Tuesday, April 12, 2016

Dubious loans by Walker's WEDC create more costs for taxpayers

Scott Walker's politically-driven WEDC dunned taxpayers repeatedly - - from the agency's creation to meet a failed 250,000 new jobs' campaign pledge to politically-inspired bad loans producing more taxpayer costs.

Add in Walker's national campaigning that cost taxpayers a tidy sum for 24-hour protection and you get a sense of just how poor a steward of the public treasury Walker has been.


Anonymous said...

MJS had no credibility reporting on this - Walker is their guy, a man they have endorsed. It has s sick how now they pretend to be the watchdog, but without years of pro-walker propaganda and outright endorsements (including 2015), there would be no WEDC.

Anonymous said...

"politically-inspired bad loans producing more taxpayer costs"

Next time just use "Mission Accomplished" to save letters!

Anonymous said...

This report is just more Walker propaganda from his BFF, MJS. The "5% of the state's $79.3 million loan portfolio that was delinquent at the end of last year" is entirely IRRELEVANT!

They got to this number by writing off bad debt that would never be collected. Now they want us to believe that this means Wisconsin is collecting more of this money. Nothing could be further from the truth.

The bookkeeping shenanigans erase millions and millions of debt that will never be paid off, falsely allowing Walker's toadies to report that now it is not "delinquent" even though it still represents a multi-million dollar failure that was used to create a pay-to-play that was designed to fund his campaigns and massive failure in his White House bid.

You have been had if you think this 5% is an improvement -- the fallacy is that you have to ask "5% of WHAT!" Just because accounting gimmicks and outright debt write-off/forgiveness (just bookkeeping gimmicks for bad devt) now means that Walker can claim "only" 5 percent of loans are delinquent does not mean the situation has improved at all.

In fact, it has not. For example, the 5% lie does not take into account the 90-cents-on-a-dollar that is going to be absorbed by taxpayers as a loss. But then again, siphoning money from taxpayers to Walker supporters as "bad debt" (no longer being carried as a loss on the books) is exactly what WEDC was designed to do.