Put away the plastic
A report focusing on state government's debt level ought to grab leaders' attention like a repo man banging on the door.
The state has "substantially exhausted" its general fund debt capacity until 2011…
That means the same for state government as it does for a consumer who's hit his credit card limit: Don't borrow more until you pay down some of what you owe.
But, as anyone with a credit card knows, that's easier said than done thanks to high payments due, plus interest, for purchases already made with borrowed money.
Greensboro News and Record Editorial Board, February 9, 2010
Did the Greensboro News and Record Editorial Board know we were going to need to borrow $18.5 million and spend another $6.5 million a year for police, while they promoted an extra $7 million for the Aquatic Center, $20 million for the Natural Science Center and $651.1 million of county debt on top of $155 million of city debt in 2008?
Is the Greensboro News and Record Editorial Board saying it’s OK for community leaders to lie to the public?