Shock absorber
Wednesday, October 29th, 2008Mechanism needed to absorb jolts of the legislative spending cycle
State Sen. Harvey Peeler is correct when he points out that the state needs a shock absorber to even out the jolts from poor spending decisions.
The senator’s metaphor describes the situation well. A shock absorber takes up some of the impact of holes in the road, evening out the ride of a car by limiting the up and down movement of the suspension.
South Carolina has been made car sick by the ups and downs of state spending and budget cuts. The cycle of legislative spending is clear. When the economy is growing, the General Assembly spends all the money it can, every dime that is forecast to come into the state’s coffers. Lawmakers give no thought to the inevitable economic downturn. For instance, last year, lawmakers spent more than $1 billion in revenue growth. (more…)