Republican legislators were quick to claim victory when Gov. Wolf reluctantly allowed their budget to become law. They held the line on taxing the frackers, which insures that Pennsylvania will remain the only state in the nation without a severance tax on natural gas. They were almost giddy with pride. An editorial writer for the Times News wrote that “Gov. Wolf Blinked.”
People who actually know finances were not so quick to celebrate. Three financial firms--Moody’s Investors Service, Standard & Poor’s Rating Services, and PNC Financial Services Group all criticized budget.
The Times News quoted Moody’s statement: “The approved budget relies on nearly $1 billion of one-time measures to balance the budget, does not include a pension contribution at the fully actuarially required level and casts no light on the government’s ability to reach compromise on its long-term fiscal challenges.”
PNC was quoted: “We do not expect the budget to come close to solving Pennsylvania’s fiscal pressures, including its structural budget gap, which is sizable and growing. Without broader policy changes, Pennsylvania’s structural deficit will worsen.”
This is what Republican legislators are proud of? They ought to hide their faces under a paper bag.
At least they failed to sell the state Wine and Spirits shops, which would have eliminated one of the few revenue sources that is actually making money for the state year after year. What a bunch of idiots.
No comments:
Post a Comment