Ee gads, this is depressing (bolding added for emphasis):
Virginia's fiscal future for the upcoming budget cycle is precarious. Despite recent years of budget surpluses, the state budget is estimated to be heading for a shortfall of $1.2 billion in the coming two-year cycle, according to a report released today by The Commonwealth Institute for Fiscal Analysis. Amidst recent news of a $200-300 million shortfall in state revenue for the fiscal year that ended June 30, 2007, concerns have been mounting over slowing revenues. Unfortunately, it appears that an even more unpleasant surprise awaits the Governor and General Assembly this winter when they try to craft a balanced budget for the next biennium."This new estimate of what the budget future holds for the state highlights that we have some tough choices ahead," said Michael Cassidy, executive director of The Commonwealth Institute. "State revenue sources are not keeping up with the natural growth of programs that serve Virginians such as education, public safety, health care and transportation."
The report reveals that Virginia is headed toward a potential budget deficit of $1.2 billion as soon as 2008-2010. This predicted shortfall is conservative, though, since it does not include proposals for new programs, such as the Governor's pre-K initiative, or expansion of existing programs, including state mental health services.
By the way, for the flat-earth, anti-tax contingent among us, the Commonwealth Institute concludes that "the current budget deficit is not due to out-of-control spending, but is instead due to inadequate revenue policies." As a result, "Virginia continues to lag behind the rest of the country in several key spending areas, including education, health care and mental health, despite having one of the highest per capita income levels in the country."
Great stuff, huh? No, I didn't think so. But it's the inevitable result of right-wing Republicans' bizarre philosophy, which is to shrink government to a size where you can "drown it in a bathtub." Well, we're drowning alright, so hopefully the right wingers are happy. I doubt the rest of us are.
So, Virginia will run a $600 million budget deficit.
Rational fiscal policy relies neither on campaign sound bites like "No Car Tax", nor on eager hopes that our highways will be so clogged with dangerous drivers so as to pay for the asphalt they're abusing.
Instead rational fiscal policy requires our elected leaders - of both parties - to make difficult but necessary decisions.
In a state which makes a fetish of the courage of our dead leaders, I find it ironic that our current crop seems to have little.
And isn't it ironic that MI and VA also enacted the asinina "driver responsibilit tax" laws as a poor excuse to try and fill that gap, although we did it 3 1/2 yrs ago.
But does any of this get to CNN or the major news media networks? No, because they're shit heads with worthless college degrees they got by passing tests with the help of a ouija board.