Oak Ridge
UKC Forum Member
Registered: Aug 2003
Location: Indiana
Posts: 6168 |
quote:
Originally posted by truly
Joe, I have such a hard time believing that you have a background in business. There is a difference between "DEBT" and "DEFICIT". Your state did have a one year budget surplus, but does have lots of debt too.
"Indiana has a total state debt of approximately $37,127,700, when calculated by adding the total of outstanding official debt, pension and other post-employment benefits (OPEB) liabilities, Unemployment Trust Fund loans, and the FY2013 budget gap.[4] The debt total is less than the prior year's total of $38,710,138,000.[5]
Indiana's total state debt per capita is $5,697.12.[6]"
Read more: http://sunshinereview.org/index.php...t#ixzz2CM94J7kA
Indiana per capita debt is better than many states. Better than Illinois, New York's or TEXAS's=
"Texas, with $287 billion owed, New Jersey, with $282.4 billion, and Illinois, with $271.1 billion, ranked next among states deepest inl debt, according to State Budget Solutions. Vermont had the smallest debt load at $5.85 billion."
As you can clearly see, the state with the lowest debt is actually one of the most progressive left leaning states in the country. Maybe if you want to live a debt free lifestyle you should consider moving there? And bright red TEXAS is near the worst.
Truly,
While I tried to look at the link you provided, it appears that the site is "experiencing some difficulty".
But trust me, I do indeed know the difference between debt and deficit. You as well as anyone knows that deficit spending leads to debt. I also know that most "big businesses", government included operate with debt, and some debt when well managed is actually not a bad thing.
Being a life-long citizen of Indiana, I have some unique perspectives in understanding the debt. Knowing that during our most recent democratic governor's term we went through two bi-annual budget cycles of deficit spending, where the teacher, public safety (fire and police) pension funds were unfunded.
Because of a "tax and spend" mentality for four years, the state finances were a wreck. The result was the election of a conservative governor that "took the bull by the horns" and not just balanced the budget, but worked it into a surplus. Certainly the surplus was far and away larger than the overall debt. (2 Billion in surplus vs. 38.7 million). Since I can't see the sight that you referenced, what I don't know is if the 38.7 million in debt is secured by "cash on hand". (which I truly beleive it is) and the majority of it is pension funds, which as you know are payments owed on a monthly basis. Last I knew all of the pension funds that the state of Indiana managed were fully funded.
So yes, I do understand the difference between deficit and debt. I also understand that year after year of spending more than you collect is NEVER a good thing. I've seen deficit spending up close and personal, and I've seen conservative spending values balance a budget, re-fund pensions, and lower tax rates.
__________________
Joe Newlin
UKC Cur Advocate
Home of Oak Ridge Kennels
Report this post to a moderator | IP: Logged
|
11-15-2012 07:15 PM
