The Worst Item in the Doyle Budget

A little reported item in the Doyle budget is a provision that would issue $130 million in revenue bonds, spending the proceeds in Medicaid and use future excise tax (cigarettes, beer, liquor) revenue to pay for them.

The only private businesses that would bond for operating costs are soon to be bankrupt. Just like the State of Wisconsin will be under Jim Doyle.

If the provision passes, nothing would stop Doyle bonding using the income tax next. If you start bonding using future tax revenue, there is no reason for liberals to ever say"no" to spenders ever again. They could always just bond more for future revenues.

This is a horrible precedent. I hope the Republicans in the legislature pull it out. We need to start working our officials to help them understand the seriousness of this bad idea.