State Government

Fudging the Numbers O’Malley Style

O'Malley

Mark Newgent takes down Governor O’Malley’s latest round of cooking the books to make himself look like a budget hawk.

Mr. O’Malley boasts that this budget eliminates a $584 million deficit without raising taxes. He claims there are $457 million in cuts.

Not really.

Again, we’re talking the Annapolis definition of cuts here. Real world math shows a general fund spending increase of $741,000. You can do the math for yourself on page 97 of Mr. O’Malley’s own budget book.

A large part of how Mr. O’Malley closed the budget gap was capping the annual payment to the woefully underfunded state pension fund. Capping the state payment at $200 million frees up $172 million to plug the budget deficit. However, Maryland’s pension and other post employment benefits funds — depending on how you calculate it — face shortfalls anywhere from $28.4 billion according to the Maryland Public Policy Institute and $78 billion, according to State Budget Solutions.

Read more

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>