Virginia Budget Deficit Skyrockets as McBush Economy Melts Down

By: Lowell
Published On: 9/24/2008 5:21:44 AM

To put it mildly, this is not going to be pleasant:

Virginia's budget shortfall could be as large as $2.9 billion, nearly triple the amount legislators predicted last month, state finance officials said Tuesday.

[...]

... major cuts in state spending will be required. Gov. Timothy M. Kaine already had ordered state agencies to submit plans for cuts of 5, 10 and 15 percent. Those plans are due Friday.

Just remember, when budget cuts hit your community or your kid's school or your Metro system, the pain is largely the result of the meltdown in the McBush economy, the bursting of the housing bubble, and the overall financial crisis we are now facing after nearly 8 years of McBush. This is not just happening in Virginia, but in states all over America. Also remember that John McCain's campaign manager, Rick Davis, was busy taking large payments from Freddie Mac, even as the rest of us were about to get screwed. As always with these guys, what else can you say but "heckuva job?" (not)

P.S. By the way, why isn't George W. Bush - the president, last time I checked - addressing the nation about our financial crisis and the proposed $700 BILLION bailout?  Hello, earth to Dumbya!

Comments



And to extend the distress ... (A Siegel - 9/24/2008 9:35:04 AM)
When times are good, there is a lack of focus on things like energy efficiency since we can afford to be wasteful.

And, in times that are here/a coming, there is a lack of focus on things like large-scale energy efficiency/renewable energy because we can't afford to make the capital investments.

Damned if do, damned if we don't circumstance.

There is a line about this in terms of individuals that relates to overall society:

  • Those who can afford to be energy efficient, can afford inefficiency.

  • Those who can't afford inefficiency, can't afford the costs to become energy efficient.

    • We are going to see this as a major argument for dropping any serious 'green' efforts in, for example, any school construction projects that are not simply delayed.

    Reality is that, good times and bad, we should be making investments so that tomorrow's energy use is more efficient and cleaner.  It will "lower costs", but requires a steady investment stream. An investment stream that I don't see Kaine emphasizing, especially not under fiscal pressure like this.