Rep. Cindy Ryu: Economic Forecast "Disappointing" Entering November Special Session

Editor's note: The following statement was released this week by 32nd District Rep. Cindy Ryu (D-Shoreline). 

The latest news from the state Economic and Revenue Forecast Council continues to be disappointing.  I almost said “heartbreaking.”  Job growth, consumer confidence and business investments are all below what is needed for a quick economic turnaround, and state revenues continue to fall far below what is needed to maintain current service levels.  According to the new forecast, revenues have fallen $1.8 billion since the 2011-13 budget was approved in May.

Because of the seriousness of the revenue losses, Gov. Chris Gregoire has called for a special session of the Legislature, which will begin on Nov. 28.  In fact, we’re already meeting and discussing options.  As Gov. Gregoire stated it, “We did not cause this problem, but we have to fix it.”

I’m not worried about whether the Legislature will balance the budget in a financial sense–unlike Congress, we are legally required to do so.  But I do worry about whether the budget will be morally balanced, because there is no law that requires the state budget to be wise, compassionate or focused on our long-term common good.

Many people don’t realize that the state budget has already been cut by about $10 billion over the past three years.  This year alone (my first year as your representative), funding for schools and other priorities was cut by some $4.5 billion.  I have no doubt that another all-cuts budget would demoralize teachers and have crushing impacts on education, human services and other core responsibilities of government.  I am hearing from more and more local citizens who say we need additional revenue options and a more balanced approach to our budget problems.  I agree, and I’m convinced a balanced solution should include the option of asking the public to approve additional revenues, such as my proposal to improve funding for schools by ending special tax-breaks for out-of-state banks. 

I’d like to hear your thoughts—Cindy.Ryu@leg.wa.gov—on our state’s budget and revenue problems. We’re all going to have to live with the state’s budget decisions. Your insights and suggestions will help me to advocate for decisions that make sense for our local values and families, and for our future.