Cry Me a River

Virginia governor Tim Kaine reports that by the year 2010 Virginia may face a budget deficit to the tune of $ 1.4 billion dollars. We know two things about this predicament. First, the prediction will be wrong, and probably way wrong. These projections are always wrong and I see no reason for the budget prognosticators to get it right this time. The number could be bigger, it will likely be smaller, but it will not be $ 1.4 billion dollars. Second, the reason for this projected budget shortfall has nothing to do with the Commonwealth of Virginia not collecting enough tax revnues. Over the past decade, the Virginia tax revnue growth has outpaced inflation, out paced Virginia GDP growth, and outpaced Virginia's population growth. The only thing that the Virginia tax revenue growth has not out paced is the rate at which the General Assembly, in concert with Virginia governors, have spent tax payer dollars. Now we are facing a projected $ 1.4B budget shortfall and the state's delegates, senators, and governor might have to cut pet projects or layoff workers in the bloated state government...Cry me a river.