Tax and budget policy expert Randy Bauer was Governor Tom Vilsack’s budget director for six and a half years and has evaluated tax and revenue policies for many state and local governments.
In late September, Governor Kim Reynolds announced that the State of Iowa had a $1.24 billion surplus for fiscal year 2021, which ended on June 30. In a news release, she and the state’s interim budget director credited their own fiscal management for the surplus. Top Iowa Republican lawmakers have echoed that message.
Was it really all that praiseworthy? I’d suggest not. Here’s why this record surplus was not the big deal Reynolds and her minions made it out to be.
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