Tuesday, March 17, 2009

The Anti-Doyle: Sanford of South Carolina

Yes, there are such critters as Responsible Governors.

One is in South Carolina. He wrote O-and-Savior (bless his name) a couple of weeks ago to request that the Porkulus funds headed for SC be used to reduce the bonded debt of the State.

Naturally, O-and-Savior told him no.

Next round:

I've made clear my opposition to using debt to solve a problem created in the first place by too much debt - and I don't believe this to be an unreasonable position

(see what I mean--the "anti-Doyle"?)

I'd offer the following as a clarification to our using a portion of the stimulus funds to paying down our state's sizable debt. With regard to the Education Stabilization Fund monies (ARRA § 14002(a)(1)) that must be used "for the support of * education," we think it would be consistent with statutory requirements to use this $577 million to pay down the roughly $579 million of principal for State School Facilities Bonds and Research University Infrastructure Bonds over two years. This would immediately free up over $162 million in debt service in the first two years and save roughly $125 million in interest payments over the next 13 years, which could then be directed towards other educational purposes - just as paying off a mortgage early frees up the typical monthly payment for other uses

The rest of the letter addresses two other areas of debt-reduction (Unemployment Comp is one.)

ThreeCardMonte Doyle, having driven Wisconsin to the brink of bankruptcy, is forced to offer bonds to State residents--claiming that 'the regular system' for short-term borrowing is 'broken.'

It's not broken, folks. Banks won't lend ThreeCardMonte the money. They saw what he did to the Transportation Fund and the over-charges on cellphones.


capper said...

I'm sure all of the unemployed people in Carolina appreciate him taking a stand and not only keeping them from getting a job, but taxing them anyway for the money that would have gotten them a job.

Do try to think these things through, old boy.

Anonymous said...

Hey Crapper, we are in the hole another trillion and I just don't see the big rebound.

Keynes was wrong.... STOP SPENDING MONEY!

Dad29 said...

Cap, you still haven't explained MICHIGAN...

And from what I've seen of the "Porkulus" for Wisconsin, there's no there there, either.