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Wednesday, May 20, 2009

Herd on the Hill: Spend it while you got it

Excerpted from this post at Herd on the Hill

Yesterday, State Auditor David Vaudt released his report on the
growing revenue and spending problem the state is facing. Iowa will
receive federal stimulus money that will, for one time only, help to
alleviate the bleeding. But if Iowa continues at the current rate, in
2011, the budget will be 61% less than the previous year. That's huge!
Auditor Vaudt gave a good example: for every $1.00 brought into Iowa,
the state spent $1.14. Doesn't seem like a lot, but boy does it add
up. The bonding numbers are worse. For every $1.00 borrowed, Iowa will
end up spending $2.18 to pay it back. How is this fiscal
responsibility?

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Mike Schramm
Andy Szal

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