Wisconsin Economy Continues to Struggle Under GOP

Nearly $100 million revenue shortfall shows current policies are failing Wisconsin families

(Madison)—State revenue numbers released today show Wisconsin’s economy continues to underperform said State Senator Dave Hansen (D-Green Bay).  Numbers released today by the non-partisan Legislative Fiscal Bureau show actual state revenues are nearly $100 million below earlier projections.

 

“The nearly $100 million shortfall in revenue today shows the state’s economy is still lagging badly behind neighboring states like Minnesota which has a $1.9 billion surplus,” said Hansen.  “Wisconsin families still continue to struggle under a GOP-controlled Legislature that has chosen to give over $2 billion in tax breaks to corporations and the wealthy and cut public and higher education by $2 billion.”

 

“Instead of continuing to give more tax breaks to the wealthy in the hope they will invest here rather than hiding more of their money in offshore tax havens, we should be investing in Wisconsin families by improving funding for education, making it possible for the state’s nearly 1 million residents to refinance their student loans and fixing our ailing roads and highways.”

 

2015 saw the continuation of mass layoffs and outsourcing under the Walker administration while job growth and family income continue to remain sluggish. 

 

“Instead of giving billions in tax dollars to corporations that send Wisconsin jobs overseas we should restore the $200 million cut to technical colleges that have limited their ability to train workers for new jobs and invest in our local roads and highways.”

 

The GOP’s ongoing failure to address the growing student loan crisis continues to drag down the state’s economy.  A recent study by the Baird investment firm shows that people with student loans are less likely to participate in the economy:  63% said they were unable to buy a new car; 75% say it has hurt their ability to buy a home and 43% said they have put off starting a family.

 

“We cannot repair our economy without truly addressing the high cost of student loans.  Passing refinancing will not just make it possible for thousands of Wisconsin residents to buy new cars and homes or start families, it is one of the single best things we could do to improve our struggling economy.”