fix the structural deficit failed, at least once he left office. Raising taxes did not work.

    We need to put a freeze on spending; measure performance of programs; determine priorities and fund them; eliminate subsidies to businesses; eliminate programs that don’t work or that are not priorities; require anyone being paid to seek appropriations to put the request in writing and post it on the Internet; put more and more government into the open. Everything that a lobbyist does should be forced into the open.

    TMT

  6. Anonymous Avatar
    Anonymous

    At least TMT pegged it to how the economy grows, and didn’t try an artificial restraint based on population plus inflation.

    RH

  7. Darrell -- Chesapeake Avatar
    Darrell — Chesapeake

    Another boot fixin to kick our butt.

    http://www.latimes.com/business/investing/la-fi-muni22-2008nov22,0,5700621.story

    Better break out the calculators. 3.2 ain’t even close.

  8. Phantom08 Avatar
    Phantom08

    For those who share in my contempt for the Kaine administration’s handling of our economy, just remember that his chief money person–Jody Wagner–is running for Lieutenant Governor. That’s exactly what we need: Tim Kaine’s budgetary policies personified holding its own office.

    Time to get out the checkbook for Bill Bolling.

  9. Larry G Avatar
    Larry G

    Oh.. fiddlesticks.. why don’t we just bring Gilmore back…

    he’ll get things sorted out for sure.. right?

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