Balancing Virginia’s budget was easy, even including $2 billion in proposed new spending.
Of course, COVID-19 has changed that picture. Virginia now faces an estimated budget shortfall of $2.7 billion in the current two-year budget cycle. This estimate could change for the better or worse, depending on how quickly the state’s economy recovers.
The Commonwealth of Virginia has already received $3.1 billion from the COVID-19 CARES Act. Would an additional multi-billion-dollar infusion from the federal government help?
Sure, this would make life easier for Virginia state officials. It would spare them the need to make any choices, much less hard choices.
To put this in perspective, a $2.7 billion shortfall is only 2 percent of Virginia’s two-year budget of $135 billion. Given the originally proposed $2 billion in brand new spending, it should not be beyond the mind of man to bring Virginia’s budget into rough balance, even without dipping into the rainy day fund.
Virginia can take care of itself, as can other responsible states. There is no reason to saddle the people of Virginia with billions of dollars of new federal debt in order to bail out deeply indebted states which have a long record of unwise financial decisions.
It is all too easy to lay every problem at the doorstep of the federal government. We have done this for far too long already.
Read More: COMMENTARY: Memo to Washington: Do not bail out the states | Opinion