$2.15Bn in the Red, and Doyle Wants to Spend MORE!

HT: Owen

The valuable folks who actually look at the numbers (they have cast-iron tummies and NEVER eat anything beforehand,) have looked at the State of Wisconsin's GAAP-adjusted balance sheet and income statement.

It's worse than anyone could imagine. Far, far worse. It is un-friggin'-believably worse. It's worse than having the train run you over in the tunnel--because at least THAT's over quickly.

According to Wisconsin’s Comprehensive Annual Financial Report, or CAFR, the state ended the most recent fiscal year with a $2.15 billion deficit. Unlike state budgets that do not account for all future commitments, thus masking our true financial condition, the CAFR prepared by the state controller’s office must follow generally accepted accounting principles (GAAP) from the nation’s Governmental Accounting Standards Board and recognize these obligations.

This explains why state budget officials said the 2006 general fund balance was $49.6 million, while the controller put the deficit at $2.15 billion. Last year, Wisconsin was one of only three states with a GAAP deficit and, relative to population, it had the largest deficit in the nation.

Probably also explains why certain Republican Leadership types will NOT sign a "no-tax-increase" pledge. There's a problem, Houston...

According to the controller, the state’s unrestricted net assets for governmental purposes were -$8.23 billion.

Let's run that again. The State of Wisconsin has a NEGATIVE NET WORTH of $8 BILLION.

Much of the reason for the large negative asset amount is the state government’s growing debt load. In 2002, general obligation, revenue, tobacco, and related bond debt for government activities equaled $4.13 billion. By 2006, the total was $8.99 billion, up 117% in four years.

You can look it up. During the period in which Wisconsin's bonded debt increased by $4.89 BILLION DOLLARS, the Governor was DarthDoyle, and the Legislature was owned by the Republicans.

I use the "Darth" stick-on for Doyle because of his casual acceptance of abortion.

I never thought he'd abort the whole damn State of Wisconsin.

About a month ago, I asked a pal in Madistan to find out how well Wisconsin's doing in sales-tax collections this fiscal year (vs. budget.)

No wonder he hasn't responded.