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Wednesday, August 19, 2009

Lynch sees light in budget hole

The Concord Monitor's Shira Schoenberg reports on Governor John Lynch's obscenely optimistic speech the Concord Rotary Club about the state's budget mess.

Speaking at the Concord Rotary Club's weekly meeting, Lynch acknowledged that he used a large amount of one-time stimulus money in the budget for 2010 and 2011, but he said that would not present a problem long-term.

"If revenues return to historical levels in terms of their growth, which historically is about 4.5 percent by 2012, and I think that's a pretty realistic and pragmatic assumption . . . we'll then be back on an even keel going forward," Lynch said. (more)

Other than the $110 million the state has already lost in the JUA Lawsuit, the $9 million it has lost in the nursing home lawsuit but refused to pay, the slower than anticipated revenues in July, the $500-$600 million deficit already built into the next budget, and the unfunded liability of at least $3.4 billion in the state's pension system, things are looking up!

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