It seems as though it was just yesterday that Sam Brownback took to the Wall Street Journal to praise himself for his economic program here in Kansas:
http://online.wsj.com/...
Economic policy in Kansas, together with tax cuts for working families in Oklahoma and recent legislation in Missouri, means the American Midwest is fulfilling the dream of a Midwest renaissance in America.
On May 6, 2014, the Missouri legislature enacted SB 509, which will make our region more competitive. The bill reduces the state income-tax rate by 10% for all Missourians making $9,000 or more. The legislation also starts indexing the current tax brackets, which will lead to further tax reductions while implementing a progressive tax structure. Small businesses will see their state income-tax burden reduced by 25%, enabling them to reinvest in their businesses and hire new employees. This is a key component, given that small businesses create nearly two-thirds of new private-sector jobs nationally each year.
He referred to it as the Midwest Renaissance (I don't think that word means quite what he thinks it means)
Today, the Lawrence Journal World broke staggering news: Kansas LOST another $217M in Tax Revenue, breaking state expectations after an unbelievable loss of $85M in April (that was later adjusted UP to $92M)
http://www2.ljworld.com/...
TOPEKA — Kansas state tax collections took another nosedive in May, which prompted renewed debate over Gov. Sam Brownback’s tax policies.
The state collected $217 million less in taxes than earlier estimated, according to figures released Friday. That follows April when the state fell $92 million below projections. Recently, Moody’s Investor Services downgraded the Kansas credit rating over concerns about the state’s long-term financial health....
The loss of Revenue puts Kansas Revenue loss in this FY at ~$700M, with $480M in losses estimated prior to the April filing.
In that month, Brownback blamed President Obama, saying economic policies of the federal government were hurting Kansas (he fails to mention this in his glowing WSJ editorial)
http://www.dailykos.com/...
Current projections would put Kansas at an easy over $1B Revenue Shortfall in Kansas - and has left investors worried about more potential credit implications for the state.
Brownback has referred to this as:
In Kansas the early results are impressive.
Brownback in April openly blamed Obama for the shortfall:
http://www.kansascity.com/...
Brownback blames the national economic climate and President Obama’s policies for the shortfall.
“What we are seeing today is the effect of tax increases implemented by the Obama administration that resulted in lower income tax payments and a depressed business environment,” Brownback said in a statement.
“The failed economic policies of the Obama administration are affecting states throughout the nation. It is more important than ever that we continue our focus on growing jobs and creating a business-friendly environment that benefits Kansans,” Brownback said.
We are all waiting for how long it will take someone in his administration to blame Obama for May as well.