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Budgets - Balanced might mean 'teetering on the edge'

Star Tribune Sat, 08 Dec 2007 22:44:47 GMT
John S. Adams: Planning a budget? Remember to maintain

Assets depreciate. Business and homeowners know this, but the state conveniently forgets. ... I have no argument with their comments, but each missed an opportunity to highlight the perennial fiction that the state budget is balanced when current revenues equal current spending. Baloney. Any business or household that behaved this way would be bankrupt in short order. As a state, we are failing to maintain our asset base, are failing to invest sufficiently to ensure a competitive future and are drawing down assets to maintain cash flow for consumption. We're not only coasting; we're sliding downhill compared with the competition.

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