the SC debt hole keeps getting deeper

hole

I was on the Rick Driver show Monday (06.20.11) and I was speaking about the tremendous amount of debt the SC taxpayer is on the hook for. When you include the unfunded liabilities, it is getting close to $25 billion (yes with a b). The discussion led to the bill allowing Hampton County to borrow even more to cover day-to-day operating expenses. A caller asked me how much debt local governments have racked up collectively. I didn’t know the answer and assured the listeners I’d find out and post it.

It’s a whopping $10.3 billion! Combining School Districts, Municipalities, Counties, and Special Purpose Districts, with State Debt, we’re quickly approaching $35 billion in hock.

On top of that the SC Budget & Control Board has recognized over $223 million deficit spending THIS YEAR ALONE. Am I missing something?

Doesn’t getting-out-of-a-hole 101 start with STOP DIGGING? Sen. Shane Massey (R-Edgefield) offered an amendment that the Senate adopted in the budget to prohibit deficit spending, however, the budget conference committee took it out. Out of the 2 Democrats and 4 Republican members of the conference committee, Sen. Harvey Peeler (R-Cherokee) was the lone vote to keep the prohibition in.

Watch out DC here we come. SC is catching up with you quickly!

Click here to see the breakdown.