Imagine your allowance getting cut halfway through the year, and now your parents are saying, “You gotta live with less.” That’s Washington State right now: Governor Ferguson got the news that over the next four years, the state will have $720 million less than expected. Time to find spare change between the couch cushions!
Here are Five Fast Facts on Washington State already being behind on the brand new budget:
- 🤯 Big Money Missing - Washington State is short $720 million over the next four years. It's like putting a $100 bill in your wallet and then checking again right away to find...a lot less than $100.
- 🤦 Already?! - Never mind that the budget just passed a few weeks ago, and never mind that it was the largest tax increase in state history. The new spending that was included in that budget (8.2%) more than blew through any savings to be had. It's like getting a 1% discount on a shopping spree and saying you "saved" money at the end of the day.
- 😣 No Cushion - On a budget of almost $80 billion, the reserve cushion is just $2 million. Some are calling that fiscal malpractice. Some might also call it business as usual for government...
- 👀 No Panic (Yet) - Gov. Ferguson isn’t calling for a bonus legislative session. Instead, he’s telling state agencies to tighten their belts and stop having pizza parties.
- 👈👉 Pointing Fingers - Ferguson blames tariff chaos and federal threats to Medicaid, education, and food aid for deepening the hole. That might be believable, if the state hadn't spent itself into oblivion without federal help, all while the US economy is chugging right along.
🔥Bottom line: So, Washington’s caught between a rock and a pancake: not enough cash, and they’re avoiding dramatic moves (for now). Governor Ferguson is asking agencies to trim non-essential stuff and to keep tracking this mess closely. Because that worked sooooo well a couple months ago, so good call there.
Are you tired of this mess yet?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
