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by lowkell <...> Big Lie by Bob McDonnell: "...The reason I think we're there is we made all those really tough decisions last year, David. We balanced a $6 billion deficit without raising taxes, mostly through spending cuts, and it included education and included health. And yeah, there was some short-term pain, but you know we ran a surplus within 5 months, we're gonna have a big surplus this year, so now we're coming back, and here's why...we can't kick the can down the road...we've gotta make tough decisions."
Called Out by David Axelrod: "Look, you're a good guy and I commend you for trying to wrestle with this problem, and you made some cuts, your predecessor made billions of dollars in cuts right before you left, but you also balanced your budget with $1.7 billion in money from the Recovery Act, you balanced your budget by borrowing $3 billion against future receipts on transportation...you borrowed money from your pension plan that you're gonna have to return...but those bills are gonna have to be paid. ..Governor, when you borrow billions of dollars from future receipts and you borrow money from your pension system and you say your budget is balanced, the next governor's gonna have to wrestle with that, I know you only have one term there, but the next governor's gonna have to wrestle with that..."
Ouch, the truth hurts. And yes, it is the truth -- empirical, verifiable - not opinion. Look it up yourself if you don't believe Axelrod, it's easy to find using that magic tool known as "Google."
Actually, David Axelrod left out another Big Lie by McDonnell, that Virginia's economy is coming back because of his policies. I mean, I know politicians of all stripes love to claim credit for good things that happen while they're in office, but c'mon now, McDonnell's claim doesn't even come close to passing the laugh (smell?) test. Why not?
Because Virginia's economy is overwhelmingly driven by things that McDonnell, or any other Virginia governor, has almost no control over: the national economic climate and federal expenditures, for instance. This article explains it well:
Virginia has thrived on Washington’s decade-long spending spree, according to analyses done by professors at Virginia colleges... Ten cents of every federal procurement dollar spent anywhere on Earth is spent in Virginia. More than 15,000 Virginia companies hold federal contracts, a number that has almost tripled since 2001. Total federal spending — from salaries to outsourced contracts — has more than doubled, to $118 billion, since 2000, as homeland security and defense spending skyrocketed in response to the 2001 terrorist attacks and the wars in Iraq and Afghanistan. By 2008, it accounted for about 30 percent of Virginia’s entire economy.
<...>
That's all true, Virginia owes its economic prosperity largely to the federal government spending, including military spending. On the flip side, one of the major drags on national (and Virginia) economic growth and recovery has been exactly what Bob McDonnell and his fellow Republican (mostly) governors have done -- cut employment and spending in the states, thus imposing a drag on employment and GDP nationally.
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