In NC, Surpluses as Far as the Eye Can See

July 1, 2022
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The reform majority learned from the mistakes of its predecessors

With storms on the horizon, NC prepared to weather almost anything

 

The legislature’s nonpartisan Fiscal Research Division projects budget surpluses in 2022 and 2023 and 2024 and 2025 and 2026 and 2027 and…

It’s not an accident. It comes from more than a decade of discipline and prudence amid withering attacks.

While Washington sinks our country into yet more debt, North Carolina’s reform majority has shown the value – and the political upside – of saying “no.” They’ve proved elections aren’t won by caving to the misguided notion that more money will result in more votes.

Before the reform majority took control of the legislature, their predecessors spent without any concern for what might come next. The result was deep budget cuts, salary freezes, and layoffs when revenues dried up during the Great Recession.

Such a result looks near-impossible right now. The reform majority has built in redundancy after redundancy. See for yourself:

  • Rainy Day Fund: close to $5 billion
  • Inflation reserve: $1 billion
  • Self-replenishing capital budget: Nearly $2 billion added this biennium
  • Emergency disaster response fund: Nearly $1 billion added this biennium

It’s hard to picture any state better prepared for the future than North Carolina.


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