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rr^^^^^ц"џ 4ццц__rrDЖџrrЖNorth Carolinas Debt Bomb - #3March Article
By Senator Robert Pittenger
Mike Easley, Governor of North Carolina, and State Treasurer Richard Moore say North Carolinas taxpayers are reaching the breaking point when it comes to paying the interest on all the debt we have piled up over the past tenures. State Senate President Pro-Tem Marc Basnight, also Democrat, says everything is fine and that he is actually thinking about loading up the bond/debt boat again this year.
In a typical budget fight, you usually have the Democrats and Republicans arguing with each other. But this year you see the senate and house Republicans lining up behind the Democratic governor and all testate house and senate Democrats dutifully lining up behind Basnight. Apparently, politics does make strange bedfellows.
A recent history:
In Fiscal Year 1999, the cost of interest in the states budget was slightly under $200 million. Last year the cost was about $400million this year it is $480 million. By 2007, it will soar to almost $700 million. Holy credit cards!! Whats going on here? We are on a spending binge and we have been borrowing like crazy to pay for it.
What is particularly galling about this spending binge is that even with all this bond money we have not kept up with our basic road needs; our Repairs and Renovations Fund is $200 million under funded. Capital funding is $300 million short. Why? Because the Legislature has systematically stripped the capital budget and used the money that would have gone to the Highway Trust Funds, Rainy Day Funds, Capital Spending Funds, etc., as a source of one-time revenues to cover their huge spending increases. What this means is that they took money promised for projects the voters of North Carolina approved roads, universities, infrastructure, and community colleges, and used those long-term monies to fill holes in the current operating budget. Their bet was that the states economy would improve enough that they would be able to replace the bond money before anyone caught on. Butte has overspent and even though revenues have actually recovered, testate hasnt been able to put the money back where it belongs.
The legislature has also opened a new door for indebtedness. COPS financing. Certificates of Participation. The legislative leadership has found a loophole to avoid voter bond approval. Last year the leadership pushed through $450 million of new indebtedness through COPS financing, avoiding a voter referendum as required by the State Constitution.
Recently Governor Easley called for a new law requiring a statewide vote to approve any new borrowing over $25 million. Easley said thatchs debt was growing too fast and we have to put a stop toot. Treasurer Richard Moore echoes Governor Easleys concerns and says he would like to set limits on how much debt the state can incur by tying it to a ratio of total state revenue or personal income. Moore has stated that, We are at the limits of prudent management. You know the credit cards just about got enough on it.
And what about the NC Legislature, led by President Pro-Tamazight? Well, Senator Basnight feels that the state shouldnt impair its ability to keep on borrowing. We would take it under consideration, says Basnight of Easleys and Moores concerns, But no, why would we limit our ability to do something if it is needed?
In other words, instead of setting our fiscal house in order, let just borrow more.
I think Governor Easley is right. More debt should require voters' approval, if for no other reason to tie the big-spenders hands by limiting their ability to borrow.
Please contact your state house and senate members and ask them to encourage Marc Basnight to agree: No more debt without a vote of the people.
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