Wisconsin Budget Shock |
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News - Articles for State & Local |
Written by Wisconsin Senate, Kate Constalie |
Saturday, 22 September 2018 08:21 |
http://newiprogressive.com/images/stories/S5/foxconn-wall-s5.jpg MADISON, WI – After years of fiscal mismanagement, Wisconsin is facing a massive budget deficit based on new information from Gov. Walker’s administration. Years of massive tax breaks for wealthy individuals and corporations like Foxconn have added to the state’s budget woes. Latest figures from the Walker administration and the non-partisan Legislative Fiscal Bureau reveal that Wisconsin is facing a structural deficit of $3.5 billion going into the next budget – a figure that is already expected to rise much higher in the coming months.
The massive increase in unfunded liabilities going into the 2019-21 budget accounts for hundreds of millions in tax giveaways for Foxconn, massive new tax breaks for millionaires, and rising health care costs. Figures for the state’s transportation shortfall, state building maintenance, and aid to local governments have yet to be released by the Walker Administration and are expected to add millions more to the $3.5 billion structural deficit. Despite strong economic growth in neighboring states, Wisconsin has trailed the nation in job creation every year since Gov. Walker took office. Median wages, when adjusted for inflation, are lower today than they were in 2011 and communities have struggled to overcome deep Republican school cuts, road project delays and ballooning health care costs. |
Last Updated on Saturday, 22 September 2018 10:41 |
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