Good News: State Debt Drops By $3.5 Billion
BY BUDDY NEVINS
One story that should get more attention in Broward County is how the state’s bond debt has been decreasing.
The state has paid off $3.5 billion in debt since 2010 when it hit its high point, leaving a total debt of $24.6 billion on June 30.
Gov. Rick Scott made the announcement at today’s meeting of the Florida Cabinet.
Moody, the bond rating agency, recently published a report entitled “Florida Back On Track,” crediting revenue growth and an improving economy for “Florida’s resilience and sound fiscal management.”
Facing re-election, it is no surprise that Scott is taking credit for the improvement.
“Two years ago unemployment and state-debt were up, while housing prices were down. To grow jobs, we cut taxes, cut burdensome regulations, made strategic investments and made state government more accountable to taxpayers. The results are in – and IT’S WORKING. Moody’s has given credit to our management of taxpayer dollars, and we’ve paid down $3.5 billion in state debt, which won’t burden our future generations,” Scott said in a news release.
Whoever is responsible, this is good news. It should get more notice. Less bond debt means less spent on interest. That’s money that can now be used to for other priorities.
“According to the Division of Bond Finance, by reducing total debt by $3.5 billion, costs related to servicing the debt has decreased by $6.9 billion since 2010,” states the news release from the governor’s office.
August 8th, 2013 at 11:09 am
Damn that Republican Governor Scott! How dare he reduce our debt and save untold billions of dollars. The next thing you know he will lower unemployment. Oh, nuts! He already did that too!
August 8th, 2013 at 1:38 pm
From the beginning, he’s tackled the problems facing the state, however unpopular they may have been. Pension reform, spending cuts, refusal of Obamacare and bullet train funding mandates and on and on. I figured he’d be a one-term governor based on his prudent decision making, and I still believe that (I hope not)
August 8th, 2013 at 1:51 pm
However, all you Floridians will be paying MORE.
More for insurance on your homes due to poor regulatory practices.
More for health insurance due to Republican Legislature not enacting ACA provisions.
More into your local taxes to subsidize State cuts.
More for your utilities due to allowance of Public Service Commission to raise fees for utilities to pay for nuclear expansion they don’t even have to implement.
More for College education at State Schools.
The only people getting a break are big business under this administration.
If one of Rick Scott’s buddies can make extra money, you can be sure you will be paying more and he less.
The consumers/average Floridians get screwed
August 8th, 2013 at 4:31 pm
Gov. Scott is giving us a good reason why he will not be beat next year. Democrats can yell and scream all day. They aren’t going to win. Ha Ha Ha Ha.
August 8th, 2013 at 6:49 pm
Gov. Scott is done. Watch the wave in democratic Broward when Charlie Crist takes the democratic nomination. I’m an independent who has been following florida politics for 30 plus years. The dems and Independents will go D not R. History always repeats itself over and over. In Broward, in 2014, it will be a republican slaughter . Scott. Moriatis. LaMarca. Gone. Trust me.
August 8th, 2013 at 7:14 pm
If the Fl legislature has to balance the budget every year, how is it that Fl has 24.6 billion in debt?
August 8th, 2013 at 8:54 pm
of the Democratic talking points? You forgot to blame the Republicans for Trayvon Martin’s tragic death.
Thanks for the laugh about the “un”affordablehealth care act. My individual market family plan already went up 30% in the past two years as Obama’s new mandates went into effect.
The state should be shifting the costs of many programs back to the local governing bodies where local taxpayers are more likely to pressure their elected officials to end some of those programs completely.
College costs are artificially high because of government “help” which only protects the schools from being fiscally responsible. Oh and Obamacare is driving up their cost of labor.
I’m not a big fan of Scott but as #2 wrote, Scott is doing a good job making Florida a good place to grow private sector jobs with his prudent fiscall magement.
Bring on “Chain Gang” Charlie. I can’t wait for Scott to contrast his record to the abysmal record of Crist.
August 9th, 2013 at 8:06 am
Friends,
It’s sort of like this. You take a bottle half full of jelly beans. tilt it to the right and look at it from that angle. The bottle looks full and you feel good about it.
But when you hold that angle and glance at the bottle from the left, the view suggests the bottle is nearly empty. Now, we can celebrate that the debt is down. I agree that’s generally good news. But it happens to be my view that celebrating debt reduction in Florida is sort of like telling a cancer patient that their blood pressure is normal.
I admit to being a bean counter and a budget guy through and through. Always was, so don’t get me wrong. I don’t like debt and yes reducing it is generally good news. But if you’re fair about it you realize, at the end of the day, that the measure that counts in such things is the comprehensive examination.
The only true way to look at the jelly bean bottle is the untilted view. How it looks when you sit it on a level table. That’s the view that tells the true story.
In Florida right now, there’s a lot to say about impacts to our people — our most precious resource — that isn’t said when we just talk finance. We’d be well advise to take a more moderate approach to this recovery and bring all of the residents with us on that journey toward success.
Angelo
August 9th, 2013 at 10:24 am
I am an IND voter who has leaned towards the Dems in the last few election cycles. Once the GOP went crazy, it was not hard to do.
However, I would not dismiss Scott from winning relection.
Besides debt, he got rid of two big problems in the Lt Gov and Ed secretary. Makes no difference if he had anything to do with them leaving because they are footnotes instead of targets.
Perhaps Scott’s biggest helper is from Jesse Jackson coming to to the state. We had a trial with I think the wrong charges, but you can’t blame Scott for the jury or prosecution or for the SYG laws.
Any Dem who wishes to make SYG a campaign issue will be wasting time since the law came about because of how law abiding citizens were being sued and arrested for defending their homes, business or lives. Jesse will ensure a Scott victory since he will be demanding a complete repeal of the law instead of fine tuning it. Most voters will not want a repeal since we have plenty of criminals who will be making headlines during the election process.
On top of that, you will have an issue of pension reform and spending which the Dems will blow easy to get union votes in a right to work state.
I like Crist, but his US Senate run should put an end to any dreaming of him being a Dem miracle. It won’t be Crist runing , but Crist and Jesse and Al who voters will be seeing.
The number one remark I hear from my area is that if Jesse is so concerned about black teen deaths, why is his mouth in Fla instead of Chicago.
Oh, Tawana Brawley was found in Va and is now having her wages garnished for the libel law suit in that NY circus. Sharpton will have that to also assist Scott come election time.
What is not understood is that when outsiders want to get rid of SYG instead of offering slight changes, the voters of FLA will Stand their Ground against them in the voting booth.
I would not be cocky if I was a Dem Party official.
August 9th, 2013 at 10:32 am
that castillo post just highlights the disease politicians get when they take office, they talk and talk and never say anything…
August 9th, 2013 at 11:46 am
@Commissioner Angelo Castillo, since you’re a “bean counter” could you tell Sheriff Israel to hire me for 15,000 beans? How often do your recommendations end up in handcuffs? You boob.
August 10th, 2013 at 11:07 am
Tits — Here’s my response to that. Any professional manager, even those with half my career batting average will tell you the same. Try as you might not every swing you take in life will produce a base hit.
You go to work every day and you do the best you can bringing the right motivations, efforts, intentions and goals with you. Do that consistently and most of the time things will work out. But sometimes outcomes you never imagined possible happen even as you’re doing your level best.
That’s just the way life is. You take the successes with the knocks but when things get challenging, the thing never to do is run from it. And you don’t lie. Never lie. Because men don’t lie they own up. I have lived that life so I can speak to that point.
I realize that anonymous posters like to talk big. And perhaps I make the miscalculation, Buddy being a respectable guy, that people visiting his site might just be a cut above, a bit more thoughtful and respectful when participating in discourse.
But Titty, my friend, talking’s one thing and walking is another. When you’ve walked even the fraction of miles I have, when you’ve accomplished the things I have, when you become half the man I’ve been, let me know and I’ll give your thoughts more serious attention.
Have A Point — I’m OK when two rational folks arrive at honestly differences of view. But your comment suggests you didn’t understand my post though I tried to write it clearly. Is there a specific clarification I can offer?
Angelo
August 10th, 2013 at 3:32 pm
@Angelo, you realize anyone who uses the “I’m above anonymous comments” is by definition a “boob”. Don’t bother with the talk the talk-walk the walk meme. We have your number. Whether its questionable hires at Broward House, odd choices in pines or fact your family used to answer phones for Judy. Your long rants are a joke.
However, you did bring up your “career batting average” so would you care to tell us who else you recommended to high paying gigs during your less than illustrious career? You boob.
August 15th, 2013 at 6:50 am
Angelo ignore these ignorant people and just keep moving forward. Nobody cares what they have to say except Al Lamberti.
August 16th, 2013 at 8:36 am
Plain,
Thanks for the encouragement but people know me in this community, I made my bones here long ago and folks know who I am. They know what’s true. And for damn sure they know what’s not true.
There are some who for political self-interest like to creep around and try to hurt the reputation of others. We all know those types, it’s always the same crowd. I have no use for them and they know it. So they tell lies because evil is their only friend.
Let them.
That crowd thinks they do us harm, they think they are powerful, but what they never realize the toll of their folly. Their line of work is poisonous, they poison themselves slowly but surely. Living that life is like like taking a daily swig of poison. Inevitably their own poisons consume them.
Dealing with them always involves the same strategy. Let them chase you. And chase you. Until they hang themselves.
Such their inevitable end. It requires no special effort except patience. Besides, people aren’t stupid. They know the truth. For damned sure, nobody’s going to silence me. I will remain outspoken as always.
Peace.
Angelo