Do Arkansans Want To Join States Like California In Accruing Huge Debt?
Editor Recommends Voting NO on Arkansas Issue No 3.
. . . Do Arkansans want a $535M Solyndra scandal in the Arkansas?
Conduit for Action: Issue No. 3 on the Arkansas' ballot will allow the state legislature to take on unlimited debt to give incentives to big businesses in order to try to attract jobs. Once Issue No. 3 passes Arkansas can issue an unlimited amount of bonds and Arkansans won't get to vote on whether to take on the debt. The state's taxpayers will be responsible for the bonds and interest.
The goal of bringing jobs to Arkansas is admirable but there is no guarantee the investments will work out for Arkansas taxpayers.
Arkansas' Constitution already allows the legislature to pledge hundreds of millions of dollars to attract big business ventures, commonly called "super projects," but because of the risk of losing money from the projects and because of the possibility that large obligations could keep the state from addressing other needs without huge tax increases, the current Constitution limits the state's investment in super projects bonds to no more than five percent (5%) of Arkansas' General Revenues.
Instead of asking the people to raise the percentage of our budget that can be pledged, Issue No. 3 totally removes any limit. This action would be fiscally irresponsible.
Even if you trust the current Governor and legislature, do you trust future politicians five years, ten years, twenty years, or fifty years from now to not take on too much debt? Neither do we.
With nothing to limit spending, do you think politicians will be able to say "no" when lobbied to give corporate welfare to big business even if the venture is risky?
Don't be fooled by the nice sounding popular name: Issue No. 3. "An Amendment to the Arkansas Constitution Concerning Job Creation, Job Expansion, and Economic Development."
Notice it only talks about jobs and economic development and says nothing about taking on more debt.
We think this is a better title for this Constitutional Ballot Issue:
Issue No. 3 = "R.O.B. Amendment" "Risk Our Budget".
Tags: Arkansas, Ballot Issue 3, risky, no limit to debt, taxpayers, Conduit for Action To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
. . . Do Arkansans want a $535M Solyndra scandal in the Arkansas?
The goal of bringing jobs to Arkansas is admirable but there is no guarantee the investments will work out for Arkansas taxpayers.
Arkansas' Constitution already allows the legislature to pledge hundreds of millions of dollars to attract big business ventures, commonly called "super projects," but because of the risk of losing money from the projects and because of the possibility that large obligations could keep the state from addressing other needs without huge tax increases, the current Constitution limits the state's investment in super projects bonds to no more than five percent (5%) of Arkansas' General Revenues.
Instead of asking the people to raise the percentage of our budget that can be pledged, Issue No. 3 totally removes any limit. This action would be fiscally irresponsible.
Even if you trust the current Governor and legislature, do you trust future politicians five years, ten years, twenty years, or fifty years from now to not take on too much debt? Neither do we.
With nothing to limit spending, do you think politicians will be able to say "no" when lobbied to give corporate welfare to big business even if the venture is risky?
Don't be fooled by the nice sounding popular name: Issue No. 3. "An Amendment to the Arkansas Constitution Concerning Job Creation, Job Expansion, and Economic Development."
Notice it only talks about jobs and economic development and says nothing about taking on more debt.
We think this is a better title for this Constitutional Ballot Issue:
Issue No. 3 = "R.O.B. Amendment" "Risk Our Budget".
Tags: Arkansas, Ballot Issue 3, risky, no limit to debt, taxpayers, Conduit for Action To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
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