Arizona’s Back in Black: Thanks, Doug Ducey!
Recently, Arizona Treasurer Doug Ducey announced that the State had deposited $450 million into the Budget Stabilization Fund, a savings account created in 1990 as a precautionary measure against rocky economic times. The account contained $700 million prior to the 2008 economic downturn. When Ducey took office in January 2011, the account was empty and the state government had been running on borrowed dollars for most of the prior year.
For anyone that knows Ducey’s history, this type of economic growth seems to follow him wherever he goes. Before becoming Treasurer, Doug Ducey was the CEO and Chairman of Cold Stone Creamery. He saw the company grow from one store in Tempe to over 1400 stores in the United States, with 10 stores in other countries.
With the economy slowly improving and the Legislature balancing the budget, Arizona is one of only 29 states in the United States that has a positive cash flow. Ducey said this about Arizona’s situation, “You cannot spend more than you generate, and it’s always nice to have a little bit socked away for an emergency. This fiscally responsible strategy will help us avoid the same dramatic reductions that were the result of poor long-term planning in the past the next time we find ourselves in a recession.”
So from all of us Arizona taxpayers, thank you, Doug and the Legislature, for pulling Arizona away from the fiscal cliff and for trying to ensure we do not find ourselves back in a bad situation. Please, please, please continue to fight for us.