State worker launches budget deficit plan, issues challenge to economists

Carl Kuhl, a state Parole and Probation employee of six years, has created a plan that he claims will eliminate Nevada's budget deficit within two years.

In a news release issued on Tuesday, Kuhl said his plan not only will reduce the budget deficit but also help repair Nevada's economy at the same time. It is a pretty big claim, he admits, coming from an Accounting Assistant I, an entry level position.

Kuhl states that the only solution to the deficit is to create a state owned bank that earns a minimum of 24 percent interest on any amount. The state of North Dakota is the only state in America with a state owned bank.

The Bank of North Dakota is 92 years old, so the idea is tried and true, he says. North Dakota is the only state without any deficit issues, and has over a billion dollars in reserves. The solution is to spend money funding local business owners throughout the state. Kuhl stated that he is the only person that can earn that kind of revenue for the State of Nevada.

At the current bank rates the State of Nevada earns less than 1 percent on all their accounts. With Kuhl's plan the state will earn an unheard of minimum rate of 24 percent interest every year. For example: on an average combined budget of $5 billion, the bank would earn the State of Nevada a minimum of $1.2 billion per year. This amount on hand would solve most shortfalls, he says.

The proposed name for the bank is the Nevada Charter Bank. Kuhl states
that other state governments (like Utah, Arizona, Idaho, New Mexico, Oregon, Montana, Wyoming, Colorado), every county government and all
city governments could place their funds in the Nevada Charter Bank
giving all of these governmental entities earnings between 8 percent to 10 percent, while the Nevada State Bank will earn 24 percent interest on their funds. With that aspect alone, it would completely eliminate any future
shortfalls, Kuhl said.

For example: For every $1 billion received from the governmental entities mentioned before and invested on the Nevada Charter Bank, the bank will earn $160 million after paying them a basic 8 percent interest, he said. It’s a rate better than anything Wall Street is offering and there are no hidden fees or any account maintenance charges, Kuhl added.

Business owners would be financed through the Nevada Charter Bank by
funding their business transactions, providing short term loans, and
also providing capital to small business owners to fulfill transactions that normally would only be handled by larger companies, it would allow small companies to compete with larger companies and at the same time creating company growth. And with company growth more jobs will be created, Kuhl said.

Once the deficit problem has been solved, the Nevada Charter Bank will provide the same features to small businesses as before and also become a central bank supporting smaller banking institutions, he said.

Kuhl also plans to create low interest loans for students, create scholarships for low income students and build Technical schools from the ground up, which it will allow Nevada residents to compete technologically with the rest of the United States.

Kuhl states, to get the edge in technology some of the training has to be available for free. The Technical schools would be free for any Nevada residents that meet the minimum residency requirements.

There would be three Technology Centers, one in Northern Nevada and two in Southern Nevada. There would be a limited amount of openings every year for these Technology Centers, he said.

Universities don’t have to worry about competition because the main purpose of these Technical Centers would be to allow students to be certified within 3 to 6 months and then join the workforce with the skills learned at the centers, Kuhl said.

The Technical Centers would be the stepping stone between high school and higher learning. After being certified, Technical Center graduates would be able to finance their own continued learning with the higher wages a certification will provide, he said.

One of Kuhl's goals is to turn Nevada into the new Silicon Valley. This could be achieved by supporting companies in Nevada that develop and implement new technologies to create thousands of jobs in the process. Outsourcing will become a thing of the past. We will be able to solve all of our technology issues in-house, he said.

Kuhl has issued a challenge to any economists, CPA’s or any financial advisors that are willing to review and challenge the accuracy of his Return on Investment (ROI) figures.

As of right now the state owned bank idea is being proposed in the following states: California, Washington, Illinois and Massachusetts.

"Now is the time to get Nevada back on track and transform Nevada into a leader in education, technology, and innovation," Kuhl said.