Proposed State Constitutional Amendment on Ballot?

[Hawkeye]

I don't disagree. Just haven't found one yet. Key word being "yet". I'd really like to have an 1895 in 7.62x54R...

I have one in 30/40 Krag. Not a musket but a carbine model.


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[ATOMonkey]

The last amendment I voted for, all the state politicians swore up and down it would NOT allow gambling in Indiana. The day after it passed it was apparent there were already plans ready and waiting for gambling after the lottery amendment passed.

i thought we had been running an annual surplus? I had read articles where Dems wanted to spend it instead of saving it. So why any debt?

You can have a budget surplus and still be in debt.

Do you have a mortgage?

Are there some months you have a little extra at the end?

Indiana has taken out loans in the form of bonds (which I didn't think was possible, live and learn), and loans from the Federal government. Tax increases are usually just done in order to service the debt (make interest payments).

So, even though we have a budgetary surplus, we still owe quite a bit to investors and the Feds. I'm sure there are other lending institutions that we may owe as well.

 

[jedi]

thanks atomonkey.
this makes sence now with the mortage example.
so wtf do we owe debt on?
what did we buy?
i dont see any new roads/bridges/highways up in nwi to show us this debt?

 

[2A_Tom]

This thread is revealing a lot of things that many did not know.

I still do not trust politicians!

I could go for it if they were to remove a couple of lines that contradict the premise of a balanced budget.

Section 5. (a) No law shall authorize any debt to be contracted, on behalf of the State, except in the following cases: [STRIKE]to meet casual deficits in the revenue; to pay the interest on the State Debt;[/STRIKE] to repel invasion, suppress insurrection, or, if hostilities be threatened, provide for the public defense.
(b) The following definitions apply to this section only for purposes of the limits on the State budget under this section:
(1) "Revenue" means all income received by the state general und and all other state funds, excluding the proceeds of bonds or other loans.(2) "Expense" means the ordinary operating costs of State government, including any debt service payments made during the biennial budget period.(c) The total amount of expense appropriations enacted by the General Assembly for a biennial budget may not exceed the estimated revenue of the State in the biennial budget period.
(d) A State budget enacted by the General Assembly must appropriate money for the State's prefunded pension funds in the amount necessary to actuarially fund the accrued liability of all such pension funds during the budget period.
(e) If expenses exceed actual revenue received by the State when reconciled at the close of a biennial budget period, the subsequent biennial budget must subtract any shortfall from the projected revenue available for that subsequent biennial budget.
[STRIKE](f) The requirements under subsections (c) and (d) may be suspended if at least two-thirds of the members of the House of Representatives and at least two-thirds of the members of the Senate vote to suspend the requirement.[/STRIKE]
(g) A court that orders a remedy pursuant to any case or controversy arising under this section may not order any remedies other than a declaratory judgment or such other remedies that are specifically authorized by the General Assembly in a law implementing this section.[4]

The fact that It raises the bar to 2/3, 2/3 may be a slight improvement but still not a balanced budget amendment.

 

[Expat]

YOu would think that the first use of a surplus would be to pay off any debt, but bonds probably aren't callable early and if they are, with a penalty.

 

[2A_Tom]

Ah, but they could become fully funded before maturity and then they would no longer be debt.

 

[DoggyDaddy]

I have one in 30/40 Krag. Not a musket but a carbine model.


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Ooh, I would take that too. Already reload for 30-40 Krag. (from .303 Brit brass)


ETA: This practice helps me balance my reloading budget. Just thought I'd throw that in to keep it somewhat related to the subject.

 

[Leadeye]

I don't disagree. Just haven't found one yet. Key word being "yet". I'd really like to have an 1895 in 7.62x54R...

A great rifle, have 30-40 and 405 WCF.

 

[KLB]

I'm guessing mostly unfunded pension liability. Governments love to give themselves great pensions and not put enough money away to pay for them.

This site has the number much higher
https://www.mercatus.org/statefiscalrankings/indiana

 

[mmpsteve]

I need to re-read this entire thread, but what's the bottom line? Does the new proposal make us more or less likely to maintain a balanced budget? The 2/3 language makes it seem more likely, but there are many people on INGO much more knowledgeable than I. What say you?

 

[ATOMonkey]

It is not a perfect amendment, but it is a step in the right direction.

 

[2A_Tom]

Hough seems to be 100% for a yes vote. I am not sure that believes this is a 100% fix, but merely a step in the right direction.

I would be 100% with him if I did not have a severe disgust and distrust of lawyers in general, but he seems to be a good one.

Is that anything like a good demon?

Under his recommendation I will vote yes. I hope for all of us that this is the right decision.

 

[JettaKnight]

Why on earth do you think the founders had us on "THE GOLD STANDARD" until Nixon took us off. That way the government size would always be limited by how much money they treasury could print, now that they can print literally an unlimited amount of essentially worthless paper money our government can now and has ever since then grown at a uncontrolled exponential rate. Know this 90% of all taxes we now pay have been enacted in the last 40 years.

Modern Monetary Theory is up and coming, not that I understand it...

 

[Expat]

I heard some top state Democrat was again it, so I will probably vote for it.

 

[GodFearinGunTotin]

I heard some top state Democrat was again it, so I will probably vote for it.

Yeah but I'm seeing people whom I believe to be "conservative" are so mistrustful, they're going to vote 'no'.

 

[2A_Tom]

I am still torn, but will likely vote yes. I did not know we had so much bond debt.

 

[Expat]

Yeah but I'm seeing people whom I believe to be "conservative" are so mistrustful, they're going to vote 'no'.

I think the automatic position of a lot of conservatives is no to anything the politicians propose.

 

[2A_Tom]

I distrust all politicians.

They need to spend more time getting rid of old ineffective and or redundant laws. Simplify!

 

[tsm]

There’s enough room between the balanced budget requirement in today’s IN constitution and the change to only requiring a 2/3rds majority to bust the budget that you could drive an elephant through the gap. I don’t trust any politician not to overspend, so I’ll be voting NO to weaken the current constitution.

 

[2A_Tom]

Have you read this whole thread?