State Rep. Gregory W. Porter responds to updated state revenue forecast: ‘an embarrassment of riches’
INDIANAPOLIS – State Representative Gregory W. Porter (D-Indianapolis), ranking Democrat on the Indiana House Ways and Means Committee, released the following statement after the bipartisan Indiana State Budget Committee received a briefing on the revenue forecast for the next biennium.
Indiana is forecasted to receive an additional $9 billion flowing into our state than was expected in Dec. 2020, broken down respectively:
- $2.4 billion from the revised forecast
- $3 billion directly to the state from the American Rescue Plan Act of 2021
- $2 billion to K-12 schools from the American Rescue Plan Act of 2021
- $2 billion to local government units from the American Rescue Plan Act of 2021
“The reality of these numbers completely dismantles the picture Statehouse Republicans' have been painting of financial despair,” Porter said. “Their negotiators have argued the need for frugality as they finalize yet another biennial budget that favors corporations and the wealthy, instead of working class families and small businesses hit hardest by the pandemic. Projections show growth between 2 and 3 percent at the state-level alone since December, which does not even include additional federal stimulus dollars totaling $7 billion in additional revenue. Despite an astronomical increase in money for our state, Main Street is still suffering. It is quite frankly an embarrassment of riches.
“The State of Indiana continues to bounce back better than expected from the adverse economic impacts of COVID-19, giving our state the opportunity to invest in long-neglected initiatives. The decisions made for the next two years will show our values. It is time to start valuing the public K-12 education institutions, health care programs, essential workers and working class families that make the Hoosier State great.”
Porter recently expressed his thoughts on federal stimulus funding with the Indianapolis Business Journal: https://www.ibj.com/articles/the-american-rescue-plan-can-change-the-course-of-indiana.