NC: Foolishly speeding toward a fiscal cliff
If you get a chance, check out a recent essay authored by retired Legislative Fiscal Analyst Richard Bostic. It was posted by Raleigh's News & Observer.
In it, Bostic, who spent 31 years advising state legislative leaders, issues a loud and clear warning about the fiscal cliff toward which our state is speeding.
His simple and straightforward message: it's imperative that GOP lawmakers rethink their massive, planned cuts to corporate and personal income taxes.
And his reasoning is equally straightforward.
Several core public structures and services – schools, state employee pay and retiree benefits, infrastructure – are already inadequate even as our population is growing and aging.
Now add the looming threats of climate change, federal funding cuts and an economic downturn and the picture grows even more ominous.
The bottom line: As Bostic observes, delaying or repealing planned tax cuts isn't just about balancing a spreadsheet — it's about protecting our schools, our infrastructure and our people. State lawmakers should heed this insightful warning.
For NC Newsline, I'm Rob Schofield.
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