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October 25, 2006 | South Carolina Headlines

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Gov. Sanford Issues Statement on State's Credit Rating
PRESS RELEASE
July 12, 2005

STATE OF SOUTH CAROLINA
OFFICE OF THE GOVERNOR
MARK SANFORD, GOVERNOR

FOR IMMEDIATE RELEASE
Contact: Will Folks 803-734-2100 [email protected]


SANFORD: CREDIT DOWNGRADE HIGHLIGHTS NEED TO GROW ECONOMY, NOT GOVERNMENT 

Columbia, S.C. - July 12, 2005 - Gov. Mark Sanford today called Standard & Poor's decision to downgrade South Carolina's credit rating due to our state's unemployment rate "a regrettable and highly avoidable situation" and promised to continue his efforts to grow South Carolina's economy, not South Carolina's government. Specifically, the governor called on state lawmakers to do three things: replenish our state's trust and reserve accounts, slow the growth of state government to growth in population plus inflation and provide income tax relief to working South Carolinians.

"The key to financial stewardship and management - which credit agencies focus on - boils down to two things in the short-term," Gov. Sanford said. "First, you shouldn't grow government faster than the taxpayers' ability to pay for it. That's why we see this event as a call to action for everybody in government to set appropriate spending limits. Our "Taxpayer Empowerment Amendment" would do just that, setting that limit at population plus inflation and then giving the voters a chance to weigh in on what level of government growth they think is appropriate. Second, good financial management means that when times are good you put back what you've taken from the cookie jar -  which in this case means paying back all of the half-billion dollars that was borrowed from trust and reserve funds during the recent economic downturn. We think these two things are foundational to what any rating agency looks for in determining a state's financial health."

"Along with these near-term actions, we have to take steps to grow our state's economy by making it more competitive in attracting jobs and investment. That means we've got to start investing less in government and more in our economy. Income tax relief has proven effective in stimulating job growth in other states, and it's something we're going to continue to push for as an administration because it's central to keeping South Carolina competitive and improving our underlying business climate."

"It goes without saying that we've been consistent advocates on each of these three critical fronts, and I'd call on people throughout government to join our efforts this coming session and get these things done. What we have here is a call to action not from me, but from a rating agency, on the need to grow our economy, not government."  
-#####-

W

Will Folks
Press Secretary, Governor Mark Sanford
803-734-5258 (office)
803-734-6447 (facsimile)
803-446-6713 (mobile)
[email protected]
www.scgovernor.com



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