Scott Walker skips debt payment due to budget shortfall, then dines with supply-siders

[applegrove]

Scott Walker skips debt payment due to budget shortfall, then dines with supply-siders

Updated by Andrew Prok at Vox

http://www.vox.com/2015/2/19/8069953/scott-walker-supply-side

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1 Wisconsin's Legislative Fiscal Bureau has announced that Governor Scott Walker's administration will skip a scheduled $108 million debt payment because of a budget shortfall.

2 The state is allowed to skip this payment under its loan terms without defaulting, but costs will accumulate over the long term, "starting with an additional $19.3 million in the two-year budget starting in June," Jason Stein of the Milwaukee Journal Sentinel reports.

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The debt payment news came shortly before Walker dined in New York with Arthur Laffer, Steve Moore, and Larry Kudlow — longtime staples of the supply-side economics movement, which holds that cutting taxes will often increase government revenue by stimulating economic activity. In practice, after the Reagan and George W. Bush administrations slashed taxes, revenues fell and deficits increased.

"According to several attendees, when Walker talked about the need for sweeping tax cuts, [Wall Street Journal editorial page editor Paul] Gigot and Kudlow flashed thumbs-up signs," according to Robert Costa of the Washington Post. Later at the event, Costa writes, Walker compared his showdown with public employee unions to Ronald Reagan's famous face-off with federal air traffic controllers.

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[blkmusclmachine]

1. Koch

sucker