Phoenix--While the state is $1.5 billion in the red, it is spending your money as fast as ever. Today marks the 100th day of the fiscal year and according to the Goldwater Institute and Arizona Free Enterprise Club spending clock Arizona has already spent nearly $8 billion in state and federal funds. At current authorized levels, by the time fiscal year 2010 is over on June 30, the state will have spent more than $29 billion.
The state is spending at a rate of $920 per second. Are you in the market for a new car? The state could buy a new BMW 128i Coupe in about 30 seconds. Looking for a house? It would take the state about six minutes to buy a three bedroom, two bath home with a pool in lower Arcadia.
"Some lawmakers and the governor want to increase the sales tax to help close the budget gap," said Goldwater Institute economist Byron Schlomach, Ph.D. "But the only way to effectively lower the deficit without hurting ordinary Arizonans who are trying to make ends meet is to reduce spending. Lawmakers need to slow the spending clock down."
Arizona Free Enterprise Club president Steve Voeller agrees. "To say that the budget is spinning out of control is like saying the sky is blue," said Voeller. "Unfortunately, the slowing economy tends to weigh down the private sector far more than government. That needs to change if we're going to grow our way out of this mess."
The Goldwater Institute and Arizona Free Enterprise Club spending clock is reset each fiscal year and shows in dizzying real-time just how fast the state spends your money. This year the rate is almost $2.5 billion per month, $558 million per week, $79.5 million per day, $3.3 million per hour, $55,000 per minute, and $920 per second. You can watch the clock go at www.goldwaterinstitute.org.
The Goldwater Institute is an independent government watchdog supported by people who are committed to expanding free enterprise and liberty.