But state lawmakers decided to splurge during the economic boom years rather than wisely set aside more money to soften the budgetary blow during this recession.
That’s the general thesis of my article published today in the Gaston Gazette:
Lawmakers should always keep an eye on the long term and understand the cyclical nature of our economy. Booms are inevitably followed by busts. How they allocate our tax dollars during the boom is just as important and should be scrutinized just as closely as how tax dollars are spent during a recession. There is always an opportunity cost to every tax dollar spent. An extra dollar spent during the boom years on nonessentials like museums or welcome centers is one less dollar the state will have to preserve teachers, judges, prisons or social services when the next recession comes.