Friday, February 29, 2008

Jefferson County to Creditors: We're Broke!


From the Birmingham News:

Jefferson County told creditors in a filing Thursday night that it could offer no assurances it can meet its sewer debt obligations.

In two securities disclosure documents, the county said:

Soaring interest rates mean it may not be able to make payments on $3.2 billion in sewer bonds.

It may not be able to post $184 million in collateral required when credit-rating agencies lowered the grade for its interest-rate swap agreements.

Its sewer debt service reserve fund was now underfunded because of the credit downgrade, and the county could not guarantee it could properly fund or insure it.

Read the rest of the article here.

Editor's Note: Let this be a lesson to politicians who mortgage our children's future for their present political pleasure.

Thursday, February 28, 2008

"Double-Dipper" Terry Spicer Rams through Bill to Protect His own Job

MONTGOMERY - On disputed voice votes Wednesday, a state lawmaker who works for a community college rammed through for final legislative action a bill that would give legislators power to overturn state school board rules for two-year colleges.

The action by Rep. Terry Spicer, D-Elba, an employee of Ozark-Enterprise Community College, drew harsh words from some committee members. They charged Spicer with ignoring repeated pleas for roll call votes and then using his position as acting chairman to declare the outcome of each vote in favor of the legislation.

"I'm not very pleased with the way this committee meeting went," said Rep. Mike Ball, R-Huntsville. Ball sat next to Spicer during the meeting and at one point jumped from his chair and, leaning toward Spicer, waved his hands and arms repeatedly asking Spicer for a roll call vote. Spicer ignored the move.
For the complete story click here

Note: This is an outrage! The very legislators who abuse the system are trying to take over control so they can continue to use the system for their and/or their family's financial gain. This is a perfect example of the fox watching the hen house. Republicans are preparing for a floor fight. We need to make our voices known by calling our representatives and insisting that this bill be defeated. The first thing the legislature will do if it passes is to reverse the ban on legislators working for the two year system passed by the state school board last year.

What do you think about this? Post your opinions!

Wednesday, February 27, 2008

The More Things "Change"...

Legislators do not expect convention bill to pass




MONTGOMERY -- Although many state legislators agree that Alabama's 1901 Constitution is antiquated and should be replaced, they do not expect a bill allowing voters to decide whether they want a convention to rewrite the document to pass this year.
Click here for full article

Tuesday, February 19, 2008

Rush on McCain

McCain: Surprisingly Liberal.

If and when Senator John McCain finally receives the GOP nomination for President, the cattle call will sound and all Republicans will be expected to file behind the lead elephant. The alternative, we are told, will be much worse: perhaps a Hillary administration.

But as this ad shows, much of what conservatives fear from Hillary holds true for Senator McCain.

Jefferson County: $4.6 billion in the hole




“Shhhhh. Someone might find out!”

The Birmingham News recently reported that many Jefferson County Commissioners don’t want their colleagues to discuss county finances publicly because it might “rattle” investors. Jefferson County has the distinction of being $4.6 billion in debt, 43% of this debt carrying variable interest rates—you know, the kind responsible for sinking the housing market and triggering our present recession.

Naturally, few in government want this news to get out. People may get the idea that one county racking up $ billions in debt and charging it to future generations may be bad economic policy for the present time as well.

Investors know that a county close to $5 billion in debt will eventually have no choice in the future but to raise taxes—substantially. And when local governments need more revenue, they tax businesses first. But the problem with raising taxes (especially on businesses) is that it drives businesses and residents away, thereby hurting the overall tax base.

Businessmen have longer memories than politicians, and a much better grasp of history. That is why people always beat their governments. If they can’t find loopholes, they create them. If they don’t have enough clout in government to create them, they vote with their feet. No people, no taxes.

But Jefferson County does not have a revenue problem anymore than a compulsive gambler has a revenue problem.

The only long-term solution for any failed government is to drastically cut spending, privatize (and preferably eliminate) government services where possible, and cut—not raise—taxes. Cutting taxes and spending is the biggest draw for investors Jefferson County could make.

In his book, For Good and Evil: The Impact of Taxes on the Course of Civilization, historian Charles Adams points out that virtually every struggling government in history became successful and prosperous when it drastically lowered taxes. But the flip side is also true throughout history: every prosperous government that raised taxes weakened and ultimately collapsed.

The Jefferson County Commission must take drastic measures to save the county from inevitable bankruptcy. I suggest turning the county into a “tax haven” in the South. For it is certain that if the Commission does not act, Jefferson County will become a desert island.

Wednesday, February 13, 2008

From the archive (1999)

Friends,

I found this going through some old papers...

1999

Hold on to your Wallet!
The U.S. Taxpayer Copes With “Fuzzy English”


By Matthew Chancey

There have been several new words tossed around in Washington, D.C., in recent years that warrant a proper definition and consequent warning to the U.S. taxpayer.

Most Americans believe that politicians lie. But what might surprise some folks is that most politicians don’t lie; they simply don’t use the same vocabulary as 99.9% of their constituents. Call it “fuzzy English,” if you will. Politicians love to twist the meaning of words so that no matter what they say, their statements will tickle the ears of any audience—regardless of the hearers’ political opinions. In one sense, this little game of semantical gymnastics is lying, because its underlying purpose is to deceive people on the true meaning of a politician’s words. But as far as making the statement, “Read my lips…” most politicians are not that daring.

Republicans and Democrats alike engage in this “fuzzy English,” although they might at times use a different dialect. The following are examples and definitions of several words and phrases commonly used by politicians:


“Compassionate”— When a conservative politician says he’s “compassionate,” this does not mean he has a personal soft spot for spotted owls. It means that he is going to spend your money for spotted owl preservation. A “compassionate conservative” is usually a socialist-lite who has no desire to eliminate social welfare programs, but wants to use them to promote certain conservative “ideals”.

“Local Control”— When a politician in Washington says he is supportive of “local control” for X, it does not necessarily mean he supports the elimination of any federal department or program. He simply means that he will keep the federal program, but allow states and communities to have more input over how the money is spent. This view holds that too much red tape—not the federal government—is the problem. These politicians do not subscribe to the view articulated by Sen. Eugene McCarthy, who said that “an efficient bureaucracy is the greatest threat to liberty.”

“Responsible”— In politics, the word “responsible” means “more.” To call for “responsible” gun laws means to call for more gun control. To call for “responsible” banking laws, means to call for more banking regulations. Under no circumstances does “responsible” mean “more efficient.”


“Affordable”— When a politician says he wants to make X more “affordable,” he means he wants the government to subsidize it in some form or fashion. It never means that federal regulations or meddling will be reduced or eliminated to lower prices.

“Investment”— A very popular word among liberal politicians. A call for more “investment” in, say, education is not an encouragement for taxpayers to take out an education IRA for their grandchildren. It means that the government must spend more on education. Note: this word never refers to private investments of any kind.

“Reform”— When a politician says he will fight for “X Reform,” it means that more money will be spent on X and more regulations will be enacted no matter what type of legislation is proposed. “Reform” is never equated with “elimination” in Washington.

“Partnership”— When a politician says he wants to form a “partnership” between the government and X, he is saying that he wants the government to control X in some manner. It does not mean that he wants to assist X or share input with X.

“Reasonable” and "Common Sense"

If a politician says he favors “reasonable” this or “common sense" that, it is almost always used to modify the words “regulations” or “restrictions.” A politician uses the words “reasonable” and “common sense” to make anyone who dares to oppose him seem “un”-reasonable and “lacking” in common sense.

“Fair”— Another favorite of all politicians. “Fair” is usually used in the context of what a politician thinks you deserve. For instance, the rich are taxed more than the poor because it’s “fair.” Taxpayer-funded education loans are given to poor students because it’s “fair.” Certain minorities get special hiring privileges because it’s “fair.” Under no circumstances does “fair” mean “just” in politics.

“Surplus”— In the corporate world, if an employee takes more money from his employer than is stated in his contract, we call it “embezzlement.” In Washington, it’s called “surplus.”

This is just a sampling of the “fuzzy English” you will hear in our nation’s capital.
For those finding the above confusing or hard to follow, the best advice this writer can give is to hide your kids, plug your ears, and hold on to your wallets when
a politician opens his mouth.