Bloomberg News gives Scott Walker a lump of coal for Christmas

All right, Bloomberg News didn’t literally give Republican Wisconsin Governor Scott Walker a lump of coal for Christmas, but they did figuratively give Walker a lump of coal for Christmas in the form of this article about how Walker, who is a likely Republican presidential nomination candidate in 2016, and his Republican allies in the Wisconsin State Legislature have wrecked Wisconsin’s economy:

Wisconsin Governor Scott Walker has his eye on the Republican presidential nomination in 2016, and as he tries to boost his national poll numbers, there are numbers at home that also bear watching — his state’s finances.

Tax cuts and Medicaid spending are contributing to a projected budget deficit that may reach $2.2 billion in the two-year period starting in July 2015, according to his administration’s analysts. While Walker aides call the projections premature, Democrats say the figures prove the governor’s policies — especially income and property-tax reductions — turned a $517 million surplus at the end of June into a shortfall.

Tax collections and decisions by Walker and the Republican-controlled legislature will determine the size of the deficit. Yet the swing to a shortfall limits Wisconsin’s financial choices as the governor prepares his February budget presentation. Last week, he called for more property-tax cuts.

What they’ve opted to do is a policy choice of cutting taxes,” said Gabriel Petek, an analyst at Standard & Poor’s in San Francisco. “They’ve changed the fiscal trajectory of the state that had been on course for higher reserves.”

(emphasis mine)

Obviously, Scott Walker deserves at least a figurative lump of coal for Christmas. That’s because his policies of cutting taxes for the wealthy, implementing a statewide school voucher program in Wisconsin, and handing out corporate welfare to his campaign donors have completely wrecked Wisconsin’s economy, finances, and business climate. Despite the fact that Walker’s policies of cutting taxes and spending money on bad policy that only benefits the politically connected have clearly wrecked Wisconsin’s reputation, Walker wants to hand out even more tax cuts to the wealthy. That’s absurd, since cutting taxes does absolutely nothing to reduce or eliminate a budget deficit, in fact, cutting taxes makes budget deficits even worse.

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