I just had to shake my head in amusement when I read this article today:
"NC sells $400 million in obligation bonds."
Here we are two days after tens of thousands of North Carolinians took to the streets to protest government debt and spending and the state decides its a good idea to take on another $400 million in debt.
Not only is the timing suspect, but the General Assembly is struggling to put together a budget for next year and this $400 million will add another $16 million in just interest payments in debt service to next year's budget. That's $16 million more in spending cuts or tax increases that must occur just to pay for today's debt sale.
So more debt, more spending as a result of today's action. No wonder they buried the news late on a Friday afternoon.
Leave a Comment