Globe: Fiscal future "dims." Gee, Ya Think?

Today's Globe top story is quite an understatement: State's fiscal picture dims. Really? I wouldn't have guessed.

State Treasurer Timothy P. Cahill said yesterday that, yet again, he must borrow hundreds of millions in short-term notes to pay the state's bills - like a consumer using a credit card to make a mortgage payment.

Yikes. I hate to break the news to everyone, but our 5.3% income-tax experiment has been an utter failure. Our economic problems began when Celluci fought to lower the rate, and they haven't improved since. We need to go back to 5.9%, or else. Let's hope Beacon Hill has the political courage to raise the dreaded T word, in order to save the most basic of our state's deteriorating services.