Desperate Hewes Goes Negative, Attacks Himself
Flowood, Mississippi – In case you missed it, Billy Hewes held a press conference today in which he said Tate Reeves didn’t vote ‘no’ often enough on the state bond commission to prevent the state from issuing all of the debt that Hewes voted to authorize in the state legislature.
The Facts:
During the first 12 ½ years of Billy Hewes’ long career as a state legislator, the state’s total bonded indebtedness grew more than 392% (14.21% annually).
During the last 7 ½ years of Billy Hewes’ long career as a state legislator, the state’s total bonded indebtedness grew 18% (2.1% annually).
The difference? Tate Reeves has served as State Treasurer for the last 7 ½ years, and Haley Barbour has served as Governor.
All debt issued by the state bond commission must first be authorized by the state legislature, and during 20+ years as a legislator, Billy Hewes has rarely if ever seen a bond bill or a spending bill he didn’t like.
During the last 7 ½ years under Haley Barbour and Tate Reeves, the state’s total debt increased by less than $600 million while the legislature authorized more than $3.4 billion in new debt in the same period. The increase in debt was related to bonds issued as part of successful economic development programs which brought Toyota, Paccar, Severstal and other major employers to the state, creating billions in new capital investment.
As Treasurer, Tate Reeves has worked to save taxpayers millions in interest costs and has advocated for only increasing the state’s debt for essential economic development and job creation efforts. In fact, Reeves fought publicly with the Democrat Speaker of the House over the bond commission’s authority to issue debt in ways that save taxpayers millions of dollars.
“Proactive debt management has reduced our interest costs and saved taxpayers millions. After 20 years in the state legislature and hundreds of votes for billions in more spending and debt, it’s heart warming to know that Senator Hewes has now finally realized with 50 days to go in this campaign that we need to reduce our debt burden,” Tate Reeves commented.
Reeves campaign manager Justin Brasell said, “Tate Reeves is campaigning around Mississippi every day talking to voters about why he should be Lt. Governor, not why someone else ought not to be. It’s sad that Billy Hewes has resorted to these kinds of false, negative attacks in order to distract voters from his big-spending record as a career legislator. Voters won’t like Hewes’ negative campaign, and we’re confident we’ll see that reflected at ballot boxes across the state on August 2nd.”
What Others Have Said About Tate Reeves’ Record as a Watchdog for Taxpayers:
“Tate played a major role in Mississippi retaining its favorable bond rating in the wake of Hurricane Katrina, and I appreciate his many contributions to ensuring that Mississippi remains fiscally strong.” – Governor Haley Barbour; Source: http://www.magnoliareport.com/report68.htm
“… Mississippi State Treasurer Tate Reeves implored them (lawmakers) to practice more restraint in approving projects that would require the state to borrow money. Reeves explained that repaying the state’s mounting debt takes money away from public education, corrections, Medicaid and other services.” – Oxford Eagle, January 21, 2008
“Treasurer asks lawmakers to be more mindful when signing off on projects that require borrowing money.” – Greenwood Commonwealth, January 21, 2008
“State Treasurer Tate Reeves has been reining in state spending and cautioning against unnecessary spending while legislators and state officials survey the state’s fiscal landscape …” – Delta Democrat Times, December 13, 2005
“Reeves is looking out for you, me” – Delta Democrat Times, May 3, 2004
“Treasurer Tate Reeves has laid a challenge before the legislature, requesting a ‘true’ budget, while offering reforms to ensure the state’s financial figures are accurate.” – The Clarion Ledger, August 4, 2004
“Reeves is shooting to hold the line on the debt.” – Greenwood Commonwealth, September 4, 2004
“Reeves’ ideas make sense …” – The Clarion Ledger, August 4, 2004
“The taxpayers of Mississippi should be thankful that Reeves is doing what he’s supposed to do, and that’s be a watchdog for tax money.” – Delta Democrat Times, May 3, 2004
“… the former investment banker has shown himself to be a seasoned and prudent manager of the treasury. He has invested state funds wisely to get a high return without jeopardizing the principal. He has been forthright about warning lawmakers of the dangers of the rising debt load – even though it has put him at odds at times with some legislative leaders. He has effectively marketed the state’s prepaid-tuition program that helps Mississippi families finance future college costs.” – Greenwood Commonwealth, September 29, 2007
“We should all thank Reeves for watching out for the taxpayer …” – Delta Democrat Times, May 3, 2004
“Tate Reeves, Mississippi’s treasurer, took it upon himself to figure a way to save taxpayers millions of dollars in unnecessary interest costs.” – Greenwood Commonwealth, September 24, 2006
“Reeves continues watchdog role from treasurer’s post” – The Meridian Star, July 25, 2005
“Reeves … hasn’t been shy about going toe to toe with some veteran lawmakers … about how the state manages its money. Reeves shows no signs of backing down. … Reeves took what he learned at Millsaps College and in the private banking world and began to figure out ways to save the taxpayers’ money by applying not just sophisticated finance principles but just some good old-fashioned common sense.” – Greenwood Commonwealth, November 19, 2006
“In his annual budget presentation to the Joint Legislative Budget Committee … Reeves mentioned that since he took office in 2004, taxpayers have saved millions of dollars in interest fees on borrowing and debt. He said that before then, the Legislature would authorize an agency to borrow millions of dollars, which it would, but then the money would not be spent for years. Meanwhile, taxpayers were paying interest on the bonds.” – Vicksburg Post, September 23, 2006
“… State Treasurer Tate Reeves is trimming state spending to match revenue, ensuring that the state’s books balance …” – Bay Press, May 5, 2004
“Legislators owe Tate Reeves kudos for doing their job … State Treasurer Tate Reeves has done such a good job reducing the state budget that we hesitate criticizing the legislature for unnecessarily giving him that responsibility.” – Biloxi Sun-Herald, April 28, 2004
“Tate Reeves’ ambitious proposals to change Mississippi’s outdated budget-writing process no doubt would help end the growing trend among legislators to spend more money than the state has.” – Terry Cassreino, Picayune Item, August 25, 2004
“State treasurer calls for ‘pay-as-you-go’ budget approach” – Columbus Commercial Dispatch, September 24, 2004
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Paid for by Friends of Tate Reeves / www.TateReeves.com
6/13/11
