This state is debt free. Why isn't Washington?
Reckless spending in Washington has left our nation and future generations saddled with $35 trillion in debt, as recently noted by the Treasury Department. It doesn't have to be this way.
"To preserve our independence," Thomas Jefferson once said, "we must not let our rulers load us with perpetual debt." Or, as Benjamin Franklin said, in his everyman style, "those who go a-borrowing, go a-sorrowing."
The warning from our founders has fallen by the wayside. Reckless spending by career politicians in Washington has left our nation and future generations saddled with $35 trillion in debt, as was recently noted by the Department of Treasury.
It does not have to be this way. In Montana, we chose a different path. Our state is debt-free.
Thanks to good fiscal discipline and strong budget management, we had a budget surplus of $2.5 billion in 2023. While some in Washington might look at a surplus of that size and be tempted to expand government, we resisted. Instead, we allocated the surplus as any family would.
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First, we returned over $1 billion to taxpayers through tax cuts and reductions. As a general principle, I believe hardworking Montanans deserve to keep more of what they earn. It's their money, not the government's. That's why we delivered the largest property tax and income tax rebates in state history.
We also provided the biggest income tax cut in state history. These supplements are especially vital as hardworking Montanans, like all Americans, face the affordability and inflationary crisis created by President Biden and Vice President Kamala Harris's spending spree.
Second, we stopped kicking the can down the road and fixed what was broken. Just like a family would make needed repairs to their home, we made one-time capital investments to address deferred building maintenance, improvements to our prisons, building and repairing roads and bridges, and providing historic investments into our behavioral health system.
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But I was clear: We should not plant acorns that would grow into mighty oaks in perpetual need of constant watering, trimming and feeding.
Third, we doubled our rainy day fund and other reserves to secure our strong future.
After all that, we still had money left over. So, we paid off all our outstanding general obligation debt.
Montana is now debt-free.
As a result, our economy has responded with record job creation and business growth. In fact, as of yesterday, we have more Montanans working than ever before.
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But more work remains to fight back against the affordability crisis that Biden and Harris have created. Since Biden took office, his failed policies have forced Montana families to pay more from gas to groceries. It's more difficult to purchase a home. The debt we have has burdened our children and grandchildren.
I ran for governor to leave this state better than I found it, allowing the next generation of Montanans to thrive. I have tremendous hope for our country and my state that our best days are ahead.
Working with the legislature, I'll continue to be focused on making life more affordable for hardworking Montanans using the blueprint we have laid out over the last four years, cutting taxes and implementing permanent reforms.
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It's my hope that Montana can serve as an example to federal, state and local leaders as they work to find bipartisan solutions to secure their financial futures.
What we need in Washington is the political will to lead with the same fiscal discipline we have in Montana to ensure a stable and prosperous future for our great nation.
