Much to the surprise of many state budget writers, it turns out there’s nothing in our state constitution that prohibits deficit spending.
Senate Ways and Means Chairwoman Margarita Prentice, D-Renton, said she didn’t know the state has no balanced-budget requirement.
Even so, she said: “If this is how we’ve always operated, by gosh, this is how we’re going to operate…“
Yup, that’s exactly the sort of creative, outside-the-box thinking we need during a crisis like this. (Kinda explains a lot about Olympia, doesn’t it?)
I’m not suggesting that we definitely should borrow money to help balance the state budget, but considering the anti-stimulus effects of state cutbacks during a major recession, the idea shouldn’t be dismissed out of hand simply because we’ve never done it before. And since Sen. Prentice (D-MoneyTree) sees no problem with her constituents paying 391-percent interest to payday lenders, you’d think a billion dollars or so at 5.5% interest might strike her as a relative bargain if it helps us weather this current economic storm without dramatically slashing K-12 education.
I’m just sayin’…