King Poll on Rainy Day Fund

Currently the Texas Economic Stabilization Fund (otherwise known as the Rainy Day Fund) is only about 4% of the total state budget. This reserve fund was created for emergencies and economic shortfalls. Typically businesses and families are encouraged to have at least a 10% reserve fund for bad times. What percentage of the total state budget do you think is appropriate for the Economic Stabilization Fund?  Please click HERE to vote in this poll.  It is a pleasure to serve you in the Texas Legislature.

Thank you,

Phil King
State Representative

3 responses

  1. Senator Blutarsky

    Stop the PPPs & CDAs, King………………The war between liberals and conservatives is a false divide-and-conquer dog-and-pony show created by the powers that be to keep the American people divided and distracted. So before assuming that privatization “Shock Doctrine” is a good thing, read on.

    If these resources had always been in the private sector, that would be fine … that would be free market capitalism.

    But if they were purchased on the people’s dime with our taxpayer funds and then sold to the big boys for cheap, that’s not capitalism … that’s looting.

    Publishers Weekly’s review of the Shock Doctrine puts it this way:

    The neo-liberal economic policies—privatization, free trade, slashed social spending—that the Chicago School and the economist Milton Friedman have foisted on the world are catastrophic in two senses, argues this vigorous polemic. Because their results are disastrous—depressions, mass poverty, private corporations looting public wealth, by the author’s accounting—their means must be cataclysmic, dependent on political upheavals and natural disasters as coercive pretexts for free-market reforms the public would normally reject.

    Catherine Austin Fitts – former managing director of a Wall Street investment bank and Assistant Secretary of the Department of Housing and Urban Development (HUD) under President George Bush Sr. – calls what is happening to the economy “a criminal leveraged buyout of America,” something she defines as “buying a country for cheap with its own money and then jacking up the rents and fees to steal the rest.” She also calls it the “American Tapeworm” model, explaining:

    [T]he American Tapeworm model is to simply finance the federal deficit through warfare, currency exports, Treasury and federal credit borrowing and cutbacks in domestic “discretionary” spending …. This will then place local municipalities and local leadership in a highly vulnerable position – one that will allow them to be persuaded with bogus but high-minded sounding arguments to further cut resources. Then, to “preserve bond ratings and the rights of creditors,” our leaders can he persuaded to sell our water, natural resources and infrastructure assets at significant discounts of their true value to global investors …. This will be described as a plan to “save America” by recapitalizing it on a sound financial footing. In fact, this process will simply shift more capital continuously from America to other continents and from the lower and middle classes to elites.

    The Obama administration has been encouraging Chinese sovereign wealth funds to invest in American infrastructure as a way to bring in foreign capital. It was Chicago Mayor and Democratic icon Richard Daley who privatized Chicago’s Midway Airport, Chicago’s Skyway road, and Chicago’s Parking Meters. Out of office after 22 years, he is now a paid advisor to the law firm that negotiated the parking meter sale.

    Ratings agencies are also in the game, rating up municipalities willing to privatize assets, or even developing potential new profit centers around the trend (see the chapter titled “Significant Debt issuance Expected with the Privatization of Military Housing” from this September 2007 Moody’s report).

    The phony, disambiguous “CON-servative” movement is just as insidious in Austin as in DC.

    1. Bluto, sir (tongue in cheek), you have made a good point, and indicated a serious flaw in the handling of our government’s propensity to do what looks good and not what is good. You have done this at every level of government discussed on this blog, You are well cited and well read on most of the issues, although you tend to indicate that everything would go to nuetral if there were no government interference. As you well know, at least I hope you do, there is no quick and easy fix for the years of apathy that has allowed these government infringements to take place. There comes a point in time where solutions are as important as condemnation. The “Art of War” clearly states that the battle does not win the war, a clear objective and plan must be in place to determine when the war is over. Over zealous pursuit of battles have drawn huge armies into situations that would destroy the obviously larger force. so pick your battles and put together a few solutions once in a while.

  2. Senator Blutarsky


    A huge part of the “solutions” sought, are bringing an awareness of the problem to a large enough force to effect further action, and subsequent change.

    Were you, and others, aware of the disingenuous nature of CDAs & PPPs, that faux conservatives have tried to ram through, especially over the last decade?

    Even Beck (for whom i have no respect) has exposed the Happy Liberal fascism –

    Arent you proud of your legislators now ?

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