North Carolina taxpayers are about to be stuck with a long term tax bill courtesy of the Democrat controlled legislature. More bad ideas and bad results from state and local Democrats. Support the RSLC today – before it’s too late!  From FayObserver.com:

This year, the Legislature went on a borrowing spree in the budget, authorizing $857 million in debt over the next four years. That’s the largest amount ever approved in one year without requiring a public vote. The so-called “special indebtedness” will pay for 1,500 prison beds, more than 15 university and state buildings, even an oyster hatchery and the renovation of the polar bear exhibit at the North Carolina Zoo.

“If the Legislature can authorize a billion dollars of debt without a vote, why would they ever offer another bond issue again?” asked John Hood of the conservative John Locke Foundation and a frequent critic of nonvoter approved debt.

Legislative leaders said they aren’t giving up on traditional bonds, which under the state constitution must be approved by voters. A blue-ribbon transportation commission recommended a road-building bond this year, and lawmakers said it will be considered in 2009.

But the “special indebtedness” is a way to build essential construction projects faster than possible when public approval is required, an important option as steel and concrete prices soar. The state’s construction industry will get a shot in the arm and could generate as many as 20,000 jobs, lawmakers said.

“The contractors are hungry and the interest rates are low and we have a big new group of university students on the way,” said House Speaker Joe Hackney, D-Orange. “Together with the stimulus effect, all that argues in favor with going ahead.”

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