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Thursday, October 08, 2009

The Iowa Republican: Chet Culver's budget crisis

Excerpted from this post at The Iowa Republican

If you thought that Governor Chet Culver's polling numbers were bad, they are nothing compared to the devastating revenue projections that the Revenue Estimating Conference (REC) released yesterday. Before yesterday's adjustment, the REC predicted state revenues of $5.843 billion. That number was adjusted downward at the meeting by a whopping $415 million, or a negative 8.4 percent. Holly Lyons, one of the three members of the REC said, "It's dire. It's severe. It's probably the worst I've seen. What looked like a mild Iowa recession has turned into a significant and severe recession for all states." The sobering news has also forced Governor Culver to change his tune. For most of his time in office, Governor Culver has ignored warnings from State Auditor Dave Vaudt that state spending is way out of line with revenues. Instead, Culver has remained optimistic that the state's economy would roar back to life due to an infusion of cash provided by the Obama administration’s state stimulus plan and his own version of a stimulus package, I-Jobs.

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