More Washington State Budget Woes

It's another day, so that means another new bad budget projection for Washington State. Ugh. It's like going shopping for a new Lexus but driving home with a 2001 Kia Sorento XL. Sure, it's the XL version, but it's not exactly what you were hoping for, is it? 🤦 But since we've gotta get around somehow, let's jump into the Sorento and take a spin through the details.

‍

Here are Five Fast Facts on Washington State's continued budget problems:

1. 🐖 66 Light - The state’s projected revenue through 2029 got slashed by about $66 million compared to what they thought in September. Apparently, there are a few holes in the bottom of the state's piggy bank.

2. 😀 Short Term Happiness - For the 2025–27 budget period, revenue is now expected to be $74.45 billion, which is actually $105 million more than last time. It's a nice little surprise bonus, but not enough to throw a party, because...

3. 😞 Longer Term Sadness - ...for the 2027–29 period they’re now forecasting $79.35 billion, which is $185 million less than what they’d hoped. So, yeah, the clouds move in pretty quickly after that little bonus.

4. 🤔 Why The Drop? - Well, there are fewer housing permits (so fewer new houses = fewer taxes), slower job growth, and personal incomes aren’t rising as fast as they hoped.

5. 📉 Rev Down - On top of all that, transportation revenue (gas taxes, car registrations, etc.) is expected to be $67 million lower than earlier predictions because apparently, people aren’t buying as many cars or filling up at the pump as much. Can't imagine why, given that we have some of the highest prices in the country...

🔥Bottom line: Washington State’s financial forecast is looking a little less “champagne-popping” and a little more “leftover juice boxes.” The state isn’t exactly broke, but it is working on borrowed time, and maybe needs to skip the gold-plated staplers. Future budgets could be even tighter, which means either smarter decision-making or some major budget gymnastics. Or we could all vote in more responsible state legislators. Just sayin'...

‍

Is the budget pinching you?

‍

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!

‍