West Virginia’s politics and economy look a lot like Wyoming’s, but it’s fiscal profile is much healthier because of diversification.
Gov. Mead released his spending proposal today, which includes $159 million in cuts for the 2016 biennium, and borrowing $448 million from the "rainy day" fund for 2017-2018.
Wyoming’s has $19 billion in savings — a handsome amount for a state of 584,000. Yet local leaders say the state lost sight of the purpose for the savings.
Amid a drop in oil prices, Wyoming has billions in liquid savings, more than enough to cover Gov. Matt Mead’s 2016 budget proposal.
In 19 days the Wyoming legislature approved a $3.5 billion budget and passed some 132 bills, while setting the stage for a special session.