Tap the rainy day fund?

February 9, 2009
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The weakening economy is producing worse and worse tax revenue forecasts for Indiana. As a result, Democrats are calling for Gov. Mitch Daniels, a Republican, to open the stateâ??s $1.3 billion rainy day fund.

Tough times like these are what the fund was created for, Dems say. Daniels has resisted, saying the economy could get worse.

Where do you come down on this? Is it time to start spending down the fund?
  • We should not tap the fund at this point. We must exhaust all options including tighting out belts before we tap that fund. We are going through a lifestyle altering experience here and we cannot contiune business as usual. Major changes have to take place like the cutting of programs and streamlining business before you tap a rainy day fund. Things are going to get worse and if we start tapping the find now, while there are still changes that need to be made to cut the budget we are shooting ourselves in the foot later down the road when that fund is really needed when there are no more cuts to make.
  • Pat Bauer thinks its always raining, especially if it justifies him spending our money.
  • No, no, no. These funds are for real issues like the CIB shortfall and renovations to the state house. Sin taxes are the way to go: Increase the tax per pack of smokes by $1.00. Charge more to board the Indiana casinos. Increase the cost of a lottery ticket by $.10 - heck that cost hasn't changed since the inception of the Indiana Lottery - take it up a quarter instead. The White River Hotel and Casino sounds more realistic every day.....Indpls could be the Vegas of the Midwest - hookers and everything. What a boost that would be for the central Indiana economy......
  • Leave it to the democrats to want to take the short sighted easy way out. Don't give in Governor. We need fiscal discipline now more than ever !
  • Last week our politicians have agreed to spend all the rainy day funds plus an additional $500 million the state doesn't have.

    They also are trying to quietly kill all the Kernan Shepard local government consolidation bills that would cut at least $500 million in structural government expenses.

    My 9 year old can see this math makes no sense.

    What's a half-billion bucks more or less?

  • Yes, Mike... Lets blame all problems on the Democrats.
  • I challenge anyone to show me that Kernan Shepard saves money.

    consolidation just consolidates the power. Watch how the consolidation of assesors actually ends up costing us Marion County residents MORE money in the end.
  • When are you going to spend it? Never? C'mon. It's raining. We're getting wet and we're out of work. Just put conditions on it - like, for every $10MM, we drop a county and consolidte their government - soon, we'll be down to 10 counties??? HA!
  • If you spend the principle of your annuity, your interest continues to drop so you begin a declining spiral that only ends when you crash and burn. Don't touch the fund! Learn to live off the interest. Save more if you can to build the fund, not reduce it.
    Keep away from our storehouse you bunch of grasshoppers!!!

    An Ant
  • hmm. no takers.
  • OK all you Henny Penny goons out there, the sky is not falling, what you're hearing is the light turning on and now we can see what all these guys were doing when our backs were turned. Now that we see the light, these same ones are running around saying, I need more money, I didn't learn to budget before, but if I have more I will learn... someday.
    I say let them fall flat on their faces, so we don't pay them upwards of $25/hr to put one bolt on a car an hour... or whatever else it is they're not doing - get to work people and get the government out of my pockets - they're thread bare already!

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