The Governor’s budget irresponsibly jeopardizes North Carolina’s future economic prospects.
There are two main reasons: it uses one-time money that won’t be there in years to come, and it makes cuts in key areas that are the building blocks of a strong economy.
Self-inflicted revenue shortfalls resulting from the tax plan enacted last year mean fewer dollars to build a strong foundation for the state’s economy and improve the lives of all North Carolinians. The Governor’s use of one-time money and cuts to key areas, like higher education and health, are shortsighted and harmful to the state’s long-term stability and growth.
The Governor should put forward a responsible plan to pay for his priorities by stopping any further tax cuts from going into effect and urging legislators to re-examine the tax decisions made last year. Next year’s financial gap has the potential to grow even larger as the costs of personal income tax changes are felt. State policymakers would do well to plan for that impact and its potential devastating effect on families and the state’s economy.