SC

SC House: Spend Surplus On Infrastructure, Debt Repayment

NIKKI HALEY’S “VOLVO BRIBE” INCLUDED IN DEAL || By FITSNEWS || The S.C. House of Representatives wants to spend $400 million in surplus funds provided by Palmetto State taxpayers on “infrastructure and debt reduction.”  Oh, and a handout to a Chinese billionaire negotiated by governor Nikki Haley. Brian White – chairman…

NIKKI HALEY’S “VOLVO BRIBE” INCLUDED IN DEAL

|| By FITSNEWS || The S.C. House of Representatives wants to spend $400 million in surplus funds provided by Palmetto State taxpayers on “infrastructure and debt reduction.”  Oh, and a handout to a Chinese billionaire negotiated by governor Nikki Haley.

Brian White – chairman of the House’s budget-writing committee – announced his plan for the surplus funding this week after it passed his panel by a unanimous 23-0 vote.

“The Ways and Means committee funded $220 million in infrastructure, expanded tax credits for the education of special needs children and paid down additional debt,” White said.

State Senators have argued all of the money should go to road repairs.

Included in that debt?  The money Haley needed in order to keep her promise to carmaker Volvo, which is set to receive more than $120 million in up-front “economic development” incentives from taxpayers.

(To read our exclusive report on that cluster, CLICK HERE).

Haley has blasted lawmakers for borrowing money this year – even though she signed off on even bigger borrowing bills in the past.  And even though she is tapping out the state’s existing borrowing capacity to effectively bribe Volvo to come to Berkeley County, S.C.

Questioned this week regarding her hypocrisy on the issue, Haley pointed the finger of blame at Volvo – saying the carmaker (owned by Chinese billionaire Li Shufu) insisted on the incentives.

And so at a time when key infrastructure needs continue to go unmet, taxpayers will be shelling out $70 million to build Volvo its own interstate exit.

“This funding builds a path from our existing interstate system to Volvo’s facility,” a release from White’s ways and means committee noted.

Sheesh …

Haley had claimed she could pull off the Volvo deal without legislative support, but according to one of our sources in state government that would have meant paying up to $86 million in interest on a $123 million loan.

(UPDATE: More on that $86 million …)

We continue to oppose such handouts on principle … and because they haven’t worked.

South Carolina’s best bet is to start making itself more competitive on the tax front … not continuing to drain taxpayers in the quest of government-subsidized “economic development.”

Pic: Travis Bell Photography

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10 comments

Bad Decision by SC June 2, 2015 at 11:56 am

Volvo is going to make one hell of a mess out of an already traffic mess in Charleston. The low country does not need Volvo and neither does the state. With the company having billions in assets and cash on hand, why should the people of SC pay anything to the Chinese???????????

Reply
Master Shufu June 2, 2015 at 1:36 pm

Shut up! Shut up! You pay me now!

Reply
You Know My Name June 2, 2015 at 2:05 pm

Because they will pay Nikki back for “her” generosity with OUR money.

Reply
Rocky June 2, 2015 at 11:57 am

Like they say – a Republican legislative body never saw a surplus they didn’t want to spend into oblivion. Nice job boys.

Reply
Typical Rich Guy June 2, 2015 at 12:44 pm

Bastards!

I don’t give a damn about Gays,abortions Guns,all that shit.

I know I know you gotta do thaT stuff to get the damn rednecks to vote for ya,But,

I gave em all that money,

Where’s my damn tax cut?

Reply
the plan June 2, 2015 at 1:21 pm

I agree.If they had any guts they cut off the Democrats that occupy the perpetual welfare train that is bankrupting this country.

Course you want to expand Medicaid as well.I say cut Medicaid 100%-except for the children.

Reply
Birthers For Cruz June 2, 2015 at 3:00 pm

It’s always so sad watching a Republican trying vainly to justify his party’s glaring hypocrisies.

Reply
Master Shufu June 2, 2015 at 1:35 pm

Shut up and get my money now woundeye!

Reply
Greenwood Goblin June 2, 2015 at 5:39 pm

Another handout of gigantic proporations to the Chinese and out of state companies. Existing companies that got nothing to locate in SC and grew without any handouts get no help but more taxes (see Act 388 et al.). Not too late to tell Volvo and its communist owners to go somewhere else. Georgia will take them. Good news is Haley is GONE at end of this term or if GOP president.

Reply
Portmoy June 3, 2015 at 2:32 am

South Carolina officially joined the 2nd world : low paying manufacturing jobs, restrictive labor laws and a corrupt and completly unaccountable ruling class. Good luck competing with Vietnam, Malaysia and Singapore and always chase the ‘next opportunity’ to serve your new masters. Call centers anyone ?

Reply

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