Broback's Blog

Wondering how we’re doing financially compared to other states? According to the Wall Street Journal, not very well. The image below speaks volumes. Not only about Washington, but the country as a whole. Those “Blue” coastal progressive states look to me (and many others) like they’re progressing — into bankruptcy.

Full data here. We’re 2.1 Billion in the hole which puts us 17th from the bottom in amount, 14th from bottom in terms of percentage of total budget.

Which takes me to my favorite fiscal topic, the 520 bridge “rebuild.” (It’s not a rebuild, it’s an entirely new shiny gold-plated bridge — in a different location) When you consider that project we’re even more behind. The DOT acknowledges that the project is 1.9 billion in the red — before it’s even begun.

It’s being funded by bonds, which — thanks to defaults — just got a lot more difficult for states to sell now. (it’s not a “crisis” say experts). A bond that a few weeks ago garnered $1,000,000 is now only taking in $960,000 in revenue Hmmm. I wonder if the WSDOT has updated their funding plan given this new hurdle/expense?

No worries, the current plan is to build the new bridge as far as they can with the money they have, and then stop where it hits Seattle (I’m not kidding…) Then finish it off someday, when things get better.

Oh, and gas tax revenues are also far less than originally forecast.

Given the latest news, and factoring in the inevitable (84% chance) cost overruns, the big new shiny part may stop in the middle of the lake…