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	Name:	mbk -
	Subject:	Alabama Politics
	Date:	10/30/2008 10:41:25 AM

Thanks for your opinions. It scares the h311 out of me that I agree with Dr. Hubbert, Executive Secretary of the Alabama Teachers Union (most people call it AEA), but he is right on this one. Dr. Hubbert’s remarks that I copied from Alabama newspapers include that “he has some misgivings about the plan because whatever money that is withdrawn must be repaid within six years. That would mean reduced education spending in the future unless there is a drastic uptick in the economy.” and he likened it to "going into your savings account to buy your groceries. The thing that's a little troubling to me is we may be preventing proration for one year, but we'll be paying back the debt for six years to get one year,"

The state emptied their true savings account, the Pro-ration Prevention Account, last year by withdrawing $440 million. They already have the authority to borrow $248 million from the Alabama Trust Fund for the ETF to prevent or reduce pro-ration. Where will it stop? Why did the legislature budget a 5% increase in expenditures for FY2009 when they knew the economy was turning south? Did they “bet on approval” of Amendment One? Do we really want to use our credit cards to buy groceries and pay our power bills? How will we replace the capital gains/interest revenue we loose by not having these investments in the ATF for the next five years – remember it does not have to be repaid for six years? How will we be able to repay the loans if we can’t pay our operating expenses today? Will we see more taxes and fees to repay this? You may not know that the state legislature must have approval of the voters to increase ad valorem taxes, but they can increase fees and other taxes without approval of the voters.

Vote NO on Amendment One and don’t vote on the other statewide amendments unless they impact your area.

Other messages in this thread:

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Alabama Politics - mbk - 10/29/2008 1:58:08 PM

Alabama Politics - SPEARFISHER - 10/29/2008 5:33:02 PM

Alabama Politics - Swimmer27 - 10/29/2008 5:57:06 PM

Alabama Politics - mbk - 10/30/2008 10:41:25 AM

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