State of West Virginia secondary Archives: on Budget & Economy

Paula Jean Swearengin: Create investment banks that will create jobs

Our plan calls for creating regional and state investment banks to invest in kickstarting high-wage industries and modernizing existing industries. These new banks will invest in high-wage industries that will create millions of jobs for the American people. These regional and state investment banks will work hand in hand with a new national investment corporation that will work to find game-changing new ventures in which the banks can invest.
Source: 2018 West Virginia Senate campaign website Jul 17, 2017

Jim Justice: Cut Rainy Day fund by $123M for WV's biggest depression ever

I can't possibly imagine that there is a time as dire and a time as important as tonight. Now, let me tell you. There is no question we've been fiftieth forevermore. We're better than that. Now, like it or not like it, we're dying fiftieth. This is the most difficult and the biggest depression that we could ever possibly imagine. The biggest of the biggest.

[When you keep digging a hole, you eventually get stuck in the bottom of the hole]. We are such in the hole that we got to quit digging. We got to quit working against one another.

Now, this year, you're going to have to cut the Rainy Day Fund $123 million more. No way around it. Right now.

We've got real problems. I don't mean this in any bad way, but we've got an 18-carat dog's mess, don't we? We do. I didn't create the dog's mess. I have inherited the dog's mess. And I am telling you, you have to have real direction and real ideas and real cooperation together to be able to get out of this.

Source: 2017 West Virginia State of the State address Feb 8, 2017

John Buckley: National debt beggars future generations

The federal government spends too much, on countless programs and activities well beyond its enumerated powers under the Constitution. It spends beyond its revenues, leading to trillion-dollar deficits and an accumulated national debt that beggars the mind (and beggars future generations). Federal spending programs are almost uniformly wasteful, unfairly benefit special interests and politically-connected insiders, and are wielded against the public's interest in order to "buy" the re-election of career politicians.

I support balanced budgets--at a grossly reduced level of spending; the elimination of such federal agencies as the Departments of Education, HUD, and HHS (and significant budget cuts in all other federal departments); and the privatization of such unnecessary government services as passenger rail (e.g. Amtrak), NPR, coastal flood insurance, and even air traffic control. I will not vote for deficit spending, any increase in the debt ceiling, or any increase in federal spending

Source: 2014 West Virginia Senate campaign website, Aug 31, 2014

Earl Ray Tomblin: We will not impose financial burdens on future generations

I've learned how incredibly important it is to be a good steward of the people's money. And how important it is to say yes when you can, and being strong enough to say no when you can't. That's the key to fiscal responsibility.

My fellow West Virginians, make no mistake, the State of our State is strong. We pay our bills on time and we've invested in our future by continuing to work together as we face future challenges. We will not impose financial burdens on future generations. In fact, our reserve fund is one of the healthiest in the nation.

We did not get here by accident--we got here with planning, patience and foresight. Our Rainy Day fund has a savings of over $920 million and it has helped protect and improve the state's credit rating for over 20 years.

Source: 2014 West Virginia State of the State speech Jan 8, 2014

Pat McGeehan: Real crisis is $17T in debt and future unfunded liabilities

In October, the US Congress again raised the debt limit. Much of the media immediately praised the action, as the shut-down "crisis" was finally over, and the government re-opened for business. However, little attention was given to the real crisis.

Within 24 hours of this debt resolution sailing through the Congress, over $350 billion were borrowed--and the government's debt now officially stands well over $17 trillion. This is to say nothing of the untold trillions of dollars in unfunded liabilities the American taxpayer is expected to cover well into the future. As staggering as these numbers may be, very few in Washington DC understand the magnitude of this national dilemma.

This predicament grows even more dangerous [because the] deficit is no longer coming from real "borrowed" money. Very few foreigners are loaning money to the American government now; the largest buyer of American debt has now become the Federal Reserve.

Source: McGeehan in Huntington News: 2014 West Virginia Senate race Dec 8, 2013

Pat McGeehan: The Fed printing money for debt causes inflation

Where is all of this "borrowed" money coming from in Washington? Over the past several years, the largest buyer of American debt has now become the Federal Reserve, our country's central bank. To permit the federal government to desperately cling to spending money it doesn't have--last year alone, the Federal Reserve purchased over 75% of all US Treasury bonds. What does this mean?

When the Fed steps in as the "lender of last resort", and buys US government debt, new dollars are being created out of thin air. In essence, the only thing the Fed does have at its disposal is the printing-press, and this has become the new norm in Washington.

Turning to the printing-press has real consequences for the average American: massive devaluation of the dollar. As more dollars are printed-up by the Federal Reserve, the average American will find that their purchasing power will go down. This can already be seen--at the grocery store or the gas pump. In a way, this represents a tax. The inflation tax

Source: McGeehan in Huntington News: 2014 West Virginia Senate race Dec 8, 2013

Joe Manchin III: CAREFULLY plan stimulus: in planning mode; not panic mode

We have CAREFULLY planned our stimulus spending--reaching the most West Virginians we can with the money we have been provided. West Virginia is a top state for putting stimulus dollars to work on our highways and for building water and sewer lines.


Source: West Virginia 2010 State of the State Address Jan 13, 2010

Bob Wise: Limit capital assistance find to new businesses

I ask for some important economic development legislation this year: the long-awaited reform of the West Virginia Capital Company Act. The Legislature created this act to stimulate new businesses. But many well-established companies, that could have obtained funding in the traditional marketplace, have tapped this fund, and tapped West Virginia taxpayers. This has gone on too long. The bill before you will restrict this money to creating new jobs and new opportunities.
Source: 2001 State of the State Address to West Virginia Legislature Feb 14, 2001

Bob Wise: The cupboard is bare, despite national economic growth

Ladies and gentleman, the cupboard is bare. Despite the 3% budget cut which I was forced to impose on the first day of my term, we are looking at a state budget with minimal growth for the next year.

We’re paying the price for some reckless decisions by state government. We have about $9 million in unpaid phone bills, some of them three years old. There have been massive overcommitments on highway projects that we must now fund. The contingency fund that we need to keep in reserve for emergencies has been depleted-along with several other funds.

We are now at what appears to be the waning days of the longest period of economic growth in our nation’s recent history-and West Virginia has precious little to show for it. I am presenting a budget that is in balance, a budget with no fat, no frills, and no nonsense. It is a budget that makes tough decisions. It is a budget that says the irresponsible practices that got us in this situation will not be tolerated again.

Source: 2001 State of the State Address to West Virginia Legislature Feb 14, 2001

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