As mentioned here before, the NC State House is claiming they will attempt to craft a balanced budget proposal without raising taxes. I sincerely doubt they will.
But what if they did? Balancing the budget purely through spending cuts would have many politicians, special interest groups, rent-seekers and other left-wing pundits up in arms. Expect the phrase "draconian cuts" to be thrown about frequently.
John Locke Foundation President John Hood attempts to squash the potential hysteria in this column, as he puts things into perspective.
Armageddon – despite all the scary predictions and caterwauling currently
emanating from special-interest groups, spending lobbies, and self-styled
progressives around the capital city.
How do I know the world won’t come
to an end? Because if the legislature adopts a state budget that spends $17.6
billion next year, rather than the originally projected $21 billion, that will
still constitute a huge amount of taxpayer money. It will still exceed the size
of the General Fund budget in FY 2004-05, an era not exactly lost in the mists