This coming Monday, West Virginia lawmakers will hold a special session to authorize a $600 million “revolving door” loan fund touted as a way to bring private investment and jobs to the state.
Read the full op-ed.
While Gov. Jim Justice celebrates it as a “self-sustaining” project, it requires a $600 million up-front commitment from West Virginia taxpayers paid for by spending the majority of our fiscal year 2022 state revenue surplus — this means that we are not using that $600 million to invest in education, child care, health care, or any of the other neglected needs of our state.
Revolving loan funds — once funded — “sustain” themselves by reloaning money as old loans are repaid, meaning West Virginia taxpayers will never see these funds reenter the state budget.