Mike McCabe:

There are at least two negative consequences for taxpayers. First, failing to pay today’s bills until tomorrow makes paying tomorrow’s bills even harder. The state’s problem keeps getting bigger. A report issued in January had the GAAP deficit at over $2.4 billion. The previous year, it was $2.15 billion, which was more than the year before. And that year’s GAAP gap was bigger than the year before that. You get the picture.
The second consequence of the GAAP deficit is it hurts the state’s bond rating. That means the state has to pay higher interest rates when it borrows money. And, of course, it’s the taxpayers who pay the penalty for our lawmakers’ fiscal irresponsibility.
This problem has been 20 years in the making. GAAP deficits have been happening under Democratic governors and Republican governors, and they’ve been happening when Republicans control the Legislature as well as when Democrats are in charge. But while the problem isn’t new and both parties are to blame, it’s important to remember that it hasn’t always been this way.

Something to consider with respect to the potential for growth in redistributed state education tax dollars.
Related: Michigan recently raised taxes significantly, only to see a smaller increase than expected.