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Housing price decline effects Virginia state finances

by carol white rcs1
Thu Aug 23, 2007 at 04:37:26 PM EST

Governor Tim Kaine (Dem.)projects a $641 million budget shortfall for the combined 2007-2008 fiscal years (7/06 to 6/08). This in a state that has had a surplus. The Republican dominated state legislature has followed the party-line in enforcing tax cuts. Because of the inflated housing values in VA the state has been in surplus over years, but now with the housing downswing the situation seems to be reversing.

Kaine's solution is for 5% budget cuts across the board state wide. Republican response has been a proposal to force further cuts in state-funded services by denying Kaine further access to the state's Rain Day Fund.

I fear the downward turn on the roller coaster ride is only beginning folks.


commentary :: :: :: buzz-it!
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Housing price decline effects Virginia state finances | 2 comments (2 topical, 0 hidden)
Feast & Famine - an age old lesson (none / 0) (#1)
There are some things in life that are easy to predict.

The phenomena of feast and famine being one. When times are good economically, that's the time to collect taxes to save up a healthy surplus. When things turn around and days aren't so good, in other words, the famine stage kicks in, that's the time to start to make adjustments and cut taxes.

Anyone who promotes tax cuts during the good days is fiscally irresponsible and shouldn't be trusted with money because more than linkely all they know how to do is spend.

by susie dow on Thu Aug 23, 2007 at 07:36:28 PM EST

Even Worse (none / 0) (#2)
Republicans who want to force more tax cuts in the bad times.

by carol white on Fri Aug 24, 2007 at 07:57:02 AM EST
[ Parent ]
Housing price decline effects Virginia state finances | 2 comments (2 topical, 0 hidden)

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