In his statement last March when he refused to accept $550 million in federal stimulus money, funds specifically set aside to enable
“If Texas were to accept these funds from Obama, my view is that it would make Texas less competitive than the other states, and it would hurt the prosperity and employment prospects for the citizens of the state of Texas”
Well the State Senate voted to accept the funds, but the bill was stalled in the House because, you know, the Republican love affair with the Voter ID bill that sought to disenfranchise the poor and the elderly.
So any hopes that Perry had that he ultimately would gain these funds anyway, without looking like he was giving in to a proffered Democratic handout were dashed.
And now, because Texas’ “prosperity and employment prospects” failed to materialize in the ensuing months, with Texas jobless ranks swelling from 139,592 to 353,881 within a single year – that’s nearly 600 jobless claims filed per day – Perry now finds that the state’s unemployment coffers are nearly empty.
So yesterday Perry announced that
Nice job, Perry.
And how, pray tell, are we to pay the feds back? Well, according to The Chron They are going to issue $2 billion in state bonds. From the Chron:
“The state ultimately is expected to have to take out up to $2 billion in bonds to repay the federal loans and spread the burden of higher taxes on businesses out for four or five years.”
And how much will these bonds cost
That’s $100 million tacked on to $493 million. $593 million total cost to
So instead of getting $550 million in a federal bailout, the state will instead spend $600 million in money it doesn’t have.
In short, Rick Perry and his
I wonder what his teabagging base will have to say about that?