Subject: [big campaign] OWN: Walker's 'Savings' Will Cost Taxpayers Millions for the Next 10 Years
From: Aniello Alioto <[email-masked]>
To: [email-masked], Michelle Ringuette <[email-masked]>
Date: Fri, 25 Feb 2011 12:34:36 -0500
List-Id: <bigcampaign.googlegroups.com>

FYI

---------- Forwarded message ----------
From: One WI Now <[email-masked]>
Date: Fri, Feb 25, 2011 at 12:31 PM
Subject: Walker's 'Savings' Will Cost Taxpayers Millions for the Next 10
Years
To: [email-masked]

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*For Immediate Release
February 25, 2011
*
*Contact: Cody Oliphant
Phone: 608-204-0677*

 Walker’s ‘Savings’ Will Cost Taxpayers Millions for the Next 10 Years *More
Financial Revelations in Fatally-Flawed Walker Scheme*

Madison -- In an attempt to push through his unpopular Budget Repair Bill,
Gov. Scott Walker has tried to set a Friday deadline for passage by falsely
claiming that lack of action will cost taxpayers money:

"If we don't pass that by this weekend, if we fail to be able to achieve
those savings, that opens the door for a large number of layoffs for state
workers," Walker said. [Wisconsin State Journal, 2/22/11]

However, a recent memo by the Legislative Fiscal Bureau illustrates that
Gov. Walker’s bond refinancing scheme has nothing to do with saving
taxpayers any money. Instead of making a scheduled $165 million debt payment
that is due on May 1, Walker wants the state to borrow the money to make the
payment by taking out a new 10-year loan for the same amount. The
Legislative Fiscal Bureau estimates that the interest costs for taxpayers in
just the first two years of the ten-year loan will total $14,010,000 (
http://legis.wisconsin.gov/lfb/Misc/2011_02_22WILeg.pdf<http://onewisconsinnow.pnstate.org/site/R?i=VOPtg7K51ZtRMI6BtxpHDg..>
).

"While Gov. Walker and his administration talk about how his plan will
'save' taxpayers money, in reality taxpayers will be paying higher interest
costs over the next ten years," said Scot Ross, One Wisconsin Now Executive
Director. "In reality it’s only by defeating this bill that we will save
Wisconsin taxpayers money, as well as save important bargaining rights for
Wisconsin workers."

All of this comes after Gov. Walker signed into law $140 million in new
special interest spending, and follows his continuing refusal to accept the
concessions provided over a week ago by working men and women that more than
solves the budget dilemma.

Gov. Walker’s plan also directly contradicts the promises that he made
repeatedly during his campaign and since he became Governor to not borrow
money to balance the budget:

Soon, we will lay out our plans for the next state budget and we will
successfully tackle the three billion dollar deficit. We will do it without
raids on segregated funds, or excessive borrowing. [Walker Inaugural
Address, 1/3/11]

Our budget repair bill will lay the foundation for a structurally sound
budget that doesn't rely on short-term fixes and other gap measures that
only delay the pain and create perilous uncertainty. [Walker State of the
State Address, 2/3/11]

We're going to do the right thing. We're going to balance the budget the
right way. We're not going to push it off to the next generation. [Walker
press conference, 2/21/11]

"While there may be legitimate policy reasons for refinancing the debt,
especially in the face of an economic collapse caused by Wall Street greed
and George W. Bush’s mismanagement, this isn’t the way to go," said Ross.
"Gov. Walker should be honest with the people that his plan is nothing more
than obtaining a new loan. To say that the refinancing ‘saves’ taxpayers
money is as dishonest as saying that his budget repair bill preserves
collective bargaining rights."

# # #

One Wisconsin Now is a statewide communications network specializing in
effective earned media and online organizing to advance progressive
leadership and values.

Media Inquiries: (608) 204-0677 | Email: [email-masked]

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