Tuesday, October 16, 2012
Wisconsin's Rainy Day Fund in Perspective
Walker trumpets deposit into state's rainy day fund. (Wisconsin State Journal, 10/16/2012)
As the Milwaukee Journal-Sentinel points out: The deposit is a significant sum but would be of only limited use in a financial crisis for the state. With the state spending $13.38 billion last year out of its main account, the rainy deposit would be enough to run state government for about three days.
Gov. Scott Walker says he has made first back-to-back payments to Rainy Day Fund in state history. (PoliticaFact Wisconsin, 5/26/2012)
Excerpt: Additionally, putting money in the stabilization fund is not a matter of choice. By law, 50 percent of any surplus from higher-than-expected income and other tax collections must be transferred to the rainy day fund. That’s exactly what Walker is saying he would deposit.