Gov. Scott Walker is touting the deposit of nearly $109 million into the state's rainy day fund, money that can be tapped in an emergency.
The deposit announced Monday comes after the state ended the last fiscal year in June with a surplus of about $342 million. Even though it is less than 1 percent of what is spent out of the state's main account every year, it is the largest deposit ever into the rainy day fund. It marks the second year in a row that a deposit has been made.
But it gets worse.
In May 2011, the state issued additional debt of approximately $558.3 million in GPR (general purpose revenue) supported principal that would have otherwise been paid off in 2010-11 and 2011-12. As a result, that principal will now remain outstanding for a longer period of time and thus incur an ADDITIONAL $156.2 million interest costs on state taxpayers - I mean our grandkids.
Just so I got this straight. Walker borrowed $558M, keeps $342M and then calls it a surplus. He then uses a portion of the borrowed “surplus” to add $109M to build a rainy day fund. Got it?
Scott Walker, like Paul Ryan and many republicans, is an unrepentant Norquister. That means he'd rather cut public employees wages and benefits, shortchange state communities and local taxpayers hundreds of millions of dollars, completely defund public education OR put the bill on our children's and grandchildren's credit card before he would ever develop a funding mechanism to raise the revenue so we can pay our own bills. Scott Walker is a jobs killer extraordinaire who has effectively shut down the state's economic pump and ballooned the state's debt all in one fell swoop. He's the GOP's rising star.