What a Thanksgiving treat from lame duck Gov. Mike Easley to the rest of us — more debt!
In case you missed it, last Wednesday, Gov. Easley announced he was going to recommend that the state move forward with over $700 million in government construction projects in order to "stimulate the economy." What he doesn't exactly tell you is that all these projects are to be financed with Certificates of Participation (COPS) which is nothing more than new (albeit, non-voter approved) debt.
So here we have the State facing a potential $2 billion shortfall and Gov. Easley deciding to make it just a little more difficult by tacking on $50 million or so in new debt payments!
Maybe if Gov. Easley read Brian Balfour's series on how to solve the budget crisis, and specifically, item #3, he would hold off on these projects in order to balance the budget next year.
But why does he care? He's not going to be the one having to deal with the crisis next year. Nor is he the one that's going to have to approve the massive tax increases that are coming to feed the insastiable appetite for spending that NC has had the past few years.
So thanks, Mike. Can you just go to the beach already before you do anymore damage?