Michigan's governor warned Tuesday of a possible 20 percent cut in state spending next year ... a further blow to health care providers, state police, universities and others dependent on public money in a state where revenues, adjusted for inflation, are at about the same level as in 1965.
Bad news like this makes it increasingly likely that there will be a second federal stimulus spending plan designed to – among other things – bail out states like Michigan, California ... and Vermont. We face revenue shortfalls that take us back, merely, to 2005. Still ... where will the money come from? Heard any suggestions, lately, from Shumlin, Smith, Racine, et. al.?
The political class is out of ideas.
It has always been good at buying votes. Now, it has been reduced to buying time.
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