Talk about an embarrassment of riches. It really is an embarrassment. Especially knowing that all the money that's being given to you will have to be paid back--by your children and grandchildren. We will have to sit down and have a talk with them one day. To apologize, if nothing else.
The state of Arkansas looks to have a budget surplus of about $600 million this year. The state's economy is growing so fast that reporters have been asking state officials whether a $1 billion surplus could be in the cards. The governor has mentioned something about a special session in the fall, just to cut taxes. We'll see.
And while Arkansas is not just climbing, but leaping, out of the covid- inspired recession, the feds are dumping money into the state like nobody's ever seen. That's not a figurative statement. Nobody's seen this before.
The Biden administration's American Rescue Plan will send almost $2.6 billion in aid to Arkansas.
The state government of Arkansas is earmarked to receive $1.57 billion, to go on top of that surplus. Local governments will get a cool billion.
All of Arkansas' county governments will get money. The biggest (Pulaski) will get more than $586 million. While the smallest (Calhoun) will get north of a million.
The city of Little Rock is scheduled to get $37.7 million. Springdale gets $21.4 million. Fort Smith gets $21.2 million. And so forth, down the line.
What can the money be used for? Almost anything. Because almost anything can be linked to the pandemic these days. Think six degrees of Kevin Bacon, but for government cash. Even projects to improve Internet connections can be paid for with this "rescue" money. What it can't be used for is tax cuts. So we'll have to see if the governor's plans for the fall will be challenged by the feds.
This is Arkansas' portion of the $1.9 trillion bailout that the Democrats passed in March. Thank you, future generations, for the largesse that we've taken from you without your permission. Or even your knowledge.
If, in the future, you resent your own circumstances because of our, um, acquisitiveness, at least rest easy in the knowledge that, once upon a time, the United States government was so charitable that it gave away billions to states already awash in money. And your forebears didn't even know what to do with it all.
Talk about the Roaring Twenties. Here we go again! (No need to mention what came after the first Roaring Twenties, 100 years ago.)
The government official most annoyed by the federal government's charity must be Little Rock's mayor Frank Scott. He's been trying to push this new sales tax idea. To raise money for city projects from the zoo to early childhood education.
The city directors have been hesitant to put the issue on the ballot before the federal windfall. What can they be thinking now? And if support for a new permanent sales tax was soft in the community before this week's announcement from Washington, it certainly could not have been firmed up after the mention that a $37.7 million check was in the mail.
Hold out your fishing nets, folks. The money is falling outside.
We've said this several times in 2021. But it is worth repeating several more: If this country can continue to print and spend money this way, with no consequences for the future, then it will mark the first time that's happened in human history.