Bond proponents claim that adopting this bond is equivalent to a household taking on a mortgage to purchase a home. That claim has no merit. The entirety of the $2 billion bond is less than 10% of our state’s annual operating budget. There’s no logical comparison of this bond & our state budget to the cost of a home to a household budget. If the cost of a home was less than 10% of a household’s expense budget for 1 year then the home could be paid for without the need for a mortgage!
Further, a mortgage isn’t adopted under the reasoning that the signers may spend the money but leave the payments to their children. This bond does just that: adopts debt in the names of others for legislators today to spend money on grandiose projects and earn political points back home while not having to claim the expenditures as an operating budget spending increase.
Our state reports a $445 million surplus and 6% revenue growth for the year 2015, alone. If these projects truly have merit, it’s simply a matter of proper prioritization of the spending of NC tax dollars for them to receive funding through the appropriate budget adoption channels. North Carolina households have to be resourceful with our budgets, and legislators need to do the same.
Vote AGAINST the $2 BILLION bond debt proposal on March 15. For more information, see the following segment in which NC Against the Bond was invited to appear on Capital Tonight to discuss the $2 billion debt increase proposal: