Arizona State Treasure wants to Consolidate State Debt.
If Arizona’s state debt, wasn’t so serious, this plan by Dean Martin would be laughable. Here is a state, that over the last decade has been asleep at the switch. The Legislature, the governors office, the state Supreme Court and finally the State Treasure.
Last month the State (Ariz) sold three taxpayer owned buildings to investors, for cash to buy time. Those were my buildings , did anyone ask me?? All he did was acquire a HELOC, or a Home equity loan. Did it solve the problem, no. It just kicked the can down the road. Now he wants to Consolidate Debt and extend the payments out over an extended period like 30 years. My question is has this State Treasure been awake over the past 10 years? It looks to me like he is trying to follow some Washington fiscal policy model. Lets just let the kids pay for it 30 years from now. Can you just imagine what the state debt would be by then? Does anyone in their right mind think for a minute that policy makers, 5.10 ,15, or 20 years from now are going to be able to deal with this debt? Of course not, do you not recognize what is happening to the American economy? The bottom line rather than deal with the problem, lets move it beyond my term or my administration and let someone else deal with it. These people make my hair hurt.
Then we have our current Governor come out and say , that she opposes the plan, because it does nothing for Arizona families, public safety, or classroom education. I think my brain is on fire.
Look , here we have a state , that built a government based on a false economy. Yes they should have recognized the problem 10 years ago, shied away from an expansion of government. There were economist out there, all over the place warning everyone that we were growing on top of a flawed economic model. (Example, David Walker, former head of OMB). The problem we have as I see it is that those in charge are afraid to drop the axe. The truth is we are either going to deal with it now. Or later.
I will bet a Big Mac and fries, that those investors that bought these , taxpayer owned buildings , will go to their grave with these loans on their balance sheets. What if the state fails to make these loan payments? Will the Sheriff be told by a court, to seize the property and remove the occupants. The building are boarded up , the homeless move in , set up meth labs, . I mean have you driven around the Capital lately in Phoenix. It would be only natural for the locals to take advantage of the big nice buildings just down the street.
I might be jesting a bit here,. But here is the point. This is the type of government that you wind up with when you elect these over educated idiots with no life experience in the real world. The practical application of hard work, success and failures.
Since I announced that I was going to run for Governor here in Arizona. Our fiscal situation has been exposed by the Treasure’s office , I suspect to provide him with some cover. This latest diversionary tactic, called Consolidation is no different than, individuals getting into to trouble with credit card, auto, home loans and having some banker or credit analyst telling you, We can bundle those loans spread the term and everything will be fine. Doesn’t work that way. I call it stacking. Look at where we are as a nation,. Look at all these mortgages that had ARM’s attached somewhere in the docs. Here’s a question , would this loan be tied to prime, or would it be fixed. Fixed at the current rate, only a idiot lender would sign that deal. So here we go. ???????
Finally , for all of you that want states rights , and you want to enforce the 10th Amendment. Until you eliminate all state debt, you will not be a sovereign state. Until you remove your ties to all federal mandates. You will not be a sovereign state. Until you stop accepting federal bailout money. You will not be a sovereign state.(( The Definition of Sovereign= Independent of all others)) This fact is why I and one other candidate for Governor here in Arizona scream and holler about Article 9 Sec 5 of the Arizona State Constitution. The founders of Arizona recognized the fact that unless they limited the borrowing of the state legislature, they would lose their sovereignty for ever. Which is why they put a $350,000.00 limit, on what the state could borrow. Here’s a fact,. Every member of the Arizona legislature current and previous, including the State Treasure, and Governors that have supported this fiscal mess, has violated their oath of office. So are you going to re elect these people?
Unemployment numbers came out yesterday, 436 thousand last month. If you think for a minute that this state or any state in this country is going to simply grow out of current debt levels you smoking wacky weed. There are only two states in the nation that are debt free. Arizona state ,county and city government and regulatory agencies will continue to prevent growth, unless they are reigned in. And I know that you folks around the country are dealing with these issues in your respective states.
What we have planned for Arizona if Im elected , will dramatically help families and home owners, will bring billions of dollars of capital into the state, and will drive entrepreneurial activity, and will overnight slash state expenditures. What has really been rewarding lately has been talking to other candidates around the country that have the same views and some of the same plans.
What we are facing is going to be hard. A lot of people are going to have their lives turned upside down. But if we don’t do this now, when? If its not us that do this, who? My Grand kids , I don’t think that is a option.
Maybe a call to Dave Ramsey would be in order. Just saying.
I keep forgetting to mention this. We are seeing a ton of hits from around the world,. Ukraine, Russia, North and South Korea, Germany and many others,.. We would welcome your thoughts on what is going on here in the States or even situations in your own countries. Occasionally we get emails from you but , feel free to comment on the blog site.
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