Missouri lawmakers anticipate challenges in 2024 after record-breaking budget and declining revenue projections

[essentialsaltes]

The state of Missouri is expecting a decline in general revenue in 2024 following a record-setting budget approved earlier this year.

The projections leave some lawmakers concerned about the state’s future.

It’s a constitutional requirement for the General Assembly to pass a balanced budget by May.

Over the past few years, lawmakers have approved income tax cuts, and counties can now freeze property taxes for seniors. These cuts are causing concern for some.

Earlier this year, Gov. Mike Parson signed off on the largest budget in state history, which included nearly $3 billion to expand Interstate 70 to three lanes across the state.

“I argue if you can put the taxes back into the taxpayer’s pocket, they are going to spend the money,” said [state house speaker] Plocher. “They are going to be able to afford those necessary items, food, shelter, cars, things like that, that just go back into the economy and employ more Missourians.”

But they are not going to be able to expand interstate 70.

 

[Fantine]

I lived in Missouri 9 years and still visit frequently. Expanding I70, or I44, or I49 to three lanes through the miles of farm country is unnecessary. Expanding to three lanes near mid-sized cities (Springfield, Columbia, etc.) is sensible.

 

[rambot]

The state of Missouri is expecting a decline in general revenue in 2024 following a record-setting budget approved earlier this year.

The projections leave some lawmakers concerned about the state’s future.

It’s a constitutional requirement for the General Assembly to pass a balanced budget by May.

Over the past few years, lawmakers have approved income tax cuts, and counties can now freeze property taxes for seniors. These cuts are causing concern for some.

Earlier this year, Gov. Mike Parson signed off on the largest budget in state history, which included nearly $3 billion to expand Interstate 70 to three lanes across the state.

“I argue if you can put the taxes back into the taxpayer’s pocket, they are going to spend the money,” said [state house speaker] Plocher. “They are going to be able to afford those necessary items, food, shelter, cars, things like that, that just go back into the economy and employ more Missourians.”

But they are not going to be able to expand interstate 70.

Well strangely, that's why there are a few people on the left who are big fans of wealth transfers. Take money away from billionaires and give it to thousandaires that are going to spend that money IMMEDIATELY in their community.

 

[hislegacy]

Sounds like what's happening in California on a lesser scale

California Faces $68 Billion Deficit Amid Steep Revenue Decline

The state heads into next year with projections of one of its worst budget deficits since the early 1990s recession. Reserves should help cushion the blow.

www.nytimes.com

Why do these politicians do not trim their budgets when they know their revenue is declining is beyond me.

 

[rambot]

Sounds like what's happening in California on a lesser scale

California Faces $68 Billion Deficit Amid Steep Revenue Decline

The state heads into next year with projections of one of its worst budget deficits since the early 1990s recession. Reserves should help cushion the blow.

www.nytimes.com

Why do these politicians do not trim their budgets when they know their revenue is declining is beyond me.

"lesser scale"? I'd LOVE to see a per capita comparison to keep things, logical and rational.

California has the 5th largest economy in the world. I understand the compunction then poop on them but I gotta tell you, they're doing SOMETHING right.

I'd be MORE curious why they wouldn't increase tax rates. I've "heard" there's a few millionaire actors and such who love helping the working class.

 

[hislegacy]

Yes - the lesser scale would be what is happening in Mo compared to California -