And no Rainy Days? Fund has become a spending potEDITORIAL
January 30. 2014 11:43PM
Liberal Lou D’Allesandro’s latest gambling plan promises so much money to so many interest groups, we were mildly surprised he didn’t carve out the state’s Rainy Day Fund for some of the cash.
“This is a Christmas tree distribution system,’’ pointed out Manchester Lou’s state Senate colleague, Bob Odell.
We were kidding about Lou setting anything aside for a rainy day. According to him, the state is in a pretty much permanent deluge, which a few big casinos will stop in an instant.
We aren’t kidding, however, about the state of the Rainy Day Fund, officially known as a Revenue Stabilization Account. Columnist Charles Arlinghaus recently noted that both Democrats and Republicans have routinely enacted a “temporary suspension’’ of the fund law. Under it, a current balance of more than $72 million should be put in that fund, but Gov. Maggie Hassan has plans for much of it. Others want the rest.
Perhaps the late Gov. Meldrim Thomson Jr., was right all along. He flat out opposed the creation of this fund, arguing that any state surpluses were the property of the people and ought to be returned to the people, not banked by their representatives. It would just give them more money and they would find more ways to spend it.