My column this week is about the state Legislature’s zeal for cutting taxes coupled with its seeming disinterest in cutting spending. It seems that Washington-style fiscal irresponsibility is making its way to Little Rock.
I submitted the column on deadline Monday morning after the House passed three tax cuts last week. Then yesterday the Senate passed three cuts of its own. By contrast, the biggest spending cut being discussed so far this session is Gov. Beebe’s proposed reforms of the state prison system, but those savings are long-term. In fact, in the short term, Beebe’s reforms will actually cost more money.
Still looming is Arkansas’ $330 million debt to the federal government for unemployment benefits.
Are the legislators all crazy, or is it just me? Seems like the most responsible path would be to cut spending first – and I mean really cut it – pay down Arkansas’ state debt, and then cut taxes.