Editorial: An imprudent budget


Jul 21 2008

The Providence Journal

The governor's 13-paragraph press release announcing the signing didn't say much, but two days earlier the Massachusetts Taxpayers' Foundation, which represents big business in the state, had published an analysis asserting that the 2009 budget may be as much as $1 billion in the red. According to Michael Widmer, head of the foundation, the budget assumes a three-year extension of the federal Medicaid waiver letting Massachusetts implement its experimental 2006 Health Care Law. This waiver has not been granted, and if it is discontinued or reduced, the state would lose hundreds of millions of dollars the budget's planners have been counting on.

Mr. Widmer's other concern is a potential $400 million drop in capital-gains tax collections, which would match losses during the 2001 recession.

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