Post by Logan on Dec 5, 2016 17:19:39 GMT -6
Hard times for Kansas as economic experiment creates gaping budget hole
COLUMBUS, Kan. — In February 2015, three years into the supply-side economics experiment that would upend a once steady Midwestern economy, a hole appeared in Kansas’ finances.
To fill it, Gov. Sam Brownback took $45 million in public education funding. By April of this year, with the hole at $290 million, Brownback took highway money to plug it. A month later, state money for Medicaid coverage went into the hole, but the gap continued to grow.
Today, the state’s budget hole is $345 million and threatens the foundation of this state, which was supposed to be the setting for a grand economic expansion but now more closely resembles a battleground, with accusations and lawsuits flying over how to get the state’s finances in order.
The yawning deficits were caused by huge tax cuts, championed by Brownback and the Republican-dominated Legislature, that were supposed to set the economy roaring. They didn’t. The budget shortfalls have been felt across the state, particularly by public schools, and have embroiled the Kansas Supreme Court along with state lawmakers and the governor.
Read more: www.dispatch.com/content/stories/national_world/2016/11/27/hard-times-for-kansas-as-economic-experiment-creates-gaping-budget-hole.html
COLUMBUS, Kan. — In February 2015, three years into the supply-side economics experiment that would upend a once steady Midwestern economy, a hole appeared in Kansas’ finances.
To fill it, Gov. Sam Brownback took $45 million in public education funding. By April of this year, with the hole at $290 million, Brownback took highway money to plug it. A month later, state money for Medicaid coverage went into the hole, but the gap continued to grow.
Today, the state’s budget hole is $345 million and threatens the foundation of this state, which was supposed to be the setting for a grand economic expansion but now more closely resembles a battleground, with accusations and lawsuits flying over how to get the state’s finances in order.
The yawning deficits were caused by huge tax cuts, championed by Brownback and the Republican-dominated Legislature, that were supposed to set the economy roaring. They didn’t. The budget shortfalls have been felt across the state, particularly by public schools, and have embroiled the Kansas Supreme Court along with state lawmakers and the governor.
Read more: www.dispatch.com/content/stories/national_world/2016/11/27/hard-times-for-kansas-as-economic-experiment-creates-gaping-budget-hole.html