A Kansas Failure Tale
In mid-April, the Kansas Department of Revenue was cheering that the state’s revenue estimates were growing by leaps and bounds - evidence that the governor’s aggressive plan to cut business and personal income taxes was stimulating the state’s economy.
Just a few short weeks later, however, the real numbers emerged, and it turns out state revenues are far short of the numbers enthusiastically anticipated by the governor’s office. In fact, the numbers were $92 million apart in April - with the state collecting half the tax revenue gathered the previous year. To add insult to injury, Moody’s announced a downgrade of Kansas’ bond rating “over concerns about the state’s sluggish economic recovery compared with other states and issues with long-term financial obligations.”
But remember, it’s not the governor’s fault, and it’s certainly not the fault of the party that preaches the gospel of personal responsibility. The fault lies with the boogeyman who sits in the Oval Office, far, far away in Washington, D.C.
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