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I don't need no sympathy. I won't cry and whine. Life's my light and liberty and I'll shine when I wanna shine.
She may have fired the governor's chef and sold the state jet, but Governor Sarah Palin of Alaska has also presided over a dramatic increase in state spending in the last two years.
Still, she can accurately claim that her state is in good fiscal health, thanks to an explosion of revenues from state taxes on oil industry profits.
Indeed, in her 20 months in office, Palin's toughest financial decisions involved dickering with the Legislature on creative ways to spend and salt away the billions of dollars in oil revenues pouring into the state treasury.
At times, Palin has been more economic populist than small-government conservative, partly because of Alaska's unique government financing system.
With no statewide income or sales tax, Alaska funds about 90 percent of the state budget from royalties and taxes on oil producers. Soaring oil prices and a higher windfall oil profits tax - an increase pushed through by Palin, now the Republican vice presidential nominee - have state coffers overflowing with petrodollars. The Alaska oil industry calculates that its annual payments to the state doubled in a single year to $10.2 billion.
Until a few years ago, the state government struggled financially for years because of low oil prices. But that's all changed. In the first two budget years under Palin, the state government has stashed almost $6 billion of surplus revenues in various reserve and savings accounts in anticipation of future drops in the price of oil. And the state has allocated another $4 billion over two years for a laundry list of new capital projects, mostly small grants initiated in budget requests by legislators for their districts.
And Alaska residents are getting their cut. Starting this week, every Alaskan who has lived in the state more than a year will receive $1,200 from the state, a total of about $756 million in rebates to offset high energy costs in the 49th state. That's on top of the perennial check each will receive from the state's oil revenue-endowed Permanent Fund, this year a record $2,069 per resident. The large Palin family is eligible to receive more than $19,000 from the combined payments.
[McCain's] sex education ad referred to legislation Obama voted for -- but did not sponsor -- in the Illinois Senate that allowed school boards to develop "age-appropriate" sex education courses at all levels. Kindergarten teachers were given the approval to teach about appropriate and inappropriate touching to combat molestation.
The McCain advertisement calls it "Obama's one accomplishment" in education: "legislation to teach comprehensive sex education to kindergartners."
"Learning about sex before learning to read? Barack Obama, wrong on education, wrong for your family," the ad concludes.
Actually, Congress put the kibosh on the Bridge to Nowhere back in November 2005. Since Sen. Ted Stevens (R-AK) was then head of the Senate Appropriations Committee he was able to force a compromise in which the earmark for the bridge was killed but Alaska got to hold on to the money -- some $442 million of federal tax dollars.
Fast forward to November 2006. That's when Sarah Palin was running as a staunch supporter of the Bridge to Nowhere -- that is, after the feds had themselves already said 'No Thanks.'
In 2006, the Democrats took over both houses of Congress. So by the time Palin got into office it was clear that not only was the first Bridge earmark killed but that Congress was not going to be ponying up any more money. That meant that Alaska was going to have to pick up the tab all on its own. So since she couldn't pay for it with the federal pork barrel, in September 2007, Palin officially halted the project which was then a state project since Congress had said 'Thanks. But no thanks' two years earlier.
She couldn't say 'No Thanks' because Congress had already said 'Forget It'.
Moreover, because of the unique purchasing terms of the aircraft -- which required the state to make payments amounting to $20,000 per month even if the jet wasn't in use -- the decision not to hire a broker to help sell the property appears in hindsight to have been a costly mistake....By the time she was elected, there were many state items being offered on eBay. As the Anchorage Daily News reported on December 13, 2006, nine days after Palin took office and the day she announced the jet posting, the state was "auctioning 38 items on the site, including three aircraft -- two Super Cubs and a Cessna... Other items for sale included two sets of used helicopter floats ($300) and King Air exhaust stacks ($500)."
Back in 2003, the state sold an old ferry, The Bartlett, for $389,500. As Jones noted in a Daily News article at that time, "it [was] not usual for Alaska to sell big-ticket items on eBay because the site is cheap and has a big audience."
The state jet, in contrast, was not a good fit for eBay. Palin never actually sold the aircraft online (though, unlike John McCain, she never claimed that to be the case). But more important, while the jet sat unsold, Alaska was on the hook to pay $62,492.79 every three months as part of the initial purchasing deal.
But Gov. Palin's claim comes with a serious caveat. She endorsed the multimillion dollar project during her gubernatorial race in 2006. And while she did take part in stopping the project after it became a national scandal, she did not return the federal money. She just allocated it elsewhere.
McCain's running mate, Alaska Gov. Sarah Palin, speaking in Colorado Springs, Colo., said Fannie and Freddie had "gotten too big and too expensive to the taxpayers." The companies, however, aren't taxpayer funded but operate as private companies. The takeover may result in a taxpayer bailout during reorganization.
The Treasury can purchase up to $100 billion of a special class of stock in each company as needed to maintain a positive net worth.So now we'll all own more houses than we can count!