Perhaps more than anybody else in the state, Tom Sgouros has the right to say ‘I told you so.’ Here’s his bleak RIFuture column. As the Finance Committee meets to affirm that there aren’t any pleasant answers.
The state budget chickens are coming home to roost. After five years of self-inflicted fiscal crises, we finally have a real one, and your state is pretty much helpless. You might remember all the fuss last spring about closing a $400 million deficit in this year’s budget. That was the manufactured crisis, created by years of ill-advised tax cuts, deferred maintenance and a refusal to raise enough money to pay our bills.
But now we face a real crisis. Last week the Revenue Estimator Conference met and agreed that we’re going to be short around $233 million from what was estimated last May. We’re also spending more, for nursing home care, RIte Care, DCYF and other services. The Governor’s office says the overspending plus the shortfall totals more than $350 million…