On the latest Capitol Report segment, Patrick B. McGugian said the main lesson from the current tax revenue crisis for Oklahoma is the need to plan ahead. When revenues were surging, leaders never delivered on promised “right-sizing.” When oil and gas prices collapsed, revenue challenges grew serious.
Still, McGuigan told reporter Alex Cameron, a $1 billion gap in state spending of $24 billion is not a “catastrophe.” That word is better applied to the events of October 1929, and a market collapse that eventually saw one out of every four Americans willing to work unable to find a job.
The CapitolBeatOK editor said the present near-recession is a bad time to raise taxes, but the state is headed that direction. McGuigan concluded this is a good time to follow the counsel of First Thessalonians 5:17, to “pray without ceasing.”
Watch the Capitol Report video