South Carolina’s Uncle Sam is very generous, supplying nearly 38% of our budget, but he is also unstable. The federal debt as of today (May 1) at noon stands at approximately $18.21 trillion, and every year the debt grows larger. What if Uncle Sam goes unhinged? Wouldn’t it be sound financial policy for the state to have a plan for the sudden absence of our crazy uncle?
This week, it felt like we were in a Washington-like bad dream as the Republican-led SC House debated a bill that would have put South Carolina $500 million in debt. Dr. Oran Smith describes how we woke up from this $500 million dollar nightmare and wound up back home.
The numbers don’t lie. If we don’t change our ways, the Palmetto State could be looking at a #1 ranking in debt and taxes. That’s great news…for North Carolina, Tennessee and Georgia, our closest competitors for jobs and new investment.
