#ncga: Would you like some more debt with that?

The alleged conservative revolution in Raleigh is ramming through spending that is $1 billion MORE than what they passed last year. Two years ago, Raleigh gave us the hard sell on this $2 billion ConnectNC bond package. Approving that authorized the state to borrow up to $2 billion for projects on campuses of higher-learning institutions.  (As of this writing, only ten percent of that $2 billion has been authorized.  That’s what they tell me over at the state treasurer’s office.) Sounds like ConnectNC wasn’t near as crucial as we were led to believe. And now, the current pack of honorables…

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Rand is right.

It’s almost hard to believe senators from the alleged conservative party would talk about one of their more devoutly conservative colleagues like this: Rand Paul took a stand, consequences be damned. And Senate Republicans are livid about it. After driving the government into a brief shutdown over his demand for an amendment to cut government spending, the Kentucky Republican took friendly fire from a significant number of his Republican colleagues for delaying an inevitable passage vote in the Senate. They accused the senator of misusing the Senate’s time for no real reason other than to draw attention himself. […] *WHAT ????? …

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Taxpayers on the hook for High Point pro baseball

Settle back, folks.  This is a story that involves something in Raleigh that you likely don’t hear much about — The Local Government Commission. Here is an explanation of the commission from the state treasurer’s web site: […] In 1931 the North Carolina General Assembly established the Local Government Commission to help address the problems in local government finance caused by the depression. In 1933, 62 North Carolina counties, 152 cities and towns, and some 200 special districts were in default on the principal or the interest or both of outstanding obligations. Currently, the State of North Carolina has a…

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US Senate GOPers raise federal debt $9 trillion as part of ObamaCare repeal

Yes.  You read that right.   I had to do a double and triple-take myself.  WHAT in the blue blazes does one have to do with the other?  Here’s McClatchy — a leader in the fake news industry — trying to explain it to us: Sens. Ted Cruz and Marco Rubio have been adamant – the federal debt is way too high and has got to be tamed fast. Cruz, a Republican from Texas, helped lead the 2013 fight against raising the debt limit, a fight that resulted in a partial government shutdown. Rubio, a Republican from Florida, in announcing…

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We owe, we owe, it’s off to spend we go …

Ever wonder why we keep reelecting politicians who dig us deeper into debt? Conservative author John Hayward may be on to the answer: Perhaps one reason so many American voters tolerate a government drowning in red ink is that the citizens are carrying huge amounts of debt themselves. Slate took a look at household debt recently, and found that it “remains higher than it was for almost all of postwar history,” despite a significant improvement since the end of the last recession. Our loads of both mortgage and non-mortgage debt began creeping up in late 2012, and of course student…

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Following in Greece’s footsteps?

The drivebys and the “wise men” in DC and on Wall Street are tut-tutting about the mess in Greece. (Thom Tillis says his “ancestral homeland” could learn something from North Carolina.)  But all indications are that we will be right in the same spot if we keep going as we are. Economist Jeffrey Dorfman wrote in Forbes that an important stat to consider is a nation’s debt-to-income ratio: Some people hate the notion of comparing a country’s financial situation to a family, but I think it is useful in many cases with this being one of them. For a family,…

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NC’s Jones, SC’s Mulvaney stand strong on spending, while rest of US House GOP folds like cheap suit

“And the beat goes on … ” — Sonny & Cher ——————————- The drive-bys have been calling last week’s vote on the 2016 federal budget in the GOP-controlled US House as ”conservative.”   Seventeen members of the House GOP caucus would beg to differ with that assessment:  […] Rep. Walter Jones (N.C.) — Jones called the increased spending “irresponsible” and “immoral.” “Frankly, I am tired — and I know the American people are tired — of the dishonesty in Washington,” he said in a statement. “We’re fed up with the annual budget charade where Washington makes another empty promise to get tough on…

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Charlotte, NASCAR & P3s: Big dreams paid for with other people’s money.

Amid the excitement of the recent election results — and the recovery from the smothering audio-visual assault on our senses — yet another example of crony capitalism and P3 monkey business went toes up. Those who are preaching the gospel of public-private partnerships for things like, oh, highway widening should stop and take a good hard look at the tale of The NASCAR Hall of Fame in Charlotte. In 2005, Charlotte’s uptown crowd — led by then-Mayor Pat McCrory — lobbied hard for an occupancy tax to finance the construction of The Hall of Fame complex.  We were all told…

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#NCGA: HOW MUCH ?????

$107 Billion, 580 Million, 297 Thousand dollars.  ($107,580,297,000.00)  THAT is how much debt North Carolina state government had racked up by January 2014.   And how has the “conservative revolution” in Raleigh addressed this problem? By spending MORE and MORE each year.  State Budget Solutions, a right-leaning think tank, has compiled a database of total debt for each of the 50 state governments. According to these good folks, our government was sitting on more than $100 BILLION in debt as of January 2014.  To put it in perspective, that translates to every resident of North Carolina owing $11,032.  And THAT…

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Unfunded liabilities and North Carolina’s public debt shell game

Some observers though the GOP establishment in Raleigh might have bought off The John Locke Foundation when Gov. McCrory named Art Pope as his budget director.  But, apparently, nobody told JLF’s Sarah Curry anything about sweeping stuff under the rug. Curry has done some excellent work shedding light on some of the financial shenanigans on Jones and Blount Streets.  She pointed out the fact that – – while the GOP-controlled legislature was taking credit for a “conservative” budget — spending outside the general fund was exploding.  Now, Ms. Curry comes with a report suggesting some, um, “creative” accounting by state government…

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