Recently, NPR has been reporting on the financial standing of each state after the Coronavirus has sent the nation’s economy into disarray. Business closures, unemployment claims, less travel, and less commercial activity have left states trying to address giant budget holes. While North Carolina isn’t immune to the strain of COVID-19’s economic fallout, our state is in a much better financial position than others, according to NPR’s findings.
The report found that North Carolina’s cash on hand is very strong compared to other states and even though the state could be facing a 10% revenue drop of nearly $4 billion, North Carolina’s previous surpluses and rainy day fund will help offset potential shortfalls.
“Our Republican-led legislature refused to allow a repeat of 2008 for North Carolinians hurt by Democrats’ irresponsible budgeting,” Speaker Tim Moore said.“This General Assembly made the right policy choices that weren’t always politically popular to prepare our state for times of peril. Now, those successful commitments to fixing broken programs, repaying debt, and balancing budgets have been vindicated by the benefits of our strong savings and surpluses in times of crisis.”
Thanks to the prudent planning of House Republicans, North Carolina is better prepared for financial downturns. You can read the full report here.