Kansas’s Republican Governor Bankrupting State
This is what happens when a crazed, tax-cutting Republican governor comes into office: He proves Ronnie right: Government is the problem and it doesn’t work because why? The crazed, tax-cutting Republican governor bankrupted it:
Kansas revenues plunged again in May, leaving the state more than $300 million below estimates for the current year.
The state reported Friday afternoon that revenues fell $217 million below estimates in May, the second month in a row they came up short of expectations.
The latest decline leaves the state about $310 million short for the current fiscal year, which ends June 30.
The numbers again raise questions about Gov. Sam Brownback’s income tax cuts from 2012 and 2013 and their effect on the state’s financial health.
Brownback’s administration attributes the falling revenues to taxpayers cashing in investments early before capital gains taxes increased in 2013.
Riiight. That’s so lame.
Critics have blamed Brownback’s income tax cuts, which were cited recently when Moody’s Investors Service downgraded the state’s credit rating at the end of last month.
Moody’s warned that the income tax cuts — without offsetting measures such as spending cuts — would drain the state’s reserves. That, the ratings firm said, would pose a “significant credit weakness.”
The rating agency cautioned that spending cuts won’t be easy because of court-ordered spending on schools, keeping up with Medicaid demands and funding the state’s pension system.
Good luck Kansas. Oh, and you guys might want to pick up a copy of Thomas Frank’s book: What’s the Matter With Kansas?