The Wyoming Constitution - Article 16, Section 1: The State of Wyoming shall not, in any manner, create any indebtedness exceeding one per centum on the assessed value of the taxable property in the state as shown by the last general assessment for taxation, preceding; except to suppress insurrection or to provide for the public defense.
Article 16, Section 2: No debt in excess of the taxes for the current year, shall in any manner be created in the State of Wyoming, unless the proposition to create such debt shall have been submitted to a vote of the people and by them approved; except to suppress insurrection or to provide for the public defense.
I agree with many that we should continue to reduce state expenditures namely by eliminating many of the services provided by our state government.
We as a state receive a tremendous amount of money paid to our state in royalties for oil, gas and minerals. However; we have seen a 10-year low in natural gas prices. Therefore a decrease in royalties. This low has brought about a desire to freeze hiring and make cuts in spending to account for $300 million tax loss per dollar decline in natural gas prices. Because of this, Legislators must cut spending and set money aside to combat the potential losses in revenue to the state.
"I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared."
"The same prudence which in private life would forbid our paying our own money for unexplained projects, forbids it in the dispensation of the public moneys."
"We must not let our rulers load us with perpetual debt." --Thomas Jefferson