Seems our state has plenty of money to fund education

So is the Governor and his administrators lying to the public when they say there is no easy solutions to raising teacher pay? The Mercatus Center disagrees;

South Dakota ranks 3rd among US states for its fiscal health, based on its fiscal solvency in five separate categories.

South Dakota’s strong fiscal position in FY 2013 was driven by very high revenues relative to spending and by low levels of debt. The state’s cash position indicates that South Dakota had between five and eight times the amount of cash needed to cover short-term spending in FY 2013. South Dakota’s revenues exceeded expenses. Long-term liabilities accounted for 9 percent of total assets, and the state had excess assets after meeting its debts. Debt levels were among the lowest in the nation at 1.3 percent of state personal income. Under its own accounting assumptions, South Dakota’s pension system was fully funded. However, when calculating the pension liability on a guaranteed-to-be-paid basis, the unfunded liability amounted to $6.7 billion.

After reading this, I thought I may be living in another state and don’t know it. We often hear the constant drum beat from Pierre that ‘the money isn’t there’ not just for education, but we heard it with road funding also. Unless the accountants at the Mercatus center got their wires crossed, it seems the state could afford more money for education, roads and even sending some of their extra revenue to strapped counties so they don’t have to continue to opt-out. So why is the state hoarding money that could be spent? Isn’t that what we pay taxes for? To be spent on programs to help the residents of our great state. If I knew the state was interested in keeping a savings account, I say just reduce my taxes instead, and I will take care of my own savings.

The Mercatus Center also has a fascinating blog.

1 comment so far ↓

#1 The Daily Spin on 07.09.15 at 10:07 am

Major embarrassment that SD is worst teacher pay in the nation. Has been since I can remember. If our economy is so hot, why can’t we pay teachers more?

How about billboards:
“We’ve got jobs if you’ll live in tents and wait in line for food stamps.”
Put them beside the mayor’s signs.

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