The Taxpayer’s Fiscal Charter

Six good ideas for tackling the problem of spending beyond our means.

by Kristina Rasmussen

We strive to provide our readers with practical, positive, liberty-based policy solutions. With that in mind, I’d like to direct your attention to the “Taxpayer’s Fiscal Charter” — authored by Illinois State Representative Jim Watson — which focuses on “a realistic and responsible approach to reforming the way we do business in Springfield.”

In particular, the Taxpayer’s Fiscal Charter calls for:

1. A two year freeze on discretionary spending.  No new programs and no expansion of existing programs for two years.
2. After the two year freeze, there shall be no new programs and no expansion of existing programs until the state’s annual payment cycle for existing obligations is 30 days.
3. Furthermore, there shall be no new programs and no expansion of existing programs without a full pension payment per the 1995 plan implemented by Governor Edgar.
4. The implementation of Pay As You Go.  Any new spending initiative must be accompanied by the revenue (or specified cuts) necessary to sustain the proposal.
5. No unfunded mandates to schools or other units of government.  If any proposal is important enough to mandate, then it should be important enough to fund.
6. The implementation of The Truth in Accounting Act which requires the publication of the State’s estimated income, balance sheet, cash flow and surplus or deficit prior to passing any appropriation bills.  It also requires the electronic publication of all appropriation bills 72 hours before any vote is taken.

Solid ideas, all. Read more about the Taxpayer’s Fiscal Charter here.