Lt. Governor Bolling's Campaign Notes Candidate Wagner's Shortfalls

August 11, 2009

Wagner's Budget Shortfall Grows


Friends,

Last week, Governor Kaine’s revenue advisory council estimated that Virginia will once again miss revenue projections in the current fiscal year, resulting in an additional budget shortfall of $1.5B. While this is disappointing news, it should not come as a surprise to anyone given the track record of the Kaine/Wagner administration for inaccurate budget projections.

Despite Lieutenant Governor Bolling's repeated warnings, the Kaine/Wagner administration has continued to base their budgets on overly optimistic revenue projections, the use of one time money to pay for ongoing government programs, spiraling amounts of state debt, raids on the rainy day fund and federal bailout dollars. Now, we are seeing the disastrous results.

As Secretary of Finance, Jody Wagner missed her revenue projections by more than 20 percentage points, resulting in $5B in budget shortfalls, with more on the way. In addition, the size of our state debt has doubled over the past seven years, and by the time this administration leaves office they will have totally depleted our rainy day fund.

When asked to explain her failures as Secretary of Finance in a recent interview, Jody Wagner was surprised and defensive. She denied any responsibility for the state's current financial troubles, but did admit to “tweaking” the numbers! I hope you’ll take a minute to listen to this interview on our website.

We are not the only ones to have noted Ms. Wagner's questionable fiscal management. Jeff Schapiro, a well known journalist with the Richmond Times Dispatch, called Wagner’s term as Secretary of Finance “years marked by muff-ups and miscalculation.” Schapiro wrote:

“There are legitimate reasons for taking a hammer to Wagner … The Kaine administration’s fiscal sins, perceived and actual, are numerous. Among them: pushing for higher transportation taxes even as the economy began its decline, and missing revenue projections by a mile – or two or three. Also, taking baby steps to balance the $77 billion budget more than a year ago, when perhaps more aggressive measures were justified” (9/21/08)

Amazingly, and despite her obvious mismanagement of the state's finances, Ms. Wagner claimed in a press release just two weeks ago that she had helped “restore fiscal responsibility to state government." She also boasted about her “responsible decision making” plans for the future of Virginia. After $5B in budget deficits, the truth is that Virginia can’t afford four more years of Jody Wagner.

Because of Ms. Wagner's fiscal mismanagement, the next Governor and Lieutenant Governor will inherit a financial mess the likes of which we have never seen. To put it bluntly, we cannot count on the same people who created this mess to clean it up. We need fiscally conservative leadership in Richmond, and Bob McDonnell and Bill Bolling will provide that leadership.

While we’ve been busy talking about our plans to get Virginia's economy moving again and create jobs, our opponents have been engaging in partisan political mudslinging. Fortunately, the people of Virginia are seeing through our opponents smoke screen, and the latest polls have us leading our opponent in all regions of the state!

While we have no doubt that this race will tighten up as we head into the fall, these polls are a clear indication that the people of Virginia are fed-up with the status quo and they are ready for new leadership.

I hope you will join our campaign of new ideas and positive solutions by signing up to volunteer or making a generous contribution.

Additionally, please let your friends know that you are supporting Bill Bolling by putting a bumper sticker on your car and a yard sign in your yard. Simply email the campaign office and we will bring one out to you.

Thanks for all that you do. In 84 days, we will win a great victory for the people of Virginia.

Sincerely,

Matthew Wells
Bolling for Lt. Governor Campaign Manager