I'm going to buy a Lotto ticket. Because I know I'm going to win big with the ticket, I'm going to buy a BMW 740i. I'll buy it BEFORE the Lotto drawing, but that's just a formality, because I know I'm going to get the money.
If you think that is silly, and you are right in thinking so, check out what the governor of Maryland is doing:
Maryland lawmakers should consider a Plan B in case the roughly $389 million in federal stimulus funds Gov. Martin O'Malley is counting on to balance the state's budget doesn't materialize, the General Assembly's top budget analyst said Monday.
"Some have questioned whether that money is reliably in the bank," Warren G. Deschenaux said at a hearing. "I would say that is not a certainty. The question then is: What to do about it?"
Deschenaux also warned that the roughly $350 million in borrowing from a little-known state-income tax account that O'Malley used to help close the revenue hole "amounts to an erosion of accounting standards." But he stopped short of ruling the transfers out of bounds, saying they had been used during past downturns to keep services going.This is just like depending on hitting the lottery to pay for things you brought, but the drawing for the lottery hasn't happened yet. This is par for the course for O'Malley.
When he first got into office, he used most of the "rainy day fund" to pay for new services he created. Then, with ALL ECONOMISTS CALLING FOR A ROUGH YEAR, IF NOT A RECESSION, O'Malley and the Democrats in the state assembly, decide to create more services and use rosy scenarios, that they KNEW wouldn't hold true, to craft the budget. When the economy crashed, they had a special session where they raised taxes.
Some Democrats are starting to say that if the current spending goes through, in the next state assembly session, there will be "no choice but to raise taxes." I wonder if O'Malley thinks he's going to lose the re-election and he wants to set up the Republican governor.
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