Click here to see how the “MSM” makes an incredible boom look like ‘bad planning’even though North Dakota’s oil production increased from 2.5 million barrels per month in 2004 to more than 16.5 million barrels per month by the end of 2011, more than a six-fold increase, passing California as the third-largest oil-producing state in the nation, behind Texas and Alaska…none of which showing a budget surplus since the beginning of the Greater Depression.
by Tom Dennen
Why hasn’t North Dakota joined the rest of the world’s Depression? Maybe because it’s had its own Central Bank, unconnected to government’s blind eye to Wall Street fraud and (and Mainstream Media attention), for a hundred years?
And maybe that all the wealth created in that state is channeled back into that state rather than ‘lent’ to (“invested in”) Wall Street and gambled away.
Broken down by category, the state expected to have a surplus of almost $850 million in its general treasury by June 2013. In March, the prediction was $592 million, reports say.
Today another $1.2 billion is in four reserve funds. Specifically, a budget rainy-day fund currently has $386 million; an oil tax trust fund has $352 million; a school aid fund has $204 million; and a fund for local property tax relief has $261.8 million, according to the report OMB Director Pam Sharp provided to lawmakers in June.
The budget surplus and property taxes are already issues in this fall’s governor’s race. State Senate Minority Leader Ryan Taylor, the Democratic challenger who hopes to defeat Republican incumbent Governor Jack Dalrymple, this week outlined his three-part plan for reducing property taxes, paid for by the state’s surplus.
North Dakota this month voters had the chance to become the first in the country to end property taxes, but decisively defeated a ballot measure to do so.
Is North Dakota the only one marching in step?