Thursday, October 02, 2008

Beebe: Borrowing is not a Tax Increase

Governor Beebe wants you to understand that borrowing money is not the same thing as a tax increase.

Governor Mike Beebe is pushing for voter approval of an amendment to give yet another board authority to put us even deeper in hock- the water board. He wants us to believe that borrowing money is not the same thing as raising your taxes. Maybe not, but it is the same thing as raising your children's taxes. Borrowed money must be repaid, with interest. When government goes on a spending spree with borrowed money, sooner or later they must pay it back and the only way the state has to raise money is to tax it.

Beebe sometimes comes off really sharp, but too often he makes statements that are so obviously false or misleading that either 1) he is stupid or 2) he thinks WE are stupid. I DON'T believe that the governor is stupid btw.

Examples include his claims that "Roe v. Wade" does not matter much anymore because succeeding court rulings have watered it down so much and his claim that states can't do anything about illegal immigration even as Oklahoma is doing something about illegal immigration. I would also remind you of his claim that his severance tax increase money had "nothing to do" with General Revenues. Does the Governor actually believe that money is not fungible, or does he really think that there is no connection when you take revenues from a tax that was once devoted to general revenue and divert 95% of it to one's special fund?

1 Comments:

Blogger Mark Moore (Moderator) said...

The Forbes article notes "Voters approved the current $300 million bond program for water projects in 1998. The bonds are used to provide grants and low interest loans to counties and cities for water projects. The commission still has about $130 million in unobligated bonds from that issue."

Bond guys like the Stephens must love it when our (their?) politicians want to roll over and make permanent a bond deal when they still have un-loaned money from the last one!

9:28 PM, October 02, 2008  

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