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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).\u00a0The discussion led to the bill allowing Hampton County to borrow even more to cover day-to-day operating expenses.\u00a0A 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.<\/p>\n
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.<\/p>\n
On top of that the SC Budget & Control Board has recognized over $223 million deficit spending THIS YEAR ALONE.\u00a0Am I missing something?<\/p>\n
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.<\/p>\n
Watch out DC here we come. SC is catching up with you quickly!<\/p>\n