For example, Wisconsin’s nationally-famous budget deficit is around $3 billion. That’s out of annual state spending of about $15 billion, or about 20 percent and near the middle of state budget deficits, according to new numbers from the Center on Budget & Policy Priorities.
Moreover, while Wisconsin’s annual budget hole of $3 billion seems like a lot of money, it’s just 1.2 percent of the state’s $244 billion economy. (Wisconsin’s GDP is nothing to dismiss, ranking 54th in the world, between the United Arab Emirates and Finland.)
Which gets us back to Moore’s question about America’s “moral compass.”
Combined, the U.S. state budget deficits are projected at $112 billion for 2011. California is No. 1 at $17.9 billion alone. Big numbers, for sure.
But all those budget holes could be filled, with plenty left over, for the $150 billion the U.S. military spends each year in Iraq and Afghanistan. For a good take on these economic priorities, check this article in Forbes.
Here’s another Fun Fact: Extending those Bush tax cuts for the wealthiest 2 percent of Americans? That will cost the U.S. about $690 billion over the next 10 years, enough to cover every state budget hole — 6 times over.
Instead, Main Street had to bail out Wall Street as local property values dive and budgets for stuff like cops, parks or schools go in the tank.
From The Capital Times