When Dubya moved into the White House the budget was in surplus and the national debt was falling. Now there are record deficits and the debt has almost doubled.
The recent headlines in the local papers say that Luzerne County has a $16 million shortfall this year but buried in the fine print is the fact that they have already obligated $18 million from the latest bond issue to cover it. So the real deficit this year is $34 million for a budget of $200+ million. The last time I checked in November of last year Luzerne County was on the hook $419 million in principal and interest through 2026. So lets add the $93 million they borrowed earlier this year plus the $16 million they want now and the total is $528 million not counting interest to be paid back over the next 20 years. Remember that the county is also looking at building a new prison that will require that will require floating another bond that may be as much as $100 million. In the last few years whenever there was some left over bond money the commissioners always spent it on something else instead of saving it for a rainy day or just paying back the money.
Every budget the last few years has been a work of fiction.
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