Utah Gets a $1.5 Billion Congressional “Bailout” – Utah Already Had a $1.5 Billion Budget Surplus!
Blessed with an embarrassment of riches, Utah will have a $1.5 billion surplus and get a match from the federal government.
The Beehive State is collecting another $1.5 billion in federal stimulus funds from The American Rescue Plan. The coronavirus “bailout” for Utah is just part of the $350 billion in aid for state and local governments after a year of pandemic shutdowns and struggling economies.
But for Utah, its economy has been able to withstand the downturn that has hurt other states.
As Gov. Spencer Cox said in a press release about the financial health of the state, Utah’s economy has long-term strength.
“Key indicators continue to show that the Utah Way has again paid dividends, with our state leading the nation in the economic recovery,” Cox said.
That “Utah Way,” including “prudent use of taxpayer resources,” allowed for a $1.5 billion surplus.
The governor credited the extra money after an unprecedented year with the “Utah economy performing exceptionally well relative to expectations in the beginning months of the pandemic."
So why did the state get $1.5 billion from the federal stimulus?
The spending plan made no distinction between states that managed its finances well and states that didn’t, between states that had extensive shutdowns and those that didn’t, between states that have gotten some of its tourism dollars back and those that haven’t welcomed tourists back.
And no state has turned down the “free” money from the federal government.
The #WasteOfTheDay is presented by the forensic auditors at OpenTheBooks.com.