The Real State of the State
New Budget Numbers Show $158 Million Drop in Revenue
Madison – Less than 48 hours after Governor Walker bragged that “state finances are stable”, the Legislative Fiscal Bureau’s updated revenue report showed that Wisconsin is expected to take in $158 million less in revenue due to Republicans’ unsuccessful economic policies and failure to increase the household income of working families.
Just six months into the budget, the revised projection has fallen short. The lower revenue projection was attributed to lower than expected income tax revenue due to the majority party’s failure to do anything to increase working families’ take home pay.
“It’s been clear for a while now that that Republicans’ economic policies aren’t working, and this news should eliminate any doubt on whether their fiscal policies are working either,” said Rep. Gordon Hintz (D-Oshkosh) “Right now, Wisconsinites should be asking themselves: ‘What do we have to show for the past five years?’ Since taking control of the state, Republicans have cut funding for K12 and higher education by more than $2 billion. Given the majority’s track record combined with the latest bad news, Wisconsin residents may need to prepare themselves for more of the same.”
“Well this is not good news for every school, road, business, senior citizen and working family in Wisconsin. Things are not going to turn around until Governor Walker and the Republican majority try something new,” said Senator Jon Erpenbach (D-Middleton). “Big tax breaks for businesses do not trickle down to the pockets of our citizens. Let’s try something new like prioritizing funding for education, increasing the minimum wage and roll back some business tax breaks in favor of middle class tax cuts. We know what works to improve the economy, unfortunately there is not a Republican out there that will consider proven solutions.”
“Republicans expect our public schools to Book Fair and Bake Sale their way out of the black hole they have created for our state, while giving away millions of tax giveaways to big business and their corporate buddies,” said Representative Chris Taylor (D-Madison). “They have failed to invest in our state and our people, preferring instead to covering their own backs and campaign coffers with dark money. As a result, our wages are stagnate and job creation is anemic, as they cut and gut the things that have made our state great. The people of our state deserve so much more.”
“Governor Walker has mismanaged Wisconsin just like he mismanaged Milwaukee County,” said Lena Taylor (D-Milwaukee). “To expect anything more is an exercise in delusion. Today’s revenue projections just goes to show that Walker and the Republican Party will continue to mislead the people of Wisconsin into thinking they are fiscally responsible when in fact, that couldn’t be further from the truth.”
Despite growth in neighboring Midwestern states, Wisconsin continues to suffer under Republicans’ bad budgeting and prioritizing Governor Walker’s political ambitions. Under Republican leadership, Wisconsin has seen massive cuts to public schools and a $250 million cut to the UW System during the last budget.
By JFC Dems: Representative Gordon Hintz, Senator Jon Erpenbach, Representative Chris Taylor and Senator Lena Taylor
Mentioned in This Press Release
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The dramatic dip in manufacturing job creation comes at nearly the same time the so-called Manufacturing and Agriculture Tax Credit is now fully phased in.