North Carolina is among the top five states in the nation for budget solvency – or having sufficient revenues to pay for its spending – according to a new report released Tuesday by a well-respected academic research center at George Mason University.
The state also moved up six places since last year to rank 15th overall in the Mercatus Center’s 2017 ‘Ranking the States by Fiscal Condition’ report, which measures 'states' ability to pay bills, avoid budget deficits, and meet long-term spending needs and cover pension liabilities.'
“While some on the other side of the aisle are doing everything they can to discredit our conservative budgeting approach of spending restraint and middle-class tax relief, the data speaks for itself. While most other states are struggling with revenue shortfalls, North Carolina is among the top five states in the nation for budget solvency,” said Senate Leader Phil Berger (R-Rockingham.)
The General Assembly’s nonpartisan fiscal research staff projects state revenue to grow more than $3.5 billion over the next five years, even with major tax cuts to the middle class.
Last month, top credit rating agency Fitch awarded North Carolina an ‘AAA’ bond rating, citing its ‘low liabilities, conservative financial operations and long-term prospects for continued economic expansion and diversification.’ And the state’s economy has consistently been ranked as one of the fastest growing in the nation, thanks to pro-growth policies adopted by Republican state leaders that have helped create over half a million new jobs while also cutting taxes for millions of middle-class families and job-creating small businesses.